Document:

EX-4.1

 Exhibit 4.1 

Team, Inc. 
 5.00%
Convertible Senior Notes due 2023 
 Supplemental Indenture 

Dated as of January 13, 2022 

Truist Bank 
 As Trustee

 This SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of January 13, 2022, is between Team,
Inc., a Delaware corporation (the “Company”), and Truist Bank, as trustee (in such capacity, together with its successors in such capacity, the “Trustee”). 

RECITALS 
 WHEREAS, the
Company and the Trustee (formerly known as Branch Banking and Trust Company) have entered into an Indenture, dated as of July 31, 2017 (the “Indenture”); 

WHEREAS, the Company desires to amend and supplement the Indenture as contemplated by Articles 2 and 3 of this Supplemental Indenture; 

WHEREAS, Section 10.01 of the Indenture provides that the Company and the Trustee may, in certain circumstances, amend or supplement the
Indenture or the Securities without the consent of any Holder, and Section 10.02 of the Indenture provides that the Company and the Trustee may, in certain circumstances, amend or supplement the Indenture or the Securities with the written
consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding, subject to Section 2.09 of the Indenture; 

WHEREAS, the Holders of a majority in aggregate principal amount of the Securities have validly consented to the amendments set forth in this
Supplemental Indenture, pursuant to and in accordance with the Instruction Letter, dated January 5, 2022, the Consent of Participant, dated January 5, 2022, and the Consent of Noteholder, dated January 5, 2022; 

WHEREAS, the consent of each Holder is required to modify and substitute such Holder’s Securities for the PIK Securities (as defined in
Exhibit A hereto), and each Holder that has validly consented to the amendments set forth in this Supplemental Indenture has agreed to modify and substitute such Holder’s Securities for the PIK Securities; 

WHEREAS, this Supplemental Indenture is authorized pursuant to Sections 10.01 and 10.02 of the Indenture; 

WHEREAS, the Company has, pursuant to Section 10.05 of the Indenture, furnished the Trustee with an Officers’ Certificate and an
Opinion of Counsel complying with the requirements of Sections 13.02 of the Indenture; 

  
 A-1 

 WHEREAS, the Trustee is authorized to execute and deliver this Supplemental Indenture; and

 WHEREAS, all acts and things prescribed by the Indenture, by law and by the Articles of Incorporation and the Bylaws (or comparable
constituent documents) of the Company and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Company and the Trustee, in accordance with its terms, have been duly done and performed. 

NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Company and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders of the Securities as follows: 
 ARTICLE 1 

Section 1.01 Capitalized Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Indenture. 

Section 1.02 Relation to Indenture. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of,
and shall be construed in connection with and as part of, the Indenture for any and all purposes. 
 Section 1.03 Effectiveness of Supplemental
Indenture. This Supplemental Indenture shall become effective immediately upon its execution and delivery by the Company and the Trustee. 

ARTICLE 2 
 Section 2.01 The
Indenture shall be amended to give effect to the amendments set forth on Exhibit A. 
 ARTICLE 3 

Section 3.01 Ratification of Obligations. Except as specifically modified herein, the Indenture and the Securities are in all respects ratified
and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms. 
 Section 3.02 The Trustee.
Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted
by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The recitals
above shall constitute statements of the Company, and the Trustee does not assume any responsibility for their accuracy. 
 The Trustee does
not make any representation as to the validity or sufficiency of this Supplemental Indenture. 

  
 A-2 

 Section 3.03 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 3.04 Counterparts. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute the effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes. 
 [Signatures on following pages] 

  
 A-3 

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

			
	Team, Inc.
		
	By:	 	/s/ André C. Bouchard
		 	Name: André C. Bouchard
		 	Title: Executive Vice President, Chief Legal
		 	Officer and Secretary
	
	Truist Bank, as Trustee
		
	By:	 	/s/ Susan K. Baker
		 	Name: Susan K. Baker
		 	Title: Vice President

  
 A-4 

 Exhibit A 

Amendments 
 [Attached] 

  
 A-5 

  

 
 TEAM, INC. 

5.00% CONVERTIBLE SENIOR NOTES DUE 2023 
  

 
 INDENTURE 

DATED AS OF JULY 31, 2017 
  

 
 BRANCH BANKING AND
TRUIST
 COMPANYBANK
, 
 AS TRUSTEE 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
	 Section 1.01
	  	Definitions	  	 	1	 
	 Section 1.02
	  	Other Definitions	  	 	9	 
	 Section 1.03
	  	Rules of Construction	  	 	910	 
	 Section 1.04
	  	References to Additional Interest	  	 	10	 
		
	ARTICLE 2 THE SECURITIES	  	 	10	 
	 Section 2.01
	  	Designation and Amount	  	 	10	 
	 Section 2.02
	  	Form and Dating	  	 	101	 
	 Section 2.03
	  	Execution and Authentication; Payments of Interest and Defaulted Amounts	  	 	112	 
	 Section 2.04
	  	Registrar, Paying Agent and Conversion Agent	  	 	14	 
	 Section 2.05
	  	Paying Agent to Hold Money in Trust	  	 	134	 
	 Section 2.06
	  	Holder	  	 	14	 
	 Section 2.07
	  	Transfer and Exchange; Transfer Restrictions	  	 	145	 
	 Section 2.08
	  	Replacement Securities	  	 	189	 
	 Section 2.09
	  	Outstanding Securities	  	 	1920	 
	 Section 2.10
	  	Treasury Securities	  	 	1920	 
	 Section 2.11
	  	Temporary Securities	  	 	1920	 
	 Section 2.12
	  	Cancellation; Repurchase	  	 	1920	 
	 Section 2.13
	  	Additional Transfer and Exchange Requirements	  	 	201	 
	 Section 2.14
	  	CUSIP Numbers	  	 	223	 
	 Section 2.15
	  	Additional Securities	  	 	223	 
	
