Document:

Listings and Sales Agreement

 Exhibit 10.11 
 [***] Indicates confidential material that has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement has been
separately filed with the Securities and Exchange Commission. 
 EXECUTION COPY 

YRI – YAHOO, INC. – ZILLOW 
 LISTINGS AND SALES AGREEMENT 
 This Listings and Sales Agreement (the
“Agreement”) is entered into as of July 2, 2010 (the “Effective Date”) by and among Yahoo! Inc., a Delaware corporation, with offices at 701 First Avenue, Sunnyvale, California, 94089
(“Yahoo”), Yahoo! Realty Inc., a California corporation, with offices at 701 First Avenue, Sunnyvale, CA 94089 (“YRI”), and Zillow Inc., a Washington corporation with offices at 999 Third Avenue, Suite 4600, Seattle
WA 98104 (“Zillow”). Yahoo, YRI and Zillow collectively are referred to as the “Parties” and each, individually, as a “Party.” 
 RECITALS 
 WHEREAS, Yahoo is an Internet media company that offers a
network of branded programming that serves millions of users of the Internet daily; 
 WHEREAS, YRI, a wholly-owned subsidiary
of Yahoo, is a licensed real estate brokerage in the state of California, USA; 
 WHEREAS, Zillow provides Internet based
residential property listings and home related content throughout the United States; and 
 WHEREAS, the Parties wish to enter
into this Agreement so that (i) Zillow can display the residential real estate property listings and other mutually-agreed advertisements which appear on the Zillow Site on Yahoo! Real Estate and other Yahoo Properties and (ii) Yahoo and
YRI will provide contacts generated by such display to Zillow’s advertisers. 
 NOW THEREFORE, in consideration of the
mutual promises contained herein, the Parties agree as follows: 
 SECTION 1: DEFINITIONS 

“Activity Data” has the meaning set forth in Exhibit B. 
 “Affiliates” means any company or any other entity world-wide, including, without limitation, corporations, partnerships, joint ventures, and limited liability companies, in which Yahoo
or Zillow, as the case may be, directly or indirectly owns at least a fifty-one percent (51%) ownership, equity, or financial interest and which operate under the “Yahoo” or related brand or the “Zillow” or related brand, or
which either directly or indirectly, owns more than fifty-one percent (51%) of Yahoo or Zillow, as the case may be. Additionally, in the case of Yahoo, Affiliates includes Yahoo’s joint ventures in China, Japan and Australia regardless of
Yahoo’s percentage ownership in such ventures. 
 [***] Certain information has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

 Homes for Sale Partnership 

 

 “API Specifications” is defined in Section 2.2.1(a). 

“Change of Control Event” is defined in Section 14.6. 
 “COGS” means Cost of Goods Sold which includes: (i) credit card or other payment processing fees, (ii) bad debt, (iii) chargebacks, (iv) disputes, and (v) taxes.
COGS is set at [***]% of Gross Revenue for the first quarter of the Term. After the first quarter (post Launch Date) is reconciled and for each quarter thereafter (which shall be reconciled no later than 21 days following the end of the previous
quarter), Zillow will report the actual COGS. If the actual COGS is lower than [***]%, then such actual lower rate will be applied in the next quarter. If actual COGS is higher, but below [***]%, than the actual rate will be applied in the next
quarter. If actual COGS is [***]% or higher, then COGS rate of [***]% will be applied in the following quarter. For example: [***]% applied at Launch Date; then if the COGS for Q1 is actually [***]%, then the COGS rate of [***]% will be applied in
Q2. If COGS in Q1 is actually [***]%, then COGS rate of [***]% will be applied in Q2. If the COGS rate for Q2 is actually [***]%, then the COGS rate of [***]% will be applied in Q3. If Q2 COGS rate is actually [***]%, then the COGS rate of [***]%
will be applied in Q3. If Q2 COGS rate is actually [***]%, then COGS rate of [***]% (the maximum allowable rate) will be applied in Q3. 

“Confidential Information” is defined in Section 13.2(a). 
 “Display Ads” means the Yahoo Class One guaranteed (300 x 250 in size) ad units displayed on the Homes for Sale Section and/or New Homes Section of YRE, and any other YRE display ad
inventory of which Yahoo notifies Zillow pursuant to Section 2.1(b)(vi). As used in this Agreement, “Yahoo Class One” does not include Run of Network advertising or ads that are behavior targeted. 

“Existing Specification” is defined in Section 2.2.1(a). 
 “Featured Listing” means a paid real estate listing for a Property which is displayed in a manner that is distinctive from other listings. Featured Listings are further described in
Exhibit H. 
 “Gross Revenue” means the revenue recognized by Zillow (including any cancellation fees) with respect to
any advertiser for: (a) Real Estate Ad Products that include distribution on the Yahoo Properties; or (b) for Display Ads sold by Zillow. 
 “Home” means residential real estate being offered for sale and included in the Listings. 
 “Homes for Sale Section” means that area of YRE dedicated to the resale of existing home inventory. 
 “Intellectual Property Rights” means all rights in and to trade secrets, patents, patentable inventions, copyrights, trademarks, know-how, moral rights and similar rights of any type
under the laws of any governmental authority, domestic or foreign, and rights in and to all applications, registrations, and renewals of any of the foregoing. 
 “Internet” means the worldwide collection of computers, networks, infrastructure, connections and devices, whether now know or later developed, that can access, connect to,

  

			
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 [***] Certain information has been omitted and filed
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communicate with, or transfer data to, from, through or by way of the worldwide collection of networks (including without limitation telephone, wireless and third party networks) that is in fact
the Internet and/or that is commonly referred to as the “Internet” regardless of whether the display is through a computer, connected device, proprietary platform, PDA, or television. 

“Launch Date” means the mutually agreed upon date on which the Zillow Listings are first made publicly available on the YRE property,
which is expected to be on or about six (6) months after the Effective Date. 
 “Law” means all applicable legal
requirements, including, without limitation, all administrative, local, state, and federal laws and regulations, any valid order, verdict, judgment, consent decree, or injunction governing or regulating any Party to this Agreement. 

“Leads” means the email (or phone, if applicable under Section 2.2.1(e)) leads generated by [***] (unless otherwise mutually agreed
in the API Specifications, including as they may be updated during the Term). Leads may be generated for [***], or as specified in Section 2.2.1(d). 
 “Listings API” means an API that provides access to Zillow Listings. 

“Market Data Content” means the Zillow content described in Section 2.2.3(a). 

“New Homes Section” means that portion of Yahoo Real Estate dedicated to providing listings of new homes hosted by Yahoo and operated by
YRI. 
 “Net Revenue” means Gross Revenue, [***] and if applicable as set forth in Section [***]. 

“Page” means any World Wide Web page (or, for online media other than Web sites, the equivalent unit of the relevant protocol).

 “Property” means a parcel of residential real estate, including new or existing homes and/or land, offered for sale and
included in the listings provided by the Zillow Site. 
 “Real Estate Ad Products” are paid programs designed to generate Leads
that are sold to residential real estate brokers and agents (or their marketing representatives), real estate franchisors, or homeowners. Real Estate Ad Products may include by way of example Featured Listings, enhanced realtor profiles in a realtor
directory, and Paid Manual Listings (FSBO & FSBA) products. Real Estate Ad Products are further described in Exhibit H. 

“Search Results Page” means the Pages of Yahoo Real Estate that provide Listings to a User, based on the User’s entry of search
criteria for Homes for Sale. 
 “Teaser Content” means any excerpt of the Zillow Content that Yahoo creates for placement on
YRE and/or other Yahoo Properties in order to promote the features and functionality of applicable pages or sites in support of Lead-generating activities contemplated by this Agreement, subject to the express terms of this Agreement (including
without limitation Section 4.1). 

  

			
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 [***] Certain information has been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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 “Term” is defined in Section 10.1. 

“User” means a user of the Yahoo Properties. 
 “User Data” means any personally identifiable data relating to a User’s use of the Yahoo Properties, including data that Yahoo or its Affiliates, or Zillow or its Affiliates collects
from a User of YRE, or that a User provides to Yahoo or Zillow in connection with the Zillow Content, including Zillow Listings. User Data includes, but is not limited to, name, email address, phone number, password, credit card or other identifying
information, internet protocol address, and information provided during User registration. 
 “Yahoo Brand Features” means
those trademarks, service marks, logos and other distinctive brand features of Yahoo and its Affiliates that are used in or relate to a Yahoo Property and that are described in Exhibit D, including the Yahoo “look and feel,” as
updated by Yahoo from time to time in its sole discretion. 
 “Yahoo Properties” means any or all of Yahoo’s or its
Affiliates’ worldwide properties, software, products, services, sites and pages, including, without limitation, those accessible in whole or in part through the Internet, whether presently existing or later developed, that are developed in
whole or in part by or for Yahoo or its Affiliates. 
 “Yahoo Real Estate” or “YRE” means YRI’s U.S.
targeted real estate related property currently located at http://realestate.yahoo.com (including but not limited to the Yahoo Real Estate Property Page) and hosted by Yahoo, including any successor(s) or extension(s) of such property operated by or
on behalf of Yahoo or YRI. 
 “Yahoo Real Estate Property Page” means the top Page of Yahoo Real Estate operated and fully
controlled by YRI, which may include functionality that provides the User an opportunity to search generally for residential real estate listed for sale or rent based on a specific area, price range, and number of bedrooms and bathrooms, among other
things. 
 [***] means the [***], in a given calendar month. 
 “Yahoo-Only Packages” is defined in Section 3.2.2. 
 “Zillow Brand
Features” means those trademarks, service marks, logos, and other distinctive brand features of Zillow and its Affiliates that are used in or relate to a Zillow Site and that are described in Exhibit E, including the Zillow
“look and feel,” as updated by Zillow from time to time in its sole discretion. 
 “Zillow Content” means the Zillow
Listings, Market Data Content, advice content, pro directory content, article content, and any other mutually-agreed content provided or made available by Zillow to Yahoo or YRI in accordance with this Agreement, and any updates, improvements or
modifications made to, or derivative works of any of the foregoing, created from, provided to or made available to Users, YRI or Yahoo (or its Affiliates) pursuant to this Agreement. 
 “Zillow Listings” means the entire list and description of Resale Homes and FSBO Homes (which may include third party trademarks or brand features) listed with or licensed to Zillow

  

			
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 [***] Certain information has been omitted and filed
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or with vendors of Zillow that collect or aggregate Property listings data that Zillow has permission to license to YRI and Yahoo for use under the terms of this Agreement, and any new homes data
that Zillow may elect to make available via the Listings API (subject to the terms of Section 2.2.2). 
 “Zillow Network”
means the collection of publisher sites for which Zillow has agreements to collect Leads from any Real Estate Ad Products. 
 “Zillow
Site(s)” means the website(s) operated by Zillow that is/are dedicated, among other things, to the promotion of real estate and located as of the Effective Date at or in http://www.zillow.com, or any successor or replacement to such
site(s). 
 “Zillow-Yahoo Package” is defined in Section 3.2. 

SECTION 2: RESPONSIBILITIES OF THE PARTIES 
 2.1 YRI’s Responsibilities. 
 (a) YRI as Executive
Producer. 
 (i) YRI, including through Yahoo, creates and hosts a website called Yahoo Real Estate.
YRI and Yahoo are the executive producers of YRE and are solely responsible for the selection of content, design, layout, posting, and maintenance of Yahoo Real Estate. YRI and Yahoo reserve the right, at any time, to redesign or modify the
organization, structure, specifications, “look and feel,” navigation, guidelines and other elements of Yahoo Real Estate Pages and/or any other Yahoo Property. Additionally, YRI and Yahoo shall have the right to supplement and amend all
content and listings on YRE with third party content and data and User generated content, determine all parameters regarding the display of Featured Listings and any other Real Estate Ad Products, and determine whether to offer additional premium
paid services for any service offered by YRE. Yahoo reserves the right to not post any Zillow Content if the Zillow Content is deemed reasonably unacceptable by Yahoo for any reason. Nothing in this Section 2.1(a)(i) will be deemed to supersede
or modify Sections 2.1(a)(iii), 2.1(b), 2.2.1(d), 2.2.2, 2.2.3(b), 2.2.3(c)(ii), 2.6(a), 3.1, 4.1, 4.3, 12.2 (with respect to the link to Zillow’s privacy policy) and 13, or Exhibit H of this Agreement, notwithstanding anything to the
contrary herein. 
 (ii) YRI may include notices on sections of Yahoo Real Estate on which Users are providing
User Data to YRI for use by Zillow that clarify to the User that Yahoo and YRI are not providing any brokerage services to the User, and are not responsible for the aggregation of any Zillow Content. In addition, YRI and Yahoo will comply with the
terms of Section 12.2 with respect to including notices regarding the applicability of Zillow’s privacy policy to the collection and use of certain User Data. 

(iii) YRE shall provide Zillow with attribution in accordance with YRE marketing and brand standards on Search Result
Pages and Property Detail Pages of YRE where Zillow Listings are displayed. In cases where a Zillow logo does not fit 

  

			
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 [***] Certain information has been omitted and filed
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due to page design or device size or format, text attribution will be provided. On Pages of YRE where other Zillow Content is the primary content on the page Zillow will receive text or logo
attribution, or such attribution as is otherwise specified in this Agreement (e.g., in Section 2.2.3(d)). 

(iv) During the Term, Yahoo will continue to maintain the YRE property at the web address
http://realestate.yahoo.com or a substantially similar successor address. During the Term, YRE will maintain a unique user monthly count, as measured by ComScore Media Metrics panel measurement, above [***]. If ComScore Media Metrics
materially changes its methodology during the Term or YRE implements a different ComScore Media Metrics methodology, both Parties will mutually agree on a new metric or number of unique monthly users for calculation of this provision. If during the
first 12 months of the Agreement Yahoo does not maintain this number of unique users for any [***] period, then Zillow is released from its exclusivity obligations stated in Section 3.5. 

(b) Yahoo Real Estate Pages and Services.  

(i) Search Query Page. During the Term, YRI, through Yahoo, will provide search input functionality that
provides, among other things, the ability to enter search criteria for Homes for Sale on the Yahoo Real Estate Home Page, the Search Results Page and such other locations of the Yahoo Properties and in such form as determined by YRI and Yahoo,
subject to applicable rules and regulations. 
 (ii) Search Results Page. After each search which
includes Resale Homes and/or FSBO Homes listings, based on the criteria provided by the User, YRI, through Yahoo, will display the Zillow Listings. In accordance with and subject to Section 2.1(a), the Search Results Page can be modified at the
discretion of YRI and Yahoo. 
 (iii) Details Pages. On the Search Results Page, Users will be provided
links to property details pages related to each Zillow Listing, hosted by YRI, through Yahoo, which will provide further information about a Home for Sale (each a “Details Page”). In accordance with and subject to
Section 2.1(a) the Details Page can be modified at the discretion of YRI and Yahoo, except that at all times YRE will display data as delivered by Zillow for a minimum, common set of data attributes as defined in the Listing Detail section of
the Listings API Specification attached as Exhibit A. YRE reserves the right to augment the listings with data from third parties, including Users, as it sees fit, so long as such augmented data is identified as being from a different source
and is presented in accordance with the terms of this Section 2.1(b). 
 (iv) Listing Results
Order. YRI will use Zillow’s default sort order as specified in the Listings API for Zillow Listings on all Search Results Pages. Such default sort order will first prioritize Featured Listings above basic Zillow Listings. Except
with respect to such first priority default sort order, Zillow has the right to revise the listings sort methodology in the Listings API, so long as the same listings sort methodology is applied on Zillow’s Site and to every other partner in
the Zillow Network. If a user re-sorts the search results in any way, the user’s sort preference 

  

			
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shall take precedence. If a user refines the search results in any way, YRI will use the default sort order specified in the Listings API. If YRI launches a product with a unique
functionality, and subject to the conditions that such product does not cause modifications to the default sort order for Search Results Pages and does not require Zillow to modify the Listings API, YRI may make Listing API calls and display
Listings in such new product based on other parameters being first in priority, and Zillow shall return the appropriate listings in a manner that identifies any Featured Listings, which Featured Listings YRI shall visually distinguish in its product
implementation. For example, if the foregoing conditions are met, in a mobile application, YRI may pull listings based on user geographic location as the primary sort criteria (i.e. listings closest to user) and for “most recent update”
modules, YRI may pull listings based on recency. If a Zillow licensor opts out of syndication on YRE, any listings from such advertiser will not be included in the Zillow Listings. Notwithstanding the foregoing, YRI reserves the right to co-mingle
any Zillow Listings with listings from other real estate listing categories, including new homes and foreclosures, provided that the Zillow Featured Listings are sorted first in accordance with Zillow’s Listings API default sort order without
co-mingling and are presented in accordance with the terms of this Agreement. For clarity, if a user re-sorts a co-mingled set of listings, the user’s sort preference shall take precedence. 

(v) Activity Data and Reporting. The Parties have agreed to the terms set forth in Exhibit B with
respect to Zillow’s collection of Activity Data (as defined therein) through the beacon described in the beacon specifications set forth in Exhibit A. Zillow also agrees that it will comply with the obligations and restrictions set forth
in Exhibit K. 
 (vi) Inventory Updates. Yahoo will notify Zillow (email will suffice) of any
material changes to the Real Estate Ad Products (e.g., material changes in position or format, subject to Exhibit H) and display advertising units on YRE no less than 60 days prior to their going live on YRE. 

2.2 Zillow Listings and Other Content 

2.2.1 Zillow Listings. Zillow will provide the Zillow Listings at the Launch Date and thereafter throughout the Term in accordance with the
following: 
 (a) Data Access Requirements. During the Term, Zillow will provide YRI and Yahoo with access to APIs (or,
for the listings described in Section 2.2.3(f), a data feed) in compliance with the Listings API Specifications set forth on Exhibit A. Throughout the Term, Zillow shall maintain a For Sale By Owner service that will enable homeowners to
post their homes for sale on both Zillow and Yahoo, which service shall be made available to Yahoo users according to the SLA set forth in Exhibit A. 
 (b) Additional Data Requirements. Zillow will use commercially reasonable efforts to obtain and retain the necessary approvals from its vendors and licensors to permit Zillow to license to
Yahoo and YRI, as Zillow Listings as set forth in Section 4.1, all of the Resale Homes and FSBO Homes listings on the Zillow Site(s) and any other Zillow Listings provided under this Agreement. Zillow will make Zillow Listings (including
pricing changes) available to Yahoo as described in Exhibit A (Alerts API section). 

  

			
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 (c) Product Enhancements by Zillow. For any products or features offered
by Zillow that generate Leads, both Parties shall have equal access to such products or features. If a new website-based Lead generation product or feature is introduced on the Zillow Site, Yahoo will have up to 90 days to implement a similar
product or feature before any Leads generated by such product or feature on the Zillow Site and other properties in the Zillow Network count towards the Total Leads. Such a 90 day period begins on the date Zillow makes available a fully functioning
API or other tools necessary to create such similar product or feature on YRE. Yahoo shall receive access to such APIs or other tools no later than access is provided to any other member of the Zillow Network. After 90 days or upon launch of the
product or feature on YRE, whichever comes first, any Leads generated by such product or feature on the Zillow Site and other properties in the Zillow Network shall count fully towards the Total Leads. It shall be Zillow’s responsibility to
accurately track which ad products or features are contributing toward “countable” Leads, including from other partners in the Zillow Network, and to accurately report Lead counts to YRE as part of the regular reporting process described
in Section 3.7. 
 (d) Lead Capture Enhancements by Yahoo. Yahoo may create new Lead capture implementations
on YRE and other Yahoo Properties, provided such implementations are reasonably anticipated to generate Leads and they meet the following requirements: (i) they use contextually relevant placements; (ii) they generate Leads that satisfy
the minimum user data requirements of a Lead as established and applied by Zillow to the Zillow Site(s) and Zillow Network from time to time; and (iii) Yahoo or YRI promptly takes down such Lead capture implementation if Zillow so requests
based on reasonable concern about disruptions to Zillow’s licenses or business relationships with applicable providers of Zillow Content (including Zillow Listings) or Zillow advertisers. Yahoo agrees to notify Zillow no later than 90 days
before a new Lead capture implementation goes live on any Yahoo Properties and Zillow agrees to track, report and include Leads from such implementations in the calculation of Total Leads, provided such implementations and Leads comply with this
paragraph. Yahoo agrees not to restrict Zillow from implementing similar lead capture techniques as those used on Yahoo Real Estate on the Zillow Sites. 
 (e) Phone Lead Product. If a phone Lead product offering is introduced on the Zillow Site at any time during the Term, such a product offering will also be made available to YRE for
implementation. If YRE chooses to add such an offering, YRE phone Leads shall be [***]. Any phone Leads shall count equal to email Leads unless specific advertisers are charged different prices for email and phone Leads. Zillow will notify
Yahoo in writing of any such pricing differences prior to the launch of a phone number for any such advertiser. 
 (f) Real
Estate Ad Products. The Parties agree to the additional terms set forth in Exhibit H with respect to Real Estate Ad Products. 

2.2.2 Exclusivity. Zillow will be the exclusive provider of listings for Resale Homes and FSBO Homes on the YRE site. YRE acknowledges that
some new homes may be available via the Listings API, but YRE is under no obligation to re-classify those homes or make efforts to have those listings appear in the New Homes section of YRE. Zillow will use best efforts to minimize new home listings
available via the Listings API. 

  

			
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 2.2.3 Other Zillow Content 

 

	 	(a)	Market Data Content. At the Launch Date, Zillow shall provide YRI with an API providing access to the following sets of Zillow market data content (on a
Zip Code/City/State/National basis): (i) number of homes for sale; (ii) median price of homes for sale; (iii) month-over-month percentage change in median price of homes for sale; and (iv) year-over-year market value percentage
change in median price of homes for sale (clauses (i) through (iv), the “Market Data Content”). If Yahoo commits to deploying an expanded set of Zillow market data, then on a mutually agreed timeline, Zillow will provide YRI an
API providing access to such other Zillow local, regional and national home value market data, including local home values and sales history data and trends similar to what’s found here:
http://www.zillow.com/local-info/CA-San-Francisco/Glen-Park-home-value/r_268177/, subject to availability of and applicable terms regarding such data for syndication under Zillow’s licensing agreements, provided that thereafter if such
availability changes during the Term, Zillow will provide Yahoo with 90 days prior written notice (email will suffice) or, if this is not possible, as much prior written notice as is possible before making any changes that would affect YRE.

  

	 	(b)	Zillow Advice Content. On a mutually agreed timeline (anticipated to be [***]) including an agreed deadline for Yahoo to deploy such content on YRE, Zillow will
make available to YRI an API in a mutually agreed upon format providing full access to Zillow advice content (i.e., any questions, answers and comments posed by users or experts on the Zillow Site(s)). Yahoo shall link out to Zillow in order to
provide users access to account registration, editing and updating of submitted questions and answers. It shall be at YRI’s discretion to determine where such content is made available on the YRE site, though it shall appear in contextually
relevant placements. If Yahoo commits to a deployment date then Zillow will provide the requisite API functionality and following integration using such API, any questions posed by YRE users and any resulting answers and comments shall be available
for posting on both YRE and Zillow, and such a subset of Zillow advice content will be jointly owned by both YRI and Zillow in perpetuity. 

  

	 	(c)	Pro Directory. 

 (i) At the Launch Date, Zillow will provide YRI with an API providing access to individual professional profiles linked to listings in Zillow’s pro directory and related Real Estate Ad Products such
as featured pro directory listings (together, “Pro Directory Data”). On a mutually agreed timeline (anticipated to be [***]), Zillow will provide YRI an API in a mutually agreed upon format, providing access to a searchable form of
its pro directory data. Such API shall include Pro Directory Data pertaining to all professionals, including agents, lenders and home improvement pros, similar to the pro directory currently available to users on the Zillow Site
(http://www.zillow.com/directory/.) Zillow shall include the right to syndicate Pro Directory Data to YRE in its terms of service. YRI acknowledges that some sources of directory data, such as broker’s listings feeds, may be subject to
other terms and not available for syndication. If any additional non-Lead based ad products are offered by Zillow in the pro directory (e.g. Display Ads, etc.), such products shall also 

  

			
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be made available to YRI for implementation on the Yahoo Properties if YRI so chooses and if both Parties mutually agree upon economic compensation for any revenues from YRE-related ad packages.
Any Leads from paying agents or brokers generated by users from the pro directory on Yahoo Properties or on the Zillow Site shall be included in the Total Leads. Except for search-related products that Yahoo or YRI have sold to data sources across
multiple Yahoo Properties as of the Effective Date of this Agreement and renewals of such agreements, Zillow will be the exclusive provider of pro directory data to the YRE site. 

(ii) YRI will use Zillow’s default sort order, as specified in the API for the searchable form of the Pro Directory
Data (when it becomes available), for Pro Directory Data listings on all Pro Directory search results pages. Such default sort order will first prioritize featured Pro Directory Data above basic Pro Directory Data. Except with respect to such first
priority default sort order, Zillow has the right to revise the listings sort methodology in the Pro Directory API, so long as the same listings sort methodology is applied on the Zillow Site and every other partner in the Zillow Network. If a user
re-sorts the search results in any way, the user’s sort preference will take precedence. If a user refines the search results in any way, YRI will use the default sort order specified in the Pro Directory Data API. Notwithstanding
the foregoing, YRE reserves the right to co-mingle Pro Directory Data from Zillow with data from Yahoo search-related products permitted under Section 2.2.3(c), provided that the featured Pro Directory Data are sorted first in accordance with
Zillow’s Pro Directory API default sort order without co-mingling and are presented in accordance with the terms of this Agreement. For clarity, if a user re-sorts a co-mingled set of data, the user’s sort preference shall take precedence.

  

	 	(d)	Article Content. Upon request by Yahoo but no sooner than three (3) months after the Launch Date, Zillow will share with YRI access to its database of
article content related to the home buying and selling process. YRE will provide at least one (1) link back to the Zillow Site from this content, free from “no follow” tags. Zillow will provide to YRI and Yahoo all URLs, URL formats
(as applicable), content, and other materials necessary for YRI and Yahoo to provide this link to the Zillow Site. 

  

	 	(e)	Homes for Rent Listings. If Zillow chooses, it may deliver an XML feed of homes for rent listings, whose format will be set by YRE and will be similar to the
standard spec for rental listings on YRE. All homes for rent listings provided by Zillow shall be designated as basic listings in the rentals section of YRE. Zillow may also cease delivery such an XML feed of homes for rent listings (if it has
engaged in such delivery) at any time in its discretion, after providing 10 business days written notice. 

  

	 	(f)	Data for YRE’s Use in Recommendations. The YRE Property Detail Pages support a recommendations module that displays listings that are similar to the
property a User is viewing. Following the Launch Date, and for as long as YRE is displaying such recommendations module, Zillow will use commercially reasonable efforts to deliver to YRE, on a daily basis, a file that includes the following data
from all then-current Zillow Listings: id, zip, city, state, beds, baths, sq. ft and price. The list may include additional mutually agreed fields for use by YRE’s similarity engine. 

  

			
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 Homes for Sale Partnership 

 

 2.3 Performance. Zillow agrees to comply with the Service Levels set forth on Exhibit
A. Zillow will have redundant production servers for Zillow Listings, for Market Data Content (at Launch, and for an expanded set of Zillow market data content following Launch, provided that YRI commits to use such content), Pro directory
content, and Real Estate Ad Product content at two geographically dispersed locations with adequate failover capabilities, and a BCP in place 45 days prior to the Launch Date that satisfies Yahoo’s reasonable infrastructure requirements. Such
infrastructure and plans shall be made available to Yahoo at any time upon request. If, during the Term, any material changes to such infrastructure occur, Zillow will make YRE aware of such changes in a timely manner. Zillow and YRE will meet
regularly to discuss technical improvements to the APIs provided by Zillow under this Agreement. Mutual written agreement (which will not be unreasonably withheld) of the Parties will be required in order to modify the API Specifications during the
Term except as otherwise expressly set forth in this Agreement. 
 2.4 Security. Each Party agrees to comply with its obligations
set forth in the Security Agreement attached hereto as Exhibit G. 
 2.5 Compliance 

(a) Compliance with Rules, Regulations and Laws. The Parties agree that at all times the Parties shall undertake their obligations
pursuant to this Agreement in compliance with all applicable federal, state and local Laws and ordinances. To the extent such Laws require a Party to operate during the Term in a manner materially inconsistent with, or in violation of, the terms of
this Agreement, the requirement of any applicable Law shall take precedence over the terms of this Agreement and the Parties’ compliance with any applicable Laws shall not be a violation or breach of this Agreement, and the Parties shall comply
with Section 2.5(b). 
 (b) Modification of Agreement. Any Party seeking a material modification of any right or
obligation in this Agreement based on applicability of Section 2.5(a) will provide prompt written notice to the other Parties. The Parties will confer and attempt in good faith to agree upon appropriate modifications to this Agreement so that
the Parties carry out their duties and responsibilities under this Agreement in compliance with the Laws giving rise to the application of Section 2.5(a). If the Parties are unable to reach an agreement on any such material modification within
thirty (30) calendar days of the written notice, then any Party may terminate this Agreement pursuant to Section 10.2(d). 
 2.6
Marketing 
 (a) YRE will direct any owners, agents, brokers (including franchisors), MLSs, franchisors, aggregators or other
marketing representatives wishing to submit listings for homes for sale on YRE to a process managed by Zillow. Zillow will provide any resulting listings to YRE through the Listings API. If YRE sends a new advertiser to Zillow and, in the initial
phone sales call or online self-serve purchase session, Zillow sells the new advertiser real estate advertisement services outside the scope of the Agreement, Zillow agrees to pay to Yahoo a revenue share equal to [***] percent ([***]%) of [***]
less [***]. YRE will not, and will not authorize any third party other 

  

			
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 Homes for Sale Partnership 

 

 
than bona fide residential real estate consumer customers to: (x) directly or indirectly activate Zillow-provided Display Ads or Real Estate Ad Products (including without limitation through
any action intended to generate Leads or other queries, actions, impressions of or clicks on advertising units through any automated, deceptive, fraudulent or other invalid means (including, but not limited to, click spam or macro programs)), or
(y) make contact(s) with Zillow advertisers; and Yahoo will not place or authorize any third party to place any Real Estate Ad Products in any location or manner that is not contextually relevant. In addition, Yahoo will not use or authorize
any third party to use any methods that are manipulative, deceptive, malicious or fraudulent in order to increase the number of Leads generated on YRE at any time. YRE will reasonably cooperate with Zillow in policing any such unauthorized
activities. 
 (b) For any marketing materials produced by Zillow that contain mention of Yahoo, YRI or YRE, Zillow shall provide
such materials to YRE for review and written approval prior to distribution. 
 (c) Zillow and YRE will promote this ad sales and
listings aggregation partnership through a press release (subject to the terms of Section 13 of this Agreement, and to each Party’s corporate guidelines and approval), blog posts, targeted marketing efforts at industry trade shows, in
email (subject to applicable SPAM regulations and each Party’s email marketing guidelines), on both web sites and through advertising placements in appropriate industry media. Zillow shall have the right to reference YRE marks in sales
promotion materials. Each Party will bear its own marketing expenses, unless otherwise agreed in writing. 
 (d) Within 3 months
of the Launch Date, Zillow will send mass marketing communications to all existing customers who have agreed to receive such communications from Zillow, with a goal of making them aware of the Zillow-Yahoo partnership and the opportunity to purchase
Real Estate Ad Products that include distribution on Yahoo Properties. Such a communication shall include a phone number and other means for prospective advertisers to contact Zillow directly to initiate a purchase. Zillow is obligated to follow up
with all prospective advertisers who submit such a lead. 
 2.7 Launch-Related Milestones. The Parties will endeavor promptly to reach
mutual agreement on any open points regarding the API Specifications that are not resolved before the Effective Date and undertake their respective integration and other implementation activities. The Parties have established a series of interim
development and integration Milestones, as specified in Exhibit I, that they will each endeavor to achieve after the Effective Date. If a Party does not timely meet such a Milestone, either Party may escalate review of related technical or
schedule concerns with a goal of enabling the Parties to cooperate in resolving such concerns and continuing work toward the Launch Date-related Milestones. Neither Party will be liable for material breach of this Agreement based on failing to
achieve one or more Milestones on a timely basis in accordance with the schedule shown in Exhibit I or any mutually agreed revised schedule. 