Section 2.16
	  	Payment of PIK Interest	  	 	24	 
		
	ARTICLE 3 REDEMPTION; REPURCHASE UPON A FUNDAMENTAL CHANGE	  	 	234	 
	 Section 3.01
	  	Optional Redemption	  	 	234	 
	 Section 3.02
	  	Notice of Optional Redemption; Selection of Securities	  	 	234	 
	 Section 3.03
	  	Payment of Securities Called for Redemption	  	 	246	 
	 Section 3.04
	  	Restrictions on Redemption	  	 	256	 
	 Section 3.05
	  	Repurchase At Option of The Holder Upon A Fundamental Change	  	 	256	 
	 Section 3.06
	  	Compliance With Securities Laws Upon Purchase of Securities	  	 	279	 
	 Section 3.07
	  	No Repurchase Upon Acceleration	  	 	289	 
	 Section 3.08
	  	Repayment to the Company	  	 	289	 
	 Section 3.09
	  	Partial Repurchase	  	 	2830	 
		
	ARTICLE 4 CONVERSION	  	 	2830	 
	 Section 4.01
	  	Conversion Rights	  	 	2830	 
	 Section 4.02
	  	Settlement Upon Conversion; Conversion Procedures	  	 	312	 
	 Section 4.03
	  	Adjustment to Conversion Rate Upon Conversion Upon a Make-Whole Fundamental Change	  	 	357	 
	 Section 4.04
	  	Conversion Rate Adjustments	  	 	379	 

  
 i 

							
	 Section 4.05
	  	Adjustments of Prices	  	 	467	 
	 Section 4.06
	  	Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	468	 
	 Section 4.07
	  	Cancellation of Converted Securities	  	 	4850	 
	 Section 4.08
	  	Stockholders Rights	  	 	4850	 
	 Section 4.09
	  	Trustee’s Disclaimer	  	 	4951	 
	 Section 4.10
	  	Exchange in Lieu of Conversion	  	 	501	 
		
	ARTICLE 5 COVENANTS	  	 	502	 
	 Section 5.01
	  	Payment on the Securities	  	 	502	 
	 Section 5.02
	  	SEC Reports and Rule 144A Information Requirement	  	 	503	 
	 Section 5.03
	  	Compliance Certificates	  	 	524	 
	 Section 5.04
	  	Further Instruments and Acts	  	 	535	 
	 Section 5.05
	  	Maintenance of Corporate Existence	  	 	535	 
	 Section 5.06
	  	Stay, Extension and Usury Laws	  	 	535	 
		
	 ARTICLE 6 CONSOLIDATION, MERGER, SALE, CONVEYANCE, ASSIGNMENT, TRANSFER, LEASE OR
OTHER DISPOSITION
	  	 	535	 
	 Section 6.01
	  	Company May Consolidate, Etc., Only on Certain Terms	  	 	535	 
	 Section 6.02
	  	Successor Substituted	  	 	546	 
		
	ARTICLE 7 DEFAULT AND REMEDIES	  	 	546	 
	 Section 7.01
	  	Events of Default	  	 	546	 
	 Section 7.02
	  	Acceleration	  	 	558	 
	 Section 7.03
	  	Other Remedies	  	 	568	 
	 Section 7.04
	  	Additional Interest	  	 	568	 
	 Section 7.05
	  	Waiver of Defaults and Events of Default	  	 	579	 
	 Section 7.06
	  	Control by Majority	  	 	579	 
	 Section 7.07
	  	Limitations on Suits	  	 	5760	 
	 Section 7.08
	  	Rights of Holders to Receive Payment and to Convert	  	 	5860	 
	 Section 7.09
	  	Collection Suit By Trustee	  	 	5860	 
	 Section 7.10
	  	Trustee May File Proofs of Claim	  	 	5861	 
	 Section 7.11
	  	Application of Monies Collected by Trustee	  	 	5961	 
	 Section 7.12
	  	Undertaking For Costs	  	 	5962	 
		
	ARTICLE 8 TRUSTEE	  	 	602	 
	 Section 8.01
	  	Duties of Trustee	  	 	602	 
	 Section 8.02
	  	Rights of Trustee	  	 	613	 
	 Section 8.03
	  	Individual Rights of Trustee	  	 	625	 
	 Section 8.04
	  	Trustee’s Disclaimer	  	 	635	 
	 Section 8.05
	  	Notice of Default or Events of Default	  	 	635	 
	 Section 8.06
	  	Compensation and Indemnity	  	 	635	 
	 Section 8.07
	  	Replacement of Trustee	  	 	646	 
	 Section 8.08
	  	Successor Trustee by Merger, Etc.	  	 	657	 
	 Section 8.09
	  	Eligibility; Disqualification	  	 	657	 

  
 ii 

							
	ARTICLE 9 SATISFACTION AND DISCHARGE OF INDENTURE	  	 	657	 
	 Section 9.01
	  	Satisfaction And Discharge Of Indenture	  	 	657	 
	 Section 9.02
	  	Application of Trust Money	  	 	668	 
	 Section 9.03
	  	Repayment to Company	  	 	668	 
	 Section 9.04
	  	Reinstatement	  	 	668	 
		
	ARTICLE 10 AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	669	 
	 Section 10.01
	  	Without Consent of Holders	  	 	669	 
	 Section 10.02
	  	With Consent of Holders	  	 	670	 
	 Section 10.03
	  	Revocation and Effect of Consents	  	 	6971	 
	 Section 10.04
	  	Notation on or Exchange of Securities	  	 	6971	 
	 Section 10.05
	  	Trustee to Sign Amendments, Etc.	  	 	6972	 
	 Section 10.06
	  	Effect of Supplemental Indentures	  	 	6972	 
		