  

			
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 Homes for Sale Partnership 

 

 SECTION 3: ADVERTISING SALES 

3.1 Exclusive Appointment for Certain Advertising Products. During the Term, Yahoo appoints Zillow as its exclusive representative for the
sale of Real Estate Ad Products and graphical display advertising on YRE to agents, brokers (including franchisors) and their marketing representatives in the New Homes Section and Homes for Sale Section of YRE, except for the following: 

 (a) For the [***] of the Term, Yahoo will have the right to sell, on its own behalf or through its partners (for example,
Yahoo’s Newspaper Consortium), graphical display advertising that utilizes behavioral and/or category targeting capabilities, to agents, brokers (including franchisors) and their marketing representatives, for display in the New Homes and Homes
for Sale sections of YRE, provided that such advertising is not specifically targeted to YRE. 
 (b) Throughout the Term, such
exclusivity shall be waived for any advertising that delivers through Yahoo’s remnant display inventory systems, currently known as the Right Media Exchange, or through Yahoo’s paid search products or services inventory, provided that such
advertising is not specifically targeted to YRE. 
 3.2 Packaging. The following guidelines shall apply for the packaging of Real Estate
Ad Products: 
  

	 	3.2.1	Beginning on the Launch Date, Zillow will offer distribution of Real Estate Ad Products on both Zillow and YRE (“Zillow-Yahoo Package(s)”) as the only
packaging option to all new customers who are buying unsold advertising positions and all existing customers who are adding incremental slots (“Slots”). For clarity, there shall be no sales after the Launch Date (month-to-month
autorenewing contracts not being considered “sales” for this purpose) that include Zillow-only packages subject to 3.2.4. 

  

	 	3.2.2	Beginning on the Launch Date, for all Slots that are sold out on Zillow but Yahoo has comparable Slots available, Zillow shall make commercially reasonable efforts in
good faith to offer existing customers similar Real Estate Ad Products based on distribution on Yahoo only (“Yahoo-Only Package(s)”) using the sales focus described in this paragraph. For any such customer, Zillow must offer a
Yahoo-Only Package length that is co-terminus with the existing, comparable Zillow-only package. When a Yahoo-Only Package and Zillow only-package targeted at similar Slots expire at the same time, Zillow shall offer customers a Zillow-Yahoo
Package. If a Zillow-only customer chooses to renew on a month-to-month basis, the Yahoo-only customer shall also be offered the option to renew on a month-to- month basis. Zillow shall focus its efforts on existing customers, as determined by
Zillow, in the top 30 MSAs, utilizing a combination of highest revenue opportunity and highest customer demand to pick its targets. Zillow will provide YRI a list of the top 30 MSAs prior to Launch. 

  

			
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	 	3.2.3	Beginning on the Launch Date, Zillow shall contact existing Zillow-only customers who are in month-to-month auto renewing contracts and offer a Zillow-Yahoo Package
when Zillow believes it has a reasonable opportunity for success in creating additional revenue opportunities for Yahoo. Nothing shall obligate such customers to accept a Zillow-Yahoo Package, but within 6 months after the Launch Date, Zillow will
use commercially reasonable efforts in good faith to transition all such customers over to a Zillow-Yahoo Package. 

  

	 	3.2.4	During the Term, brokers and agents that are subject to Zillow’s commitments above may [***]. For any broker or agent that [***]. 

 

	 	3.2.5	Zillow agrees to compensate its sales team for the sale of [***] under terms that are [***]. 

 3.3 Display Advertising. Yahoo may also allocate YRE inventory of Display Ads to Zillow to sell to new home builders, real estate brokers (including franchisors), or real estate agents and
Yahoo will keep Zillow informed of such inventory as described in Section 2.1(b)(vi). Zillow will be limited to selling display advertising in the Homes for Sale Section and New Homes Section of YRE unless the Parties mutually agree otherwise.
At the Launch Date, Zillow will become the exclusive Yahoo reseller of graphical display ads to any new home builder advertisers, except the following: [***]. Yahoo and Zillow will work together to develop, no later than thirty (30) days before
the Launch Date, and execute a transition plan for any existing Yahoo display advertising accounts. For clarity, Zillow may not sell display inventory to any advertisers whose primary business is [***]. In connection with the sale of Display Ads on
YRE, and as a condition of displaying on YRE the Display Ads sold by Zillow following the Launch Date, the Parties shall enter into a written agreement (the “APT Service Agreement”), the terms of which are anticipated to be based on
the sample agreement set forth in Exhibit J) setting forth the terms and conditions on which Publisher shall use Yahoo!’s current Display Ad platform and any successor platform (“APT”) as Publisher’s exclusive
adserver platform for display of Display Ads on YRE, it being understood that Publisher may not use APT for any other purpose, unless the parties agree in writing to the applicable terms and conditions of such additional uses of APT, including any
additional compensation to be received by Yahoo!. Zillow agrees to book Display Ads inventory on YRE (“Yahoo Available Inventory”) in accordance with the procedures specified by Yahoo from time to time. 

3.4 Advertising Terms and Conditions and Related Policies. With respect to the sale of advertising on the Yahoo Properties, Zillow will
comply with Yahoo’s then-current advertising policies located at http://adspecs.yahoo.com/ including, without limitation, those policies located at http://adspecs.yahoo.com/policies.php and any other guidelines Yahoo provides to Zillow provided
that such guidelines apply to all third party sellers of Display Ads on the Yahoo network. In addition, Zillow agrees to use the minimum terms and conditions from the Yahoo Display Ad Agreement (as such minimum terms are set forth on Exhibit
C, the “Minimum Display Ad Terms”) in its sales of Display Ads on YRE, except that where an agency or advertiser requires, Zillow may instead use the IAB/AAAA Standard Terms and Conditions for Internet Advertising for Media Buys
One Year or Less or other terms consistent with industry practices. Zillow agrees to directly employ at least the equivalent of one (1) fulltime sales person dedicated solely to selling advertising to new

  

			
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home builders. In no event may any page on the Zillow Site to which Users click through from any Zillow Content on the Yahoo Properties contain any “pop-up” or “pop-under”
advertisements. Yahoo will not modify any Display Ad content or appearance. 
 3.5 Pricing & Inventory. Zillow will set
pricing of all Real Estate Ad Products based on the guidelines contained herein. Zillow agrees to provide YRI a rate card for Real Estate Ad Products, (including without limitation Zillow-Yahoo Packages) before the Launch Date. Yahoo-Only Packages
will be priced using the same methodology used to price Zillow-only and Zillow-Yahoo Packages, except as otherwise provided in this paragraph. Zillow agrees to give Yahoo notice prior to any changes in such methodology. Zillow agrees to launch the
Yahoo-Only Packages with the same pricing as comparable Zillow-only packages and will only alter Yahoo-Only Package pricing after [***] of Yahoo Lead volume data is available to assess the average number of Leads from Yahoo. At no time shall
Yahoo-Only Package pricing be greater than [***]% below the Zillow-only pricing for comparable Slots without mutual agreement of the parties. If cancellation rates for Yahoo-Only Packages are greater than [***]% above the cancellation rates in same
counties for Zillow-only packages and pricing is suspected, then the parties shall discuss adjusting the pricing floor. Yahoo will set floor pricing for Display Ads sold by Zillow in Yahoo’s sole discretion and shall from time to time make
changes after giving reasonable advance notice. Zillow may set pricing for Display Ads [***], but at no time shall Zillow set [***]. Yahoo shall provide Zillow estimates of available impressions in the Homes for Sale and New Homes sections at the
DMA level on a quarterly basis. 
 3.6 Sales Exclusivity. Zillow agrees that YRE is the only website not owned by Zillow for which Zillow
will sell Real Estate Ad Products for [***] following the Launch Date. After [***], Zillow may enter into agreements for the sale of Real Estate Ad Products on other websites, provided that Zillow provides [***] written notice to Yahoo and YRI
before any third party partnership for the sale of such listing advertising becomes active, including the name of the partner, and 30 days written notice to Yahoo and YRI prior to the end of any such partnership. 

3.7 Reporting to Yahoo. 
 (a) Within 15 days after the end of any month, Zillow will provide detailed reporting of all ad sales related to Yahoo and Zillow Packages, including but not limited to Zillow Yahoo Packages sold and
cancelled, Display Ad impressions booked and delivered; the quantities of Leads generated by YRE, Zillow, and Total Leads; and Gross and Net Revenue. Zillow will present all information broken out by ad product type and advertiser type, clearly
separating all data and revenue for YRE-Only Packages should they exist. If Lead scoring or other Lead/referral performance metrics are gathered by Zillow during the Term, such data will also be collected for the Yahoo referrals and Leads and such
Yahoo referral and Lead-related information shall be shared with Yahoo on a regular basis. 
 (b) Zillow will apply to Leads
provided by Yahoo hereunder the same rules for recognition of valid Leads that Zillow applies to Leads from the Zillow Site. Such rules of recognition will be designed to exclude communications that appear to be generated based on any manipulative,
deceptive, malicious or fraudulent lead generation activity, or 

  

			
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 Homes for Sale Partnership 

 

 
any activity that indicates end users are contacting advertisers for reasons that are not consistent with an interest in residential real estate opportunities (e.g., attempts to gather personal
information from advertisers). By way of background, as of the Effective Date, Zillow uses the following rules of recognition for Leads from the Zillow Site: 
  

	 	•	 	 All required fields must be present. 

  

	 	•	 	 All filled out fields must have correctly structured data (e.g., phone number fields can’t contain letters; obviously invalid area codes or
exchanges such as 555 are rejected). 

  

	 	•	 	 Free-form text fields (e.g., message section) are scanned for profanity and other objectionable content. 

 

	 	•	 	 Rate limits apply to how many contacts a user can make within a session, including a limit on the number of contacts for a particular home.

  

	 	•	 	 Review of whether the user making the contact has recently viewed the home/agent that the contact is for. 

(c) Once per week during the Term, Zillow shall provide basic reporting to YRI that allows YRI to gauge its ongoing performance and
monetization. Such reporting shall include: total Leads generated by YRI and the Yahoo Properties, Zillow and the Zillow network, and Gross Revenue generated during the time period. Both parties will mutually agree on any other data
that shall be shared. 
 3.8 Reporting to Advertisers. If an advertiser requests, [***]. 

SECTION 4: LICENSES 

4.1 Zillow Grant. Subject to the terms and conditions of this Agreement, Zillow hereby grants to Yahoo and its Affiliates during the Term, the
following: 
  

	 	4.1.1	 Zillow Content. A non-exclusive, worldwide, revocable, limited, fully paid up, royalty free license to use, copy, encode, store, distribute,
transmit, modify and create derivative works of (solely to the extent expressly permitted by the next sentence), and publicly perform and publicly display the Zillow Content via the Internet on YRE and, subject to Section 4.2.2, other Yahoo
Properties, provided that Yahoo may publicly perform and publicly display only Zillow Listings which Yahoo has obtained via the Listings API within 24 hours before such public performance or public display. Yahoo’s and its Affiliates’
license to modify and create derivative works of the Zillow Content is limited solely to (a) modifying the Zillow Content as necessary to fit the format and “look and feel” of Yahoo Real Estate or other Yahoo Properties on which the
Zillow Content is displayed, as revised and changed from time to time in accordance with the terms of this Agreement, and (b) modifying the Zillow Content to create Teaser Content. Yahoo’s and its Affiliates’ license to distribute,
transmit and publicly perform and display Teaser Content is limited to placements on Yahoo Properties that use the Teaser Content in a contextually relevant manner and location in order to promote features and functionality of YRE or other real
estate-related content and services 

  

			
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 Homes for Sale Partnership 

 

	 	 
that can reasonably be anticipated to generate Leads. Yahoo will provide prior written notice (email will suffice) to Zillow of any new programmatic use of Zillow Listings as Teaser Content on
any Yahoo Property(ies) other than YRE. Yahoo is not authorized to and will not use any Teaser Content to promote any content, products or services on the Yahoo Properties that compete with Lead-generating content, products or services. Further,
Yahoo’s license rights in Teaser Content are subject to the condition that Yahoo will cease any exercise of rights in specific Teaser Content if Zillow so requests based on reasonable concern about disruptions to Zillow’s licenses or
business relationships with providers of applicable Zillow Content (including Zillow Listings). 

  

	 	4.1.2	Integration with Additional Yahoo Services. Yahoo and its Affiliates may exercise their rights in the Zillow Content (as set forth in Section 4.1.1) in
order to integrate Zillow Content into any products, services, functionality or tools of the Yahoo Properties (other than YRE, which is subject to the licenses set forth in Section 4.1.1), and of third parties as hosted and used on the Yahoo
Properties, provided that (i) Yahoo notifies Zillow in writing in advance of such integration; and (ii) upon written requests by Zillow based on reasonable concern about disruptions to Zillow’s licenses or business relationships with
providers of applicable Zillow Content (including Zillow Listings),Yahoo will not undertake, or will promptly cease, any exercise of rights in Zillow Content under this Section 4.1.2. Subject to the foregoing, and by way of example and not
limitation, Yahoo may (a) plot and display Zillow Content on aerial, satellite, street level and hybrid maps imagery within the Yahoo Properties; (b) include Zillow Content in widgets, badges, display and Yahoo smart advertisements;
(c) integrate Zillow Content into third party applications, tools and content within YRE, such as mapping, neighborhoods, and schools; and (d) aggregate Zillow Content to provide monthly metrics (e.g., top cities, hot markets) for
display on the Yahoo Real Estate Home Page and other locations in the Yahoo Properties. Notwithstanding the foregoing, Yahoo agrees that Zestimates and other data derived from recently sold homes data may not be made available by Yahoo or YRI via
any mobile device. 

  

	 	4.1.3	Zillow Brand Features. A non-exclusive, revocable, worldwide, fully paid up, royalty free right and license to use, copy, encode, store, and publicly display the
Zillow Brand Features: (1) as expressly permitted under this Agreement in connection with the presentation of the Zillow Content on Yahoo Properties targeted to U.S.-based audiences; and (2) as expressly permitted under this Agreement in
connection with the marketing and promotion of Yahoo Real Estate to U.S.-based audiences. Zillow agrees that Zillow Brand Features, as provided by Zillow, may be used in accordance with the terms of this Agreement on the Search Results Pages and
Details Pages that display Zillow Listings and on the Yahoo Real Estate partners page. Any use of the Zillow Brand Features will be in compliance with the Zillow Brand Features Guidelines, attached here to as Exhibit F. If Zillow objects to
Yahoo’s use of the Zillow Brand Features, Yahoo will promptly comply with Zillow’s reasonable requests for changes or removal, and Yahoo will promptly replace any removed use with a corrected one where necessary to comply with the terms of
this Agreement. Zillow does not grant Yahoo any right, title, or other property interest in the Zillow Brand Features. 

  

			
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	 	4.1.4	Right to Sublicense. The right to sublicense, solely as applied to Zillow Listings, the rights and licenses set forth in Sections 4.1.1 and 4.1.2 for use, in
accordance with all terms of this Agreement, (i) in connection with any mirror site controlled by Yahoo or Affiliate of Yahoo and (ii) in a distribution or syndication arrangement in which Yahoo operates a co-branded or private label
version of substantially all of YRE as part of a co-branded or private label version of Yahoo’s Internet portal (e.g., sites currently operated by Yahoo for AT&T or British Telecom). All sublicenses granted under this Section 4.1.4
will be subject to the same restrictions that apply to Yahoo and YRI with respect to the use of the applicable Zillow Content and Zillow Brand Features. 

 4.2 Yahoo Grant. Subject to the terms and conditions of this Agreement, Yahoo hereby grants to Zillow during the Term, a non-exclusive, revocable, limited, worldwide, fully paid up license to use,
copy, encode, store, and publicly display the Yahoo Brand Features as expressly permitted under this Agreement, and in marketing and sales materials related to this Agreement, subject to Yahoo’s prior written approval in each instance. Any use
of the Yahoo Brand Features will be in compliance with the Yahoo Brand Features Guidelines, attached here to as Exhibit E and will be subject to Yahoo’s approval as described in Exhibit E. If Yahoo objects to Zillow’s use of
the Yahoo Brand Features, Zillow will promptly comply with Yahoo’s reasonable requests for changes or removal. Yahoo does not grant Zillow any right, title, or other property interest in the Yahoo Brand Features. 

4.3 Trademarks. Each Party will comply with the trademark guidelines provided by the other party with respect to the use of any of such
Party’s brand features and no Party will alter or impair any acknowledgment of copyright or other Intellectual Property Rights of the other. Each Party retains the right to inspect and approve any use of its brand features to ensure that such
usage is consistent with its trademark standards. Each Party agrees that its use of the other Party’s brand features will inure solely to the benefit of the owner. Each Party recognizes the goodwill attached to the other Party’s brand
features and acknowledges and agrees not to adopt or use any names, logos or trademarks, which include or may be confusingly similar to the other Party’s brand features, nor shall it engage in or allow others under its control or direction
(including independent contractors, employees and agents) to engage in any practice or other activity that is or is likely to be detrimental to the goodwill associated with the other Party’s brand features. 

4.4 No Other Rights. Except as expressly set forth in Sections 4.1 and 4.2 above, neither Party grants to the other Party any other rights to the
Zillow Content, the Zillow Brand Features, or the Yahoo Brand Features, as the case may be. All rights not expressly granted herein are reserved. 
 SECTION 5: COMPENSATION 
 5.1 Real Estate Ad Products Revenue Share. During the
Term, Zillow will pay to YRE a Revenue Share equal to [***] percent 
([***]%) of [***] received times the [***] (except for [***], for which Zillow will pay to Yahoo [***] percent ([***]%) of [***], applying no [***]). 

  

			
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	 	5.1.1	[***] as Zillow Network Expands. After [***] following the Launch Date, if Zillow sells listings-based advertising for any new members of the Zillow Network, the
number of Leads that Zillow advertisers receive from the new partner(s) shall be included in the number of Total Leads for purposes of calculating the [***] as follows: In the first month that the new partner Leads are included, only [***] of the
corresponding actual Leads will be used in the calculation of Total Leads. In the second month, the new partner Leads shall be added to the Total Leads at the rate of [***] of actual Leads. This calculation of adding an additional [***] each month
of actual Leads to the [***] shall continue throughout [***]. In month [***], the new partner’s Leads shall be added to the Total Leads at the rate of [***]% of the corresponding actual Leads. 

 

	 	5.1.2	Display Ad Revenue Share. Zillow will pay Yahoo [***] ([***]%) of [***] recognized by Zillow from the sale of Display Ads. Yahoo will be entitled to retain [***]
and otherwise on the [***] in accordance with Sections [***] (i.e., [***]). 

  

	 	5.1.3	Homes for Rent Compensation. The revenue structure for such an implementation shall be mutually agreed upon in writing before any Zillow feeds shall be accepted
by YRE. 

 5.2 Payment Terms. All fees due under this Section 5 are due within thirty (30) days of Zillow’s
receipt of invoice from Yahoo. Any payments not paid on such due date and that are not subject to good faith dispute will bear interest commencing on the due date at the lesser of (x) one percent per month or (y) the maximum amount allowed
by Law. Any failure by Zillow to make payments as required hereunder or disputed in good faith will constitute a material breach of this Agreement, subject to a right to cure per Section 10.2(a). 

5.3 Right to Audit Compliance with Payment and Data Provisions. No more than once each year during the Term and for a period of one
(1) year thereafter, Yahoo, through an independent nationally recognized third-party representative and upon thirty days prior written notice, may conduct an audit of Zillow’s relevant financial books and records (including electronic
records), processes and systems to review Zillow’s compliance with the payment provisions set forth in Section 5.1. Prior to any audit, Yahoo will obtain from the auditor a signed confidentiality agreement, the provisions of
which shall be no less restrictive than the obligations referenced in Section 13 (Confidential Information and Publicity). Yahoo shall pay the costs and expenses of any such audit; provided, however that if an audit reveals an
underpayment of five percent (5%) or more for the audited period, Zillow shall pay for the costs and expenses of such audit within 45 days of such finding, in addition to the amount of any shortfall. 

SECTION 6: REPRESENTATIONS AND WARRANTIES 
 6.1 General. YRI, Yahoo and Zillow each represent, warrant and covenant to each other that, as regards to itself: 

  

			
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	 	(a)	their negotiation, entry and performance of this Agreement will not violate, conflict with, interfere with, result in a breach of, or constitute a default under
any other agreement to which they are a party or any applicable Law; 

  

	 	(b)	they own or have the right to use all brand features (including trademarks and logos) that they authorize the other Parties to reproduce and display pursuant to
this Agreement and any exercise of rights in brand features granted under this Agreement, will, to the best of their knowledge, not infringe third party rights; and 

 

	 	(c)	they have all necessary power and authority to enter into this Agreement, and to carry out their obligations hereunder. 

6.2 By Zillow. Zillow represents, warrants and covenants to YRI and Yahoo that: 

(a) Zillow has acquired or will acquire permission, prior to distribution of the Zillow Listings to YRI, from the third parties
providing the Zillow Content, for YRI and Yahoo to use the Zillow Listings as provided in this Agreement. 
 SECTION 7:
LIMITATIONS AND DISCLAIMERS. 
 7.1 Limitations of Liability and Remedies. EXCEPT PURSUANT TO THE INDEMNITY OBLIGATIONS OF SECTION 9,
OR FOR A MATERIAL BREACH OF A PARTY’S OBLIGATIONS UNDER SECTIONS 12 OR 13, OR FOR INFRINGEMENT OR MISUSE OF INTELLECTUAL PROPERTY RIGHTS OF A PARTY HEREUNDER, (A) NO PARTY, NOR ITS AFFILIATES NOR EMPLOYEES, OFFICERS, REPRESENTATIVES NOR
AGENTS WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES, COSTS, OR LIABILITIES ARISING FROM THE SUBJECT MATTER OF THIS AGREEMENT, REGARDLESS OF THE TYPE OF CLAIM AND EVEN IF THAT PARTY OR AFFILIATE
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, SUCH AS, BUT NOT LIMITED TO, LOSS OF REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS; AND (B) DAMAGES IN CONNECTION WITH CLAIMS UNDER THIS AGREEMENT SHALL BE LIMITED TO ($1,000,000) ONE
MILLION DOLLARS. 
 7.2 Disclaimers. 
 (a) EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES MADE IN THIS AGREEMENT, ALL YRI OR YAHOO PAGES, YAHOO PROPERTIES, ZILLOW SITE(S), ZILLOW CONTENT, ZILLOW LISTINGS, AND ANY APIs, FEEDS, DATA,
CONTENT OR MATERIALS PROVIDED BY EITHER PARTY (OR ITS AFFILIATES) TO THE OTHER PARTY (OR ITS AFFILIATES) IN CONNECTION WITH THIS AGREEMENT (COLLECTIVELY AND INTERCHANGEABLY, THE “COVERED SUBJECT MATTER”) ARE PROVIDED “AS
IS.” THE REPRESENTATIONS AND WARRANTIES IN SECTION 6 ARE IN LIEU OF ALL OTHER WARRANTIES, REPRESENTATIONS, ASSURANCES, OR CONDITIONS, EXPRESS, IMPLIED, 

  

			
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STATUTORY OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, TITLE AND NON-INFRINGEMENT, AND AS TO THE
SUFFICIENCY OF ANY REVENUES ANY OTHER PARTY MAY RECEIVE IN CONNECTION WITH ACTIVITIES UNDER THIS AGREEMENT. 
 (b) For the
avoidance of doubt, the foregoing disclaimers do not modify either Party’s obligations under the terms of the Service Level Agreement set forth in Exhibit A. 
 SECTION 8: SUBCONTRACTORS USED BY THE PARTIES 
 Each Party will be
responsible for all acts and omissions of that Party’s employees, independent contractors, and other persons or entities performing any part of that Party’s responsibilities under this Agreement for or on behalf of that Party and any of
its independent contractors. Any breach of this Agreement by any of these persons or entities will be deemed a breach of this Agreement by that Party. 
 SECTION 9: INDEMNIFICATION 
 9.1 By Zillow. Zillow, at its own expense, will
indemnify, defend and hold harmless Yahoo, its Affiliates and their respective employees, representatives and agents (“Yahoo Indemnified Parties”), against any claim, suit, action, or other proceeding brought against Yahoo
Indemnified Parties by an unrelated third party based on or arising from a claim (a) that if true would constitute a breach of Zillow’s representations and warranties set forth in Section 6 above; (b) that if true would
constitute a breach by Zillow of Section 12 (“User Data and Privacy”) of this Agreement; (c) that the Zillow Content or Zillow Brand Features used as expressly authorized under this Agreement infringe in any manner any copyright,
trademark, trade secret or any other non-patent Intellectual Property Right or other right of such third party, defame any third party, or infringe any third party patent right (provided that this clause (c) does not apply to any third party
patent infringement claim that requires software, services, products, technology or other materials not provided by Zillow hereunder) ; and provided further that Zillow’s total cumulative liability with respect to this subsection (c) shall
not exceed [***], (d) that Zillow or a Zillow Affiliate has provided products and services in violation of Law or an agreement with any third party (each, a “Zillow Indemnified Claim”), provided, however, that:
(x) YRI or Yahoo provides Zillow with prompt notice of any such Zillow Indemnified Claim; (y) YRI and Yahoo permits Zillow to assume and control the defense of such Zillow Indemnified Claim, with counsel chosen by Zillow (who will be
reasonably acceptable to YRI and Yahoo), and reasonably cooperates with Zillow, at Zillow’s sole expense, in the defense of such Zillow Indemnified Claim; and (z) Zillow’s indemnity obligations will not apply to any damages incurred
by Yahoo based on Yahoo’s continued use of any Zillow Content following a written take-down notice (email will suffice) by Zillow to Yahoo in which Zillow requests that Yahoo cease using (or using in a specified manner) certain Zillow Content
because of a potential third party claim to which Zillow’s indemnity obligations would otherwise apply. Zillow will not enter into any settlement or compromise of any such Zillow Indemnified Claim that would impose any obligations on YRI or
Yahoo without Yahoo’s prior written 

  

			
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consent, which consent will not be unreasonably withheld. Subject to the terms of this paragraph, Zillow will pay any and all costs, damages, and expenses, including, but not limited to,
reasonable attorneys’ fees and costs awarded against or otherwise incurred (in accordance with this Section 9.1) by a Yahoo Indemnified Party in connection with or arising from any Zillow Indemnified Claim. 

9.2 By YRI and Yahoo. Yahoo and, at Yahoo’s and YRI’s discretion, YRI, shall, at their own expense, indemnify, defend and hold harmless
Zillow, its Affiliates, and their respective employees, representatives and agents (“Zillow Indemnified Parties”), against any claim, suit, action, or other proceeding brought against Zillow Indemnified Parties by an unrelated third
party based on or arising from a claim (a) that the Yahoo Brand Features used as expressly authorized under this Agreement infringe in any manner any patent, trademark, copyright, trade secret or any other Intellectual Property Right of such
third party; (b) that if true would constitute a breach by YRI or Yahoo of any of their representations and warranties set forth in Section 6 above; or (c) that Yahoo has failed to provide a makegood for advertising that was sold on
YRE in accordance with the terms of this Agreement, for which a makegood is owed under the Minimum Terms set forth on Exhibit C (each, a “Yahoo Indemnified Claim”); provided, however, that: (x) Zillow provides YRI
and Yahoo with prompt notice of any such Yahoo Indemnified Claim; (y) Zillow permits YRI and Yahoo to assume and control the defense of such claim, with counsel chosen by YRI and Yahoo (who will be reasonably acceptable to Zillow), and
reasonably cooperates with YRI and Yahoo, at Yahoo’s or YRI’s sole expense, in the defense of such Yahoo Indemnified Claim. Yahoo or an Affiliate will not enter into any settlement or compromise of any such Yahoo Indemnified Claim that
would impose any obligations on Zillow without Zillow’s prior written consent, which consent will not be unreasonably withheld. YRI or Yahoo will pay any and all costs, damages, and expenses, including, but not limited to, reasonable
attorneys’ fees and costs awarded against or otherwise incurred (in accordance with this Section 9.2) by a Zillow Indemnified Party in connection with or arising from any such claim. 

9.3 Obligations. Each party’s obligation to defend, indemnify and hold harmless the other party hereunder shall be mitigated and reduced to
the extent that such party has been prejudiced by a failure of the indemnified party(ies) to provide prompt notice of any and all such claim to the indemnifying party or to provide reasonable cooperation in the defense and/or settlement of such
claims. 
 SECTION 10: TERM AND TERMINATION. 
 10.1 Term. This Agreement will commence upon the Effective Date and, unless terminated as provided herein, will remain in effect for a period of 30 months from the Launch Date (“Initial
Term”). Following the Initial Term, this Agreement will automatically renew for an additional period of 12 months unless one Party provides the other Party with written notice of non-renewal at least 180 days prior to the end of the Initial
Term. Zillow shall ensure that any advertising contracts it signs with new home builders are terminable by Zillow with respect to Display Ads no later than the end of the Term. 
 10.2 Termination Rights. 

  

			
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 (a) This Agreement may be terminated by any Party immediately upon notice if the other
Party (v) has not cured a trademark guidelines conflict under Section 4.1.2, 4.1.3 or 4.2, as applicable, within thirty (30) days after receiving written notice of such conflict; (w) becomes insolvent; (x) files a petition
in bankruptcy or is otherwise the subject of such a filing that is not dismissed within sixty (60) days of the filing date; (y) makes an assignment for the benefit of its creditors; or (z) materially breaches any of its
representations and warranties or any of its obligations under this Agreement in any material respect, which breach is not cured within thirty (30) days following written notice to such Party. 

(b) YRE may terminate this Agreement if for any period of [***] the average number of listings provided by Zillow falls below [***]% of
the average existing home inventory for sale in the United States over the same period, as calculated from data reported by the National Association of Realtors (“NAR”), and Zillow does not cure such shortfall by the [***] period
that follows any notice by YRE to Zillow of such a shortfall (with determination of such cure to be based on NAR data for such subsequent two month period). If NAR ceases to publish such data, YRE may terminate the agreement if for any period of
[***] the number of listings provided by Zillow falls below [***]% of the lowest monthly number of NAR listings in the previous [***], and Zillow does not cure such shortfall by the end of the [***] period that follows any notice by YRE to Zillow of
such a shortfall (with determination of such cure to be based on the same lowest monthly number of NAR listings as used in the previous calculation). YRE may not pursue any other remedies (whether based on any implied obligations of Zillow or
otherwise) with respect to any listings shortfall giving rise to a right of termination by YRE under this Section 10.2, and such a listings shortfall will not be deemed to breach this Agreement. 

(c) If a Party invokes its right to terminate this Agreement pursuant to Section 2.5 or 14.9, then such termination will be effective
fifteen (15) calendar days from written notice of termination by the terminating Party to the non-terminating Parties. 

(d) Termination by Yahoo for Financial Reasons. Yahoo may terminate this Agreement upon sixty (60) days notice if Zillow’s cash
position, taking into consideration all cash equivalents, short term investments and marketable securities on the balance sheet as recorded in accordance with GAAP, at any time falls below [***] ($[***]). Zillow will notify Yahoo in writing in the
event such a cash position event occurs. Zillow will provide a confidential report to Yahoo on a quarterly basis, certified by its CFO, that details Zillow’s cash position and rate of cash burn during the prior quarter. 

10.3 Effect of Termination. Terminating this Agreement in accordance with Section 10.2 will not impose any liability or obligation on the
terminating party. Upon termination of this Agreement for any reason, a ninety (90) day wind-down period (the “Transition Period”) will occur during which the Parties’ rights and obligations under this Agreement will
remain in effect, except that Zillow will cease to sell Real Estate Ad Products or Display Ads as of the effective date of termination (i.e., prior to the start of such Transition Period) and the exclusivity provisions of this Agreement will no
longer apply to either Party. Upon any termination of this Agreement, Zillow shall have no further obligation to make any payments 

  

			
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under Section 5 after the effective date of any such termination, other than any with respect to any payments that became due prior to the effective date of termination or during the
Transition Period. The rights afforded the parties under this Section 10 will not be deemed to be exclusive, and are in addition to any rights or remedies provided by Law, but subject to all limitations of remedies expressly set forth in this
Agreement. Additionally, the provisions of Sections 1, 5 but only with respect to payments thereunder that have been earned and remain unpaid as of the date of termination and 6 through 14 shall survive any termination or expiration of this
Agreement. 
 SECTION 11: OWNERSHIP 
 11.1 Zillow Ownership: As between Zillow and its Affiliates on the one hand, and Yahoo and its Affiliates on the other, Zillow and its Affiliates own all right, title and interest in the Zillow
Content, Zillow Listings, Zillow Site(s), Zillow Brand Features and all APIs, data feeds and other functionality or materials made available by Zillow under this Agreement. Nothing in this Agreement will confer in Yahoo or an Affiliate any license
or right of ownership in any of the foregoing except as expressly stated. In addition, all User Data submitted directly by a User to Zillow or its Affiliates is, as between the Parties, owned solely by Zillow and its Affiliates. 

11.2 Yahoo Ownership: As between Zillow and its Affiliates on the one hand, and Yahoo and its Affiliates on the other, Yahoo or its Affiliates own
all right, title and interest in the Yahoo Properties and the Yahoo Brand Features. Nothing in this Agreement will confer in Zillow and its Affiliates any license or right of ownership in the Yahoo Properties or Yahoo Brand Features except as
expressly stated. 
 11.3 No Joint Works: The Parties do not intend that any joint works under U.S. copyright law be made in connection
with this Agreement. On termination of this Agreement (subject to the Transition Period referenced in Section 10.3) each Party shall destroy any copyrighted works as to which the contributions of the Parties are inextricably combined, but may
retain any separable contributions thereto as it owns. The Parties do not intend to jointly develop or invent any joint invention; however if any invention is inextricably a joint invention, then the Parties will in good faith cooperate in the
preparation of pertinent patent applications. All rights, title, and interests in Intellectual Property Rights not expressly granted herein are reserved to their respective owners. 
 11.4 User Data Ownership (Yahoo Properties). All User Data provided to Yahoo by Users of the Yahoo Properties or otherwise collected by Yahoo relating to User activity on the Yahoo Properties shall
be owned solely by Yahoo. All User Data collected by Zillow directly from users of the Zillow Content shall be solely owned by Zillow. Yahoo grants to Zillow, subject to the terms and conditions of this Agreement, a perpetual, non-exclusive,
worldwide, royalty-free, limited license to reproduce, store, display, disclose, distribute and otherwise use the User Data as provided by Yahoo to Zillow solely for the purposes of (1) confirming and fulfilling Leads and other requests
submitted by Users, including without limitation by transmitting and disclosing User Data to residential real estate brokers and agents (and their marketing representatives), real estate franchisors, and homeowners consistent with the applicable
Lead generation product or feature, (2) providing follow-ups on Leads and other requests by Users, (3) complying with Law, (4) investigating or taking 

  

			
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action against fraudulent or illegal activity, (5) protecting the safety of Users, and (6) any other purpose for which Yahoo provides prior written approval. Notwithstanding the
foregoing, Zillow’s license shall be limited to those uses disclosed in Zillow’s privacy policy. Except as specifically authorized by this Agreement, Zillow agrees it will not sell, lease, license, sublicense or otherwise distribute to any
third parties any User Data licensed to it by Yahoo. 
 SECTION 12: PRIVACY 

12.1 Zillow will continuously comply with all applicable privacy and consumer protection Laws within the United States (including the CAN-Spam Act
of 2003) in its conduct of activities under this Agreement, including its collection and use of User Data through Yahoo Real Estate and the Yahoo Properties. During the Term, Zillow will have a published privacy policy in compliance with applicable
Law and consistent with this Agreement, Zillow will comply with its published policy, and will provide a link to its privacy policy on any page or listing or link through which User Data is collected by Zillow. Users will receive clear
disclosure at those times through written privacy policies as to how, by whom, and for what purpose the User Data will be used. Yahoo and Zillow will work together to transmit any User Data as required under this Agreement in HTTPS or other
secure means. Yahoo agrees it will comply with its published privacy policy with respect to any data collected in locations of YRE where both Yahoo and Zillow’s respective privacy policies are linked to or posted. 

12.2 On all sections of Yahoo Real Estate and any other Yahoo Properties (or mirror sites or other syndication or distribution arrangement
authorized by Section 4.1.4) on which Users are providing User Data to YRI for transmittal to Zillow in accordance with this Agreement, YRI or Yahoo will include notices to Users that User Data will be provided to Zillow and that such User Data
is subject to Zillow’s privacy policy. Each such notice will include a link to Zillow’s privacy policy. 
 12.3 During the Term
and thereafter: 
 (a) User Data collected by each Party will be distributed to, shared with, or otherwise made available to any other third
party, whether directly or indirectly, subject to the restrictions contained in this Agreement and only as permitted by such Party’s privacy policy or otherwise required by Law; 
 (b) Zillow will not use User Data for the transmission of “junk mail”, “spam”, or any other unsolicited mass distribution of information or otherwise in violation of Law; and

 (c) Zillow will not include in any ongoing electronic or internet correspondence to a User an internet standard “opt-out” provision
or hypertext link that allows a User to elect to not receive any further communication 
 SECTION 13: CONFIDENTIAL INFORMATION
AND PUBLICITY 
 Information and material disclosed in connection with this Agreement or any of the Parties’ activities hereunder are
subject to the terms of the Mutual Nondisclosure Agreement between Yahoo and Zillow dated November 18, 2005 (the “NDA”). The Parties’ obligations of confidentiality under such NDA will remain in effect as described in the
previous sentence for the Term of this Agreement and a period of two (2) years thereafter, regardless of any 

  

			
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termination or expiration of the NDA. Without limiting the terms of the NDA, the terms and conditions of this Agreement will be considered confidential and will not be disclosed to any third
parties except to a Party’s accountants, attorneys, employees with a need to know, institutional investors conducting due diligence and their attorneys, or other parties who agree are subject to a duty of confidentiality. No Party will make any
public announcement regarding the existence of this Agreement without the other Parties’ prior written approval and consent. Zillow and/or Yahoo and YRI may release a press release on or after the date this Agreement is executed, provided the
Parties mutually approve of the text in writing prior to its release. Any and all publicity relating to this Agreement and performance thereunder and the method of its release will be approved in advance of the release by both Parties. 

SECTION 14: GENERAL PROVISIONS 
 14.1 Third Party Beneficiaries. There are no third party beneficiaries of this Agreement. 

14.2 No Agency. The Parties are, and will be deemed to be, independent contractors with respect to the subject matter of this Agreement, and
nothing contained in this Agreement will be deemed or construed in any manner whatsoever as creating any partnership, joint venture, employment, agency, fiduciary or other similar relationship between the Parties. 

14.3 Entire Agreement. This Agreement, together with all Exhibits, represents the entire agreement among the Parties with respect to the subject
matter hereof and thereof and will supersede all prior agreements and communications of the Parties, oral or written. 
 14.4 Waiver. No
amendment to, or waiver of, any provision of this Agreement will be effective unless in writing and signed by all Parties. The waiver by any Party of any breach or default will not constitute a waiver of any different or subsequent breach or
default. 
 14.5 Governing Law; Dispute Resolution. This Agreement will be governed by and interpreted in accordance with the laws of the
State of California without regard to the conflicts of laws principles thereof. Any litigation related to this Agreement will be brought in the state or federal courts located in the county of the principal place of business, as reflected first
above, of the defending Party, and the Parties hereby irrevocably consent to the personal jurisdiction of such courts for such purpose, all without waiving any right to remove to federal court in the same county. No Party will make a motion to
dismiss or transfer any case filed in accordance with this subsection on the basis of improper venue, personal jurisdiction, or for the convenience of any Party or witness. If a Party employs attorneys to enforce any rights arising out of or
relating to this Agreement, the substantially prevailing Party will be entitled to recover its reasonable attorneys’ fees, costs, and other expenses. 
 14.6 Assignment. This Agreement will bind and inure to the benefit of each Party’s permitted successors and assigns. Neither party may assign this Agreement, in whole or in part, without the
other Party’s prior written consent, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Yahoo may assign this Agreement in its entirety to YRI, provided that (i) such assignment shall not have the
effect of causing a reduction in the level of performance of Agreement; and (ii) Yahoo guarantees YRI’s performance under the Agreement. Furthermore, either Party may assign this Agreement without the prior written consent of other Party
in connection with any merger, consolidation, any sale of all or substantially all of its assets or any other transaction in which more than 

  

			
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fifty percent (50%) of its voting securities are transferred (each such event hereinafter referred to as a “Change of Control Event”); provided that: (a) in the event
of a Change of Control Event for Zillow, Yahoo will have the right to terminate the Agreement upon sixty days written notice to Zillow; and (b) in the event of a Change of Control Event for Yahoo, Zillow or its controlling entity will have the
right to terminate the Agreement upon three hundred sixty-five (365) days written notice to Yahoo. Any attempt to assign this Agreement other than in accordance with this provision shall be null and void. 

14.7 Force Majeure. No Party will be liable for failure to perform or delay in performing any obligation (other than the payment of money) under
this Agreement if such failure or delay is due to fire, flood, earthquake, strike, war (declared or undeclared), embargo, blockade, legal prohibition, shortage, strike, failure of environmental controls, failure of Internet-mediated transmissions,
terrorist attack, governmental action, riot, insurrection, damage, destruction or any other similar cause beyond the control of such Party (“force majeure”), provided that the putative force majeure was not reasonably avoidable by the
defaulting party. A Party may terminate this Agreement if the force majeure continues to materially impair performance of the other Party for more than forty-five (45) days. 
 14.8 Notices. All notices, requests and other communications called for by this Agreement will be deemed to have been given immediately if made by facsimile (confirmed by concurrent written notice
sent via overnight courier for delivery by the next business day), if to Yahoo at the address first written above, Greg Hintz, Head of Listings, e-mail:ghintz@yahoo-inc.com with a copy to its General Counsel Mike Callahan (e-mail:
callahan@yahoo-inc.com), if to YRI at the address first written above, Fax: (408) 349-7966, (with a copy to Yahoo’s General Counsel Mike Callahan (e-mail: callahan@yahoo-inc.com), and if to Zillow: Zillow, Inc., 999 Third Avenue, Suite
4600, Seattle WA 98104, Attn.: President, with a copy to Zillow Legal Department at the same address, Fax: 206.470.7002 Attn. President with a copy to Zillow Legal Department or such other addresses as one Party will specify to the other.

 14.9 Severability. Except as set forth in the next sentence, if any provision of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal or unenforceable for any reason, that provision will be enforced to the maximum extent permissible so as to effect the intent of the Parties, and the remainder of this Agreement will continue in full force and
effect. Notwithstanding the foregoing, if any provision of this Agreement providing for exclusivity is held by a court of competent jurisdiction to be invalid, illegal or unenforceable for any reason, the Party benefitting from such exclusivity
provision will be entitled to terminate this Agreement by providing written notice to the other Party. 
 14.10 Approvals. Whenever a
provision of this Agreement affords a Party with a right to consent or approve the actions of another Party, or provides that the Parties shall mutually agree upon a course of action, the Parties agree that any such approval, consent, or mutual
agreement shall not be unreasonably withheld or delayed by any Party, unless expressly provided to the contrary in the Section of this Agreement in which such approval, consent or mutual agreement rights are conferred. 

[Signature page follows] 

  

			
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 14.11 Counterparts. This Agreement may be executed in two or three counterparts, all of which
taken together will constitute a single instrument. Execution and delivery of this Agreement may be evidenced by facsimile transmission. 
 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date. 

 

			
	YAHOO! INC.:
		
	By:	 	 /s/ Raymond Stern

			
		
	Title:	 	 SVP, BD & Partnerships, North America

			
		
	Printed Name:	 	 Raymond Stern

			
		
	Date:	 	 7/7/10

 

									
	YAHOO! REALTY INC.:	 		 	ZILLOW, INC.
					
	By:	 	 /s/ Aman Kothari
	 		 	By:	 	 /s/ Spencer Rascoff

									
					
	Title:	 	 VP, CAO
	 		 	Title:	 	 COO

									
					
	Printed Name:	 	 Aman Kothari
	 		 	Printed Name:	 	 Spencer Rascoff

									
					
	Date:	 	 7/8/10
	 		 	Date:	 	 7/6/2010

  

			
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 EXHIBIT A 
 API SPECIFICATIONS 
 Exhibit A 

Functional Specification Document 

 
 Homes for Sale Partnership

 Yahoo! Real Estate & Zillow.com 

  

			
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  ̄ Table of Contents 

 

							
	 1
	  	Introduction	  	 	33	  
		  	[***]	  			
			
	 2
	  	Listings API Specifications	  	 	34	  
		  	[***]	  			
			
	 3
	  	Ad Products API Specifications	  	 	57	  
		  	[***]	  			

  

			
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	 4
	  	Recommendations Module / Vibes	  	 	69	  
			
	 5
	  	Beacon	  	 	70	  
		  	[***]	  			
			
	 6
	  	Address Resolution Logic	  	 	71	  
			
	 7
	  	Image Specification	  	 	72	  
			
	 8
	  	Service Level Agreement	  	 	73	  
		  	[***]	  			

  

			
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	 9
	  	Failover Requirements	  	 	81	  
			
	 10
	  	Reviewers	  	 	82	  

  

			
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 Introduction 

 
 Purpose and Scope 

This document describes the requirements and functional design for Homes for Sale Partnership. 

Intended Audience 

The primary audience for this document is Yahoo! Real Estate and Zillow. 
 Product Release Identification 
  

			
	Title	  	Yahoo! Real Estate - Homes For Sale Partnership
	Version	  	1.0
	Customer	  	Yahoo! Inc. and Zillow.com

 Revision History

  

							
	 Version #
	  	 Date
	  	 Revised By
	  	 Revision Description

	1.0	  	7/1/10	  	Yahoo! Inc.	  	Base version.

 References– To be done

 This document shall be used in conjunction with the following publications: 

 

			
	 Document/Book
	 	 Author(s)

	 Design Document
	 	Development
		
	 Test Plan
	 	QA

 Glossary 

This document references the following terms, acronyms and abbreviations: 

 

			
	 Term/Expression
	  	 Definition

		  	
		  	
		  	

 Assumptions – To be done 

 

	 	•	 	 To be done. 

 [***] Certain
information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 33 

 Homes for Sale Partnership 

 

 Listings API Specifications 

 
 This document describes the API
that is required to display listing data and publish alerts on Yahoo! Real Estate and as further described in the Listing and Sales Agreement to which this document is an Exhibit. 
 [***] [Portions of page 34 and pages 35 to 56 have been omitted] 
 [***] Certain
information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 34 

 Homes for Sale Partnership 

 

 Ad Products API Specifications 

 
 This document describes API to display showcase
ads, contact modules on Yahoo! Real Estate. This document also provides the API to submit the contacts through Zillow Ad Server. 
 [***]
[Portions of page 57 and pages 58 to 62 have been omitted] 
 [***] Certain information has been omitted and filed separately with the
Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 
  

  
 57 

 Homes for Sale Partnership 

 

 Form Type 
 Short form 

 

 

 With broker logo 

 

 

 

 When an agent sends a message, we will show the success message over the “Contact
button” It will look like this: 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 63 

 Homes for Sale Partnership 

 

 

 

 Contact Type 
 Direct Contact 

 

 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 Homes for Sale Partnership 

 

 Leader board 

 

 

 E-mail Content 

This includes filling in the purpose of the visit, the address of the home etc. 
 [***] 
 [***] Certain information has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Homes for Sale Partnership 

 

         [***] 

Paid Listing Agent 
 Showcase advertiser or manual paid for sale listings. Phone number [***] 

 

 

 Broker Match – for sale 

[***] 

 

 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 Homes for Sale Partnership 

 

 Dormant Agent 

 

 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 Active listing agent 

 

 

 For Sale by Owner 

 

 

 Contact Information 
 [***] 
 [***] Certain information has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Recommendations Module / Vibes 

 
 [***] 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 Beacon 

 
 [***] 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 Address Resolution Logic 

 
 [***] 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 Image Specification 

 
 [***] 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 Service Level Agreement 

 
 The purpose of this Service Level Agreement (the
“SLA”) is to describe the service level commitments that Zillow is obligated to deliver under the Agreement. Zillow acknowledges and agrees that failure to remedy non-compliance with the SLA will be deemed a material breach of the
Agreement. Capitalized terms not defined here have the same meaning as in API Spec. 
 In addition to the below service level agreements, the
Parties intend to agree on SLAs around completeness/data-quality of the listings – address normalization, geo-coding, neighborhood support etc. 
 SLA on listing update/addition/deletion – information should be available to Yahoo! [***] from broker submit 8.1, 8.2, 8.3 are proposals pending additional review and mutual agreement. 

Definitions 
 Zillow Availability

 The percentage of the total Queries for which Zillow responds (either with a “Resource Not Found” response, where that would be a
correct response for the Query, or a response in the form of properly formatted Results Sets, within the Critical Threshold (defined below)). 

Yahoo! Availability 
 The percentage of the
total web requests for which Yahoo! Real Estate responds [***]. 
 Production System 
 Delivery systems used for providing services to Yahoo! Real Estate. These services include but not limited Listing Search, Listing Details, Listing Images, data returned from API calls and any other data
provided by Zillow. 
 Results Set 
 A
Results Set will consist of the requested Home listings and/or Related Content, or a “Resource Not Found” notification if applicable. Results Set is properly formatted in a mutually agreed XML format. 

Internal Zillow Response Time 
 The period of
time beginning at the time of Zillow’s receipt of an API call to the completion of sending the results set. Maximum of this value will be mutually agreed upon prior to Launch. 
 Minor Problem 
 A Minor Problem is (a) a cosmetic display issue that allows the major elements
of Results Sets to display in a legible format, but causes textual irregularities (e.g., an umlaut not displaying properly), (b) minor issues that do not have widespread impact to end-users, (c) minor issues with non-Production Systems, or
(d) other similar problems under the direct control of Zillow which do not need immediate resolution. Once a Minor Problem has been outstanding for [***], either party may escalate the issue for resolution through the Support 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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Personnel table, with notice to the other party. For clarity, an error that causes Results to fail to work, fail to display completely, or fail to be completely legible will be considered a
Moderate Problem, Severe Problem, or Catastrophic Problem, not a Minor Problem. This is otherwise known as “P3”. 
 Moderate Problem

 An issue with a Service which has widespread impact to end users but which (a) does not make the Service unusable for a large percentage
of queries or operations, and (b) is an SLA violation which causes [***] Zillow’s queries to exceed the Critical Threshold within a day’s time. Once a Moderate Problem has been outstanding for [***], either party may, using reasonable
judgment, upgrade the issue to a Severe Problem. This is otherwise known as “P2”. 
 Severe Problem 

An error, bug, incompatibility or malfunction, which causes Zillow’s API and Image Services not to operate substantially as designed, and/or renders
the Results Sets substantially unavailable to or substantially unusable by Yahoo! (and which lasts for [***]), including issues which cause [***] of Queries to exceed the Critical Threshold [***]. Problems may also include security risks as
identified by Yahoo. Once a Severe Problem has been outstanding [***], either party may, using reasonable judgment, upgrade the issue to a Catastrophic Problem. This is otherwise known as “P1”. 

Catastrophic Problem 
 An issue which causes
Zillow’s APIs as detailed in API Spec to become largely unavailable or cease to function substantially correctly and that persists for a period of [***] that is not due to Scheduled Maintenance or needed to effect a Problem Resolution. Yahoo!
can also identify catastrophic problems and may include security issues. This is otherwise known as “P0”. 
 Problem Resolution

 A correction, patch, fix, alteration or Temporary Workaround that minimizes the effect of a Minor Problem, Moderate Problem, Severe Problem,
or Catastrophic Problem restoring the system to the levels set forth in this SLA. 
 Unresolved Catastrophic Problem 

A Catastrophic Problem that does not have a Problem Resolution within a total period of one hour or more. 

Scheduled Maintenance 
 A planned service
maintenance or update to the service required to keep Zillow’s back-end systems functioning (e.g., hardware or software upgrades, architecture changes, etc.) that will affect the operation of systems relied upon by Yahoo Real Estate for Listing
Services. 
 Temporary Workaround 
 A
temporary technical solution that restores the system to, or substantially to the levels set forth in this SLA, although there may be ongoing or additional measures until a permanent solution can be implemented. 

Timeouts 
 An action taken by a Yahoo!
production server when Result Sets are not received within the 
 [***] Certain information has been omitted and filed separately with the
Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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Aggregate Response Time. 
 Aggregate Response Time 

The Internal Zillow Response Time plus a mutually agreed upon worst case acceptable delay due to network latency in the USA. 

Critical Threshold 
 The value that exceeds the
Aggregate Response Time. 
 Contact Information 
 Both parties shall maintain and communicate to the other party updates to the following contact list, which shall be used to communicate and coordinate regarding technical problems that may be encountered
with the Real Estate Listing Services. 
 Yahoo! Support Personnel 

 

													
	 Name
	  	Role/Responsibility	 	  	Email Address	 	  	Office Phone	 
	[***]	  				  				  			

 Zillow Support Personnel 
  

													
	 Name
	  	Role/Responsibility	 	  	Email Address	 	  	Office Phone	 
	[***]	  				  				  			

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission.
Confidential treatment has been requested with respect to the omitted portions. 

  
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 Support Procedures 
 Support Procedures. 
 Zillow will provide Yahoo! with 24 x 365 support in the English language with
respect to all Real Estate Listing Services as set forth herein. 
 All Moderate Problems, Severe Problems, and Catastrophic Problems reported
by either party must be submitted to the other party, as appropriate, via the technical support telephone number and via e-mail to the contact information set forth in the Support Table, and each such Moderate Problem, Severe Problem and
Catastrophic Problem will be given a unique reference number by the receiving party. 
 The responsible party shall inform the other
party’s technical support personnel of ongoing efforts to provide a Problem Resolution concerning Severe Problems, and Catastrophic Problems within the response times set forth in the Support Table below. 

Zillow Response 
 If notice of a problem is
received from Yahoo!, Yahoo! will identify whether the problem is a Minor Problem, a Moderate Problem, a Severe Problem, or a Catastrophic Problem or none of the above according to the definitions set forth above. Zillow will respond to the request
within the response times set forth in the Support Table and shall use all commercially reasonable efforts to resolve the Minor Problem, Moderate Problem, Severe Problem or Catastrophic Problem as rapidly as possible, and in accordance with this
SLA. If the parties agree that a Minor Problem, Moderate Problem, Severe Problem, or Catastrophic Problem is not Zillow’s responsibility, then Zillow shall reasonably cooperate with Yahoo! to assist in finding a Problem Resolution. 

Support Table 
  

							
	 Priority Description
	  	Initial
Response
Target	 	Status
Updates	 	Target for
Workaround
or Fix
	 Catastrophic Problem “P0”
	  	[***]	 	[***]	 	[***]
	 Severe Problem “P1”
	  	[***]	 	[***]	 	[***]
	 Moderate Problem “P2”
	  	[***]	 	[***]	 	[***]
	 Minor Problem “P3”
	  	[***]	 	[***]	 	[***]

 Zillow Notification and Escalation Process

 Zillow will notify Yahoo! according to the response times set forth in the Support Table above. 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 If a Severe Problem or Catastrophic Problem remains unresolved for an extended period, Yahoo! and Zillow
will make available any necessary personnel to discuss the issue and to effect a resolution, with an immediate conference call according to the following schedule, with the call to happen as soon as practical after the trigger time below:

  

									
	 Time Problem Outstanding
	  	Yahoo! Contact	 	  	Zillow Contact	 
	[***]	  				  			

 Operational Metrics 
 Availability 
 Zillow Availability 

Inclusive of scheduled maintenance of the Zillow API, Zillow will maintain [***] daily availability, as measured by
Yahoo’s internal monitoring tools, verified by Gomez Inc. agents, or other mutually agreed means of third party verification, with [***] intervals and [***]. In the event of discrepancies between Zillow’s availability and Yahoo!’s
production query logs, the parties will work together to determine the root cause of such discrepancies. If the discrepancy resolution determines that Zillow’s availability falls below the specified level, Zillow will effect a Problem
Resolution. Incase of temporary unavailability of one of Zillow’s datacenter, Zillow will [***]. A single Zillow datacenter is capable of handling the complete Yahoo Real Estate Traffic including Peak Request Rate Traffic. It will be classified
as a Severe Problem “P1” and all communications need to be followed as per the Support Table. Zillow will have no more than 2 catastrophic problems per quarter. 

 

					
	 API
	  	Availability	 	Internal
Zillow
Response
Time
	 Listing Search API
	  	[***]	 	[***]
	 Listing Detail API
	  	[***]	 	[***]
	 Listing Concise API
	  	[***]	 	[***]

 [***]
Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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	 Market Snapshot API
	  	[***]	 	[***]
	 Contact Agent API
	  	[***]	 	[***]
	 Listings Ad
	  	[***]	 	[***]
	Agent Profile API	  	[***]	 	[***]

  

					
	 Page / Service
	  	Availability	 	User
Page
Render
time
	 FSBO Zillow landing page and Service
	  	[***]	 	[***]

 The Image Serving system should
adhere to the service levels described below. The availability and response times should be respected under peak load scenarios noted under Capacity section below. 
 Zillow and Yahoo will work to reach a mutually agreeable Image Service SLA. 
 Capacity 

Zillow must maintain sufficient server capacity per datacenter such that Zillow will be able to support peak loads for all the following services
simultaneously within defined SLA 
  

			
	 API
	  	Peak
Request
Rate
	 Listing Search API
	  	[***]
	 Listing Detail API
	  	[***]
	 Listing Concise API
	  	[***]
	 Market Snapshot API
	  	[***]
	 Contact Agent API
	  	[***]
	 Listings Ad
	  	[***]
	 Agent Profile API
	  	[***]
		
	 Page
	  	Peak
Image
Request
Rate
	 Listing Search Results Page
	  	[***]
	 Listing Detail Page
	  	[***]
		
	 Page / Service
	  	Peak
Request
Rate
	 FSBO Zillow landing page and Service
	  	[***]

 If peak traffic projections for above mentioned
services increases beyond above-mentioned numbers, then Zillow needs to expand their capacity in a mutually agreed upon timeframe to cater to additional peak traffic. 
 Query Response Time 
 With respect to services provided by Zillow, Zillow will comply with the
following maximum Internal Zillow Response 
  

			
	 API
	  	Internal
Zillow
Response
Time

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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	 Listing Search API
	  	[***]
	 Listing Detail API
	  	[***]
	 Listing Concise API
	  	[***]
	 Market Snapshot API
	  	[***]
	 Contact Agent API
	  	[***]
	 Listings Ad
	  	[***]
	 Agent Profile API
	  	[***]

 Exceptions to these are the following queries,
which will have a maximum Internal Zillow Response time [***]. 
  

	 	1.	Listing Search API call with [***]. 

  

	 	2.	Listing Search API call with [***]. 

  

	 	3.	Listing Search API call with [***]. 

  

	 	4.	Listing Concise API with [***]. 

  

	 	5.	Listing Details API call for MLS [***]. 

  

	 	6.	Listing Search API call with [***]. 

  

	 	7.	Listing Search API call with [***]. 

 Listing
Search API call with [***]. 
 Aggregate Response Time 
 The Aggregate Response Time for each service above, from each Yahoo! data center performing that Query type, shall not exceed the Internal Zillow Response Time plus a mutually agreed upon worst case
acceptable delay due to network latency in the USA (the “Critical Threshold”). The parties agree that they will work together in good faith to establish appropriate Aggregate Response Times for additional countries and/or regions not
listed in the preceding are added to the term. Both parties will continually monitor the Aggregate Response Time between each Yahoo! data center requesting queries and the appropriate Zillow data center which is responding to those queries, and in
the event that Aggregate Response Time exceeds the above numbers, the parties will consider it a Severe Problem. 
 Site monitoring 

Zillow will monitor the performance of its obligations under the Agreement using automated tools/utilities developed and/or configured by Zillow, or
contracted with external third parties, to validate the Availability and Query Response Times. If Zillow detects fault, it will respond as specified in this SLA agreement. Zillow will share the results of any such monitoring and tests with Yahoo! on
a daily basis. The level of detail and thoroughness of the site monitoring (and the reporting of the monitored data) shall be sufficient for both parties to ensure that the SLAs are being met. 

Maintenance Requirements 
 Zillow will use
commercially reasonable efforts to notify Yahoo! [***] before any Scheduled Maintenance is performed on its systems if (a) the maintenance is reasonably expected to cause any service degradation or service availability problem for Yahoo!, or
(b) if the proposed maintenance would occur during a Yahoo! change-embargo period (such list of embargo periods to be provided in writing to Zillow by Yahoo!), in which case Yahoo! Must agree to the maintenance and to the timing of said
maintenance. Scheduled Maintenance should not impact the overall availability specified above in any calendar month without prior written agreement from Yahoo!. 
 Reporting 
 Zillow will provide [***] to Yahoo! in a mutually agreed upon format as measured by
Zillow’s Internal Monitoring Tool. These Zillow reports will be verified against the reports generated by Gomez Inc. agents or any other mutually agreed means of third party verification. In the event that there are material discrepancies
between the numbers calculated by either of the parties and the other party, then the parties agree to use commercially reasonable efforts to work together to determine the reason for the discrepancies and to correct for such 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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discrepancies going forward. 
 Image Serving 

Yahoo! reserves the right to manage and host the Zillow images if Zillow’s image serving response times are unsatisfactory as determined by Yahoo!.
Zillow agrees to assist Yahoo! in its efforts to setup and manage such an image serving solution as designed by Yahoo! 
 Business Continuity
Planning 
 Zillow shall have a Business Continuity Plan (BCP) in place by Launch Date with respect to the services provided to Yahoo! under the
Agreement. An integral part of the BCP is a High Availability (HA) requirement for all systems that provide Real Estate Listing Services. Zillow acknowledges and agrees to provide architecture diagram (with data flow) and detailed documentation of
the failover procedure that shall be reviewed by Yahoo BCP team. The failover procedure shall include the time it takes for failover, DNS-TTL procedure for scheduled downtime, and detailed monitoring of Zillow API servers. 

Sole and exclusive Remedy 
 Yahoo’s sole
and exclusive remedy for Zillow’s breach of this Exhibit A shall be Sections 10 (Term and Termination) and 9 (Indemnification) of this Agreement. 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Failover Requirements 

 
 The APIs should be able to recover from an outage
or failure ranging from equipment failure, network failure, or total loss of a data center. This requires APIs to be hosted in at least two geographically different datacenters. Both set of servers should be operational (hot-hot) and the users of
the API should be switched-over to the other datacenter in a transparent manner in case of datacenter failure. 
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Reviewers 

 
  

			
	 Name
	 	 Title/Role

	  	 	  
	  	 	  

 [***] Certain information has been omitted and filed separately with the
Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT B 
 Zillow Activity Data 
 Yahoo agrees to allow Zillow to collect the user activity that
occurs on YRE listed in Table 1 under “Measure,” (referred to as “Activity Data” in this Agreement). Such Activity Data will be captured via the API. [***] 
 Table 1 
  

													
	 [***]
	  				  				  			

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission.
Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT C 
 MINIMUM DISPLAY AD TERMS 
 1. License Grant. Subject to the terms and
conditions of the Agreement, Advertiser grants to Zillow and Yahoo a limited, non-exclusive and non-transferable license (without the right to sublicense) to use, reproduce and display the creative or content (Creative”) contained in the
advertisements provided by Advertiser and the Advertiser’s name, logo, trademarks or service marks “collectively, “Trademarks”) solely as necessary to perform the obligations set forth in this Agreement. 

2. Right to Reject Advertising. Advertiser agrees that Yahoo! may reject a creative for any reasonable basis. Without limiting
Yahoo!’s rights under the preceding sentence, it is agreed that Yahoo! may reject or remove any Display Ad provided by Publisher (a) that it reasonably determines fails to meet all or any requirements in this Agreement or any policies of
Yahoo!, (b) if Yahoo receives one or more regulatory inquiries with respect to such advertisement or it determines such advertisement may expose Yahoo! to liability under applicable law or regulation, (c) that is inconsistent with
Yahoo!’s public image, goodwill, or reputation; or (d) that promotes a Yahoo! Named Company. “Yahoo! Named Companies” means About.com, Amazon.com, AmericanGreetings.com, AOL Time Warner (including, without limitation, AOL,
CNN, ICQ, Mapquest, Moviephone, Netscape), CBS Network (including, without limitation, CBS Marketwatch, CBS Sportsline), Bluemountainarts.com, CNet, eBay, Earthlink, Fox Network, Google, Hollywood.com, Homestead.com, Hotwire.com, Disney Internet
Group (including, without limitation, ABC Network, ESPN, Go.com Network), Infospace, InterActiveCorp (including, without limitation, Ask.com, Citysearch.com, Evite.com, Expedia.com, Match.com, Ticketmaster.com), Intuit (including, without
limitation, Quicken.com, MyTurbotax.com), Iwon.com, LookSmart, Microsoft Corporation (including, without limitation, MSN), Monster.com, MSNBC, MTV Networks, NBC Network (including, without limitation, NBCi.com), News Corporation, Northern Light,
Ofoto.com, Priceline.com, Real Networks, Teoma, Terra Lycos, Ticketmaster, Webshots.com, and any of their Affiliates, as well as other companies with businesses substantially similar to all or a portion of Yahoo!’s business. 