	ARTICLE 11 CONCERNING THE HOLDERS	  	 	6972	 
	 Section 11.01
	  	Action by Holders	  	 	6972	 
	 Section 11.02
	  	Proof of Execution by Holders	  	 	702	 
	 Section 11.03
	  	Who Are Deemed Absolute Owners	  	 	702	 
	 Section 11.04
	  	Revocation of Consents; Future Holders Bound	  	 	703	 
		
	ARTICLE 12 HOLDERS’ MEETINGS	  	 	713	 
	 Section 12.01
	  	Purpose of Meetings	  	 	713	 
	 Section 12.02
	  	Call of Meetings by Trustee	  	 	714	 
	 Section 12.03
	  	Call of Meetings by Company or Holders	  	 	714	 
	 Section 12.04
	  	Qualifications for Voting	  	 	724	 
	 Section 12.05
	  	Regulations	  	 	724	 
	 Section 12.06
	  	Voting	  	 	725	 
	 Section 12.07
	  	No Delay of Rights by Meeting	  	 	735	 
		
	ARTICLE 13 MISCELLANEOUS	  	 	735	 
	 Section 13.01
	  	Notices	  	 	735	 
	 Section 13.02
	  	Certificate and Opinion as to Conditions Precedent	  	 	747	 
	 Section 13.03
	  	Business Days	  	 	757	 
	 Section 13.04
	  	Governing Law	  	 	758	 
	 Section 13.05
	  	No Adverse Interpretation of Other Agreements	  	 	758	 
	 Section 13.06
	  	No Personal Liability of Directors, Officers, Employees or Stockholders	  	 	758	 
	 Section 13.07
	  	Successors	  	 	758	 
	 Section 13.08
	  	Multiple Counterparts	  	 	758	 
	 Section 13.09
	  	Separability	  	 	758	 
	 Section 13.10
	  	Table of Contents, Headings, Etc.	  	 	768	 
	 Section 13.11
	  	Waiver of Jury Trial	  	 	768	 
	 Section 13.12
	  	Calculations	  	 	768	 

  
 iii 

 EXHIBIT 
  

					
	EXHIBIT A	  	FORM OF SECURITY	  	A-1
			
	EXHIBIT B	  	FORM OF PIK SECURITY	  	B-1

  
 iv 

 INDENTURE, dated as of July 31, 2017 between TEAM, INC., a Delaware corporation (the
“Company”), and BRANCH BANKING AND TRUST
COMPANYTRUIST BANK
 (formerly known as Branch Banking and Trust Company), as Trustee (the “Trustee”). 

The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of (i) the Company’s 5.00% Convertible Senior Notes due 2023 (as
are issued under this Indenture, and as amended or supplemented from time to time, the
“Securities”) and (ii) Additional Securities (as defined herein). 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

“Additional Interest” means all amounts, if any, payable pursuant to Section 5.02(d), Section 5.02(e) or
Section 7.04. 

“
Additional Securities” means
 Securities (other than the Initial Securities and PIK Interest Securities (as defined herein)) issued pursuant to Article 2 and otherwise in compliance with the provisions of this Indenture. The Initial Securities, any PIK Securities, PIK Interest
Securities and any Additional Securities subsequently issued under this Indenture shall be treated as a single class of securities for all purposes under this Indenture, including, without limitation, directions, waivers, amendments, consents,
redemptions and offers to purchase. 
 “Affiliate” means, with
respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used
with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Agent” means any Registrar, Paying Agent or
Conversion Agent. 
 “Applicable Procedures” means, with respect to any transfer, exchange, surrender or withdrawal of
beneficial ownership interests in a Global Security, the rules and procedures of the Depositary, in each case to the extent applicable to such transfer, exchange, surrender or withdrawal. 

“Bankruptcy Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or state law for
the relief of debtors. 
 “Bid Solicitation Agent” means the Person appointed by the Company to solicit bids for the
Trading Price of the Securities in accordance with Section 4.01(c). The Company shall initially act as the Bid Solicitation Agent. 

“Board of Directors” means either the board of directors of the Company or any committee of the Board of Directors authorized
to act for it with respect to this Indenture. 

  
 1 

 “Business Day” means 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” of any Person means (a) in the case of a corporation, corporate stock of such Person, (b) in the case of an association or business entity, shares, interests, participations, rights or other equivalents (however designated)
of corporate stock of such Person, (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited) of such Person and (d) in the case of any other legal form, any other
interest or participation of such Person that confers the right to receive a share of the profits and losses of, or distribution of assets of, such Person. 

“Cash” or “cash” means such coin or currency of the United States as at any time of payment is legal tender
for the payment of public and private debts. 
 “Cash Settlement” shall have the meaning specified in Section 4.02(a).

 “Certificated Security” means a Security that is in substantially the form attached hereto as Exhibit A or Exhibit B, as applicable, and that does not include the text or the
schedule called for by footnotes 1 through 5 thereof. 
 “close of business” means 5:00 p.m. (New York City time).

 “Combination Settlement” shall have the meaning specified in Section 4.02(a). 

“Common Equity” of any Person means any class of common stock or an equivalent interest in such Person. 

“Common Stock” means the Common Stock of the Company, $0.30 par value per share, subject to Section 4.06. 

“Company” means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to
the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Company. 

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

“Conversion Obligation” shall have the meaning specified in Section 4.01(a). 

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

“Corporate Trust Office” means the office of the Trustee at the address specified in Section 13.01 or such other address
as to which the Trustee may give notice to the Company. 

  
 2 

 “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator
or similar official under any Bankruptcy Law. 
 “Daily Conversion Value” means, for each of the 40 consecutive VWAP
Trading Days during the Observation Period, one-fortieth of the product of (a) the Conversion Rate on such VWAP Trading Day and (b) the Daily VWAP on such VWAP Trading Day. 

“Daily Measurement Value” means the Specified Dollar Amount (if any), divided by 40. 