3. Indemnification. Advertiser at its own expense, will indemnify, defend and hold harmless Yahoo!, its Affiliates, and Yahoo!’s and
its Affiliates’ employees, officers, directors, representatives and agents and the respective successors and assigns of each of the foregoing (“Yahoo! Indemnified Parties”), from and against any loss, liability, judgment,
penalty, damage or expense (including reasonable expenses of investigation and reasonable attorneys’ fees and costs) incurred or suffered by any Yahoo! Indemnified Party resulting from, arising out of, or in connection with or otherwise with
respect to any third-party claim, suit, action, or other proceeding brought against any Yahoo! Indemnified Party based on, arising from or relating to (a) claims that a Display Ad distributed by Advertiser on the Yahoo! Properties
(i) infringes any Intellectual Property Rights in the License Territory of any Person, (ii) breaches any duty toward, or rights of, any Person, including rights of publicity and/or privacy, or (iii) is false, deceptive, misleading,
unethical, defamatory, libelous, or threatening; or (b) claims that any Trademark infringes any Trademark of any person or entity. 
 4. NO CONSEQUENTIAL DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, YAHOO WILL NOT BE LIABLE FOR ANY 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING FOR THE INDIRECT LOSS OF PROFIT, REVENUE OR CONTENT) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, HOWEVER
CAUSED, AND UNDER WHATEVER CAUSE OF ACTION OR THEORY OF LIABILITY BROUGHT (INCLUDING UNDER ANY CONTRACT, NEGLIGENCE OR OTHER TORT THEORY OF LIABILITY) EVEN IF YAHOO HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

5. LIMITATION OF LIABILITY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, YAHOOS AGGREGATE LIABILITY TO ANY PARTY UNDER THIS
AGREEMENT WILL BE LIMITED TO $1,000,000. 
 6. EXCEPTIONS. THE EXCLUSIONS AND LIMITATIONS OF LIABILITY CONTAINED IN THIS
AGREEMENT WILL NOT APPLY TO: (I) A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS; AND (II) A PARTY’S DEFENSE OR INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT, RESPECTIVELY, OR ANY AMOUNTS PAID OR PAYABLE IN CONNECTION
THEREWITH. 
 7. Makegoods. If APT fails to deliver, in a specific month, the minimum guaranteed number of Impressions of
Display Ads committed to an Advertiser for such month or the impressions are delivered in the wrong location, then Advertiser’s sole and exclusive remedy is limited, at Publisher’s election, to (i) cancellation of the order for any
undelivered Impressions or (ii) requiring Yahoo!’s delivery of the Impressions at a later time. 
 [***] Certain information has been
omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT D 
 Brand Features/Attribution 
 Yahoo Brand Features: 

Subject to the Yahoo Brand Guidelines, attached as Exhibit E, “Yahoo” and the following Yahoo and YRI logos: 

 http://realestate.yahoo.com/ 

 

 

 

 Zillow Brand Features: 
 Subject to the Zillow Brand Guidelines, attached as Exhibit F, “Zillow Real Estate” and the following logos: 

 

 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT E 
 YAHOO BRAND FEATURES GUIDELINES 
  

	1.	General. All Yahoo! trademarks, logos, service marks, trade dress, slogans, copyrighted designs or other brand features (collectively “Brand Features”) will
be used only as explicitly licensed by Yahoo!, and only under the terms and conditions and for the purposes described in such License. The other party to the License granted by Yahoo! is referred to as the “Licensee”. To the extent they
may differ with the general terms below, the specific terms of the License govern all use of the Brand Features by the Licensee. 

  

	2.	Approval. All specific uses of any Yahoo! Brand Features must be approved in advance by Yahoo! Brand Marketing. You may request approval by completing the Request for
Approval Form attached as an Exhibit to the License and/or which may be found at http://docs.yahoo.com/info/permissions/permissions.html, and forwarding it to Permissions Agent at fax no. (408) 349-5310 or c/o Yahoo! Inc., 701 First
Avenue, Sunnyvale, CA 94089. You must also include complete samples of each proposed use. Yahoo!’s brand marketing department will typically review the request and respond within ten (10) business days, but is under no obligation to
respond. You may not use Brand Features unless and until Yahoo! has granted its specific approval and any and all conditions of such approval have been fulfilled by the Licensee. 

 

	3.	Appearance of Logos. The Licensee will ensure that the presentation of the Yahoo! Brand Features will be consistent with Yahoo!’s own use of the Yahoo! Brand
Features in comparable media. From time to time during the term of the License, Yahoo! may provide to Licensee written guidelines as to the size, typeface, colors, and other graphic characteristics of the Yahoo! Brand Features, which upon delivery
to the Licensee shall be deemed to be incorporated into the License and into these Guidelines. 

  

	4.	Notices. All trademarks and service marks included in the Yahoo! Brand Features will be designated with “SM”, “TM” or “®”, in the
manner directed by Yahoo!. 

  

	5.	Restrictions upon Use. The Yahoo! Brand Features will not be presented or used: a) in a manner that suggests that editorial content has been authored by, or represents
the views or opinions of, Yahoo! or any Yahoo! personnel or affiliate; b) in a manner that is misleading, defamatory, libelous, obscene, infringing or otherwise objectionable; c) in connection with any material that infringes the trademark,
copyright or any other rights of any third party; d) as part of a name of a product or service of a company other than Yahoo!; or e) in a manner that infringes, derogates, dilutes, or impairs the rights of Yahoo! in the Brand Features. Yahoo! shall
have complete discretion to evaluate Licensee’s use and to decide whether that use violates any of the foregoing restrictions. 

  

	6.	Use for Yahoo!’s Benefit. Any use of the Yahoo! Brand Features shall inure to the benefit of Yahoo! By using the Brand Features pursuant to Yahoo!’s approval,
Licensee acknowledges Yahoo!’s ownership of all Brand Features and warrants that it will not take any action which is inconsistent with Yahoo!’s ownership. 

 

	7.	Nonexclusive Remedy. The Licensee will make any changes to its use of the Yahoo! Brand Features as are requested by Yahoo! This remedy is in addition to any other legal
remedies to which Yahoo! may be entitled in relation to Licensee’s use of Yahoo! Brand Features. 

  

	8.	Revisions & Further Info. These Guidelines may be modified at any time by Yahoo! upon written notice to the Licensee. 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 EXHIBIT F 
 ZILLOW BRAND FEATURES GUIDELINES 
 Zillow® Logo and Trademark Usage Guidelines

 Primary Usage 
 Use the Zillow.com
two-color logo on white or light backgrounds only. Use the logo with tagline where possible, when space allows. If the logo is so small that the tagline becomes illegible, use the logo without tagline. 

 

 

 Secondary Usage 

Use the Zillow.com one-color logo in black when full-color is not an option, or against brightly colored backgrounds. For darker backgrounds, use the
one-color logo in white. 

 

 

 Vertical Usage 

Use these logo versions to optimize the logo size in a space that is more vertical than horizontal. For example: 

 

 

 

 

 Color 

 

 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 Do not use colors other than the corporate colors for any part of the logo or its elements, except in one-color
applications. 

 

 

 Do not use the 2-color logo on dark or bright-colored backgrounds. Instead, use the one-color white logo or the 2-color
logo on the white rectangular background. 

 

 

 If the background is lightly-colored (with a gray value of no more than 20%), the standard 2-color logo can be used.

 

 

 Space and Size 

 

 

 Keep 1/2 of the width of the house for space between the logo and other text or graphical elements. This ensures clarity of
communication and keeps the mark from being lost or crowded. If using the logo near the edge of a page, maintain at least the width of the house for space between the logo and 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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the edge. The space between the right tip of the house’s roof should be spaced a distance of 1/6th the width of the house from the left edge of the wordmark. Never overlap the house and
wordmark. Do not size the logo so small that the tagline is unreadable. If a small logo is required, use a version without the tagline. 
 Logo
Elements Do not change the shape, size, proportion or font of any of the logo elements (house, wordmark, or tagline). Do not cut off or crop out any part of the logo. 
 In general, do not separate the logo elements. The house, tagline or wordmark should not be used as separate graphical elements in isolation. 

 

 

 Never put the wordmark in front of the house. 

 

 

 Do not replace the wordmark with any other phrase. 

 

 

 Zillow Sub-brands 

Zillow sub-brands, such as Zillow EZ Ads and Zillow Blog, use the following logo style: 

 

 

 The sub-brands should not appear with the Zillow.com house icon. 

 

 

 Trademark Usage 
 You may use Zillow trademarks to refer to our products and services, so long as the references are truthful, fair and not misleading. Use the appropriate trademark symbol and acknowledgement of
Zillow’s ownership of the marks (e.g., Zestimate® is a trademark of Zillow, Inc.). Use the trademark as an
adjective, not as a noun or verb, and never in the plural or possessive form. Use a generic term after the mark as follows: 

Zillow.com®
 real estate service 
 Zillow® real estate service 
 Zestimate® value 
 Zindex® home value index 

Make Me
Move® price 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Virtual Sold Sign® program 
 [***] Certain information has been omitted and
filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT G 
 SECURITY PROVISIONS 
 INFORMATION SECURITY AGREEMENT 

This Information Security Agreement (“Security Agreement”) is entered into and is effective as of
             (“Effective Date”) by and between Yahoo! Inc., a Delaware corporation with offices at 701 First Avenue, Sunnyvale, CA 94089 (“Yahoo”), and Zillow
Inc., a Washington corporation with its principal place of business at 999 Third Avenue, Suite 4600, Seattle WA 98104 (“Partner”) (Also individually known as “Party” or collectively as “Parties”). 

WHEREAS, Partner and Yahoo are parties to that certain Service and Promotion Agreement entered into contemporaneously with this
Security Agreement (the “Business Agreement”); and 
 WHEREAS, Protecting the security of information made
available and/or collected and otherwise stored by The System (as defined below) pursuant to the Business Agreement is a principal condition of Yahoo’s business relationship with Partner, without which Yahoo would not have entered into the
Business Agreement; 
 NOW THEREFORE, for good and valuable consideration, Partner and Yahoo agree as follows:

 1. Definitions 
 Defined
terms in the Business Agreement are fully incorporated herein by reference; however, notwithstanding the foregoing, for purposes of construing this Security Agreement only, and without modifying the Business Agreement, terms expressly defined herein
supersede those set forth in the Business Agreement to the extent of a conflict. Without limiting the foregoing, where terms are not defined in this Security Agreement but are defined in the Business Agreement, those definitions apply to this
Security Agreement. 
 Contaminant: Any instrument that is suspected or known by either Party to modify, damage, destroy, record, misuse,
distribute, or transmit information to, from, or within The System without intention or permission of the Parties. Contaminant includes, but is not limited to, viruses or worms that may be self-replicating or self-propagating and may be designed to
(a) contaminate other components of The System, (b) consume resources, (c) modify, destroy, record, or transmit data, or (d) in some other fashion alter the operation of The System. 

Permitted Use: The following specific use(s) of User Data (as defined in the Business Agreement) or aggregated and anonymous data related thereto
that Partner is hereby authorized to perform (and such ancillary activities as are strictly and necessarily related to such use(s)), and no other use are, including without limitation, (a) for User Data, providing User Data to listings
providers or advertisers and engaging in related communications with User(s) in furtherance of activities contemplated by the Business Agreement; and (b) for aggregated and anonymous data related thereto, collection of aggregated and anonymous
Real Estate Ad Product-related data for reporting to advertisers, and marketing lead count, impression count and click count data in a geographic region to potential advertisers (only in a manner where Yahoo data will be combined with Zillow data),
analytics optimization of the Yahoo site experience, and contact optimization on the Yahoo Properties (e.g., Leaderboard optimizations), and detection and scrubbing of fraudulent pageviews and clicks and Leads on listings pages, and, (c) for
all data described herein, any other activities the Parties may expressly agree upon under the Business Agreement specifically in Section 11.4 
 Security Issue: (i) Any known or suspected condition in or affecting The System that could compromise the security, confidentiality, or integrity of Yahoo Data or The System or impair
Yahoo’s ability to meet legal obligations; or (ii) Any unauthorized disclosure or unauthorized use of Yahoo Data in the possession or under the control or direction of Partner. 
 Security Review: Examination of The System or information related to the security of The System requiring the assistance of or coordination with Partner that can identify and/or diagnose, or are
intended to identify and/or diagnose, Security Issues. 
 Security Testing: Examination of The System, directly or indirectly through
interfaces to which Yahoo, its agents, and/or Yahoo Affiliates have access without the need for Partner coordination, by manual interaction with or automated test cases that can identify and/or diagnose, or are intended to identify and/or diagnose,
Security Issues. 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 The System: Any and all components owned, operated, or provided by Partner or on behalf of
Partner, that are involved in receiving, delivering or storing data required to perform Partner’s obligations under the Business Agreement, including, but not limited to, the applicable networks, databases, software, computer systems, backups,
devices, processes, documentation, data, and physical premises. 
 Yahoo Affiliate: Any partnership, limited liability company,
corporation, or other entity that, directly or indirectly though one or more intermediaries, controls, is controlled by, or is under common control with Yahoo or in which Yahoo! owns an ownership interest of twenty percent (20%) or more.

 Yahoo Data: For the purposes of this Security Agreement, Yahoo Data means User Data owned by Yahoo as defined in the Business
Agreement, including any personally identifying information (Personal Data) included in such User Data, and any copies, reproductions, duplications, and onsite or offsite backups thereof, whether in whole or in part. 

Yahoo ID: A user-specific identifier issued or authorized by Yahoo which, when combined with a password, provides credentialed access to Yahoo or
Yahoo Affiliate services. 
 Partner ID: A user specific identifier provided to the Partner by Yahoo for the purpose of identifying a
user. 
 2. The System Security. 
 A. Operational Requirements: 
 i. Partner will ensure that The System,
excluding physical premises, is at all times securely configured, including, but not limited to, (a) disabling all unnecessary services or features, and (b) closing all known and all published security deficiencies therein, including
updates and subsequently identified publications thereof. 
 ii. Partner will apply all applicable security patches for The
System as soon as possible after any such patch become available, but in no event more than thirty (30) calendar days after the release of any such patches, with the exception that such thirty (30) day timeline will not apply to low risk
patches (as reasonably identified by Partner), which shall be applied as soon as is commercially reasonable. 
 iii. Partner will
continuously maintain industry-standard firewall protection for The System. Partner will test its perimeter router and firewall devices no less than quarterly for unsafe configurations and vulnerabilities. Unless an alternate method is mutually
agreed upon by Yahoo and Partner, in a signed written agreement, tests shall be conducted in a manner consistent with the PCI DSS Security Scanning Procedures, provided however, Partner may perform the tests in lieu of using a third party.

 iv. Partner will make commercially reasonable efforts to ensure that The System components are free of known or suspected
Contaminants. Such efforts will include, but are not limited to, running anti-virus software on all Windows systems, updating signatures no less than daily, conducting at least biweekly Contaminant sweeps of The System and purging all Contaminants
found. Partner will use commercially reasonable efforts to not transmit or distribute Contaminants. Any transmission or distribution of Contaminants is a Security Issue. 
 B. Design Requirements: 
 i. Throughout the term of this Security Agreement,
Partner will ensure that The System is not and remains not vulnerable to any issue listed in OWASP Top Ten, found at: http://www.owasp.org, as updated from time to time. If the OWASP Top Ten ceases to exist or becomes obsolete, Yahoo may
designate a successor or replacement list thereafter, and Partner will use that list in place of the OWASP Top Ten in performing Partner’s obligations under this section. 
 ii. Partner will ensure that warnings are not generated by The System on A-grade browsers according to Yahoo’s Graded Browser Support (currently found here and incorporated by reference:
http://developer.yahoo.com/yui/articles/gbs/), as such list and associated URL may be 
 [***] Certain information has been omitted and
filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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independently updated by Yahoo from time to time. 
 iii. Encryption:

 a. Where data must be encrypted under the terms of this Security Agreement, the Business Agreement, or
applicable law, Partner will sign and encrypt using a Yahoo-approved algorithm. 
 1. The following algorithms are pre-approved
by Yahoo: 
 a) 3DES 
 b) AES 
 c) RSA-1024bit+ 

d) HMAC-SHA-1 
 e) The MD5-based signature scheme used for Yahoo APIs as described on http://developer.yahoo.com, as such scheme may be independently updated by Yahoo from time to time 

2. Other algorithms must be specifically approved by Yahoo’s security team in writing prior to use and will be subject to any
limitations prescribed by Yahoo in its approval. 
 b. Partner will store and distribute cryptographic keys,
shared secrets, and passwords (collectively “Secrets”) in encrypted form. Secrets used by automated processes may only be stored in an unencrypted file when the file: 

1. can only be accessed by the automated process; 
 2. cannot be accessed by the automated process after initialization; 
 3. is only
available to servers running the automated process; 
 4. is not backed up in unencrypted form; and 

5. is not stored on a shared file system. 
 c. Components of The System that verify a password must only store a salted, cryptographically secure hash of the password for verification. 

C. Access Control: 
 i. Partner will permit access to The System only to authorized persons on a need-to-know-basis. 
 ii. The System, excluding physical premises, must at all times be protected by an authentication system that complies with the following requirements: (i) passwords must be reasonably complex;
(ii) use of privileged accounts must be minimized; (iii) authentication credentials must not be shared; (iv) authentication credentials must be kept confidential; (v) individuals must authenticate using their own account and not
a shared account (vi) when an authorized individual no longer needs access to The System, Partner will ensure his or her authentication credentials and access to The System are terminated immediately; and (vii) authorized individuals must
log out of The System at the end of each work day. 
 iii. Partner must at all times protect physical premises of The System
using physical security methods commensurate with the type of data being handled. At a minimum, such methods must include (i) visitor sign-ins, (ii) standard keyed or card keyed locks, (iii) limited access to server rooms and archival
backup storage, and (iv) burglar/intrusion alarm systems. 
 [***] Certain information has been omitted and filed separately with the
Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 D. Logging. Partner will log, including time and date, all attempted accesses to
its servers involved in performing obligations to or for Yahoo or otherwise conducted pursuant to this Security Agreement and the Business Agreement, and the result of such attempts, successful or unsuccessful. In order to enable a complete audit
trail of activities, Partner must log, including time and date, all commands that require additional privileges, including all failed attempts to execute privileged commands. Partner must protect the logs from tampering. Partner will retain all such
log entries for at least six months. 
 3. Security Issue Management, Incident Handling, and Security Review 

A. Notification Contact. 
 Each Party has designated Notification Contacts as set forth below. Notifications pursuant to this Security Agreement will take place via a telephone call and/or email by one Party to the other’s
Notification Contact. Notification Contacts will be available twenty-four hours a day, seven days a week. Notification Contact information and communication protocol is as follows: 

Yahoo Notification Contacts. 
 [***] 
 Partner Notification Contacts. 

[***] 
 Each Party may update or modify its Notification Contact information by providing written notice to the other’s Notification Contact. 

B. Security Contact. 
 Partner will provide Yahoo with access to knowledgeable personnel, who can be reached with and respond to security questions or security concerns (“Security Contact”). Security Contact must have
a deep, current knowledge about the architecture and operation of The System. Partner Security Contact will be available twenty-four hours a day, seven days a week by telephone and email, or through Partner’s Notification Contact. 

C. Security Issue Management: 
 i. Classification. If Yahoo believes an issue has not been properly classified as a Security Issue, Yahoo may require that Partner’s Notification Contact escalate review of the issue to an
applicable Partner manager. [***] 
 ii. Service Level Agreement (SLA). 

Partner will treat every Security Issue with high priority and commence working on each Security Issue immediately with sufficient numbers
of competent personnel to meet the requirements of this Security Agreement. 
 [***] Certain information has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 In some cases, unscheduled updates, modifications to legacy code, working during
non-business hours, removing Yahoo Branding, and disabling portions of The System, excluding physical premises, may be required to limit harm. Disabling portions of the System or making other revisions to address Security Issues will not constitute
a breach of the Business Agreement by either Party. 
 iii. Monitoring. Partner will actively monitor The System
and public reports for Security Issues. 
 iv. Actions. At a minimum, Partner will take the following steps in the event
of a Security Issue: 
 [***] 
 v. Confidentiality: Unless otherwise required by applicable law, Partner will not disclose to third parties any information about Security Issues without prior written and express permission from
Yahoo for each disclosure. If Partner is required to disclose pursuant to applicable law, Partner must notify Yahoo as soon possible. Partner may disclose to the following parties without obtaining such permission: 

 

	 	a.	Partner’s agents who are working on the issue, have a need-to-know, and have a Non-disclosure Agreement that is no less restrictive than that between Parties.

  

	 	b.	Others who are similarly affected and with whom Partner has an obligation to notify. In such cases, Partner shall not disclose any information about Yahoo or
Yahoo’s involvement. 

 [***] Certain information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 D. Rights to Review: 

i. Security Testing 
 a. Yahoo, its agents, and/or Yahoo Affiliates, in its sole discretion, has the right at any time to perform remote Security Testing of The System, excluding physical premises. Such Security Testing does
not include actions (e.g., penetration testing) that could reasonably be anticipated to cause material harm or damage to The System or materially impair its performance. Security Testing may result in the identification of Security Issues.

 b. Upon Yahoo’s request, Partner will promptly white list IP addresses provided by Yahoo to allow accurate Security
Testing to occur. 
 c. Partner will not impede Yahoo, its agents, and/or Yahoo Affiliates from performing Security Testing;
provided, however, that if Partner reasonably believes the Security Testing will cause material harm or damage to The System or materially impair its performance, Partner will (a) take the minimum action necessary to prevent or mitigate such
harm or damage; (b) if applicable, contact Yahoo immediately and explain the nature of the harm or damage that occurred; and (c) work with Yahoo so that Security Testing can occur without inflicting material harm or damage to The System or
its performance. 
 ii. Security Review 
 Upon the conditions set forth below, Yahoo, directly or through a Yahoo Affiliate designated by Yahoo, will have the right, at its own expense, to conduct Security Reviews, and/or to have an independent
third party subject to a Partner-approved confidentiality agreement conduct Security Reviews. In the case that Yahoo uses an independent third party, the third party will be selected by Yahoo subject to approval by Partner, and such approval will
not be unreasonably withheld or delayed. Partner will provide sufficient access to its facilities, personnel, and records as required for the Security Review during Partner’s regular business hours, and will otherwise support and cooperate with
the Security Review. Security Reviews may result in the identification of Security Issues. 
 a. Yahoo will have the right to
conduct a Security Review: 1) prior to The System being available or in production, 2) when there is or is planned to be a material change to The System, 3) when Yahoo suspects there may be a Security Issue in The System, 4) upon termination of this
Security Agreement. Notwithstanding the foregoing. Yahoo will not conduct a Security Review more than once during any consecutive twelve (12) month period unless a Security Issue has been confirmed to have occurred, in which case Yahoo may
conduct a Security Review after each Security Issue has been resolved. 
 b. Security Reviews will be subject to the following
conditions: 1) Yahoo must provide reasonable notice to Partner before such Security Reviews, which notice must be at least fourteen (14) days in advance of the proposed review; 2) Security Reviews must be conducted during regular business hours
in a manner that does not interfere with normal business activities. 
 4. Data Handling and Restrictions on Use 

A. Data Handling. Partner will ensure Yahoo Data is handled subject to each of the following guidelines, except to the extent
otherwise specifically permitted by the Business Agreement: 
 i. Partner must not commingle Yahoo Data with Partner data or data
that is proprietary to any third party partner of Partner; provided that data that is separately tagged but stored in a common database will not be considered to be commingled hereunder. 

ii. Prior to first handling Yahoo Data, Partner must resolve all identified Security Issues with The System, unless otherwise 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 expressly specified by Yahoo in writing. 

iii. Partner must not store or prompt for Yahoo ID and password pairs. 

iv. Partner must always use Partner ID as the identifier when storing and retrieving user specific data made available by Yahoo.

 v. After the termination of the Business Agreement, Partner must return or securely destroy Yahoo Data, unless otherwise
expressly permitted by Yahoo in writing. Prior to destroying Yahoo Data, Partner must give Yahoo advance written notification specifying the means of destruction, and such method must be approved by Yahoo in writing. For the avoidance of doubt, this
paragraph does not apply to aggregated and anonymous data collected as part of the Permitted Use. 
 vi. Partner must not
transmit or store in unencrypted form payment instruments, banking information, authentication credentials, or government issued identifiers. 
 B. Restrictions on Use. Partner represents, warrants, and covenants to use Yahoo Data solely for the Permitted Use specified in Section 1. Except as otherwise permitted in the Business
Agreement, Partner specifically warrants that it shall not do any of the following without obtaining prior written authorization from Yahoo: 
 i. Disclose Yahoo Data in any manner for any purpose to any third party; 
 ii.
Sell, resell, rent, lease or license personal data in any manner for any purpose; or 
 iii. Export or use Personal Data outside
of the United States. 
 The foregoing restrictions do not extend to Partner’s use of any information that Partner can
demonstrate was in Partner’s possession or under its control prior to the effective date of the Business Agreement or obtained by Partner independent of the Business Agreement or this Security Agreement. 

5. Personnel 
 A.
Confidentiality Agreements; Use of Contractors and Subcontractors. All those who perform services related to Partner’s obligations to Yahoo on behalf of Partner and who have access to Yahoo Confidential Information (as defined in the
Business Agreement) will be bound by confidentiality agreements or obligations that provide provisions substantially similar to those confidentiality obligations of Partner set forth in the Business Agreement or any applicable non-disclosure
agreement between the Parties. Partner will not enter into any agreement with a contractor or subcontractor that would prevent Yahoo or Partner from conducting the Security Reviews as set forth in Section (3)(D)(ii) of this Security Agreement.
Partner will contractually require those who perform services related to Partner’s obligations to Yahoo on behalf of Partner to comply with all the terms and conditions of this Security Agreement as if they were the Partner. 

B. Suitable Personnel. Partner will only involve personnel that are competent to perform Partner’s obligation to Yahoo.
Partner will use the results of competently performed and reasonably inclusive background checks, along with any other pertinent information, in making this determination. 
 C. Education and Awareness. Partner must provide reasonably frequent training and awareness in information security, in the protection of information resources, and in the requirements of
this Agreement to its employees, agents, and contractors who access or use Yahoo Data. Such training and awareness will be mandatory for all personnel involved in performing Partner’s obligations to Yahoo and will include, but is not limited
to, identifying social engineering attempts, and good security practices. 
 6. Injunctive Relief. The Parties agree that breach of this
Security Agreement will cause Yahoo irreparable harm and that Yahoo is therefore entitled to injunctive relief to enforce its provisions, without the requirement of posting a bond therefore, in addition to such other legal and equitable relief as to
which Yahoo may also be entitled. 
 7. Term and Termination. This Security Agreement remains in force after the termination, in
whole or in part, of the Business 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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Agreement so long as Partner retains or has access to Yahoo Data. The preceding does not constitute authorization to retain or access data that was covered by this Security Agreement that was not
authorized by the Business Agreement. 
 8. Intentionally Deleted. 
 9. Representations and Warranties. Partner represents, warrants, and covenants: (a) that it, and the signatory who executes this agreement on Partner’s behalf, has the power and
the right to enter into this Security Agreement on Partner’s behalf, that Partner has the power and the right to grant all rights conveyed hereby, and to perform its obligations under this Security Agreement without breach of any agreements
with third parties to which Partner is a party or by which it is otherwise bound; (b) Partner has not entered into, and will not enter into during the Term, any other contracts which materially interfere with Partner’s performance of its
obligations under this Security Agreement or which frustrate the purposes of this Security Agreement; (c) Partner has not assigned, delegated, sold, or otherwise transferred any intellectual property or other rights required to perform its
obligations under this Security Agreement and will not do so during the Term, except as expressly provided herein; and (d) in the performance of its obligations and in satisfaction of any deliverables to Yahoo solely under the provisions of
this Security Agreement, Partner will comply with all applicable laws, licenses, regulations and rules of any governmental agency. 
 10.
Indemnification. Without limitation of any indemnity in the Business Agreement, Partner must, at its own expense and subject to all conditions and procedural terms regarding indemnity that are set forth in the Business Agreement (e.g., and
without limitation, Yahoo’s obligation to give prompt notice of any claims and provide reasonable cooperation in its defense and/or settlement), indemnify, defend and hold harmless Yahoo and Yahoo Affiliates, and their officers, directors,
employees, representatives, licensees, and agents from and against and in respect of (a) any and all third party claims, liabilities, allegations, suits, actions, investigations, judgments, deficiencies, settlements, inquiries, demands or other
proceedings of whatever nature or kind, whether formal or informal, brought against Yahoo or Yahoo Affiliates, or their officers, directors, employees, representatives, licensees, or agents, and (b) in respect of any and all resulting damages,
liabilities, losses, claims, costs, charges, fees and expenses, including without limitation, reasonable legal fees and expenses, as and when incurred that (for either (a) or (b) directly result from a material breach by Partner of any
terms or conditions in this Security Agreement. 
 11. Limitation of Liability. Except for Partner’s indemnification obligations in
Section 10, or Yahoo’s breach of the limitations on its Security Testing under this Security Agreement, under no circumstances will Partner or Yahoo be liable to each other under this Security Agreement for direct, indirect, incidental,
consequential, special or exemplary damages arising from or in connection with a breach of this Security Agreement, even if that party has been advised of the possibility of such damages, such as, but not limited to, loss of revenue or anticipated
profits or lost business. Except for Partner’s indemnification obligations in Section 10, in no event will Yahoo’s or Partner’s total liability under this Security Agreement and/or the Business Agreement exceed $1,000,000.00. The
parties agree that the foregoing represents a fair allocation of risk hereunder. 
 12. Statement of Compliance. Upon request by Yahoo,
but no more than once in any twelve (12) consecutive month period, Partner’s Director of IT Operations will provide a signed written statement on Partner’s compliance with this Security Agreement to Yahoo!. 

 

	13.	Miscellaneous. 

A. Severability: If any provision or part of a provision in this Security Agreement is held to be illegal, invalid,
or unenforceable by a court or other decision making authority of competent jurisdiction, then that provision will be enforced to the maximum extent permissible so as to effect the intention of the Parties, and the validity and enforceability of all
other provisions in this Security Agreement will not be affected or impaired. 
 B. No General Waiver: Waiver of
any one default will not waive subsequent defaults of the same or different kind, and no failure or delay of either Party to exercise or enforce any of its rights under this Security Agreement will act as a waiver of those rights. 

C. Amendments: This Security Agreement may be amended only by a written agreement signed by authorized representatives of
both Parties. 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential
treatment has been requested with respect to the omitted portions. 

  
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 D. Counterparts: This Security Agreement may be executed in counterparts,
each of which will be deemed an original, but all of which together will constitute one and the same instrument. Execution and delivery of this Security Agreement may be evidenced by facsimile; however, the Parties will deliver original execution
copies of this Security Agreement to one another as soon as practicable following execution. 
 E. Interpretation of this
Security Agreement: The Parties desire that this Security Agreement be construed fairly, according to their terms, in plain English, without constructive presumptions against the drafting Party, and without reference to the section headings,
which are for reference only. References to the singular include the plural and vice versa. Governing law and venue, notices, assignment, and relationship of the Parties will be as set forth in the Business Agreement. 

F. Entire Agreement: This Security Agreement, the Business Agreement, and any non-disclosure agreement, with respect to its
subject matter and exempting any non-contrary provisions of the non-disclosure agreement and this Security Agreement constitute the full agreement between Partner and Yahoo as to their subject matter and supersede any prior or contemporaneous
agreements on such subject matter. 
 WHEREFORE, in consideration of the foregoing terms and conditions, the undersigned
representatives of the Parties cause this Security Agreement to be executed as of the Effective Date. 
  

					
	YAHOO! INC.	 		 	[Partner Name]
			
	  
 Name
	 		 	  
 Name

			
	  
 Signature
	 		 	  
 Signature

			
	  
 Title
	 		 	  

Title

 [***] Certain
information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Exhibit H 
 Real Estate Ad Product Descriptions and Related Terms 
 The Real Estate Ad Products
include: 
  

	 	1.	Showcase ads are zip code targeted ads which advertisers can customize by uploading a single image and customized text (which can include links within or outside
of YRE phone numbers and email addresses). The content of the ad unit is at the advertisers’ discretion assuming compliance with Zillow’s then current advertising policies. Ads are currently sold in slots of 25% share of voice though this
selling unit may change from time to time. The units will be static units of approximately 300 pixels by 100 pixels. 

  

	 	2.	Featured Listings: Featured Listings are search results which prioritize the order of certain Properties within the result set to be shown on Search Result
Pages. All Properties must match the user’s search criteria in order to appear in the result set, and once featured are sorted to the top of the result set. Included in the Featured Listing package is an optimized contact module on all property
detail pages. Featured Listings are sold through many Zillow sales channels and are subject to Section 5.1 of this Agreement. Featured Listings on a Search Results Page must include the following properties: the word “Featured”, and a
logo (if available) no larger than 90 pixels x 30 pixels. 

  

	 	3.	Agent power lists: will appear on Search Result Pages and property detail pages. The powerlists which appear on property detail pages are a list of four real
estate agents (two of whom are premier agents and one who is the listing agent when the listing agent has activated their profile and a fourth who in the area and selected by Zillow). The power list which runs on the search result page currently
includes 3 real estate agents, two of whom may be premier agents and one who is a top local agent. Attached to the powerlists is a lead capture form and links to the agent profile. For clarity the details of the list including the number of agents,
the position of the agents, the information captured in the attached lead capture form, the specific content in the list and which geography the list runs in will change from time to time to optimize the volume of Leads which are produced.

 Information on Zillow Selling Packages 
 Premier agent program: Is the selling package which Zillow uses to market the Real Estate Ad Products to customers. The package currently includes Showcase ads, agent power lists and Featured
Listings (including pro directory Featured Listings) (for all customers who meet a minimum monthly spend). 
 MATCH: is
the selling package which Zillow uses to market the Real Estate Ad Products to brokerage firms. The package includes Featured Listings on the Search Result Page and Zillow.com home page. For clarity, Yahoo shall also be under no obligation to put
Featured Listings on its YRE home page. 
 Yahoo will present Real Estate Ad Products on YRE and in any other location
authorized by this Agreement in a manner that uses without material modification to the data and content provided by Zillow for each individual unit of a Real Estate Ad Product (as further described above), except as expressly authorized by this
Agreement with respect to Teaser Content. 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 The Real Estate Ad Products specifications and functionality may change from time to
time, provided that Zillow will provide Yahoo with 90 days notice of any such changes, and the Parties’ mutual agreement will be required, and will not be unreasonably withheld, with respect to any related changes to applicable APIs (as further
described in Section 2.3). 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission.
Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT I 

Launch Related Milestones 

Subject to Section 2.7 of the Agreement, the following development and integration Milestones are agreed upon. 

 

									
	 Milestone
	  	Timeline From Effective Date	 	  	Deliverable owner	 
	[***]	  				  			

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission.
Confidential treatment has been requested with respect to the omitted portions. 

  
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 EXHIBIT J 

APT FROM YAHOO!® SERVICE AGREEMENT 
 Zillow, Inc., a
             corporation (“You” or “Zillow”) and Yahoo! Inc. (“Yahoo!”) hereby enter into this APT From Yahoo! Service Agreement (this
“Agreement”) effective on the date when signed by the last party (“Effective Date”) in conjunction with the Display Ad Sales Agreement entered between Yahoo! and You and signed concurrently herewith (the “Display Ad Sales
Agreement”). The parties agree to be bound by this Cover Page, the attached Terms and Conditions and the policies either posted by Yahoo! for all participants on APT and/or otherwise made available to You (“APT Policies”), as updated
from time to time (collectively, the “APT Service Agreement” or the “Agreement”). In the event of a conflict between the terms of this Cover Page, the attached Terms and Conditions and the APT Policies, the order of precedence
shall be as follows: (1) the attached Terms and Conditions; (2) this Cover Page; (3) the APT Policies attached as Appendix I to this Agreement. Except as specifically provided in the Display Ad Sales Agreement or this Agreement, in
the event of a conflict between the terms of this Agreement and the terms of the Display Ad Sales Agreement, priority shall be given to the conflicting terms of this Agreement. 
 CONTACT INFORMATION: 
  

							
	Your Company:	  	Zillow, Inc.	  	Primary Contact:	  	
	Address:	  		  	Phone:	  	
	Address 2:	  		  	Email:	  	
	Address 3:	  		  	Fax:	  	
		  		  	Billing Contact:	  	
	Website(s):	  	Online media inventory You own, control (including the right and ability to place advertising on such inventory and to authorize others to do so), manage or, if You are an Ad
Network, have the contractual right to place advertising on.	  	 Phone:
 Email:
	  	
				
	FEES:	  		  		  	
	Custom Arrangements - Monthly Service Fees	  	 Monthly Service Fee: $0
 Minimum Monthly Service Fee: $0

		
	Custom Arrangements – Other	  	Notwithstanding anything to the contrary in this Agreement, the rights granted to you under this Agreement are specifically limited in scope as set forth in Section
1.2(a) of the Display Ad Sales Agreement. Notwithstanding anything to the contrary contained in this Agreement, You will not be permitted to buy or sell (or otherwise transact business through the Service with respect to) any online media inventory
that is not Yahoo! Available Inventory as defined in the Display Ad Sales Agreement (i.e., You may not to use the Service to “link” to any party other than Yahoo!) unless and until the parties have executed an amendment to this Agreement
with mutually agreed terms, including, without limitation, with respect to fees for impressions on such inventory.

The undersigned, duly authorized representatives of their respective companies who are empowered to enter into this binding
agreement on their behalf, hereby execute this mutual agreement by and between those companies as of the Effective Date. 
  

									
	YAHOO! INC.	 		 	ZILLOW, INC.
					
	Signature:	 	 	 		 	Signature:	 	 

									
					
	Printed Name:	 	  
	 		 	Printed Name:	 	  

									
					
	Title:	 	  
	 		 	Title:	 	  

									
					
	Date Signed:	 	  
	 		 	 Date Signed:	 	  

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
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 APT FROM YAHOO® SERVICE AGREEMENT 
 TERMS AND
CONDITIONS 
 1. Definitions. “Ad Banner”, “Ad” or “Advertising” shall mean a
promotional message (including any code embedded therein) that may consist of text, graphics, audio and/or video or any combination thereof and that is displayed on online media inventory for the purpose of publicizing an Advertiser’s products
or services. “Ad Network” means an entity or person that represents or works with a group of Media Buyers and/or Media Sellers. An Ad Network may act as a Media Buyer or a Media Seller, as applicable, hereunder. “Affiliate” of a
party means an entity that controls, is controlled by or is under common control with such party, where “control” means the power to direct the management and policies of such party or ownership of at least fifty percent (50%) of such
party. “APT from Yahoo!®” or “APT” means the online ad serving platform and virtual
marketplace where Media Buyers and Media Sellers may establish relationships with one another, and where Media Buyers may, with respect to Guaranteed Ads, purchase or, with respect to Non-Guaranteed Ads, bid on, the online media inventory of Media
Sellers using Yahoo!’s proprietary platform or similar platform that may be made available to You. “Media Buyer” means any entity or person that buys online media inventory for the placement of Advertising. “Media Seller”
means any entity or person that wishes to sell online media inventory on its Website(s) to Media Buyers. “Guaranteed Ads” are Ads for which a Media Buyer has paid for placement of guaranteed delivery based on duration and/or number of
Impressions. “Non-Guaranteed Ads” are Ads that are displayed on a space-available basis and are not guaranteed for delivery based on duration and/or number of impressions. “Service” means Yahoo!’s proprietary service that
(i) helps facilitate pricing optimization of online media inventory; and (ii) serves Ad Banners. “Impression” means each instance that a single Ad Banner is rendered for display on a web page as measured by Yahoo!. 

2. Yahoo! System. Subject to the terms and conditions of this Agreement, Yahoo! grants to You the non-exclusive, non-sublicenseable and
non-transferable right to access and use Yahoo!’s proprietary web-based technology (“System”), which System You can access and use only in accordance with the APT Policies or other System documentation, only via Yahoo!’s web
servers by means of a unique password issued by Yahoo! (which is to be kept confidential and the use of which is subject to Your compliance with this Agreement) and only for the purposes of: (i) uploading and storing Ad Banners;
(ii) selecting Ad Banners and designating the criteria for the serving of those Ad Banners onto online media inventory; (iii) receiving reports of Ad Banner Impressions and other data related to Your use of the Service related to the
serving of Ad Banners by the Service; and (iv) linking to other Media Buyers and Media Sellers on APT; provided that all such access and use is expressly limited by the terms set forth under the “Custom Arrangements – Other”
section of the Cover Page. You acknowledge that Yahoo! and its Affiliates are not liable for or in connection with (a) transactions executed by the System as a result of errors made in entering information into the System by or for You, for
example, incorrectly entering pricing, targeting or budgeting information; or (b) linking arrangements or other agreements You enter into on or through APT. Notwithstanding anything to the contrary contained herein, the parties agree they will
link to each other on the System and that for such linking each party will be bound by the terms set forth in Attachment 1. 
 3. Your
Obligations. You are solely responsible for soliciting all Media Buyers, trafficking of Ad Banners (i.e., the number and timing of impressions desired by the Advertiser), and handling all inquiries of any type related to Your use of the Service.
You will obtain all necessary rights, waivers and permissions from Media Buyers to allow Yahoo! to store and serve their Advertising onto online media inventory. To the extent You collect any information about or from end users who click or convert
on the Advertising (i.e., are transferred to an Zillow owned and/or operated website or other distribution channel) , You will (i) obtain from such end users all rights, waivers, and necessary permissions required by law and
(ii) conspicuously post on the respective Zillow owned and/or operated websites and distribution channels a privacy policy that complies with all applicable state and federal laws, rules, and regulations. You will not collect information from
end users who simply view the Advertisements. You and Yahoo! acknowledge that neither the Display Ad Agreement nor this Agreement authorize You to use any targeting features in the System other than as set forth in the Display Ad Agreement and that
any other use by You of targeting features available on the System will require an amendment to this Agreement. However, if and when You utilize any targeting features that are available in the System other than as authorized by the Display Ad
Agreement, You will provide an appropriate choice mechanism (e.g., an “opt-out”) to end users and take necessary measures to ensure that such choice mechanism is properly effectuated on the System, including, but not limited to,
implementing all necessary technological mechanisms to so ensure. You agree that You will not communicate to Yahoo! through the System or the Service any personally-identifiable information about any individual. You further agree that (a) You
will not, directly or indirectly, introduce viruses, spyware or other malicious code into APT; and (b) You will use commercially reasonable efforts to ensure that you do not violate the APT Policies. You will not use the Services or the System
in a manner that is deceptive, misleading, harmful, obscene, defamatory, unethical, or in a manner that knowingly infringes or violates any third party’s right. In connection with 3(a) above, You will promptly notify Yahoo! upon becoming aware
of any such incident and reasonably cooperate with Yahoo! in addressing the same. Given the complexity of the Service and System, You will not permit Your employees or permitted contractors, as applicable, to access or use the System or Service
unless they have been trained in their use, whether by You or Yahoo!. You agree that You will be responsible for any acts or omissions of any of Your employees or contractors in connection with their use of the System or Service (other than as
permitted in this Agreement), and You will use commercially reasonable efforts to ensure such employees and contractors 
 [***] Certain
information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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comply with the terms of this Agreement. If You periodically provide Yahoo! with feedback regarding Your use of the Service and System, You hereby grant to Yahoo! a perpetual, worldwide,
non-exclusive, fully paid up license in and to any such feedback or suggestions for any and all purposes. 
 4. Yahoo!’s
Obligations. Yahoo!’s obligations hereunder are to (i) provide You with access to the System, as long as You are complying with this Agreement; (ii) serve Ad Banners through the Service according to the trafficking criteria
selected by You using the System; (iii) make support available during Yahoo!’s normal business hours, which, as of the Effective Date, are 9am -6pm Eastern Time Monday through Friday (except for holidays); and (iv) provide one
web-based training session for up to six of Your employees, explaining the proper use of the Service and System. The cost for such training sessions is included in the Monthly Service Fee. If You require additional training or request training on
Your premises, Yahoo! will provide such training to You at Yahoo!’s standard published rates for such training. For training on Your premises, You agree to reimburse Yahoo! for actual travel, food and lodging expenses. Given the complexity of
the Service and System, You will not permit Your employees, agents or permitted subcontractors, as applicable, to access or use the System or Service unless they have been trained in their use, whether by You or Yahoo!. You agree that You will be
responsible for any acts or omissions of any of Your agents or permitted subcontractors, and that You will ensure such agents and permitted subcontractors comply with the terms of this Agreement and are not competitors of Yahoo! or any of its
Affiliates. You also agree that You will be responsible for any acts or omissions of any of Your managed advertisers (with respect to Banner Ads that You submit for display using the System) and managed publishers, if any. 

5. Fees. In consideration for the use of the System and Services, You will pay Yahoo! the Revenue Sharing Percentage specified in Section 3.1
of the Display Ad Sales Agreement. Unless otherwise expressly agreed by the parties in writing, no other fees or charges will be due to Yahoo! under this Agreement. 
 6. Proprietary Rights and Restrictions. As between the parties, You agree that Yahoo! owns and retains all right, title and interest in and to the Service, the System, all software, databases and
other aspects and technologies related to the Service and System, any enhancements, modifications or derivative works thereto, any materials made accessible to You by Yahoo! through the System, such as through the Knowledge Base, or otherwise and
all intellectual property and proprietary rights in and to all of the foregoing. You will not use the System or Service except as expressly provided for in this Agreement. You will use the System only in accordance with the training provided by
Yahoo!, the reference materials supplied by Yahoo!, and Yahoo!’s standard security procedures, as may be posted on the Yahoo! web site from time to time or otherwise made available to You. You will not reverse engineer, disassemble,
reconstruct, decompile or copy the System or any aspect or portion thereof or alter or remove any identification, trademark, copyright or other notice from the System, neither will You authorize, permit or cause others to do so. 

You hereby grant Yahoo! a limited, non-exclusive and non-transferable (except as set forth in Section 16) license (without the right to sublicense)
to use, reproduce and display Your trademarks in any Advertisement submitted by You to Yahoo! for publication through the System. You retain all right, title and interest (including all intellectual property rights) in and to Your trademarks.
Yahoo!’s rights in and to Your trademarks are limited solely to those rights granted expressly herein. 
 Each party reserves any rights
not expressly granted in this Agreement and disclaims all implied licenses, including, without limitation, implied licenses to trademarks, copyrights, trade secrets and patents. 
 7. Data. As between the parties, You own and retain all right, title and interest in and to all data derived from Your use of the Service; provided, however, that You hereby grant Yahoo! the right
to use and disclose data derived from Your use of the Service solely (i) as part of its business operations, to disclose aggregate statistics about the Service in a manner that prevents individual identification of You or Your information;
(ii) to the extent necessary to (a) perform its obligations under this Agreement; (b) operate, manage, test, maintain and enhance the System; and/or (c) protect the System from what, in Yahoo!’s reasonable determination, is
a threat to the Service, System and/or APT; (iii) if required by court order or law or required or requested by any governmental agency, so long as prior to such disclosure, to the extent reasonably practicable, Yahoo! provides You with
sufficient notice (if permissible by law) to permit You the opportunity to seek a protective order, and in the absence of a protective order, Yahoo! discloses only that portion of Your Information that is legally required to be disclosed; and/or
(iv) as otherwise expressly authorized by You. You agree that subsection 7 (ii)(a) allows Yahoo! to pass information included in Your ad call to third party partners participating in APT auctions to help enable such partners
to further optimize their bids for Non-Guaranteed Ads. 
 8. Term. Unless terminated earlier in accordance with the termination rights
set forth in this Agreement, this Agreement will expire upon termination of the Display Ad Sales Agreement (“Initial Term”); provided, however, that this Agreement will continue on a month-to-month basis in the event that You continue to
use the Service following the expiration of the Initial Term (the Initial Term and any month-to-month period, collectively, the “Term”). Following the Initial Term, Yahoo! may levy additional fees or raise the fees charged to You upon
thirty (30) days written notice. 
 9. Termination/Suspension. Either party may terminate this Agreement if the other party has
materially breached this Agreement or the Display Ad Sales Agreement and the breaching party fails to cure such breach within thirty days after receipt of written notice thereof Without limiting Yahoo!’s other termination or suspension rights
under this Agreement, such as under Section 5, Yahoo! reserves the right to immediately suspend Your use of the Service if, in Yahoo!’s sole determination, You are, directly or indirectly, using the Service or System in a manner that could
reasonably be expected to damage or cause injury to the Service, System, APT or otherwise reflect unfavorably on the reputation of Yahoo! or any of its Affiliates (“Suspension Event”). Yahoo! will notify You in writing upon the occurrence
of a Suspension Event. If within five (5) business days of such 
 [***] Certain information has been omitted and filed separately with the
Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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notification, You have not eliminated or otherwise addressed the Suspension Event to Yahoo!’s satisfaction, Yahoo! reserves the right to immediately terminate this Agreement without further
notice to You. Upon expiration or termination for any reason (a) Your right to use the Service and the System will immediately terminate; and (b) Sections 6, 7, 10, 12-15, and 17-18, together with this sentence and any payment obligations
existing as of the effective date of such termination, will survive. 
 10. Indemnification. You agree to defend, indemnify and hold
Yahoo!, its Affiliates and their respective officers, directors, employees and agents (each, a “Yahoo! Indemnitee”) harmless from and against any third party claims or actions and pay any finally awarded losses, damages, liabilities, costs
and expenses, including reasonable attorneys’ fees, arising out of or in connection with (i) Your breach of any representations, warranties or obligations set forth in this Agreement; and (ii) Your (including Your agents’ and
permitted subcontractors’) use of the Service, System or APT other than as permitted herein. Yahoo! agrees to defend, indemnify and hold You, Your Affiliates and their respective officers, directors, employees and agents of each (each, a
“Network Indemnitee”) harmless from and against any third party claims or actions and pay any finally awarded losses, damages, liabilities, costs and expenses, including reasonable attorneys’ fees, arising out of or in connection with
the breach of any of Yahoo!’s representations, warranties or obligations set forth in this Agreement. 
 The indemnification obligations in
this Section 10 are contingent upon the indemnified party (a) promptly notifying the indemnifying party of the third party claim or action, provided however that the indemnifying party will not be relieved of its indemnification
obligations except to the extent that failure to provide such notice materially prejudices the indemnifying party’s rights with respect to such claim; (b) reasonably cooperating with the indemnifying party in the defense and any
related settlement negotiations; and (c) allowing the indemnifying party to control the defense and any related settlement negotiations. The indemnified party may, at its option and expense, participate in the defense of the claim. The
indemnifying party may not settle a claim without the indemnified party’s consent, which consent will not be unreasonably withheld, conditioned or delayed. 
 11. WARRANTIES AND DISCLAIMER. Yahoo! represents and warrants that the System was developed by Yahoo! without infringement of a third party’s copyrights or trademarks or misappropriation of a
third party’s trade secrets. You represent and warrant that You will not use the Service or the System in a way or for any purpose that infringes or misappropriates any third party’s intellectual property or personal rights and that Your
trademarks do not infringe any intellectual property right of any third party. EXCEPT AS SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTIES, REPRESENTATIONS, OR COVENANTS OF ANY KIND TO ANY PERSON WITH RESPECT TO THE SERVICE, THE SYSTEM
OR ANY AD BANNER OR OTHER DATA SUPPLIED THEREBY, WHETHER EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR NONINFRINGEMENT. YAHOO! DOES NOT MAKE ANY REPRESENTATIONS REGARDING THE BENEFIT
YOU WILL OBTAIN FROM YOUR USE OF THE SERVICE OR SYSTEM. FURTHERMORE, YAHOO! DOES NOT REPRESENT OR WARRANT THAT THE SYSTEM OR SERVICE WILL BE ERROR-FREE, ALWAYS AVAILABLE OR OPERATE WITHOUT LOSS OR CORRUPTION OF DATA OR TECHNICAL MALFUNCTION.

 12. Limitation and Exclusion of Liability. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY WILL BE LIABLE FOR ANY
INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES (INCLUDING FOR THE INDIRECT LOSS OF PROFIT, REVENUE OR CONTENT) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, HOWEVER CAUSED, AND UNDER WHATEVER CAUSE OF ACTION OR THEORY OF
LIABILITY BROUGHT (INCLUDING UNDER ANY CONTRACT, NEGLIGENCE OR OTHER TORT THEORY OF LIABILITY) EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY’S AGGREGATE
LIABILITY TO THE OTHER PARTY, FOR ANY DAMAGES UNDER THIS AGREEMENT AND THE DISPLAY AD AGREEMENT (CUMULATIVELY), INCLUDING SECTION 10 OF THIS AGREEMENT, WILL BE LIMITED TO $1,000,000. THE EXCLUSIONS AND LIMITATIONS OF LIABILITY CONTAINED IN THIS
SECTION 12 WILL NOT APPLY TO A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS. 
 13. Confidentiality. During the Term, one party
(“Disclosing Party”) may disclose non-public, confidential and proprietary information (“Confidential Information”) to the other party (“Receiving Party”). Confidential Information may include,
without limitation, information and data about the Service, System and APT and other information the parties disclose to one another, provided such information is marked or identified as “confidential” or should reasonably be understood to
be confidential to the Disclosing Party given the circumstances surrounding the disclosure. Notwithstanding the foregoing, the terms of this Agreement (including pricing terms) and the System will be deemed to be Confidential Information of Yahoo!.
Receiving Party agrees that for the Term and for three (3) years thereafter, Receiving Party will neither disclose the Confidential Information to any third party nor use the Confidential Information other than to perform its obligations under
this Agreement or as otherwise permitted in this Agreement (e.g., Section 7); provided, however, that Receiving Party shall be permitted to disclose the Confidential Information of Disclosing Party only to those of its employees,
representatives, Affiliates and agents who have a reasonable need to know such information, and who are bound to keep such information confidential in a manner consistent with the terms of this Section 13. Receiving Party shall exercise at
least the same degree of care to safeguard the confidentiality of Disclosing Party’s Confidential Information that it exercises to safeguard the confidentiality of its own confidential information (but no less than reasonable care). The
nondisclosure obligations set forth in this Section will not apply to information that Receiving Party can document is generally available to the public (other than through breach of this Agreement) or was already lawfully in Receiving Party’s
possession without obligation of confidentiality at the time of receipt of the Confidential Information from the Disclosing Party. Notwithstanding the foregoing, (i) You agree that Yahoo! may identify You, based on Your System profile, as a
suitable linking partner to other APT members; and (ii) Receiving Party may disclose Confidential Information in response to a valid order by a court or other governmental body, as required by law or as necessary to establish the rights of
either party under this Agreement (“Regulatory Requirements”), so long as prior to such disclosure, Receiving Party 
 [***] Certain
information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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provides Disclosing Party with sufficient notice (if permissible by law) to permit Disclosing Party the opportunity to seek a protective order, and in the absence of a protective order, Receiving
Party discloses only that portion of the Confidential Information that is legally required to be disclosed. Receiving Party may also disclose Confidential Information of the Disclosing Party with the Disclosing Party’s prior written (including
email) consent. Disclosing Party provides the Confidential Information hereunder without warranties or representations of any kind. Within five (5) days following a request by Disclosing Party, Receiving Party shall (a) return or destroy,
as specified by Disclosing Party, all Confidential Information furnished by Disclosing Party; and (b) destroy all written material, memoranda, notes and other writings or recordings whatsoever prepared by it or its Representatives based upon,
containing or otherwise reflecting the Confidential Information (the “Materials”) unless Receiving Party is required by law to retain such Materials. 
 14. Independent Contractor Status; No Third-Party Beneficiaries. The Parties acknowledge and agree that they are dealing with each other as independent contractors. Neither this Agreement nor any
terms and conditions contained in this Agreement may be construed to: (a) give any Party the power to direct and control the day to day activities of any of the other; (b) create or constitute a partnership, joint venture, franchise,
employment or agency relationship between or among the Parties; or (c) allow any Party to create or assume any obligation on behalf of the other Party for any purpose whatsoever. No Party owes the other Party or any third party any compensation
for performing the actions contemplated by the Agreement except as expressly set forth in the Agreement. This Agreement is made for the benefit of the Parties only, and except as set forth herein, this Agreement is not for the benefit of, and was
not created for the benefit of, any third parties. 
 15. Modifications and Waivers. This Agreement sets forth the entire
Agreement between the parties with regard to its subject matter, and supersedes all prior or contemporaneous oral or written understandings, statements, representations or promises. No failure or delay on the part of either party in exercising any
right, power or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any such right, power or remedy preclude any other or further exercise or the exercise of any other right, power or remedy. Any
amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement and any consent to any departure by the parties from the terms of this Agreement, will be effective only if it is in
writing and signed by both parties, unless otherwise provided herein. 
 16. Assignment. This Agreement may not be assigned, transferred,
delegated, sold or otherwise disposed of other than as expressly set forth in this Section 16 and subject to the limitations set forth herein. This Agreement may be assigned transferred, delegated, sold or otherwise disposed of: (a) in
whole or in part by either Party with the prior written consent of the other Party; (b) in whole or in part by either Party to any of its Affiliates; and (c) in its entirety by either Party in connection with a Change of Ownership (as
defined in the “Display Ad Sales Agreement”). This Agreement will be binding upon and will inure to the benefit of a Party’s permitted successors and assigns. In addition, Yahoo!’s Affiliates may fulfill Yahoo!’s obligations
set forth in this Agreement. Any purported assignment prohibited hereunder should be null and void. 
 17. Applicable Law. This Agreement
and all controversies arising from or relating to performance hereunder will be governed by and construed in accordance with the laws of the state of New York, without giving effect to its conflict of laws principles. The parties hereby
(i) agree that any action arising out of this Agreement will be brought in the state or federal courts located in New York, New York; and (ii) irrevocably submit to the exclusive jurisdiction of such courts. 

18. General. You represent and warrant that You and the signatory hereto have the full right, power and authority to enter into this Agreement.
Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective only to the minimum extent necessary without invalidating the remaining provisions of this Agreement or affecting
the validity or enforceability of such provisions. No failure or omission by a party in the performance of any obligation under this Agreement will be deemed a breach of this Agreement or create any liability if it arises from a cause or causes
beyond the reasonable control of such party, including, but not limited to, the following: acts of god, acts or omissions of any government or any rules, regulations or orders of any governmental authority or any officer, department, agency or
instrument thereof, fire, storm, flood, earthquake, accident, acts of the public enemy, war, rebellion, Internet brown out, insurrection, riot, invasion, strikes or lockouts. You will not use the Service or System to, directly or indirectly,
conduct, promote or facilitate business or target users in countries subject to U.S. embargo or trade sanctions. All notices, demands and other communications provided for or permitted under this Agreement will be made in writing to the parties at
the addresses on the Cover Page with a copy to each party’s General Counsel and will be sent by registered or certified first-class mail, return receipt requested, email (delivery receipt requested), facsimile, courier or overnight service or
personal delivery and will be deemed received upon delivery, or, in the case of email, upon receipt of a delivery receipt. This Agreement does not create any right or cause of action for any third party. If Yahoo! integrates the System with another
system or adds new features and/or functionality to the System, that new system may be made available to You under additional terms and conditions. This Agreement may be executed: (i) in counterparts, each of which will be deemed an original,
but all of which taken together will constitute but one and the same instrument; and (ii) by facsimile and such facsimile execution will have the same force and effect as an original document with original signatures. Neither party will issue
any press releases or make any other public disclosures regarding this Agreement (except in connection with Regulatory Requirements) without the other party’s prior written consent, provided however, that each party may publicly disclose the
fact that You are a participating member of APT. 
 [***] Certain information has been omitted and filed separately with the Securities and
Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 19. Prohibited Acts. Except as permitted in the Display Ad Sales Agreement, unless You receive
Yahoo!’s prior approval in writing, You agree that You will not use the System or Service in any way to sell, access or target any of Yahoo!’s behaviorally targeted segments (“Yahoo! BT Segments”), which are currently referred to
as “Yahoo! Premium Behavioral” or “Yahoo! Standard Behavioral” within the System. You also agree that Yahoo! will have administrative access for full approval rights for each and every purchase or sale of online media inventory
on the System and that You will not alter the System in any way to limit Yahoo!’s full approval rights. 
 [***] Certain information has
been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 APPENDIX I 

TO 
 APT FROM YAHOO® SERVICE AGREEMENT 

APT Policies 
 Effective Date: October 1, 2008 
 Last updated
on: June 24, 2009 
 Prohibited Content Policy 
 APT from Yahoo! members are solely responsible for ensuring that any content they seek to introduce on the Platform complies with all applicable agreements, laws, policies and standards of conduct, and
that they have correctly classified and properly disclosed that content on the Platform. 
 “Content” includes advertisements, their
associated landing pages, websites, web pages or any other online media inventory, including any advertising contained on those pages, whether in image or text form. 
 Yahoo! reserves the right, in its sole discretion, to limit or refuse any content on the Platform, whether on the basis of this Policy or for any other reason. 

The following are examples of content that is barred from the Platform, and which members of the Platform are prohibited from introducing into the
marketplace under this Policy: 
  

	•	 	 Explicit Sexual Conduct/Pornography: Graphic depiction of sexual acts, including any visual representation of sexual intercourse with anyone or
anything, depiction of foreplay, sadomasochism, sexualized violence and/or bondage, auto-eroticism, masturbation, incest, bestiality, genital piercing and sexualized depiction of bodily fluids or other similar content that is otherwise
objectionable. 

  

	•	 	 Child Pornography: Any image or other representation or depiction of sexual conduct involving or including a real or simulated minor (someone
who is or appears to be under the age of 18) in any way. This includes actual or simulated sexual intercourse, any contact with or display of a minor’s genitals, including any focus on a minor’s genital area, whether clothed or not. This
also includes non-suggestive images of clothed children designed for the purpose of sexual gratification and/or viewing by adult users, such as images of clothed children who are being spanked or punished, or images which focus on children’s
bodies for sexual gratification purposes, such as child foot fetishes. 

 [***] Certain information has been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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	•	 	 Sexual Assault: Simulated rape or sexual assault, including imagery depicting sexually violent contexts, where it is indicated that a person is
being forced into a sexual act against their will. 

  

	•	 	 Graphic Violence/Death: Depictions of murder or “snuff” imagery, including representations or actual images of torture, death, murder
or graphic violence, whether or not affiliated or associated with a sexual context. 

  

	•	 	 Necrophilia: Depictions of a sexual act, as described above, involving a dead or seemingly dead body. 

 

	•	 	 Prostitution: Prostitution or any other images indicating or suggesting illegal conduct. 

 

	•	 	 Hate Speech: Hate speech and the promotion of discriminatory hatred, including racial, ethnic or gender hatred. 

Yahoo! Confidential 
 Yahoo!’s provision of any system features, such as automated or manual review of online media, does not in any way relieve APT from Yahoo! participants of any of their Platform-related
responsibilities, including, but not limited to, full compliance with all APT Policies. 
 [***] Certain information has been omitted
and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
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 Effective Date: October 1, 2008 

Last updated on: June 24, 2009 
  

	•	 	 Illegal Drugs: Content that promotes the sale or use of illegal substances, substances of questionable legality or the “off label” use
of substances (e.g., the promotion of a prescription substance for the primary purpose of recreational mind alteration). 

  

	•	 	 Promotion of Illegal/Criminal Activity: Content that appears to promote illegal/criminal activity, such as hacking, unauthorized use or
reproduction of material that is covered by copyright law, the sale of products and ways to illegally evade financial charges (traffic tickets, taxes, etc.), drug tests and the like. 

 

	•	 	 Fake/Bootleg/Counterfeit Items: Content that appears to relate to the distribution, sale, use or manufacture of counterfeit essays, term papers,
dissertations, government IDs, diplomas, education transcripts, computer programs, movies, music, apparel, accessories and the like. 

  

	•	 	 Embargoed Products: Content that offers the sale of products and services subject to US Trade sanctions or embargoes, including the sale of
products to or from any of the following countries: Cuba, Iran, North Korea, Sudan or Syria. 

  

	•	 	 Firearms and Explosives: Content promoting the sale of firearms, ammunition or explosives. 

In addition to the foregoing categories of prohibited content, the following methods of advertising also qualify as Prohibited Content under this
Policy: 
  

	•	 	 Ad Content That Does Not Match Ad Landing Page: Products or services offered on the landing page that differ significantly from products or
services offered on the creative. 

  

	•	 	 Creatives That Mimic System Messages/Alerts/Functionality and/or Mimic or Include Web Content or Functionality: A creative that mimics system
messages/alerts/functionality and/or mimics or includes web content or functionality is prohibited under this Policy if it includes mechanisms to decline the offer or exit the ad unit in the creative that do not function as expected. This would
include creatives that depict images of facsimiles of operating system buttons such as expand, minimize or close buttons or contain a “No, thanks” button which simulates interactivity where no such interactivity exists.

  

	•	 	 Creatives That Mimic System Messages/Alerts/Functionality: A creative that mimics system messages/alerts/functionality is prohibited under this
Policy if, either on the creative or the landing page, it advertises “Free” products or services or claims that a user has been selected for a prize or gift with no action or payment required. 