“Daily Settlement Amount,” for each of the 40 consecutive VWAP Trading Days during the Observation Period, shall consist of:

 (a) cash in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading
Day; and 
 (b) if the Daily Conversion Value on such Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock
equal to (i) the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such VWAP Trading Day. 

“Daily VWAP” means, for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, the per share
volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “TISI 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 VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of Common Stock on such VWAP 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” or “default” means, when used
with respect to the Securities, 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 Securities (including, without limitation, the consideration due upon
conversion, the Fundamental Change Repurchase Price, the Redemption Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

“Effective Date” shall have the meaning specified in Section 4.03(c), except that, as used in Section 4.04,
“Effective Date” means the first date on which shares of the Common Stock trade on the relevant stock exchange or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 

“Ex-Dividend Date” means the first date on which the 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. 

  
 3 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder, as in effect from time to time. 
 “Fundamental Change” shall be
deemed to have occurred at the time after the Securities 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 wholly owned Subsidiaries and any employee benefit plan of the Company or its wholly owned Subsidiaries, has become the direct or indirect
“beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of Common Equity of the Company representing more than 50% of the voting power of the Common Equity of the Company; 

(b) the consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the
Common Stock will be converted into cash, securities or other property or assets (or any combination thereof); 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 wholly-owned Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders of all
classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving 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 Company’s stockholders approve any plan or proposal for the liquidation or dissolution of the Company; or 

(d) the Common Stock (or other common stock interests underlying the Securities) ceases to be listed or quoted on any Permitted Exchange; 

provided, however, that a transaction or transactions described in clause (a) or clause (b) above shall not constitute a Fundamental
Change if at least 90% of the consideration received or to be received by holders of the Company’s Common Stock (excluding cash payments for fractional shares) in connection with such transaction or transactions consists of shares of common
stock that are listed or quoted on any Permitted Exchange or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions such consideration becomes the
Reference Property as described in Section 4.06; provided further any event, transaction or series of related transactions that constitute a Fundamental Change under both clause (a) and clause (b) above will be deemed to be a
Fundamental Change solely under clause (b) above. 

  
 4 

 “Global Security” means a permanent Global Security that is in
substantially the form attached hereto as Exhibit A or Exhibit B, as applicable, and that includes the text and the schedule called for by footnotes 1 through 5 thereof and that is deposited with the Depositary or its custodian and registered in the name of the Depositary or its nominee.

 “Holder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Indenture” means this Indenture as amended or supplemented from time to time pursuant to the terms of this Indenture. 

“Interest Payment Date” means each February 1 and August 1 of each year, beginning on February 1, 2018. 

“Last Reported Sale Price” of the Common Stock on any date means: 

(a) 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 such date as reported in composite transactions for the Relevant Stock Exchange; 

(b) if the Common Stock is not listed for trading on a Relevant Stock Exchange on such date, the last quoted bid price for the Common Stock in
the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization; and 

(c) if the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices
for the Common Stock on such date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. 

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

“Market Disruption Event” means (a) a failure by the Relevant Stock Exchange to open for trading during its regular
trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour period in the aggregate during regular trading hours of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Common Stock on the Relevant Stock Exchange or in any option contracts or futures contracts relating to the
Common Stock. 
 “Maturity Date” means August 1, 2023. 

“Observation Period” with respect to any Security surrendered for conversion means: (a) subject to clause (b), if the
relevant Conversion Date occurs prior to May 1, 2023, the 40 consecutive VWAP Trading Day period beginning on, and including, the second VWAP Trading Day immediately succeeding such Conversion Date; (b) if the relevant Conversion Date
occurs on 

  
 5 

 
or after the date of the Company’s issuance of a Redemption Notice with respect to the Securities pursuant to Section 3.03 and prior to the relevant Redemption Date, the 40 consecutive
VWAP Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding such Redemption Date; and (c) subject to clause (b), if the relevant Conversion Date occurs on or after May 1, 2023, the 40 consecutive
VWAP Trading Days beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 
 “Offering
Memorandum” means the preliminary offering memorandum dated July 24, 2017 relating to the offering and sale of the Securities, together with the related pricing term sheet dated July 25, 2017. 

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

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers, at least one of whom shall
be the principal executive officer, principal financial officer or principal accounting officer of the Company, that meets the requirements of Section 13.02. 

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

“Opinion of Counsel” means a written opinion that meets the requirements of Section 13.02 from legal counsel. The
counsel may be an employee of or counsel to the Company or any Subsidiary of the Company or other counsel acceptable to the Trustee. 

“Optional Redemption” shall have the meaning specified in Section 3.01. 

“Permitted Exchange” means any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market
(or any of their respective successors). 
 “Person” means any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Physical Settlement” shall have the meaning specified in Section 4.02(a). 

“
PIK Security” means
 a Certificated Security or Global Security, as applicable, substantially in the form attached hereto as Exhibit B. 

“Principal” or “principal” of a debt security, including the Securities, means the principal of the
security, plus, when appropriate, the premium, if any, on such security. 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock is exchanged for or converted into any combination of cash,
securities or other property, the date fixed for determination of holders of Common Stock 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). 

  
 6 

 “Redemption Date” shall have the meaning specified in Section 3.02.

 “Redemption Notice” shall have the meaning specified in Section 3.02. 

“Redemption Price” means, for any Securities to be redeemed pursuant to Section 3.01, 100% of the principal amount of
such Securities, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case
interest accrued to the Interest Payment Date will be paid to Holders of record of such Securities as of the close of business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such Securities).

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

“Relevant Stock Exchange” means The New York Stock Exchange, or, if the Common Stock is not listed on The New York Stock
Exchange on the relevant date, the principal other U.S. national or regional securities exchange on which the Common Stock is then listed. 

“Responsible Officer” when used with respect to the Trustee, means any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer 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 such matter is referred because of his or her knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“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 Relevant Stock Exchange. If the Common Stock
is not listed or admitted for trading on a Relevant Stock Exchange, “Scheduled Trading Day” means a Business Day. 