This list is provided for illustrative purposes only and is not intended to be an exhaustive list of all prohibited content. Yahoo! may modify this
Policy at any time without notice. 
 Yahoo! may, in its sole discretion, exercise any and all available remedies for violation of its Policies,
including any attempt by members to misclassify content sought to be introduced onto the Platform. Members who are, in our view, responsible for seeking to introduce any child pornography or other illegal content onto the Platform are subject to
immediate termination and other remedies that may include referral to legal authorities. 
 Yahoo! Confidential

 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions. 

  
 112

 

 

  

 Yahoo!’s provision of any system features, such as automated or manual review of online
media, does not in any way relieve APT from Yahoo! participants of any of their Platform-related responsibilities, including, but not limited to, full compliance with all APT Policies. 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 113

 

 

  

 Effective Date: October 1, 2008 

Desktop Software Policy 
 Approach of the
APT Platform 
 Because the terms “spyware”, “adware” and “malware” have no uniform definitions, Yahoo! has
developed its own classification system for desktop software into which ads might be served on the Platform. We created our classification system based upon objective software criteria and it is our opinion that our approach will enable us to
provide greater transparency and safety for our members and end users. Platform members are responsible for correctly categorizing all inventory introduced onto the Platform, including desktop software, in accordance with this and other Platform
policies. 
 1. Approved Desktop Software. Yahoo! considers programs with the below characteristics to be “Approved Desktop
Software”. 
  

	a)	The software program fully discloses: (i) the provider’s identity and/or brand when the program is downloaded and while the application is displaying an ad;
and (ii) any and all other software programs that may come bundled with the program. 

  

	b)	The program provides meaningful notice and obtains consent prior to the completion of the installation process. 

 

	c)	The provider fully discloses the type and extent of information collected and its intended use. 

 

	d)	A user can easily find and use an uninstaller to remove the software. 

  

	e)	The software program does not load an excessive number of ads per hour as determined by the Platform. 

 

	f)	Ads are served within the program application window only and cannot expand beyond the borders of that window or trigger a pop up or pop under ad from it.

 If a program has been certified through TRUSTe’s Trusted Download Program, we will treat that program as Approved Desktop
Software. However, we reserve the right to request evidence of an updated certificate from time to time. 
 2. Other Permissible Desktop
Software with Pops. Programs that contain the characteristics below should be categorized as “Other Permissible Desktop Software.” 
  

	a)	The software program fully discloses: (i) the provider’s identity and/or brand when the program is downloaded and while the application is displaying an ad;
and (ii) any and all other software programs that may come bundled with the program. 

  

	b)	The program provides meaningful notice and obtains consent prior to the completion of the installation process. 

 

	c)	The provider fully discloses the type and extent of information collected and its intended use. 

 

	d)	A user can easily find and use an uninstaller to remove the software. 

  

	e)	The software program does not load an excessive number of ads or pops per hour as determined by Yahoo! 

3. Prohibited Desktop Software. It is our opinion that programs with the below characteristics are not beneficial to the Platform, its members or
end users and are prohibited from the Platform. 
 Yahoo! Confidential 

Yahoo!’s provision of any system features, such as automated or manual review of online media, does not in any way relieve APT participants of
any of their platform-related responsibilities, including, but not limited to, full compliance with all APT Policies. 

Effective Date: October 1, 2008 
 [***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 114

 

 

  

	a)	The software program provider’s identity and/or brand, or identification of the other software programs that may be bundled with the program, are not fully
disclosed. 

  

	b)	The provider does not provide meaningful notice and/or obtain consent prior to program download and/or the download of its upgrades. 

 

	c)	The provider does not fully disclose the type and extent of information collected and/or its intended use. 

 

	d)	A user cannot easily find and/or use an uninstaller to remove the software. 

 

	e)	The program serves an excessive number of ads per hour as determined by Yahoo!. 

 

	f)	The program injects ads into a webpage without the webpage owner’s authorization and/or overlays an ad that was legitimately served into the page.

  

	g)	The program utilizes full-page pop up ads, full-page pop under ads, or spawns additional pops. 

 

	h)	A program that carries “trojans”, keystroke loggers, remote controls, hijacks browsers or other activities determined by Yahoo! as malicious or not beneficial
to the Platform. 

 Programs that have any of the above characteristics are not allowed on the Platform. If we detect programs
with these characteristics, we will flag them and ban them from the Platform. Yahoo! will post the Prohibited Program List and may notify Platform members that the program is not allowed to be used on the Platform. 

If you believe that a program has been added to the Prohibited Program list in error, please submit evidence to desktopsoftware@rmxsupport.com
that substantiates your belief that the program should be re-classified as Approved Desktop Software or Other Permissible Desktop Software. If, after our review, we share your opinion, we may re-classify the program. 

We encourage members and other interested parties to submit both suspect and seemingly appropriate programs for addition to one of the above three
categories. When doing so, please make sure that you provide the executable program (.exe) and all other information necessary for our support team to make a determination to desktopsoftware@rmxsupport.com. 

Yahoo! Confidential 
 Yahoo!’s provision of any system features, such as automated or manual review of online media, does not in any way relieve APT participants of any of their platform-related responsibilities,
including, but not limited to, full compliance with all APT Policies. 
 [***] Certain information has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 115

 

 

  

 Effective Date: October 1, 2008 

Policy on Gambling Ads 
 It is the
responsibility of every member of the Platform to ensure that any content that is introduced on the Platform is correctly classified. 
 The
Platform does not accept advertising targeted to U.S. Internet Protocol (IP) addresses for online casinos, gambling “portals”, sports betting sites or online gambling educational sites which are primarily advertising supported vehicles or
“gateways” for online casinos. 
 Gambling sites are those with online gambling as their central theme. Among such sites are those
that accept wagers or require payment in exchange for the chance to win prizes, as well as sites that offer both information and links related primarily to the promotion of online gambling. 
 If it comes to our attention that an ad has been misclassified or includes content that solicits users to participate in online gambling, we reserve the right to impose any applicable penalties for
violating this Platform policy. 
 Yahoo! Confidential 
 Yahoo!’s provision of any system features, such as automated or manual review of online media, does not in any way relieve APT participants of any of their platform-related responsibilities,
including, but not limited to, full compliance with all APT Policies. 
 [***] Certain information has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  
 116

 

 

  

 Effective Date: October 1, 2008 
 Behavior of 3rd Party Ad tags 
 Ad tags are a very important component in the ad serving
transaction; as such we have a set of minimum expectations concerning the behavior of 3rd party ad tags. 
 The tag: 

 

	•	 	 Must not act or behave in a malicious or harmful manner (e.g. contains EXE, virus. Active X). 

 

	•	 	 Must not load content that is in violation of any other Platform guideline or policy (e.g. prohibited content, online gambling ads, etc.).

  

	•	 	 Must load promptly and include content that is correctly classified. 

 

	•	 	 Must not contain personally-identifiable information. 

 

	•	 	 Should not load encrypted content. 

  

	•	 	 Should not load content that can be considered illegal, deceptive, misleading, harmful, obscene, defamatory, unethical, infringing or violative
of any third party right. 

  

	•	 	 Should behave in a consistent manner in all geographical locations as well as across time. 

If the behavior of a 3rd party ad tag, in our opinion, is in conflict with our guidelines or Policies, we reserve the right to impose any applicable
penalties for violating Platform Policies, including, but not limited to, immediately and without prior notification, disabling or deactivating the tag. 
 Yahoo! Confidential 
 Yahoo!’s provision of any system features, such as
automated or manual review of online media, does not in any way relieve APT participants of any of their platform-related responsibilities, including, but not limited to, full compliance with all APT Policies. 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  
 117

 YAHOO! CONTRACT
#[                    ] 
 Effective Date: October 1, 2008 
 Penalties for violating APT Platform Policies

 If it comes to our attention that a Platform member has violated a Policy, in addition to any other penalties that may be applicable,
depending on the severity or the nature of the violation and on whether the member has previously violated any Platform Policies, we reserve the right to take any or all of the following actions: 

 

	1.	Immediately terminate that member’s access to the Platform, and/or 

  

	2.	Add the member to our Banned Entities List available to all Platform members unless and until that member provides us with evidence sufficient for us to conclude that
the member has taken appropriate steps to prevent further violations of our Policies or guidelines; and/or 

  

	3.	Notify legal authorities and provide them with information related to the violation. 

Yahoo! Confidential 
 Yahoo!’s provision of any system features, such as automated or manual review of online media, does not in any way relieve APT participants of any of their platform-related responsibilities,
including, but not limited to, full compliance with all APT Policies. 
 [***] Certain information has been omitted and filed separately
with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. 

  

					
		  	118	  	YAHOO! and ZILLOW CONFIDENTIAL

 YAHOO! CONTRACT
#[                    ] 
  

 Exhibit K 
 Activity Data Use and Restrictions. 
  

	1.	Zillow may collect and use Yahoo user Activity Data only to 

 a. report user actions to agents, brokers, franchisors, builders, and their respective marketing representatives, as permitted under this Agreement, 

b. detect or defend against fraudulent activity and in order to ensure proper reporting to agents, brokers, franchisors, builders, and
their respective marketing representatives, and to assess lead validity in compliance with the provisions of this Agreement regarding lead recognition, and 
 c. optimize a User’s experience on Yahoo Properties. 
  

	2.	Zillow may collect all data outlined in the [***] contained in Exhibit A, including the [***], provided that Zillow 

 

	 	a.	[***] (e.g., [***]) that is [***] in accordance with this Agreement and to obtain Activity Data from Users under this Agreement and for no other users or Zillow
partners, 

  

	 	b.	[***] other than the one specified in the preceding sub-section on [***] at any time. For clarity, this provision does not apply to [***] with respect to end users
using Zillow.com or other properties in the Zillow Network; 

  

	 	c.	only uses the [***] to detect fraud and defend system integrity and [***] in compliance with the provisions of this Agreement regarding [***], 

 

	 	d.	does not mix, integrate, or otherwise logically combine the [***] data with [***] or any other [***], and 

 

	 	e.	deletes unique identifiers from [***] according to the restrictions outlined in Section (3) below.

 

	3.	Data Retention: 

  

	 	a.	Zillow must [***] from [***] within [***] of that [***]. Zillow may retain [***] in [***] for up to [***] under the following limited conditions:

  

	 	1.	Zillow may use the data in the [***] to detect or defend against financial fraud. 

 

	 	2.	Zillow needs to use the data in the [***] to detect or defend against intrusions. 

 

	 	3.	Yahoo! provides written notice to Zillow that it has a legal obligation to retain specified data [***]. 

 

	 	4.	Zillow has restricted access to the identifiable data held beyond [***] to just those employees who have a need to know the data. 

 

	 	5.	Zillow deletes all unique identifiers in such Activity Data within [***] of collection of that Activity Data. 

 

	 	b.	For purposes of illustration, examples of [***] include, but are not be limited to, [***]. 

 

	 	c.	Yahoo! may, in its commercially reasonable discretion, modify the obligations contained in this section [***] notice to Zillow. 

[***] Certain information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested
with respect to the omitted portions. 

  

					
		  	119	  	YAHOO! and ZILLOW CONFIDENTIALIndenture, dated April 15, 2011

 Exhibit 4.1 

 
  

 
 HERCULES TECHNOLOGY GROWTH
CAPITAL, INC. 
 AND 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 

INDENTURE 

Dated as of April 15, 2011 
 6.00% Convertible Senior Notes due 2016 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	Definitions	  	 	1	  
	 Section 1.02.
	  	References to Interest	  	 	11	  
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE
OF NOTES	  
			
	 Section 2.01.
	  	Designation and Amount	  	 	12	  
	 Section 2.02.
	  	Form of Notes	  	 	12	  
	 Section 2.03.
	  	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	 	13	  
	 Section 2.04.
	  	Execution, Authentication and Delivery of Notes	  	 	14	  
	 Section 2.05.
	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	15	  
	 Section 2.06.
	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	19	  
	 Section 2.07.
	  	Temporary Notes	  	 	20	  
	 Section 2.08.
	  	Cancellation of Notes Paid, Converted, Etc.	  	 	21	  
	 Section 2.09.
	  	CUSIP Numbers	  	 	21	  
	 Section 2.10.
	  	Additional Notes; Repurchases	  	 	21	  
	
	 ARTICLE 3
 SATISFACTION AND DISCHARGE
	   

  

			
	 Section 3.01.
	  	Satisfaction and Discharge	  	 	22	  
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 4.01.
	  	Payment of Principal and Interest	  	 	22	  
	 Section 4.02.
	  	Maintenance of Office or Agency	  	 	22	  
	 Section 4.03.
	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	23	  
	 Section 4.04.
	  	Provisions as to Paying Agent	  	 	23	  
	 Section 4.05.
	  	Existence	  	 	24	  
	 Section 4.06.
	  	Rule 144A Information Requirement and Annual Reports	  	 	24	  
	 Section 4.07.
	  	[Reserved]	  	 	26	  
	 Section 4.08.
	  	Stay, Extension and Usury Laws	  	 	26	  
	 Section 4.09.
	  	Statement as to Compliance	  	 	26	  
	 Section 4.10.
	  	Further Instruments and Acts	  	 	26	  

  
 i 

							
	ARTICLE 5	  
	LISTS OF HOLDERS AND REPORTS BY THE
COMPANY AND THE TRUSTEE	  

			
	 Section 5.01.
	  	Lists of Holders	  	 	26	  
	 Section 5.02.
	  	Preservation and Disclosure of Lists	  	 	26	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01.
	  	Events of Default	  	 	27	  
	 Section 6.02.
	  	Acceleration; Rescission and Annulment	  	 	28	  
	 Section 6.03.
	  	Additional Interest	  	 	29	  
	 Section 6.04.
	  	Payments of Notes on Default; Suit Therefor	  	 	29	  
	 Section 6.05.
	  	Application of Monies Collected by Trustee	  	 	31	  
	 Section 6.06.
	  	Proceedings by Holders	  	 	32	  
	 Section 6.07.
	  	Proceedings by Trustee	  	 	33	  
	 Section 6.08.
	  	Remedies Cumulative and Continuing	  	 	33	  
	 Section 6.09.
	  	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	33	  
	 Section 6.10.
	  	Notice of Defaults	  	 	34	  
	 Section 6.11.
	  	Undertaking to Pay Costs	  	 	34	  
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	  
			
	 Section 7.01.
	  	Duties and Responsibilities of Trustee	  	 	34	  
	 Section 7.02.
	  	Reliance on Documents, Opinions, Etc.	  	 	36	  
	 Section 7.03.
	  	No Responsibility for Recitals, Etc.	  	 	37	  
	 Section 7.04.
	  	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	  	 	37	  
	 Section 7.05.
	  	Monies and Shares of Common Stock to Be Held in Trust	  	 	37	  
	 Section 7.06.
	  	Compensation and Expenses of Trustee	  	 	37	  
	 Section 7.07.
	  	Officers’ Certificate as Evidence	  	 	38	  
	 Section 7.08.
	  	Eligibility of Trustee	  	 	38	  
	 Section 7.09.
	  	Resignation or Removal of Trustee	  	 	39	  
	 Section 7.10.
	  	Acceptance by Successor Trustee	  	 	40	  
	 Section 7.11.
	  	Succession by Merger, Etc.	  	 	40	  
	 Section 7.12.
	  	Trustee’s Application for Instructions from the Company	  	 	41	  
	
	ARTICLE 8	  
	CONCERNING THE HOLDERS	  
			
	 Section 8.01.
	  	Action by Holders	  	 	41	  
	 Section 8.02.
	  	Proof of Execution by Holders	  	 	42	  
	 Section 8.03.
	  	Who Are Deemed Absolute Owners	  	 	42	  
	 Section 8.04.
	  	Company-Owned Notes Disregarded	  	 	42	  
	 Section 8.05.
	  	Revocation of Consents; Future Holders Bound	  	 	42	  

  
 ii 

							
	ARTICLE 9	  
	HOLDERS’ MEETINGS	  
			
	 Section 9.01.
	  	Purpose of Meetings	  	 	43	  
	 Section 9.02.
	  	Call of Meetings by Trustee	  	 	43	  
	 Section 9.03.
	  	Call of Meetings by Company or Holders	  	 	43	  
	 Section 9.04.
	  	Qualifications for Voting	  	 	44	  
	 Section 9.05.
	  	Regulations	  	 	44	  
	 Section 9.06.
	  	Voting	  	 	44	  
	 Section 9.07.
	  	No Delay of Rights by Meeting	  	 	45	  
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 10.01.
	  	Supplemental Indentures Without Consent of Holders	  	 	45	  
	 Section 10.02.
	  	Supplemental Indentures with Consent of Holders	  	 	46	  
	 Section 10.03.
	  	Effect of Supplemental Indentures	  	 	47	  
	 Section 10.04.
	  	Notation on Notes	  	 	47	  
	 Section 10.05.
	  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	47	  
	
	ARTICLE 11	  
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  
			
	 Section 11.01.
	  	Company May Consolidate, Etc. on Certain Terms	  	 	47	  
	 Section 11.02.
	  	Successor Corporation to Be Substituted	  	 	48	  
	 Section 11.03.
	  	Opinion of Counsel to Be Given to Trustee	  	 	48	  
	
	ARTICLE 12	  
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS	  
			
	 Section 12.01.
	  	Indenture and Notes Solely Corporate Obligations	  	 	49	  
	
	ARTICLE 13	  
	CONVERSION OF NOTES	  
			
	 Section 13.01.
	  	Conversion Privilege	  	 	49	  
	 Section 13.02.
	  	Conversion Procedure; Settlement Upon Conversion	  	 	52	  
	 Section 13.03.
	  	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	  	 	56	  
	 Section 13.04.
	  	Adjustment of Conversion Rate	  	 	58	  
	 Section 13.05.
	  	Adjustments of Prices	  	 	67	  
	 Section 13.06.
	  	Shares to Be Fully Paid	  	 	67	  
	 Section 13.07.
	  	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	  	 	67	  
	 Section 13.08.
	  	Certain Covenants	  	 	69	  
	 Section 13.09.
	  	Responsibility of Trustee	  	 	70	  
	 Section 13.10.
	  	Notice to Holders Prior to Certain Actions	  	 	70	  

  
 iii

							
	 Section 13.11.
	  	Stockholder Rights Plans	  	 	71	  
	 Section 13.12.
	  	Limit on Issuance of Shares of Common Stock Upon Conversion	  	 	71	  
	
	ARTICLE 14	  
	REPURCHASE OF NOTES AT OPTION OF
HOLDERS	  
			
	 Section 14.01.
	  	Repurchase at Option of Holders Upon a Fundamental Change	  	 	72	  
	 Section 14.02.
	  	Withdrawal of Fundamental Change Repurchase Notice	  	 	74	  
	 Section 14.03.
	  	Deposit of Fundamental Change Repurchase Price	  	 	75	  
	 Section 14.04.
	  	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	 	75	  
	
	ARTICLE 15	  
	NO REDEMPTION	  
			
	 Section 15.01.
	  	No Redemption	  	 	76	  
	
	ARTICLE 16	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 16.01.
	  	Provisions Binding on Company’s Successors	  	 	76	  
	 Section 16.02.
	  	Official Acts by Successor Corporation	  	 	76	  
	 Section 16.03.
	  	Addresses for Notices, Etc.	  	 	76	  
	 Section 16.04.
	  	Governing Law	  	 	77	  
	 Section 16.05.
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	77	  
	 Section 16.06.
	  	Legal Holidays	  	 	77	  
	 Section 16.07.
	  	No Security Interest Created	  	 	77	  
	 Section 16.08.
	  	Benefits of Indenture	  	 	78	  
	 Section 16.09.
	  	Table of Contents, Headings, Etc.	  	 	78	  
	 Section 16.10.
	  	Authenticating Agent	  	 	78	  
	 Section 16.11.
	  	Execution in Counterparts	  	 	79	  
	 Section 16.12.
	  	Severability	  	 	79	  
	 Section 16.13.
	  	Waiver of Jury Trial	  	 	79	  
	 Section 16.14.
	  	Force Majeure	  	 	79	  
	 Section 16.15.
	  	Calculations	  	 	79	  
	 Section 16.16.
	  	No Adverse Interpretation of Other Agreements	  	 	80	  
	
	EXHIBIT	  
	 Exhibit A
	  	Form of Note	  	 	A-1	  

  
 iv 

 INDENTURE dated as of April 15, 2011 between HERCULES TECHNOLOGY GROWTH CAPITAL, INC.,
a Maryland corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, 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 6.00% Convertible Senior Notes due 2016 (the “Notes”), initially in an aggregate principal amount
not to exceed $75,000,000 (plus the aggregate principal amount of any additional Notes purchased by the Initial Purchaser pursuant to the exercise of its option to purchase additional Notes as set forth in the Purchase Agreement), and in order to
provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 

WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of
Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 
 WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating agent, as provided in this
Indenture, 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 issue 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) and Section 6.03, as applicable. Except when the context requires otherwise, references to
interest payable by the Company in this Indenture shall be deemed to include Additional Interest. 

 “Additional Shares” shall have the meaning specified in
Section 13.03(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. 
 “Bid Solicitation Agent” means the Person appointed by the Company to
solicit bids for the Trading Price of the Notes in accordance with Section 13.01(b)(i). The Trustee shall initially act as the Bid Solicitation Agent. 
 “Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or
executive order to close or be closed. 
 “Capital Stock” means, for any entity, any and all shares, interests,
rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 
 “Cash Settlement” shall have the meaning specified in Section 13.02(a). 
 “Clause A Distribution” shall have the meaning specified in Section 13.04(c). 
 “Clause B Distribution” shall have the meaning specified in Section 13.04(c). 
 “Clause C Distribution” shall have the meaning specified in Section 13.04(c). 
 “close of business” means 5:00 p.m. New York City time. 

“Combination Settlement” shall have the meaning specified in Section 13.02(a). 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the
election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

  
 2 

 “Common Stock” means the common stock of the Company, par value $0.001 per
share, at the date of this Indenture, subject to Section 13.07. 
 “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 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 Date” shall have the meaning specified in
Section 13.02(c). 
 “Conversion Obligation” shall have the meaning specified in Section 13.01(a).

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

 “Conversion Rate” shall have the meaning specified in Section 13.01(a). 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the date hereof for purposes of Section 4.02 only is located at 100 Wall Street, Suite 1600, New York, NY 10005, Attention: Hercules Technology Growth Capital, Inc. Convertible
Notes Due 2016, and for all other purposes is located at One Federal Street, 3rd Floor, Boston, MA 02110, Attention: Hercules Technology Growth Capital, Inc. Convertible Notes Due 2016, or such other address as the Trustee may designate from time to time by notice to the Holders and
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 Holders and the Company). 

“Credit Facility” means one or more credit agreements, including the existing credit facilities, loan agreements or
similar facilities, secured or unsecured, providing for revolving credit loans, term loans and/or letters of credit, entered into from time to time by the Company and/or any of its Subsidiaries, as the same may be amended, supplemented, modified,
restated or replaced from time to time. 
 “Custodian” means the Trustee, as custodian for The Depository Trust
Company, with respect to the Global Notes, or any successor entity thereto. 
 “Daily Conversion Value” means,
for each of the 15 consecutive Trading Days during the Observation Period, one-fifteenth of the product of (a) the Conversion Rate on such Trading Day and (b) the Daily VWAP on such Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount, if any, divided by 15. 

  
 3 

 “Daily Settlement Amount,” for each of the 15 consecutive Trading Days
during the Observation Period, shall consist of: 
 (a) cash equal to the lesser of (i) the Daily Measurement Value and
(ii) the Daily Conversion Value; and 
 (b) if the Daily Conversion Value 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 15 consecutive Trading days during the applicable Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “HTGC <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 Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 
 “Depositary” means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such Notes, until a successor shall have been
appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 
 “Distributed Property” shall have the meaning specified in Section 13.04(c). 
 “Effective Date” shall have the meaning specified in Section 13.03(c). 
 “Events of Default” shall have the meaning specified in Section 6.01. 
 “Ex-Dividend Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the
issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. 

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

  
 4 

 “Form of Assignment and Transfer” shall mean the “Form of Assignment
and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental
Change Repurchase Notice” shall mean the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

“Form of Notice of Conversion” shall mean the “Form of Notice of Conversion” attached as Attachment 1 to the
Form of Note attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time
after the Notes are originally issued if any of the following occurs: 
 (a) a “person” or “group” within
the meaning of Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, has become the direct or indirect “beneficial owner,” as defined in Rule
13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting power of the Company’s Common Equity and files a Schedule 13D or Schedule TO or any other schedule, form or report under the Exchange Act
disclosing such beneficial ownership; 
 (b) the consummation of (A) any recapitalization, reclassification or change of
the Common Stock (other than changes resulting from a subdivision or combination or a change solely 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 (C) any sale, lease or other transfer in one transaction or a series of
transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Subsidiaries; provided, however, that a transaction described in
clause (A) or (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving
corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

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

 (d) the Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock
Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) for a period of 20 consecutive Trading Days; 
 provided, however, that a transaction or transactions described in 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, in connection with such transaction or transactions consists of shares of Publicly Traded Securities, and as a result of this transaction or transactions the
Notes become convertible into such Publicly Traded Securities, excluding cash payments for fractional shares (subject to the provisions of Section 13.02(a)). 

  
 5 

 “Fundamental Change Company Notice” shall have the meaning specified in
Section 14.01(c). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in
Section 14.01(a). 
 “Fundamental Change Repurchase Notice” shall have the meaning specified in
Section 14.01(b)(i). 
 “Fundamental Change Repurchase Price” shall have the meaning specified in
Section 14.01(a). 
 “Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall
mean any person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Initial Dividend Threshold” shall have the meaning specified in Section 13.04(d). 
 “Initial Purchaser” means RBC Capital Markets, LLC. 

“Interest Payment Date” means each April 15 and October 15 of each year, beginning on October 15, 2011.

 “Investment Company Act” means the Investment Company Act of 1940, as amended. 

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

“Limitation” shall have the meaning specified in Section 13.02(k). 

  
 6 

 “Make-Whole Fundamental Change” means any transaction or event that
constitutes a Fundamental Change (as defined in clauses (a), (b) or (d) in the definition thereof 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). 
 “Market Disruption Event” means (a) a failure by the
primary U.S. national or regional securities exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York
City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits
permitted by the relevant stock exchange or otherwise) in the Common Stock or in any options, contracts or future contracts relating to the Common Stock. 
 “Maturity Date” means April 15, 2016. 
 “Measurement
Period” shall have the meaning specified in Section 13.01(b)(i). 
 “Merger Common Stock” shall
have the meaning specified in Section 13.07(e)(i). 
 “Merger Event” shall have the meaning specified in
Section 13.07(a). 
 “Merger Valuation Percentage” for any Merger Event shall be equal to (x) the
arithmetic average of the Last Reported Sale Prices of one share of such Merger Common Stock over the relevant Merger Valuation Period (determined as if references to “Common Stock” in the definition of “Last Reported Sale Price”
were references to the “Merger Common Stock” for such Merger Event), divided by (y) the arithmetic average of the Last Reported Sale Prices of one share of Common Stock over the relevant Merger Valuation Period. 

“Merger Valuation Period” for any Merger Event means the five consecutive Trading Day period immediately preceding, but
excluding, the effective date for such Merger Event. 
 “Note” or “Notes” shall have the
meaning specified in the first paragraph of the recitals of this Indenture. 
 “Note Register” shall have the
meaning specified in Section 2.05(a). 
 “Note Registrar” shall have the meaning specified in
Section 2.05(a). 
 “Notice of Conversion” shall have the meaning specified in Section 13.02(b).

 “Observation Period” with respect to any Note surrendered for conversion means: (i) if the relevant
Conversion Date occurs prior to October 15, 2015, the 15 consecutive Trading Day period beginning on, and including, the second Trading Day after such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after
October 15, 2015, the 15 consecutive Trading Days beginning on, and including, the 17th Scheduled Trading Day immediately preceding the Maturity Date. 

  
 7 

 “Offering Memorandum” means the preliminary offering memorandum dated
April 6, 2011, as supplemented by the pricing term sheet dated April 11, 2011, 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 (or any Assistant Treasurer), the Secretary (or any
Assistant Secretary) 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 the Treasurer, 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 16.05 if
and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate pursuant to Section 4.09 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 16.05 if and to the extent required by the provisions of such Section 16.05.

 “outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04,
mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 
 (e) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 
 (f) Notes, or portions thereof, that have
become due and payable and in respect of which monies in the necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company
(if the Company shall act as its own Paying Agent); 
 (g) 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; 
 (h) Notes converted pursuant to Article 13 and required to be cancelled pursuant to
Section 2.08; and 
 (i) Notes repurchased by the Company and surrendered to the Trustee for cancellation pursuant to the
last sentence of Section 2.10. 
 “Paying Agent” shall have the meaning specified in Section 4.02.

  
 8 

 “Person” means an individual, a corporation, a limited liability company,
an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof 
 “Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and multiples thereof. 

“Physical Settlement” shall have the meaning specified in Section 13.02(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. 
 “Publicly Traded Securities” means
shares of common stock that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in
connection with a Fundamental Change described in clause (b) of the definition thereof. 
 “Purchase
Agreement” means that certain Purchase Agreement, dated as of April 11, 2011, among the Company and the Initial Purchaser. 
 “Record Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other security) have the right to receive any cash,
securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of stockholders entitled to receive
such cash, securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or otherwise). 
 “Reference Property” shall have the meaning specified in Section 13.07(a). 
 “Regular Record Date,” with respect to any Interest Payment Date, shall mean the April 1 or October 1 (whether or not such day is a Business Day) immediately preceding the
applicable April 15 or October 15 Interest Payment Date, respectively. 
 “Resale Restriction Termination
Date” shall have the meaning specified in Section 2.05(c). 
 “Responsible Officer” means, when
used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of this Indenture. 

  
 9 

 “Restricted Securities” shall have the meaning specified in
Section 2.05(c). 
 “Restricted Transfer Default” shall have the meaning specified in
Section 4.06(d). 
 “Restricted Transfer Triggering Date” shall have the meaning specified in
Section 4.06(d). 
 “Rule 144A” means Rule 144A as promulgated under the Securities Act. 

“Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional
securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Settlement Amount” has the meaning specified in Section 13.02(a)(iv). 

“Settlement Method” means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination
Settlement, as elected (or deemed to have been elected) by the Company. 
 “Settlement Notice” has the meaning
specified in Section 13.02(a)(iii). 
 “Significant Subsidiary” means a Subsidiary of the Company that
meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 

“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. 
 “Spin-Off’ shall have the
meaning specified in Section 13.04(c). 
 “Stock Price” shall have the meaning specified in
Section 13.03(c). 
 “Subsidiary” means, with respect to the Company, any corporation, association,
limited liability company, partnership or other business entity that is consolidated in the Company’s most recent financial results. 
 “Successor Company” shall have the meaning specified in Section 11.01(a). 
 “Trading Day” means a day on which (i) 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 traded and (ii) a Last Reported Sale Price for the Common Stock is 

  
 10 

 
available on such securities exchange or market; provided that if the Common Stock is not so listed or traded, “Trading Day” means a Business Day; and provided,
further, that for purposes of determining amounts due upon conversion only, “Trading Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs on The
NASDAQ 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 million 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 and whose names the Company provides to the Bid Solicitation Agent; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids
are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for
$5 million principal amount of Notes from a nationally recognized securities dealer, then 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 applicable Conversion Rate. 
 “transfer” shall have the meaning specified in Section 2.05(c).

 “Trigger Event” shall have the meaning specified in Section 13.04(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 13.07(a). 

“Valuation Period” shall have the meaning specified in Section 13.04(c). 

Section 1.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of,
any Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of Section 4.06(d) 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. 

  
 11 

 ARTICLE 2 
 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “6.00% Convertible Senior Notes due
2016.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $75,000,000 (plus the aggregate principal amount of any additional Notes purchased by the Initial Purchaser
pursuant to the exercise of its option to purchase additional Notes as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in
lieu of other Notes pursuant to Section 2.05, Section 2.06, Section 10.04, Section 13.02 and Section 14.03. 
 Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the
terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to
such terms and provisions and to be bound thereby. 
 Any Global Note may be endorsed with or have incorporated in the text
thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation thereunder or with
the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Notes are subject. 
 Any of the Notes may have such letters, numbers or other marks of
identification and such notations, legends or endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be
required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 Each Global Note
shall represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, conversions, transfers or exchanges permitted hereby. Any endorsement of the 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 

  
 12 

 
Indenture. Payment of principal of, accrued and unpaid interest on, and any other amounts (including the Fundamental Change Repurchase Price, if applicable) due with respect to, the 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. 
 Each Note shall bear a legend in substantially the following form (unless otherwise agreed by the Company in writing, with notice thereof to the Trustee): 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE
144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY RESELL THIS NOTE OR A BENEFICIAL INTEREST HEREIN. 
 Section 2.03. Date and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons in denominations of $1,000
principal amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes
shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
 (b) The Person in whose name any Note (or
its Predecessor Note) is registered on the Note Register at the close of business on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such Interest Payment Date. Interest shall be
payable at the office or agency of the Company maintained by the Company for such purposes, which shall initially be the Corporate Trust Office. The Company shall pay interest (i) on any Physical Notes (A) to Holders 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 having an aggregate principal amount of more than $5,000,000, either by check mailed to
the Holders of these Notes or, upon application by a Holder to the Note Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States, which
application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.
Notwithstanding anything to the contrary herein, the Company may pay interest at its option to any Holder by wire transfer in immediately available funds to that Holder’s account, as specified by such Holder, within the United States.

 (c) Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date by virtue of its
having been such Holder but shall accrue interest per annum at the rate or rates, if any, specified in the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date to, but excluding, the date
on which such Defaulted Amounts shall have been paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

  
 13 

 (i) The Company may elect to make payment of any Defaulted Amounts to the
Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall
notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless the Trustee
shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record
date therefor to be mailed, first-class postage prepaid, to each Holder at its address as it appears in the Note Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the
special record date therefor having been so mailed, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no
longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 
 (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. 

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

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action
by the Company hereunder. 
 Only such Notes as shall bear thereon a certificate of authentication substantially in the form set
forth on the form of Note attached as Exhibit A hereto, executed manually or by facsimile by a Responsible Officer (or an authenticating agent appointed by the Trustee as provided by Section 16.10), shall be entitled to the benefits of this
Indenture or be valid or 

  
 14 

 
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 procedures as it may prescribe, the Company shall
provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby appointed the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.02. 

Upon surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the
requirements for such transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized
denominations and of a like aggregate principal amount and bearing such restrictive legends as may be required by this Indenture. 
 Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the
Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing
registration numbers not contemporaneously outstanding. 
 All Notes presented or surrendered for registration of transfer or
for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the
Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing. 
 No service charge shall
be charged to the Holder for any exchange or registration of transfer of Notes, but the Company or the Trustee may require a Holder to pay a sum sufficient to cover any tax or other similar governmental charge required by law or permitted pursuant
to Section 13.02(e). 

  
 15 

 None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be
required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes, or a portion of any
Note, surrendered for repurchase (and not withdrawn) in accordance with Article 14. 
 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, all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests
in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and
the procedures of the Depositary therefor. 
 (c) Every Note, and every share of Common Stock evidenced by a certificate, that
bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (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), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted
Security. 
 Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date
that is one year after the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such later date, if any, as may be required by
applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor or substitution thereof), shall bear a legend in substantially the following form (unless such Notes or such Common Stock 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, or, in the case of Common Stock, such Common Stock has been issued upon conversion of Notes that have
been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer): 

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”) OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, 

  
 16 

 
ENCUMBERED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR ANY STATE SECURITIES LAWS OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, AND NOT SUBJECT TO, REGISTRATION.

 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 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, ASSIGN, TRANSFER, PLEDGE, ENCUMBER OR OTHERWISE DISPOSE OF 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) THE COMPANY OR ANY
CONSOLIDATED SUBSIDIARY THEREOF, OR 
 (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER
THE SECURITIES ACT, OR 
 (C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, OR 
 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF
ANY TRANSFER IN ACCORDANCE WITH (2)(D) ABOVE, THE COMPANY, THE TRUSTEE AND THE TRANSFER AGENT, IN THE CASE OF ANY COMMON STOCK ISSUED UPON CONVERSION OF THE NOTES, 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. 

  
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 No transfer of any Note prior to the Resale Restriction Termination Date will be registered
by the Note Registrar unless the applicable box on the Form of Assignment and Transfer has been checked. 
 Any Note (or
security issued in exchange or substitution therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Note Registrar in accordance with the provisions
of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.05(c). The Company shall promptly notify the Trustee upon the
occurrence of the Resale Restriction Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared effective under the Securities Act.

 Any such Common Stock as to which such restrictions on transfer shall have expired in accordance with their terms 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(c). 
 Notwithstanding
any other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of
the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for transfers of portions of a Global Note in
certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with customary procedures
of the Depositary and only to the extent otherwise permitted by this Section 2.05(c). 
 The Depositary shall be a clearing
agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of
Cede & Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co. 
 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 the Notes requests that its Notes be issued as Physical Notes, the Company will execute, and the Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, will
authenticate and deliver Physical Notes to each such beneficial owner of the related Notes (or a portion thereof) in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, and upon delivery
of the Global Note to the Trustee such Global Note shall be canceled. 

  
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 Physical Notes issued in exchange for all or a part of the Global Note pursuant to this
Section 2.05(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and
authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 
 At such time as all interests in a Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with
standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes, converted, canceled, repurchased or transferred to a
transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing
between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or
increase. 
 Neither the Company, the Trustee nor any agent of the Company or the Trustee shall have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

(d) [Reserved] 

(e) Any Note that is repurchased or owned by the Company or any Subsidiary thereof may not be resold by the Company or such Subsidiary
unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note no longer being “restricted securities” (as defined under
Rule 144 under the Securities Act). 
 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note
shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a
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. 

  
 19 

 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. Upon the issuance of any substitute Note, the Company or the Trustee may require the payment by
the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. 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 13 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the
payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and,
if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of
destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is
destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all
the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions
are exclusive with respect to the replacement or payment or conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter
enacted to the contrary with respect to the replacement or payment or conversion of negotiable instruments or other securities without their surrender. 
 Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall, upon written
request of the Company, 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 will 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. 

  
 20 

 Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall
cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries or controlled
Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange thereof except as expressly permitted by any of the provisions of
this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company
Order. If the Company or any of its Subsidiaries shall acquire any of the Notes, such acquisition shall not operate as a redemption, repurchase or satisfaction of the indebtedness represented by such Notes unless and until the same are delivered to
the Trustee for cancellation. Any Notes surrendered for cancellation shall not be reissued or resold and shall be promptly cancelled. 
 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 will promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 
 Section 2.10. Additional Notes; Repurchases. The Company may, without the consent of the Holders and notwithstanding Section 2.01, reopen this Indenture and issue additional Notes
hereunder with the same terms and with the same CUSIP number as the Notes initially issued hereunder in an unlimited aggregate principal amount; provided that such additional Notes must be part of the same issue as the Notes initially issued
hereunder for U.S. federal income tax purposes. Prior to the 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 16.05, as the Trustee shall reasonably request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of
whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or public tender or exchange offer or through counterparties to private agreements,
including by cash-settled swaps or other derivatives. Any Notes repurchased by the Company may, at the Company’s option, be surrendered to the Trustee for cancellation in accordance with Section 2.08, but shall not be reissued or resold by
the Company. 

  
 21 

 ARTICLE 3 
 SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture 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 proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and
delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or
delivered to Holders, as applicable, after all outstanding Notes have become due and payable, whether at the Maturity Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash, shares of Common Stock or a combination
thereof, as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the
Trustee an 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 have been complied with. Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

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

Section 4.02. Maintenance of Office or Agency. The Company will maintain in the Borough of Manhattan, The City of New York,
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 Borough of Manhattan, The City of New York. 
 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 Borough of Manhattan, The City of New York, 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. 

  
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 The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar,
Custodian and Conversion Agent and the Corporate Trust Office and the office or agency of the Trustee in the Borough of Manhattan, The City of New York, each shall be considered as one such office or agency of the Company for each of the aforesaid
purposes. 
 Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary
to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder. 

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

(i) that it will hold all sums held by it as such agent for the payment of the principal of, the Fundamental Change
Repurchase Price, if applicable, of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes; 
 (ii) that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal of, the Fundamental Change Repurchase Price, if applicable, of, and accrued and unpaid
interest on, the Notes when the same shall be due and payable; and 
 (iii) that at any time during the
continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal of, the Fundamental Change Repurchase Price, if applicable, of, or accrued and unpaid interest on, the Notes, deposit with the Trustee (or
other Paying Agent) a sum sufficient to pay such principal, the Fundamental Change Repurchase Price, if applicable, or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of any
failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 10:00 a.m., New York City time, on such date. 

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

(c) Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a
satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or
amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with
respect to such sums or amounts. 

  
 23 

 (d) Any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal of, the Fundamental Change Repurchase Price, if applicable, of, and accrued and unpaid interest on, or consideration due upon the conversion of, any Note and remaining unclaimed for
two years after such principal, the Fundamental Change Repurchase Price, if applicable, or interest 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 Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money and shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the
Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of
Common Stock remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money and shares of Common Stock then remaining will be repaid or
delivered to the Company. 
 Section 4.05. Existence. Subject to Article 11, the Company will do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate existence. 
 Section 4.06. Rule 144A
Information Requirement and Annual Reports. (a) At any time the Company is not subject to Sections 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issued 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 any Holder, beneficial owner or prospective purchaser of such Notes or any such shares, upon written
request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (or any other provision of Rule 144A, as such rule may be amended from time to time), to facilitate the resale of such Notes or shares of Common
Stock pursuant to Rule 144A under the Securities Act, as such rule may be amended from time to time. 
 (b) The Company shall
file with the Trustee within 15 days after the same are required to be filed with the Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
(giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for
purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system. 
 (c) Delivery of the reports
and documents described in subsection (b) above to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). 

  
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 (d) If (i) 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, (x) 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 (y) the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (as a result of
restrictions pursuant to U.S. securities law or the terms of this Indenture or the Notes), or (ii) as of the 365th day after the last date of original issuance of the Notes offered hereby, the restrictive legend on the Notes specified in
Section 2.05(c) has not been removed, the Notes are assigned a restricted CUSIP or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (without restrictions pursuant to U.S. securities law or the
terms of this Indenture or the Notes) (each such event referred to in clause (i) or clause (ii) above, a “Restricted Transfer Default”), and, in either case, the Company has not cured any such Restricted Transfer Default
by the date that is 14 calendar days following the occurrence of such Restricted Transfer Default (the “Restricted Transfer Triggering Date”), then the Company shall pay Additional Interest in cash on the Notes. Additional Interest
shall accrue on the Notes at the rate of 0.25% per annum of the principal amount of Notes outstanding for the first 90 days for which the Restricted Transfer Default has occurred and is continuing after the Restricted Transfer Triggering Date
and thereafter will accrue at the rate of 0.50% per annum of the principal amount of Notes outstanding for which the Restricted Transfer Default has occurred and is continuing after the Restricted Transfer Triggering Date. 

Notwithstanding the foregoing, if, as of the 365th day after the last date of original issuance of the Notes offered hereby, the
restrictive legend on the Notes specified in Section 2.05(c) has not been removed or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates (without restrictions pursuant to U.S. securities law or the
terms of this Indenture or the Notes), the Company may elect to designate an effective shelf registration statement for the resale of the Notes or any Common Stock issuable upon conversion of the Notes. Additional Interest shall not accrue for each
day on which such registration statement remains effective and usable by Holders for the resale of the Notes or any Common Stock issuable upon conversion of the Notes. Any such registration shall be effected on terms customary for convertible notes
generally offered in reliance upon Rule 144A under the Securities Act. 
 Additional Interest will be payable in arrears on each
Interest Payment Date following accrual in the same manner as regular interest on the Notes. 
 (e) The Additional Interest that
is payable in accordance with Section 4.06(d) 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. 

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

  
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 Section 4.07. [Reserved]. 

Section 4.08. Stay, Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall
not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or
interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 
 Section 4.09. Statement as to Compliance. The Company will deliver
to the Trustee, within 120 days after the end of each fiscal year ending after the date hereof so long as any Note is outstanding hereunder, an Officers’ Certificate stating to the knowledge of the signers thereof whether the Company is in
default in the performance of any of the terms, provisions or conditions of this Indenture. For purposes of this Section 4.09, such default shall be determined without regard to any period of grace or requirement of notice under this Indenture.

 Section 4.10. 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, semi-annually, not more than 15 days after each April 1 and
October 1 in each year beginning with October 1, 2011, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably
request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as
the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee
may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

  
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 ARTICLE 6 
 DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. The following events shall be “Events of Default” with respect to the
Notes: 
 (a) default in any payment of interest on any Note when due and payable, and the default continues for a period of 30
days; 
 (b) default in the payment of principal of any Note when due and payable on the Maturity Date, upon any required
repurchase, upon declaration of acceleration or otherwise; 
 (c) failure by the Company to comply with its obligation to
convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right, and such default is not cured within 5 Business Days; 
 (d) failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 14.01(c) and such failure is not cured within 10 days after the due date for such notice;

 (e) failure by the Company to issue notice of a specified corporate event in accordance with Section 13.01(b)(ii) or
13.01(b)(iii) when due; 
 (f) failure by the Company for 60 consecutive days after written notice from the Trustee or the
Holders of at least 25% in principal amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 

(g) [Reserved]; 

(h) 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 $25 million 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 or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon
required repurchase, upon declaration of acceleration or otherwise; 
 (i) a final judgment for the payment of $50 million or
more (excluding any amounts covered by insurance) rendered against the Company or any Significant Subsidiary of the Company, which judgment is not discharged or stayed within 60 days after (i) the date on which the right to appeal thereof has
expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 
 (j)(i)
the Company or any Significant Subsidiary (A) 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 

  
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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; (B) 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 (C) shall make a general
assignment for the benefit of creditors; or (ii) the Company shall admit in writing of its inability to pay its debts generally as they become due; or 
 (k) 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 60 consecutive days. 

Section 6.02. Acceleration; Rescission and Annulment. In case 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(j) or Section 6.01(k) with respect to the Company, but not any of its Significant Subsidiaries and
subject to Section 6.03), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance
with Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal of, and accrued and unpaid interest, if any, on, all the Notes to be due and payable immediately, and upon any
such declaration the same shall become and shall automatically be immediately due and payable, anything in this Indenture or in the Notes contained to the contrary notwithstanding. If an Event of Default specified in Section 6.01(j) or
Section 6.01(k) with respect to the Company, but not any of its Significant Subsidiaries, occurs and is continuing, the principal of, and accrued and unpaid interest, if any, on, all Notes shall be automatically and immediately due and payable.

 This provision, however, is subject to the condition 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 moneys due shall have been obtained or entered as hereinafter provided, the Company shall pay or deliver, as the case may be, or shall deposit with the Trustee an
amount of cash and/or shares of Common Stock sufficient to pay all matured installments of interest upon all the Notes, all amounts of consideration due upon the conversion of any and all converted Notes, and the principal of any and all Notes which
shall have become due otherwise than by acceleration (with interest upon such principal and, to the extent that payment of such interest is enforceable under applicable law, on overdue installments of interest, at the rate or rates, if any,
specified in the Notes to the date of such payment or deposit) and such amounts due to the Trustee pursuant to Section 7.06, and if any and all Events of Default under this Indenture, other than the nonpayment of the principal of Notes which
shall have become due by acceleration, shall have been cured, waived, or otherwise remedied pursuant to Section 6.09, then and in every 

  
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such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and
to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to
the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal of, or accrued and unpaid interest on, any Notes, (ii) a
failure to repurchase any Notes when required, (iii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iv) a breach of a covenant that cannot be modified or amended without the consent
of each Holder pursuant to Section 10.02. 
 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 Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, 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 (a) 0.25% per annum of the principal amount of the Notes outstanding for each day during the 90-day
period beginning on, and including, the date on which such an Event of Default first occurs and (b) 0.50% per annum of the principal amount of the Notes outstanding for each day during the 90-day period beginning on, and including, the
91st day following, and including, the occurrence of such an Event of Default during which such Event of Default is continuing. Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional
Interest payable pursuant to Section 4.06(d). If the Company elects to pay Additional Interest pursuant to this Section 6.03, such Additional Interest shall be payable in the same manner and on the same dates as regular interest on the
Notes. On the 181st 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 181st day), the Notes will be subject to acceleration as provided in Section 6.02.
In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with this Section 6.03, the Notes shall be subject to acceleration as provided in Section 6.02. 

In order to elect to pay Additional Interest as the sole remedy during the first 180 days after the occurrence of any Event of Default
described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 180-day period. Upon the failure to timely give such notice, the
Notes shall be immediately subject to acceleration as provided in Section 6.02. 
 Section 6.04. Payments of Notes
on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay or deliver, as the case may be, to it, for the benefit of the
Holders of the Notes, the whole amount then due and payable or deliverable on the Notes (i.e., principal and interest, if any, with interest on any overdue principal and interest, if any, at the rate or rates, if any, specified in 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 or deliver, as the case may be, such amounts forthwith upon such demand, the
Trustee, in 

  
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its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums and amounts so due but unpaid or not delivered, 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 or amounts adjudged or decreed to be payable or deliverable in the manner provided by law out of the property of the
Company or any other obligor upon the Notes, wherever situated. In such event, the Trustee shall be entitled to be reimbursed or indemnified for any and all amounts reasonably expended in connection therewith (including fees and expenses of counsel)
in accordance with the terms of Section 7.06 hereof. 
 In the event there shall be pending proceedings for the bankruptcy
or for the reorganization of the Company or any other obligor on the Notes under title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or
similar official shall have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or such other
obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole
amount of principal and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative
to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of
any amounts due the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee,
as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including
agents and counsel fees, and including any other amounts due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements
out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of
the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 All rights of action and of asserting claims under this Indenture, or under any of the
Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Notes. 
 In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any
provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings. 

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

Section 6.05. Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 6 with
respect to the Notes shall be applied, subject to applicable law, in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon the payment, if
only partially paid, and upon surrender thereof, if fully paid: 
 First, to the payment of all amounts due the Trustee
under Section 7.06; 
 Second, in case the principal of the outstanding Notes shall not have become due and be
unpaid, to the payment of interest on, and any cash due upon conversion of, the Notes in default in the order of the due date 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 or rates, if any, specified in 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 or, if applicable, the payment of the Fundamental
Change Repurchase Price or any cash due upon conversion shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount then owing and unpaid upon the Notes for principal, interest, the Fundamental Change
Repurchase Price or cash due upon conversion, 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 or rates, if any, specified in
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, interest, the Fundamental Change Repurchase Price or cash due upon
conversion without preference or priority of any such amount over each other (including principal over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Note over any other
Note), ratably to the aggregate of such principal, accrued and unpaid interest, the Fundamental Change Repurchase Price or cash due upon conversion; and 

  
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 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, the Fundamental Change
Repurchase Price, if applicable, or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture to
institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless:

 (a) such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance
thereof, as herein provided; 
 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c) such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any costs, loss,
liability or expense (including fees and expenses of its counsel) to be incurred therein or thereby; 
 (d) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority in principal amount of the Notes
outstanding within such 60-day period pursuant to Section 6.09, 
 it being understood and intended, and being expressly covenanted by the
taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of
all Holders (except as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or
delivery, as the case may be, of (w) the principal of, (x) the Fundamental Change Repurchase Price, if applicable, of, (y) accrued and unpaid interest 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 deliver, as the case may be, on or after such respective dates against the Company shall not be
impaired or affected without the consent of such Holder. 

  
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 Section 6.07. Proceedings by Trustee. In case of an Event of Default the Trustee
may in its discretion (and subject to the provisions of Section 7.01 and Section 7.06) proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and
enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any
power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.08. Remedies Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the
Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall
impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law
to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 
 Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in
accordance with Section 8.04 shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to Notes;
provided, however, that (a) such direction shall not be in conflict with any rule of law or with this Indenture, (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction and
(c) the Trustee may demand security or indemnity reasonably satisfactory to it in accordance with Section 7.01. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the rights of any other Holder or
that would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive
any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal of, the Notes when due that has not been cured pursuant to the provisions of
Section 6.02, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes, (iii) a default in the payment of the Fundamental Change Repurchase Price or (iv) a default in
respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be
restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or

  
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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 the occurrence and continuance of a Default of which a Responsible Officer has actual knowledge, mail to all Holders
as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that, except in
the case of a Default in the payment of the principal of, or accrued and unpaid interest on, any of the Notes or a Default in the payment of the Fundamental Change Repurchase Price, if applicable, or a Default in the payment or delivery of the
consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as a committee of Responsible Officers of the Trustee in good faith determine 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 or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price
with respect to the Notes being repurchased as provided in this Indenture) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note in accordance with the provisions of
Article 13. 
 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, and no additional duties shall be implied or inferred. In case an Event of
Default has occurred that has not been cured or waived the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at
the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction.

  

  
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 No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 
 (a)
prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred: 
 (i) the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished
to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts
stated therein); 
 (b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or
Officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority in 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 or refraining from taking any action believed in good faith to be beyond the scope of its powers, under this Indenture; 

(d) whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or
affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the Trustee shall not be liable
in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the
Notes; 
 (f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture,
requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event;

  

  
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 (g) in the absence of written investment direction from the Company, all cash received by
the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any
such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall
have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 
 (h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent hereunder, the rights and protections afforded to
the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in
the exercise of any of its rights or powers. 
 Section 7.02. Reliance on Documents, Opinions, Etc. Except as
otherwise provided in Section 7.01: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting upon
any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, Note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party
or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an
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) the Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
  

  
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 (e) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care
hereunder; and 
 (f) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

In no event shall the Trustee be liable for any consequential loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the Trustee’s willful misconduct or gross negligence. The Trustee shall
not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or
Event of Default shall have been given to the Trustee by the Company or by any Holder of the Notes. 
 Section 7.03. No
Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any
Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture. 
 Section 7.04.
Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent, Bid Solicitation Agent or Note Registrar, in its individual or any other capacity, may
become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent, Bid Solicitation Agent or Note Registrar. 
 Section 7.05. Monies and Shares of Common Stock to Be Held in Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received. Money and shares of Common Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for
interest on any money or shares of Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 
 Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable compensation for
all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the
Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture in any capacity thereunder
(including the reasonable compensation and the 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

  
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gross negligence, willful misconduct or bad faith. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in
connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence, willful misconduct or bad faith on the part of the Trustee, its
officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this trust or in any other capacity hereunder, including the costs and
expenses of defending themselves against any claim of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and
advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in trust herewith for the benefit of
the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this
Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably
withheld. The indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 
 Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of
Default specified in Section 6.01(j) or Section 6.01(k) 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 prescribed) may, in the absence of gross negligence, willful misconduct, recklessness and bad faith 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, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall at all
times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act 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.

  

  
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 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 mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee
shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition any
court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months may, subject to the provisions of Section 6.11, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

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

(i) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or 
 (ii) the Trustee shall become
incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a
successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with
Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which
case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

(d) The Trustee may be removed at any time with respect to the Notes by the Company, by an Officers’ Certificate delivered to the
Trustee, provided that contemporaneously therewith (x) the Company immediately appoints a successor Trustee with respect to the Notes 
  

  
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meeting the requirements of Section 7.08 hereof and (y) the terms of Section 7.10 hereof are complied with in respect of such appointment (the Trustee being removed hereby agreeing
to execute the instrument contemplated by Section 7.10 hereof, if applicable, under such circumstances) and provided further that no Default or Event of Default with respect to the Notes shall have occurred and then be continuing at such time.

 (e) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of
this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 
 Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver to the Company and to its predecessor
trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act
shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any
such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain
a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it
pursuant to the provisions of Section 7.06. 
 No successor trustee shall accept appointment as provided in this
Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 7.08. 
 Upon acceptance of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall
mail or cause to be mailed notice of the succession of such trustee hereunder to the Holders at their addresses as they shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company. 

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

  

  
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 In case at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in
the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the
Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by
merger, conversion or consolidation. 
 Section 7.12. Trustee’s Application for Instructions from the Company.
Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture)
may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after the
date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action
(or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
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 fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders
entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

  
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 Section 8.02. Proof of Execution by Holders. Subject to the provisions of
Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in
Section 9.06. 
 Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating
agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be
overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject to
Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by
any notice to the contrary. All such payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any
such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any Holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation,
proxy, authorization or any other action of the Depositary or any other Person, such Holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with the provisions of this Indenture. 

Section 8.04. Company-Owned Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount
of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company or by any Affiliate of the Company 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 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 or an Affiliate of the Company. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon
request of the Trustee, the Company shall furnish to the Trustee promptly an 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 in 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 
  

  
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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 and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6; 

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

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

 (d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal
amount of the Notes under any other provision of this Indenture or under applicable law. 
 Section 9.02. Call of
Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be mailed to Holders of such Notes at their
addresses as they shall appear on the Note Register. Such notice shall also be mailed to the Company. Such notices shall be mailed 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 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% in 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

  
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the meeting, and the Trustee shall not have mailed 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 mailing notice thereof as provided in Section 9.02. 
 Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record date pertaining to such meeting
or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall
be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided in Section 9.03, in
which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders of a majority in
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; 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 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 

 

  
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one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 9.02. The record shall show
the principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the
Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 
 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Holders or any
rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or of the
Notes. 
 ARTICLE 10 
 SUPPLEMENTAL INDENTURES 
 Section 10.01.
Supplemental Indentures Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the Company’s expense and without notice, 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 or supplement any
ambiguity, omission, defect or inconsistency; 
 (b) to provide for the assumption by a Successor Company of the obligations of
the Company under this Indenture pursuant to Article 11 or Section 13.07; 
 (c) to add guarantees with respect to the
Notes; 
 (d) to secure the Notes; 
 (e) to add to the covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred upon the Company; 

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

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

 (h) to evidence and provide for the appointment under this Indenture of a successor Trustee; 

(i) to make any other change that does not adversely affect the interests of the Holders in any material respect. 

 

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

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

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

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

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

(e) reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 
 (f) make any Note payable in money other than that stated in the Note; 
 (g)
impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Note; 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, except to increase any such percentage or to provide that other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby. 

 

  
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 Upon the written request of the Company, and upon the filing with the Trustee of evidence of
the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
 Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the substance thereof. After any
such supplemental indenture becomes effective, the Company shall mail to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair
or affect the validity of the supplemental indenture. 
 Section 10.03. Effect of Supplemental Indentures. Upon the
execution of any supplemental indenture pursuant to the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and
immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s
expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board
of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by
the Trustee pursuant to Section 16.10) 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 16.05, 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 the Indenture. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND
LEASE 
 Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions
of Section 11.02, the Company shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to, another Person (provided that a pledge of its assets pursuant to
any Credit Facility shall be deemed not to be a sale, conveyance, transfer or lease), unless: 
 (a) the resulting, surviving or
transferee Person (the “Successor Company”), if not the Company, shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company
(if not the Company) shall expressly assume, by supplemental indenture, all of the obligations of the Company under the Notes and this Indenture; and 

  
 47 

 (b) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing under 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 and satisfactory in form to the Trustee, of the due
and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part,
except in the case of a lease of all or substantially all of the Company’s properties and assets. 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 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. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in
substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 11.03. Opinion of Counsel
to Be Given to Trustee. No consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive as conclusive evidence an Officers’ Certificate and an Opinion of Counsel 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. 

  
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 ARTICLE 12 
 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 

Section 12.01. Indenture and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or accrued
and unpaid interest on any Note, or 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, or
because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, investment adviser, employee, agent, Officer, 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. 
 ARTICLE 13 
 CONVERSION OF
NOTES 
 Section 13.01. Conversion Privilege. (a) Subject to and upon compliance with the
provisions of this Article 13, each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such Note
(i) subject to satisfaction of the conditions described in Section 13.01(b), at any time prior to the close of business on the Business Day immediately preceding October 15, 2015 under the circumstances and during the periods set
forth in Section 13.01(b), and (ii) irrespective of the conditions described in Section 13.01(b), on or after October 15, 2015 and prior to the close of business on the Scheduled Trading Day immediately preceding the Maturity
Date, in each case, at an initial conversion rate of 84.0972 shares of Common Stock (subject to adjustment as provided in Section 13.04, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to the settlement
provisions of Section 13.02, the “Conversion Obligation”). 
 (b)(i) Prior to the close of business on the
Business Day immediately preceding October 15, 2015, the Notes may be surrendered for conversion during the five Business Day period immediately after any five consecutive Trading Day period (the “Measurement Period”) in which
the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this
Indenture. The Company shall provide written notice to the Bid Solicitation Agent of the three independent nationally recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate contact
information for each. The Bid Solicitation Agent shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination and provided it with the names and contact information
for such three independent nationally recognized securities dealers; and the Company shall have no obligation to make such request unless Holders of at least $2,000,000 aggregate principal amount of Notes provide the 

 

  
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Company with reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the
Conversion Rate, at which time the Company shall instruct the Bid Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per
$1,000 principal amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If the Company does not instruct the Bid Solicitation Agent to determine in the manner
provided herein the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such
determination, then, in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such
failure. If the Trading Price condition set forth above has been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). 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 applicable Conversion Rate, the Company shall so notify the Holders of the
Notes, the Trustee and the Conversion Agent (if other than the Trustee). 
 (ii) If, prior to the close of
business on the Business Day immediately preceding October 15, 2015, the Company elects to: 
 (A) issue to
all or substantially all holders of its Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of its Common
Stock, at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance; or 
 (B) distribute to all or substantially all holders of its Common Stock the Company’s
assets, debt securities or rights to purchase securities of the Company, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading
Day preceding the date of announcement for such distribution, 
 then, in either case, the Company shall notify all Holders of
the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 25 Scheduled Trading Days prior to the Ex- Dividend Date for such issuance or distribution. Once the Company has given such notice, the Notes may be surrendered 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, even if the Notes are not otherwise convertible at such time. Notwithstanding the foregoing, no Notes may be surrendered for 

 

  
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conversion if Holders participate, 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
clauses (A) or (B) of this subsection (ii) 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. For purposes of Section 13.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the Common Stock at less than such average of the Last
Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such
shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash,
to be determined by the Board of Directors. 
 (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 October 15, 2015, regardless of whether a Holder has the right to require the Company to repurchase the Notes pursuant to
Section 14.01, or if the Company is a party to a consolidation, merger, binding share exchange, or transfer or lease of all or substantially all of its assets, pursuant to which the Common Stock would be converted into cash, securities or other
assets, the Notes may be surrendered for conversion at any time from or after the date that is 25 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the Business Day after the Company gives notice of
such transaction) until 35 Trading Days after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the related Fundamental Change Repurchase Date. The Company shall notify Holders, the
Trustee and the Conversion Agent (if other than the Trustee) (i) as promptly as practicable following the date the Company publicly announces such transaction but in no event less than 25 Scheduled Trading Days prior to the anticipated
effective date of such transaction or (ii) if the Company does not have knowledge of such transaction at least 25 Scheduled Trading Days prior to the anticipated effective date of such transaction, within two Business Days of the date upon
which the Company receives notice, or otherwise becomes aware, of such transaction but in no event later than the actual effective date of such transaction. 
 (iv) Prior to the close of business on the Business Day immediately preceding October 15, 2015, the Notes may be surrendered for conversion during any calendar quarter commencing after the calendar
quarter ending on June 30, 2011 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on
the last Trading Day of the immediately preceding calendar quarter as reported to the Conversion Agent by the Company is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. Upon receipt of and on the basis of such
report from the Company, the Conversion Agent, on behalf of the Company, shall determine at the beginning of each calendar quarter commencing after June 30, 2011 whether the Notes may be surrendered for conversion in accordance with this clause
(iv) and shall notify the Company and the Trustee if the Notes become convertible in accordance with this clause (iv), and after receipt of such notice the Company shall so notify the Holders. 

  
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 Section 13.02. Conversion Procedure; Settlement Upon Conversion. 

(a) Subject to this Section 13.02, Section 13.03(b) and Section 13.07(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 any
fractional share of Common Stock in accordance with subsection (j) of this Section 13.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of any
fractional share of Common Stock in accordance with subsection (j) of this Section 13.02 (“Combination Settlement”), at its election, as set forth in this Section 13.02. 

(i) All conversions occurring on or after October 15, 2015 shall be settled using the same Settlement Method.

 (ii) Prior to October 15, 2015, the Company shall use the same Settlement Method for all conversions
occurring on the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions that occur on different Conversion Dates. 

(iii) If, in respect of any Conversion Date (or any conversions of Notes occurring during the period beginning on, but
excluding, October 15, 2015 and ending on, and including, the Business Day immediately preceding the Maturity Date, as the case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant
Settlement Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee, shall deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day
immediately following the relevant Conversion Date (or, in the case of any conversions occurring on or after October 15, 2015, no later than October 15, 2015). 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 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. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount in such Settlement Notice, the
Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000. 