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

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as
in effect from time to time. 
 “Securities Custodian” means the Trustee, as custodian for DTC, with respect to the
Securities in global form, or any successor thereto. 
 “Settlement Amount” has the meaning specified in
Section 4.02(a)(iv). 

  
 7 

 “Settlement Method” means, with respect to any conversion of Securities,
Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed to have been elected) by the Company pursuant to this Indenture. 

“Settlement Notice” has the meaning specified in Section 4.02(a)(iii). 

“Significant Subsidiary” means, in respect of any Person, a Subsidiary of such Person that would constitute a
“significant subsidiary,” as such term is defined in Rule 1-02(w) of Regulation S-X under the Exchange Act. 

“Specified Dollar Amount” means the maximum cash amount per $1,000 principal amount of Securities to be received upon
conversion as specified in the Settlement Notice related to any converted Securities. 
 “Subsidiary” means, in respect of
any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason
of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, limited liability company, partnership or other entity are at the time owned, or the management of which is otherwise controlled,
directly or indirectly through one or more intermediaries, or both, by such Person. 
 “TIA” means the U.S. Trust Indenture
Act of 1939, as amended, and the rules and regulations thereunder as in effect on the date of this Indenture, except to the extent any amendment to the Trust Indenture Act expressly provides for application of the Trust Indenture Act as in effect on
another date. 
 “Trading Day” means a day on which (a) trading in the Common Stock generally occurs on the Relevant
Stock Exchange or, if the Common Stock is not then listed on a Relevant Stock Exchange, on the principal other market on which the Common Stock is then traded; and (b) a Last Reported Sale Price for the Common Stock is 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. 

“Trading Price” per $1,000 principal amount of the Securities on any date of determination means the average of the secondary
market bid quotations obtained in writing by the Bid Solicitation Agent for $5,000,000 principal amount of Securities at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities
dealers the Company selects for this purpose; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such
bid can reasonably be obtained by the Bid Solicitation Agent, that one bid shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of Securities from a nationally recognized securities
dealer, then the Trading Price per $1,000 principal amount of Securities shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate. If the Company does not, when it is required to
do so, instruct the Bid Solicitation Agent to obtain bids, or if the Company gives such instruction to the Bid 

  
 8 

 
Solicitation Agent and the Bid Solicitation Agent fails to make such determination, then, in either case, the Trading Price per $1,000 principal amount of Securities will 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. 

“Trustee” means the party named as such in the first paragraph of this Indenture until a successor replaces it in accordance
with the provisions of this Indenture, and thereafter means the successor. 
 “VWAP Trading Day” means a day on which
(i) there is no “Market Disruption Event” and trading in the Common Stock generally occurs on the Relevant Stock Exchange. If the Common Stock is not so listed or admitted for trading on any Relevant Stock Exchange, “VWAP Trading
Day” means a Business Day. 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	 Where
Defined

	 “Additional Shares”
	  	4.03(c)
	 “Agent Members”
	  	2.02(b)
	 “Aggregate Share Cap”
	  	4.02(a)
	 “Clause A Distribution”
	  	4.04(d)
	 “Clause B Distribution”
	  	4.04(d)
	 “Clause C Distribution”
	  	4.04(d)
	 “Conversion Agent”
	  	2.04
	 “Conversion Consideration”
	  	4.10
	 “Conversion Date”
	  	4.02(c)
	 “Conversion Notice”
	  	4.02(b)
	 “Conversion Obligation”
	  	4.01(a)
	 “Conversion Rate”
	  	4.01(a)
	 “Distributed Property”
	  	4.04(d)
	 “DTC”
	  	2.02(b)
	 “Depositary”
	  	2.02(b)
	 “Event of Default”
	  	7.01
	 “Exchange Election”
	  	4.10
	 “Expiration Date”
	  	4.04(f)
	 “Fundamental Change Repurchase Date”
	  	3.05(d)
	 “Fundamental Change Repurchase Price”
	  	3.05(a)
	 “Fundamental Change Repurchase Right Notice”
	  	3.05(b)
	 “Initial
Securities”
	  	2.01
	 “Measurement Period”
	  	4.01(d)
	 “Original Issuance Date”
	  	5.02(d)
	 “Paying Agent”
	  	2.04
	 “PIK Interest”
	  	5.01
	 “PIK Interest Security”
	  	2.16
	 “PIK Notice”
	  	5.01
	 “PIK Payment”
	  	2.16

  
 9 

			
	 Term
	  	 Where
Defined

	“Reference Property”	  	4.06(a)
	“Repurchase Exercise Notice”	  	3.05(c)
	“Registrar”	  	2.04
	“Resale Restriction Termination Date”	  	2.07(c)
	“Restricted Securities”	  	2.07(c)
	“Securities”	  	Recitals
	“Specified Transaction”	  	4.06(a)
	“Spin-Off”	  	4.04(d)
	“Stock Price”	  	4.03(c)
	“transfer”	  	2.07(c)
	“Trigger Event”	  	4.08
	“Valuation Period”	  	4.04(d)

 Section 1.03 Rules of Construction. Unless the context otherwise requires: 

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

(b) words in the singular include the plural, and words in the plural include the singular; 

(c) provisions apply to successive events and transactions; 

(d) the masculine gender includes the feminine and the neuter; 

(e) references to agreements and other instruments include subsequent amendments thereto; and 

(f) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision. 
 Section 1.04 References to Additional Interest. Unless the context otherwise requires,
any reference to interest on, or in respect of, any Security 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 5.02(d),
Section 5.02(e) or Section 7.04, as applicable. Unless the context otherwise requires, any express mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof
where such express mention is not made. 
 ARTICLE 2 

THE SECURITIES 

Section 2.01 Designation and Amount. The Securities shall be designated as the “5.00% Convertible Senior Notes due
2023.” The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is initially limited to
$230,000,000 (the “Initial Securities”), subject to
Section 2.15 and Section 2.16, and except for
Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of other Securities pursuant to Section 2.07, Section 2.08, Section 2.11, Section 2.13, Section 3.09, Section 4.02
and Section 10.04. 

  
 10 

 Section 2.02 Form and Dating. 

(a) The Securities and the Trustee’s certificate of authentication shall be substantially in the respective forms set forth in Exhibit
A or Exhibit B, as applicable, which Exhibits isare incorporated in and made part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. The Company shall provide any such notations, legends or
endorsements to the Trustee in writing. Each Security shall be dated the date of its authentication. The terms and provisions contained in the Securities shall constitute, and are hereby expressly made, a part of this Indenture, and 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. However, to the extent any provision of any Security conflicts with the express provisions of this Indenture, the
provisions of this Indenture shall govern and be controlling. 
 (b) All of the Securities shall be issued initially in the form of
one or more Global Securities, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Trustee, at its Corporate Trust Office, as custodian for the depositary, The Depository Trust Company
(“DTC”) (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its nominee, Cede & Co., duly executed by the Company and authenticated
by the Trustee as hereinafter provided. 
 Each Global Security shall represent such of the outstanding Securities as shall be specified
therein and each shall provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges, purchases or conversions of such Securities and, with respect to any
PIK Security, the payment of PIK Interest. Any adjustment of the aggregate principal amount of a Global Security to reflect the amount of any increase or decrease in the amount of outstanding
Securities represented thereby shall be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.13
or by the Company in connection with a PIK Payment with respect to any PIK Security and shall be made on the records of the Trustee and the Depositary. 
 Members of, or
participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or under the Global Security, and the Depositary (including, for
this purpose, its nominee) may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall (1) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (2) impair, as between the Depositary and
its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

  
 11 

 Section 2.03 Execution and Authentication; Payments of Interest and Defaulted
Amounts.  
 (a) The Securities shall be issuable only in registered form without coupons and only in denominations of $1,000
principal amount and any integral multiple thereof (or if a PIK Payment has been made with respect to any PIK
Securities, in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof). An Officer shall sign the Securities for the Company by manual or facsimile signature attested by
the manual or facsimile signature of the Secretary or an Assistant Secretary of the Company. Typographic and other minor errors or defects in any such facsimile signature shall not affect the validity or enforceability of any Security which has been
authenticated and delivered by the Trustee. If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. A Security shall not be valid until
an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

(b) The Trustee shall act as the initial authenticating agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
shall have the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 (c) At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee
in accordance with such Company Order shall authenticate and deliver such Securities, without any further action by the Company hereunder. 

(d) Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months, or in the case of a partial month, the number of days elapsed over a 30-day month. The Person in whose name any Security (or its predecessor) is registered on
the register of the Registrar 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 in the continental United States, which shall initially be the Corporate Trust Office. The Company shall pay interest (i) on any Certificated Securities (A) to Holders
holding Certificated Securities having an aggregate principal amount of $1,000,000 or less, by check mailed to the Holders of these Securities at their address as it appears in the register of the Registrar and (B) to Holders holding
Certificated Securities having an aggregate principal amount of more than $1,000,000, either by check mailed to each such Holder or, upon application by such a Holder to the 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 Registrar to the contrary or (ii) on any Global Security by wire transfer
of immediately available funds to the account of the Depositary or its nominee. 

  
 12 

 (e) 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 borne by the Securities plus one percent, 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 subsection (i) or (ii) below: 

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

(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 Securities 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. 
 (f) Notwithstanding anything to the contrary herein, no Officers’ Certificate
 or Opinion of Counsel shall be required to be delivered in connection with a payment of PIK Interest (whether by an issuance of PIK Interest Securities or by an increase in Global Securities reflecting a PIK Payment) with respect to any PIK
Security. 

  
 13 

 Section 2.04 Registrar, Paying Agent and Conversion Agent. The Company
shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”), an office or agency where Securities may be presented for payment (the “Paying
Agent”), an office or agency where Securities may be presented for conversion (the “Conversion Agent”) and an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture
may be served, such offices and agencies to be maintained in the continental United States. The Company will at all times maintain a Paying Agent, Conversion Agent, Registrar and an office or agency where notices and demands to or upon the Company
in respect of the Securities and this Indenture may be served in the continental United States. The Registrar shall keep a register of the Securities and of their registration of transfer and exchange. The Company shall give prompt written notice to
the Trustee of the location, and any change in the location, of such office or agency. 
 The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall give prompt written notice to the Trustee of the name and address of any Agent not a
party to this Indenture. If the Company fails to maintain a Registrar, Paying Agent, Conversion Agent or agent for service of notices and demands in any place required by this Indenture, or fails to give the foregoing notice, the Trustee shall act
as such. The Company or any Affiliate of the Company may act as the Paying Agent (except for the purposes of Section 5.01 and Article 9). 

The Company hereby initially designates the Trustee as Paying Agent, Registrar, Securities Custodian and Conversion Agent and each of the
Corporate Trust Office of the Trustee and the office or agency of the Trustee in the Borough of Manhattan, The City of New York, as the office or agency of the Company for each of the aforesaid purposes. 

Section 2.05 Paying Agent to Hold Money in Trust. On or prior to 11:00 a.m., New York City time, on each due date of the
principal of or interest on any Securities, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due. The Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all
money held by the Paying Agent for the payment of principal of or interest on the Securities, and shall notify the Trustee of any default by the Company (or any other obligor on the Securities) in making any such payment. If the Company or an
Affiliate of the Company acts as Paying Agent, it shall, on or before 11:00 a.m., New York City time, on each due date of the principal of or interest on any Securities, segregate the money and hold it as a separate trust fund for the benefit of the
Holders. The Company at any time may require the Paying Agent to pay all money held by it to the Trustee, and the Trustee may at any time during the continuance of any default, upon written request to the Paying Agent, require the Paying Agent to
pay forthwith to the Trustee all sums so held in trust by the Paying Agent. Upon doing so, the Paying Agent (other than the Company) shall have no further liability for the money. 