  
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 (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 by the Company as follows: 
 (A) if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall deliver to the converting Holder in respect of each $1,000 principal
amount of Notes being converted a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date; 
 (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 an amount in cash equal to the sum of the Daily Conversion Values for each of the 15 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 15
consecutive Trading Days during the related Observation Period. 
 (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 any fractional share, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as
the case may be, and the amount of cash payable in lieu of fractional shares of Common Stock. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

(b) Subject to Section 13.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth above, such Holder
shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set
forth in Section 13.02(h) and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a
“Notice of Conversion”) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for
any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at
the office of the Conversion Agent, (3) if 

  
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required, furnish appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not
entitled as set forth in Section 13.02(h). The Trustee (and, if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 13 on the Conversion Date for such conversion. No Notice of Conversion with
respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company (or Paying Agent) in respect of such Notes and not validly withdrawn such Fundamental Change
Repurchase Notice in accordance with Section 14.02. 
 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 provided in Section 13.03(b) and in Section 13.07, the Company shall pay or deliver, as the case may be, the consideration
due in respect of the Conversion Obligation on the third Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement, or on the third 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 converting Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or nominees,
certificates or a book-entry transfer through the Depositary for the full number of shares of Common Stock to which such Holder shall be entitled in satisfaction of the portion of the Company’s Conversion Obligation that consists of shares of
Common Stock, and, on or prior to such issuance, the Company shall give the Conversion Agent notice of the number of shares of Common Stock being so issued and the method by which the issuance shall take place. Any required funds due to a converting
Holder in connection with a Cash Settlement or Combination Settlement shall be delivered to the Paying Agent and such Holder, or such Holder’s nominee or nominees, in accordance with the same procedures that apply in connection with the payment
of the Fundamental Change Repurchase Price as set forth in Section 14.03. 
 (d) In case any Note shall be surrendered for
partial conversion, the Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal
to the unconverted portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment by the converting Holder of a sum sufficient to cover any transfer tax or
similar governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered
for such conversion. 
 (e) If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar
issue or transfer tax due on the 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 

  
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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 13.04, no adjustment shall be made for dividends on any shares 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. The Company’s settlement of the 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 Conversion Date. As a result, accrued and unpaid interest, if any, to, but not including,
the 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, Holders of such Notes as of the close of business on such Regular Record Date will receive the
full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of business
on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment shall be required (1) for conversions following the Regular
Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest
Payment Date; or (3) to the extent of any Defaulted Amounts, if any Defaulted Amounts exist at the time of conversion with respect to such Note. 
 (i) The Person in whose name the certificate for any shares of Common Stock delivered upon conversion is registered 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 (or is deemed to have elected) to satisfy the related
Conversion Obligation by Combination Settlement), as the case may be, in each case solely for the purpose of receiving or participating in any dividend, distribution, issuance, share split or combination, tender or exchange offer or any other event
that would lead to a Conversion Rate adjustment as described in Section 13.04. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

  
 55 

 (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 any fractional share of Common Stock issuable upon conversion based on the Daily VWAP on the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP on the last Trading Day
of the relevant Observation Period (in the case of Combination Settlement). For each Note surrendered for conversion, if the Company has elected (or is deemed to have elected) Combination Settlement, the full number of shares that shall be issued
upon conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the applicable Observation Period and any fractional shares remaining after such computation shall be paid in cash. 

(k) Notwithstanding anything to the contrary herein, no Holder shall be entitled to receive shares of Common Stock upon conversion to the
extent (but only to the extent) that such receipt would cause such converting Holder to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder) of more than 5.0% of the shares of Common Stock outstanding at such time (the “Limitation”). Any purported delivery of shares of Common Stock upon conversion of Notes shall be void and have no effect to the
extent (but only to the extent) that such delivery would result in the converting Holder becoming the beneficial owner of more than the Limitation. If any delivery of shares of Common Stock owed to a Holder upon conversion of Notes is not made, in
whole or in part, as a result of the Limitation, the Company’s obligation to make such delivery shall not be extinguished and the Company shall deliver such shares as promptly as practicable after any such converting Holder gives notice to the
Company that such delivery would not result in it being the beneficial owner of more than 5.0% of the shares of Common Stock outstanding at such time. The Limitation shall no longer apply following the effective date of any Fundamental Change.

 Section 13.03. Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes. (a) If a Make-Whole Fundamental Change occurs and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in
connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the Business Day
immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th
calendar day immediately following the Effective Date of such Make-Whole Fundamental Change). 
 (b) Upon surrender of Notes for
conversion in connection with a Make-Whole Fundamental Change pursuant to Section 13.01(b)(iii), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in
accordance with Section 13.02; 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 is composed entirely of
cash, for any conversion of Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation per $1,000 principal amount of converted Notes 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 

  
 56 

 
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 third Business Day following the Conversion Date. The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective
Date no later than five Business Days after such Effective Date. 
 (c) The number of Additional Shares, if any, by which the
Conversion Rate shall be increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the price (the
“Stock Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change. If the holders of the Common Stock receive only cash in a Make-Whole Fundamental Change described in clause (b) of
the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period ending on, and
including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to
the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during such five consecutive Trading Day period. 

(d) The Stock Prices set forth in the column headings of the table 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 13.04. 
 (e) The following table sets forth the number of Additional Shares to be
received per $1,000 principal amount of Notes pursuant to this Section 13.03 for each Stock Price and Effective Date set forth below. 

  
 57 

																																																					
	 	  	Stock Price	 
	Effective
Date                            	  	$10.34	 	  	$10.50	 	  	$11.00	 	  	$11.50	 	  	$12.00	 	  	$12.50	 	  	$13.00	 	  	$13.50	 	  	$14.00	 	  	$14.50	 	  	$15.00	 	  	$16.00	 	  	$17.00	 
	 April 15, 2011
	  	 	12.6146	  	  	 	11.7130	  	  	 	9.2540	  	  	 	7.2270	  	  	 	5.5710	  	  	 	4.2190	  	  	 	3.1290	  	  	 	2.2590	  	  	 	1.5760	  	  	 	1.0460	  	  	 	0.6430	  	  	 	0.1380	  	  	 	0.0000	  
	 April 15, 2012
	  	 	12.6146	  	  	 	11.1420	  	  	 	8.6060	  	  	 	6.5100	  	  	 	4.8150	  	  	 	3.4560	  	  	 	2.3860	  	  	 	1.5620	  	  	 	0.9440	  	  	 	0.4970	  	  	 	0.1920	  	  	 	0.0000	  	  	 	0.0000	  
	 April 15, 2013
	  	 	12.6146	  	  	 	11.1409	  	  	 	7.8890	  	  	 	5.7720	  	  	 	4.0790	  	  	 	2.7440	  	  	 	1.7240	  	  	 	0.9710	  	  	 	0.4470	  	  	 	0.1160	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 April 15, 2014
	  	 	12.6146	  	  	 	11.1409	  	  	 	7.4740	  	  	 	5.2590	  	  	 	3.5290	  	  	 	2.1980	  	  	 	1.2180	  	  	 	0.5370	  	  	 	0.1210	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 April 15, 2015
	  	 	12.6146	  	  	 	11.1409	  	  	 	6.8119	  	  	 	4.3450	  	  	 	2.5940	  	  	 	1.3360	  	  	 	0.5050	  	  	 	0.0500	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  
	 April 15, 2016
	  	 	12.6146	  	  	 	11.1409	  	  	 	6.8119	  	  	 	2.8593	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The exact Stock
Prices and Effective Dates may not be set forth in the table above, in which case: 
 (i) if the Stock Price is
between two Stock Prices in the table above or the Effective Date is between two Effective Dates in the table, 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 $17.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection
(d) above), no Additional Shares shall be added to the Conversion Rate; and 
 (iii) if the Stock Price is
less than $10.34 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate.

 Notwithstanding the foregoing, in no event shall the total number of shares of Common Stock issuable upon conversion exceed 96.7118 per
$1,000 principal amount of Notes, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 13.04. 
 (f) Nothing in this Section 13.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 13.04 in respect of a Make-Whole Fundamental Change. 

Section 13.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any
of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of a share split or share combination), at the same time and upon the same
terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 13.04, 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. 

  
 58 

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

									
		 	CR1 =	 	CR0 ×	 	OS1	  	
		 	 	 	OS0	  	

  

					
	where,
			
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the
effective date of such share split or share combination, as applicable;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or effective date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date; and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

Any adjustment made under this Section 13.04(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 13.04(a) is declared but
not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or
distribution had not been declared. 
 (b) If the Company issues to all or substantially all holders of its Common Stock any
rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than the average of
the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be adjusted based on the
following formula: 
  

									
		 	CR1 =	 	CR0 ×	 	OS0 + X	  	
		 	 	 	OS0 + Y	  	

  

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

  
 59 

					
	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 13.04(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 13.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for
or purchase shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or
conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 
 (c) If
the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the
Common Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 13.04(a) or Section 13.04(b), (ii) dividends or distributions paid exclusively in cash and
(iii) Spin-Offs as to which the provisions set forth below in this Section 13.04(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 of the Company, the “Distributed Property”), then the Conversion Rate shall be adjusted based on the following formula: 
  

									
		 	CR1 =	 	CR0 ×	 	      
SP0      	  	
		 	 	 	SP0 – FMV	  	

  

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

  
 60 

					
			
	CR1	  	=	    	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	    	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
			
	FMV	  	=	    	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for
such distribution.

 Any increase made under the portion of this Section 13.04(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 dividend
or 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 of Distributed Property such Holder would have received if such Holder owned a number of shares of
Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any distribution for purposes of this Section 13.04(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 13.04(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 adjusted based on the following
formula: 
  

															
		 	CR1	  	=	  	CR0	  	×	  	FMV0+ 
MP0

		 		  		  		  		  		  	MP0

  

					
	where,	  	 	    	 
			
	CR0	  	=	    	the Conversion Rate in effect immediately prior to the close of business on the last Trading Day of the Valuation Period;
			
	CR1	  	=	    	the Conversion Rate in effect immediately after the close of business on the last Trading Day 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

  
 61 

					
			
		  		    	Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive
Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	    	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The adjustment to the Conversion Rate under the preceding paragraph shall occur on the last Trading Day of the Valuation Period; provided that in respect of any conversion during the Valuation
Period, references in the portion of this Section 13.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the
Conversion Date in determining the Conversion Rate. 
 For purposes of this Section 13.04(c) (and subject in all respect to
Section 13.11), rights, options or warrants distributed by the Company to all holders of its 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 13.04(c) (and no adjustment to the Conversion Rate under this
Section 13.04(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 13.04(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 13.04(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. 

  
 62 

 For purposes of Section 13.04(a), Section 13.04(b) and this Section 13.04(c),
any dividend or distribution to which this Section 13.04(c) is applicable that also includes one or both of: 
 (A) a dividend or distribution of shares of Common Stock to which Section 13.04(a) is applicable (the “Clause A Distribution”); or 

(B) a dividend or distribution of rights, options or warrants to which Section 13.04(b) is applicable (the
“Clause B Distribution”), 
 then (1) such dividend or distribution, other than the Clause A Distribution and the Clause B
Distribution, shall be deemed to be a dividend or distribution to which this Section 13.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 13.04(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 13.04(a) and
Section 13.04(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 13.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 13.04(b). 

(d) If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, other than a regular, quarterly
cash dividend that does not exceed $0.22 per share (the “Initial Dividend Threshold”), the Conversion Rate shall be adjusted based on the following formula: 

 

															
		 	CR1	  	=	  	CR0	  	×	  	SP0  – T
		 		  		  		  		  	SP0 – C	  	

  

					
	where,	  	 	    	 
			
	CR0	  	=	    	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CR1	  	=	    	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	SP0	  	=	    	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;

  
 63 

					
	T	  	=	    	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly cash dividend, the
Initial Dividend Threshold shall be deemed to be
zero; and
			
	C	  	=	    	the amount in cash per share the Company distributes to holders of its Common Stock.

 The Initial Dividend Threshold shall be subject to adjustment in a manner inversely proportional to adjustments to the Conversion Rate; provided that no adjustment shall be made to the Initial
Dividend Threshold for any adjustment to the Conversion Rate pursuant to this Section 13.04(d). 
 Any increase
pursuant to this Section 13.04(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 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, to the extent
that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the Last Reported Sale Price of the Common Stock on 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 adjusted based on the following formula: 
  

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

 

					
	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;
			
	CR1	  	=	    	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange
offer expires;
			
	AC	  	=	    	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or
exchange offer;

  
 64 

					
	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);
			
	OS1	  	=	    	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
			
	SP1	  	=	    	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the
date such tender or exchange offer expires.

 The adjustment to the Conversion Rate under this Section 13.04(e) shall occur
at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any conversion within the 10 Trading Days
immediately following, and including, the expiration date of any tender or exchange offer, references in this Section 13.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed
between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate. 
 (f)
Notwithstanding this Section 13.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and
on or prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related Conversion Date as described under Section 13.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date,
then, notwithstanding the Conversion Rate adjustment provisions in this Section 13.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if
such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

(g) Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of its Common Stock or any
securities convertible into or exchangeable for shares of its Common Stock or the right to purchase shares of its 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 13.04, 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, but subject to the same limitations set forth in the immediately preceding sentence, 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 

  
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distribution of shares (or rights to acquire shares) or similar event. Whenever the Conversion Rate is adjusted pursuant to either of the preceding two sentences, the Company shall mail to the
Holder of each Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior to the date the adjusted Conversion Rate takes effect, and such notice shall state the adjusted Conversion Rate and the period
during which it will be in effect. 
 (i) Notwithstanding anything to the contrary in this Article 13, the Conversion Rate shall
not be adjusted: 
 (i) upon the issuance of any shares of Common Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

(ii) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present
or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 
 (iii) upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible security not described in clause (ii) of this subsection
and outstanding as of the date the Notes were first issued; 
 (iv) solely for a change in the par value of the
Common Stock or a change in the Company’s jurisdiction of incorporation; or 
 (v) for accrued and unpaid
interest, if any. 
 (j) All calculations and other determinations under this Article 13 shall be made by the Company and shall
be made to the nearest one-ten thousandth (1/10,000) of a share. The Company shall not be required to make an adjustment in the Conversion Rate unless the adjustment would require a change of at least 1% in the Conversion Rate. However, the
Company shall carry forward any adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustment, regardless of whether the aggregate adjustment is less than 1%, on the Conversion Date for any Notes and on each
Trading Day of any Observation Period for any converted Notes. 
 (k) Whenever the Conversion Rate is adjusted as herein
provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an 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 Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry
that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the
date on which each adjustment becomes effective and the Trustee, on the Company’s behalf, shall mail such notice of such adjustment of the Conversion Rate to each Holder at its last address appearing on the Note Register of this Indenture.
Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

  
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 Section 13.05. Adjustments of Prices. Whenever any provision of this Indenture
requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including an Observation Period and the period for determining the Stock
Price for purposes of a Make- Whole Fundamental Change), the Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the
Conversion Rate where the Ex-Dividend Date of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

Section 13.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but
unissued shares, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming that at the time of computation of such number of shares, all such Notes would be
converted by a single Holder and that Physical Settlement is applicable). 
 Section 13.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock. 
 (a) In the case of: 

(i) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination or a change solely in par value), 
 (ii) any consolidation, merger or combination involving the
Company, 
 (iii) any sale, lease or other transfer to a third party of all or substantially all of the Company
and the Company’s Subsidiaries’ consolidated assets or 
 (iv) any statutory share exchange,

 in each case, as a result of which the Common Stock then outstanding would be converted into, or exchanged for, stock, other securities,
other property or assets (including cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 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 Merger Event would have owned or been entitled to receive (the “Reference Property”, with each “unit of Reference Property” meaning the kind and amount of
Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall
execute with the Trustee a supplemental indenture permitted under Section 10.01(f) 

  
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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 Merger 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 13.02 and (B) (I) any amount payable in cash upon conversion of
the Notes in accordance with Section 13.02 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 13.02 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 Merger Event and (III) the Daily VWAP shall be calculated based on the value of a
unit of Reference Property. 
 If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to
receive more than a single type of consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be the weighted average of the types
and amounts of consideration received by the holders of Common Stock that affirmatively make such an election, 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 receive only cash in such Merger Event, then for all conversions that occur after the effective date of such Merger Event (x) 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 13.03), multiplied by the price
paid per share of Common Stock in such Merger Event and (y) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the third Business Day immediately following the relevant Conversion Date. The Company shall
notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 
 Such supplemental indenture described in the second immediately preceding paragraph shall provide for adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this
Article 13. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any combination thereof) of a Person other than the successor or purchasing corporation, as
the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Board of Directors shall
reasonably consider necessary by reason of the foregoing, including to the extent required by the Board of Directors and practicable the provisions providing for the purchase rights set forth in Article 14. 

(b) In the event the Company shall execute a supplemental indenture pursuant to subsection (a) of this Section 13.07, 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 the Reference Property after any such Merger Event, any
adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be mailed
to each Holder, at its address appearing on the Note Register provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture.

  
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 (c) The Company shall not become a party to any Merger Event unless its terms are consistent
with this Section 13.07 in all material respects. 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 13.01 and Section 13.02 prior to the effective date of such Merger Event. 
 (d)
The above provisions of this Section shall similarly apply to successive Merger Events. 
 (e) In connection with any Merger
Event, the Initial Dividend Threshold shall be subject to adjustment as described in clause (i), clause (ii) or clause (iii) below, as the case may be. 

(i) In the case of a Merger Event in which the Reference Property (determined, as appropriate, pursuant to subsection
(a) above and excluding any dissenters’ appraisal rights) is composed entirely of shares of common stock (the “Merger Common Stock”), the Initial Dividend Threshold at and after the effective time of such Merger Event will
be equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Merger Event, divided by (y) the number of shares of Merger Common Stock that a holder of one share of Common Stock would receive in such
Merger Event (such quotient rounded down to nearest cent). 
 (ii) In the case of a Merger Event in which the
Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed in part of shares of Merger Common Stock, the Initial Dividend Threshold at and after the
effective time of such Merger Event will be equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Merger Event, multiplied by (y) the Merger Valuation Percentage for such Merger Event (such
product rounded down to nearest cent). 
 (iii) For the avoidance of doubt, in the case of a Merger Event in
which the Reference Property (determined, as appropriate, pursuant to subsection (a) above and excluding any dissenters’ appraisal rights) is composed entirely of consideration other than shares of common stock, the Initial Dividend
Threshold at and after the effective time of such Merger Event will be equal to zero. 
 Section 13.08. 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 (other than those created by the Holder)
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 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 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 13.09. Responsibility of Trustee. The Trustee (including in its capacity as Conversion Agent) 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
(including in its capacity as Conversion Agent) 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 13.07 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 13.07 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 13.01(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 13.01(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 13.01(b). 

Section 13.10. 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 13.04 or Section 13.11; 
 (b) Merger Event; or 

  
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 (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 mailed to each Holder at its address appearing on the Note Register, as promptly as possible but in any event at least 20 days prior to
the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the
holders of Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become
effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or
winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 

Section 13.11. Stockholder Rights Plans. To the extent that the Company has a 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. If at the time of conversion, however, the rights have separated from the shares of Common Stock in accordance with
the provisions of the applicable stockholder rights plan so that the Holders would not be entitled to receive any rights in respect of Common Stock, if any, issuable upon conversion of the Notes, the Conversion Rate shall be adjusted at the time of
separation as if the Company distributed to all or substantially all holders of Common Stock Distributed Property as provided in Section 13.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.

 Section 13.12. Limit on Issuance of Shares of Common Stock Upon Conversion. Notwithstanding anything to the
contrary in this Indenture, if an event occurs (including pursuant to Section 13.03 and subsections Section 13.04(b), Section 13.04(c), Section 13.04(d), Section 13.04(e) and Section 13.04(h) of Section 13.04) that
would result in an increase in the Conversion Rate by an amount in excess of limitations imposed by any shareholder approval rules or listing standards of any national or regional securities exchange (including the NASDAQ Global Select Market) that
are applicable to the Company, the Company will, at its option, either obtain stockholder approval of any issuance of Common Stock upon conversion of the Notes in excess such limitations or deliver cash in lieu of any shares of Common Stock
otherwise deliverable upon conversions in excess of such limitations based on the Daily VWAP on each Trading Day of the relevant Observation Period in respect of which, in lieu of delivering shares of Common Stock, the Company delivers cash pursuant
to this Section 13.12. 

  
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 ARTICLE 14 
 REPURCHASE OF NOTES AT OPTION OF HOLDERS 

Section 14.01. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental Change Company Notice (with such Fundamental Change Repurchase
Date being subject to postponement by a number of days by which the Company’s Fundamental Change Repurchase Notice is delivered to Holders beyond the deadline set forth in Section 14.01(c)), at a repurchase price equal to 100% of the
principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls
after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular
Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this Article 14. 
 (b) Repurchases of Notes under this Section 14.01 shall be made, at the option of the Holder thereof, upon: 
 (i) delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached
hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business
Day immediately preceding the Fundamental Change Repurchase Date; and 
 (ii) delivery of the Notes, if the Notes
are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry transfer of the
Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

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

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

(ii) the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof;
and 
 (iii) that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the
Notes and this Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply
with appropriate Depositary procedures. 

  
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 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent a
Fundamental Change Repurchase Notice contemplated by this Section 14.01 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 14.02. 
 The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof 

(c) On or before the 20th calendar day after (i) the date that the Company knew or reasonably should have known that the Fundamental
Change occurred, in the case of a Fundamental Change described under clause (a) of the definition thereof, or (ii) the date the Fundamental Change occurred, in the case of any other Fundamental Change, the Company shall provide to all
Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change and of
the repurchase right at the option of the Holders arising as a result thereof. Such notice shall be by first class mail or, in the case of Global Notes, in accordance with the applicable procedures of the Depositary. Simultaneously with providing
such notice, the Company shall publish a notice containing the information set forth in the Fundamental Change Company Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website or
through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify: 
 (i) the events causing the Fundamental Change; 
 (ii) the date of
the Fundamental Change; 
 (iii) the last date on which a Holder may exercise the repurchase right pursuant to
this Article 14; 
 (iv) the Fundamental Change Repurchase Price; 

(v) the Fundamental Change Repurchase Date; 

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

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

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

  
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 (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 14.01. 
 At the Company’s request, the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases, the text of such Company
Notice shall be prepared by the Company. 
 (d) Notwithstanding the foregoing, no Notes may be repurchased by the Company on any
date at the option of the Holders upon a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the
procedures of the Depositary shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 14.02. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be
withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section 14.02 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, 
 (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. 

  
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 Section 14.03. Deposit of Fundamental Change Repurchase Price. (a) The
Company, or its designee, will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to
10:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. If any such designee does not deposit an
amount of money sufficient to repurchase all of such Notes by the deadline set forth in the immediately preceding sentence and the Company does not otherwise deposit such an amount by such deadline, such failure by the designee shall be treated for
all purposes of this Indenture as failure by the Company to make such deposit. In addition, failure by the Company to designate a designee to make the deposit required by the second immediately preceding sentence shall not relieve the Company of its
obligation to so deposit such an amount of money. Subject to extension if necessary to comply with the provisions of the Investment Company Act, 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 with respect to such Note (provided the Holder has satisfied the conditions in
Section 14.01) and (ii) the time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 14.01 by mailing checks for
the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Trustee shall, promptly after a Fundamental Change Repurchase Date, return to the Company any funds in excess of the Fundamental Change Repurchase Price of the Notes, or portions thereof, that the Company is obligated
to purchase on the applicable Fundamental Change Repurchase Date. 
 (b) If by 10:00 a.m. New York City time, on the Fundamental
Change Repurchase Date, the Trustee (or other Paying Agent appointed by the Company) holds money sufficient to pay the Fundamental Change Repurchase Price of all the Notes or portions thereof for which Holders have surrendered and not withdrawn
Fundamental Change Repurchase Notices on such Fundamental Change Repurchase Date, then (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been
made or the Notes have been delivered to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price upon delivery or transfer of
the Notes). 
 (c) Upon surrender of a Note that is to be repurchased in part pursuant to Section 14.01, 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 14.04. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer
pursuant to a Fundamental Change Repurchase Notice, the Company will, if required: 
 (a) comply with the provisions of Rule
13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable; 
 (b) file a Schedule TO
or any successor or similar schedule; and 

  
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 (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 14 to be exercised in the
time and in the manner specified in this Article 14. 
 ARTICLE 15 

NO REDEMPTION 
 Section 15.01. No Redemption. The Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the Notes. 

ARTICLE 16 

MISCELLANEOUS PROVISIONS 
 Section 16.01. 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 16.02. 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 16.03.
Addresses for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made,
for all purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Hercules Technology Growth Capital,
Inc., 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301, Attention: H. Scott Harvey, Chief Legal Officer. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all
purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office. 
 The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so
mailed within the time prescribed. 
 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. 

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

Section 16.04. Governing Law. 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 (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION). 
 Section 16.05. 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, if requested by the Trustee, furnish to the Trustee an Officers’ Certificate
stating that such action is permitted by the terms of this Indenture. 
 Each Officers’ Certificate provided for, by or on
behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.09) shall include (a) a statement that the Person
making such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a
statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a
statement as to whether or not, in the judgment of such Person, such action is permitted by this Indenture. 
 Notwithstanding
anything to the contrary in this Section 16.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company
hereunder, the Trustee shall be entitled to, or entitled to request, such Opinion of Counsel. 
 Section 16.06. Legal
Holidays. In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Conversion Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the
next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay. 
 Section 16.07. 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. 

  
 77 

 Section 16.08. Benefits of Indenture. Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture. 
 Section 16.09. 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 16.10. 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 14.03 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, without the
execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by
giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this
Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Holders as the names and addresses of such
Holders appear on the Note Register. 
 The Company agrees to pay to the authenticating agent from time to time reasonable
compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02, Section 7.03, Section 7.04, Section 8.03 and this Section 16.10 shall be applicable to any authenticating agent. 

  
 78 

 If an authenticating agent is appointed pursuant to this Section, the Notes may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

	
	                             
                                       
,
	as Authenticating Agent, certifies that this is one of the Notes
	described in the within-named Indenture.

  

			
	By:	 	  

	Authorized Officer

Section 16.11. 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. 
 Section 16.12.
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 16.13. 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 TRANSACTION CONTEMPLATED HEREBY. 

Section 16.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 16.15. Calculations. Except as otherwise provided in Section 13.01(b)(i), the Company shall be responsible for
making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, accrued interest payable on the Notes and the Conversion Rate of the Notes.
The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee
and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s calculations
to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. 

  
 79 

 Section 16.16. No Adverse Interpretation of Other Agreements. Other than the
Notes and any supplemental indenture hereto, this Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or any of its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not
be used to interpret this Indenture. 
 [Remainder of page intentionally left blank] 

  
 80 

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

			
	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
		
	By:	 	 /s/ David M. Lund

		 	Name: David M. Lund
		 	Title: Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Ralph J. Creasia, Jr.

		 	Name: Ralph J. Creasia, Jr.
		 	Title: Vice President

  

  

[Signature Page to Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF NOTE] 
 [INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]

 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT 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”) OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR ANY STATE
SECURITIES LAWS OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, AND NOT SUBJECT TO, REGISTRATION. 
 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 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER,
SELL, ASSIGN, TRANSFER, PLEDGE, ENCUMBER OR OTHERWISE DISPOSE OF 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) THE COMPANY OR ANY CONSOLIDATED SUBSIDIARY THEREOF, OR 

  
 A-1

 (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 (2)(D) ABOVE, THE COMPANY, THE TRUSTEE AND THE TRANSFER AGENT, IN THE CASE OF ANY COMMON STOCK ISSUED UPON CONVERSION OF THE NOTES, 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 AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF THE COMPANY OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) OF THE COMPANY DURING THE THREE IMMEDIATELY PRECEDING MONTHS MAY RESELL THIS NOTE OR A BENEFICIAL INTEREST HEREIN. 

  
 A-2

 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

6.00% Convertible Senior Note due 2016 
  

			
	 No. [            ]
	  	Initially $[            ]

 CUSIP No. [            ] 
 Hercules Technology Growth Capital, Inc., a corporation duly organized and validly existing under the laws of the State of Maryland (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.], or registered assigns, the principal sum as set forth in the “Schedule of Exchanges of
Notes” attached hereto, which amount, taken together with the principal amount of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $75,000,000 in aggregate at any time (or up to $90,000,000 if the Initial
Purchaser exercises its option to purchase additional Notes as set forth in the Purchase Agreement), in accordance, so long as this Note is a Global Note, with the rules and procedures of the Depositary, on April 15, 2016, and interest thereon
as set forth below. 
 This Note shall bear interest at the rate of 6.00% per year from April 15, 2011, or from the
most recent date to which interest had been paid or provided for. Interest is payable semi-annually in arrears on each April 15 and October 15, commencing on October 15, 2011, to Holders of record at the close of business on the
preceding April 1 and October 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d) and Section 6.03 of the within-mentioned Indenture, and any reference
to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d) or Section 6.03 and any express
mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

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

 The Company shall pay the principal of and interest on this Note, 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 agency in New York, New York as a place where
Notes may be presented for payment or for registration of transfer. 

  
 A-3

 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 (without regard to the
conflicts of laws provisions thereof that would cause the application of the laws of another jurisdiction). 
 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 manually signed 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. 

 

			
	 HERCULES TECHNOLOGY GROWTH
 CAPITAL, INC.

		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

 

			
	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 Officer

  
 A-5

 [FORM OF REVERSE OF NOTE] 

HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 
 6.00% Convertible Senior Note due 2016 
 This Note is one of a duly
authorized issue of Notes of the Company, designated as its 6.00% Convertible Senior Notes due 2016 (the “Notes”), limited to the aggregate principal amount of $75,000,000 (or up to $90,000,000 if the Initial Purchaser exercises its option
to purchase additional Notes as set forth in the Purchase Agreement) all issued or to be issued under and pursuant to an Indenture dated as of April 15, 2011 (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. 
 In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least
25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 

Subject to the terms and conditions of the Indenture, the Company will make all payments in respect of the Fundamental Change Repurchase
Price and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at
the time of payment is legal tender for payment of public and private debts. 
 The Indenture contains provisions permitting the
Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of
a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

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

  
 A-6

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

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

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

Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, during certain periods and upon the
occurrence of certain conditions specified in the Indenture, prior to the close of business on the 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. 

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

  
 A-7

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in
full according to applicable laws or regulations: 
 TEN COM = as tenants in common 
 UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST = Custodian 

TEN ENT = as tenants by the entireties 
 JT TEN
= joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not
in the above list. 

  
 A-8

 SCHEDULE A 
 SCHEDULE OF EXCHANGES OF NOTES 
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

 6.00% Convertible Senior Notes due 2016 
 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

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

  
 A-9

 ATTACHMENT 1 
 [FORM OF NOTICE OF CONVERSION] 
 To:
[            ] 
 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 transfer or similar taxes in accordance with Section 13.02(d) of the Indenture. Any amount required to be paid to the undersigned on account of
interest accompanies this Note. 
  

			
	Dated:                    	  	  

		
		  	  

		  	Signature(s)

  

	
	  

	Signature Guarantee

 Signature(s) must be guaranteed by

 an eligible Guarantor Institution 

(banks, stock brokers, savings and 
 loan
associations and credit unions) 
 with membership in an approved 
 signature guarantee medallion 
 program pursuant to Securities and 

Exchange Commission Rule 17Ad-15 
 if shares of
Common Stock are 
 to be issued, or Notes are to be 
 delivered, other than to and in the 
 name of the registered holder. 

 

  
 1 

 Fill in for registration of shares if to 
 be issued, and Notes if to be 
 delivered, other than to and in the 

name of the registered holder: 
  

	
	  

	(Name)
	
	  

	(Street Address)
	
	  

	(City, State and Zip Code)
	Please print name and address

  

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

	Social Security or Other Taxpayer Identification Number

  

  
 2 

 ATTACHMENT 2 
 [FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
 To:
[            ] 
 The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from Hercules Technology Growth Capital, 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 the applicable provisions of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that
is $1,000 principal amount or an integral multiple thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record Date and on or prior to the corresponding Interest Payment
Date, accrued and unpaid interest, if any, thereon to, but excluding, such Fundamental Change Repurchase Date. 
 In the case of
Physical Notes, the certificate numbers of the Notes to be repurchased are as set forth below. 

Dated:                     

 

	
	  

	Signature(s)
	
	  

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

  

  
 1 

 ATTACHMENT 3 
 [FORM OF ASSIGNMENT AND TRANSFER] 
 For value received
                                         
                                         
                                         
                          hereby sell(s), assign(s) and transfer(s) unto
                                         
                        (Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby
irrevocably constitutes and appoints attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 
 In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that such Note is
being transferred: 
  

	 ̈	To Hercules Technology Growth Capital, 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 

 

	 ̈	To a qualified institutional buyer 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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