Section 2.06 Holder. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of the Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each Interest Payment Date, and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders. 

  
 14 

 Section 2.07 Transfer and Exchange; Transfer Restrictions. 

(a) Subject to compliance with any applicable additional requirements contained in Section 2.13, when a Security is presented to a
Registrar with a request to register a transfer thereof or to exchange such Security for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested;
provided, however, that every Security presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form in form satisfactory to the Registrar duly executed by the Holder
thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any Security for registration of transfer or exchange at an office or agency maintained pursuant to Section 2.04, the
Company shall execute and the Trustee shall authenticate Securities of a like aggregate principal amount at the Registrar’s request. Any exchange or registration of transfer shall be without charge, except that the Company or the Registrar may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed as a result of the name of the Holder of new Securities issued upon such exchange or registration of transfer being different from the name of the
Holder of the old Securities surrendered for exchange or registration of transfer. 
 Neither the Company, any Registrar nor the Trustee
shall be required to exchange or register a transfer of (i) any Securities or portions thereof in respect of which a Repurchase Exercise Notice pursuant to Section 3.05(c) has been delivered and not withdrawn by the Holder thereof (except,
in the case of the purchase of a Security in part, the portion thereof not to be purchased) (ii) any Securities selected for redemption in accordance with Article 3, except the unredeemed portion of any Security being redeemed in part. 

All Securities issued upon any transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt and
entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 (b) Any Registrar
appointed pursuant to Section 2.04 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of Securities upon transfer or exchange of Securities. 

(c) Every Security that bears or is required under this Section 2.07(c) to bear the legend set forth in this Section 2.07(c)
(together with any Common Stock issued upon conversion of the Securities that is required to bear the legend set forth in Section 2.07(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on
transfer set forth in this Section 2.07(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 2.07(c) and Section 2.07(d), the term “transfer” encompasses any sale, pledge, transfer or other
disposition whatsoever of any Restricted Security. 
 Until the date (the “Resale Restriction Termination Date”) that is
the later of (1) the date that is one year after the last date of original issuance of the Securities, or such shorter period of time as permitted by Rule 144 under the Securities Act or any successor provision thereto, and (2) such other
date, if any, as may be required by applicable law, any certificate evidencing such 

  
 15 

 
Security (and all securities issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in
Section 2.07(d), if applicable) shall bear a legend in substantially the following form (unless such Securities have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in
writing, with notice thereof to the Trustee): 
 THIS SECURITY AND THE COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR
OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
  

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

  

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

  

	 	•	 	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	 	•	 	 PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH
COMMON STOCK; 

  

	 	•	 	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR

  

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

  
 16 

 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH THE FOURTH BULLET POINT ABOVE,
THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

No transfer of any Security prior to the Resale Restriction Termination Date will be registered by the Security Registrar unless the
applicable box on the Assignment Form has been checked. 
 Any Security (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 Security for exchange to the Security Registrar in accordance with the provisions of this Section 2.07, be exchanged for a new
Security or Securities, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this Section 2.07(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct
the Securities Custodian in writing to so surrender any Global Security as to which such restrictions on transfer shall have expired in accordance with their terms for exchange, and, upon such instruction, the Securities Custodian shall so surrender
such Global Security for exchange; and any new Global Security so exchanged therefor shall not bear the restrictive legend specified in this Section 2.07(c) and shall not be assigned a restricted CUSIP number. 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 Securities has been declared effective under the Securities Act. 

The Company shall not, and shall use its reasonable efforts not to permit any of its Affiliates to, sell any Security, unless upon such sale
such Security will no longer be a “restricted security” (as defined under Rule 144 under the Securities Act). The Securities shall initially be issued with a restricted CUSIP. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or other beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 
 Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by
the Depositary. 
 (d) Until the Resale Restriction Termination Date any stock certificate representing Common Stock issued upon conversion
of a Security shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that

  
 17 

 
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 with written notice thereof to the Trustee and any transfer agent for the Common Stock): 
 THE
SALE OF THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED BELOW), THIS SECURITY MAY NOT BE
OFFERED, RESOLD OR OTHERWISE TRANSFERRED EXCEPT: 
 (A) TO TEAM, INC. (THE “COMPANY”) OR ANY SUBSIDIARY
THEREOF; 
 (B) PURSUANT TO, AND IN ACCORDANCE WITH, A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT AT
THE TIME OF SUCH TRANSFER; 
 (C) TO A PERSON THAT YOU REASONABLY BELIEVE TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT; OR 
 (D) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (INCLUDING, IF AVAILABLE, THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT). 
 THE “RESALE RESTRICTION
TERMINATION DATE” MEANS THE LATER OF: 
 (1) THE DATE THAT IS ONE YEAR AFTER THE LAST DATE OF ORIGINAL ISSUANCE OF THE
SERIES OF SECURITIES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME PERMITTED BY RULE 144 OR ANY SUCCESSOR PROVISION THERETO; AND 

(2) SUCH OTHER DATE AS MAY BE REQUIRED BY APPLICABLE LAW. 

WITH RESPECT TO ANY TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), PRIOR TO THE RESALE RESTRICTION TERMINATION DATE, THE COMPANY AND THE
TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THEY MAY REASONABLY REQUIRE AND MAY RELY UPON TO CONFIRM THAT SUCH TRANSFER IS BEING MADE
PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 18 

 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 2.07(d). 

(e)
 Each Security that has more than a de minimis amount of original issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following
form: 

THIS SECURITY
IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR THE SECURITIES BY SUBMITTING A
WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: TEAM, INC., 13131 DAIRY ASHFORD, SUITE 600, SUGAR LAND, TEXAS 77478, ATTENTION: CHIEF FINANCIAL OFFICER. 

Section 2.08 Replacement Securities. If any mutilated Security is surrendered to the Company, a Registrar or the Trustee,
or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, the applicable Registrar and the Trustee such security or indemnity as will be required by them to save
each of them harmless, then, in the absence of notice to the Company, such Registrar or the Trustee that such Security has been acquired by a protected purchaser, the Company shall execute, and upon its written request the Trustee shall authenticate
and deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, or is about to be repurchased
by the Company pursuant to Article 3, the Company in its discretion may, instead of issuing a new Security, pay or repurchase such Security, as the case may be. 

No service charge shall be imposed by the Company, the Trustee, any Registrar or the Paying Agent upon the issuance of any substitute
Security, but the Company may require a Holder to pay a sum sufficient to cover any tax or other governmental charge required in connection therewith as a result of the name of the Holder of the new substitute Security being different from the name
of the Holder of the old Security that became mutilated or was destroyed, lost or stolen. 
 Every new Security issued pursuant to this
Section 2.08 in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. 

  
 19 

 The provisions of this Section 2.08 are (to the extent lawful) exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.09 Outstanding Securities. Securities outstanding at any time are all Securities authenticated and delivered by
the Trustee, except for those canceled by it, those converted pursuant to Article 4 and required to be cancelled pursuant to Section 2.12, those delivered to it for cancellation or surrendered for transfer or exchange, those repurchased by the
Company or its Subsidiaries pursuant to Section 2.12 and those described in this Section 2.09 as not outstanding. 
 For the avoidance of doubt, the aggregate principal amount outstanding under the Securities shall include any increase in the
outstanding principal amount in Global Securities that are PIK Securities as the result of the payment of PIK Interest. 

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that
the replaced Security is held by a protected purchaser. 
 If the Paying Agent (other than the Company or an Affiliate of the Company) holds
on any date on which any Security (or portion thereof) shall have become due and payable monies in the necessary amount, then on and after such date such Security (or portion thereof, as the case may be) shall cease to be outstanding and interest on
it shall cease to accrue. 
 Section 2.10 Treasury Securities. In determining whether the Holders of the required
principal amount of Securities have concurred in any notice, direction, waiver or consent, Securities owned by the Company or any other obligor on the Securities or by any Affiliate of the Company or of such other obligor shall be disregarded,
except that, for purposes of determining whether the Trustee shall be protected in relying on any such notice, direction, waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. Securities so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Securities and that the pledgee is
not the Company or any other obligor on the Securities or any Affiliate of the Company or of such other obligor. 
 Section 2.11
Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver, temporary Securities. Temporary Securities shall
be substantially in the form of Certificated Securities but may have variations that the Company considers appropriate for temporary Securities and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall
prepare and the Trustee, upon receipt of a Company Order, shall authenticate and deliver definitive Securities in exchange for temporary Securities. Holders of temporary Securities shall be entitled to all the benefits of this Indenture. 

Section 2.12 Cancellation; Repurchase. Subject to Section 4.10, the Company shall cause all Securities surrendered for the
purpose of payment, repurchase, redemption, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s Agents, Subsidiaries or Affiliates), to be delivered to the
Trustee for cancellation. Subject to Section 4.10, the Registrar, the Paying Agent and the Conversion Agent 

  
 20 

 
shall forward to the Trustee or its agent any Securities surrendered to them for registration of transfer, exchange, redemption, payment or conversion. Subject to Section 4.10, the Trustee
and no one else shall promptly cancel, in accordance with its standard procedures, all Securities surrendered for the purpose of payment, repurchase, registration of transfer, exchange, conversion or cancellation and shall dispose of canceled
Securities (subject to the record retention requirements of the Exchange Act), in accordance with its standard procedures, and no Securities shall be authenticated in exchange thereof except as expressly permitted by any of the provisions of this
Indenture. The Company may not hold or resell such Securities or issue new Securities to replace Securities that it has purchased or otherwise acquired or that have been delivered to the Trustee for cancellation. 

The Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Securities are surrendered to the
Company), repurchase Securities in the open market, by public or private tender or exchange offer, by private agreement through counterparties or otherwise, whether by the Company or its Subsidiaries, including by cash-settled swaps or other
derivatives and, in each case, at any price. The Company shall cause any Securities so purchased (other than Securities repurchased pursuant to cash-settled swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance
with this Section 2.12, and they shall no longer be considered outstanding under this Indenture upon their repurchase. 

Section 2.13 Additional Transfer and Exchange Requirements. 

(a) A Global Security may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor
thereof, and no such transfer to any such other Person may be registered; provided that the foregoing shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not itself a Global Security. No
transfer of a Security to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the name of such Person. Notwithstanding any other provisions of this Indenture or the Securities,
transfers of a Global Security, in whole or in part, shall be made only in accordance with this Section 2.13. 
 (b) The provisions of
subsections (i), (ii), (iii), (iv) and (v) below shall apply only to Global Securities: 
 (i) Notwithstanding any other
provisions of this Indenture or the Securities, a Global Security shall not be exchanged in whole or in part for a Security registered in the name of any Person other than the Depositary or one or more nominees thereof; provided that a Global
Security may be exchanged for Certificated Securities registered in the names of any Person designated by the Depositary in the event that (A) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for
such Global Security or the Depositary has ceased to be a “clearing agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Company within 90 days or (B) an Event of Default has occurred and is
continuing and a beneficial owner requests that its Securities be exchanged for Certificated Securities. Any Global Security exchanged pursuant to clause (A) above shall be so exchanged in whole and not in part, and any Global Security
exchanged pursuant to clause (B) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security;
provided that any such Security so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 

  
 21 

 (ii) Securities issued in exchange for a Global Security or any portion
thereof shall be issued in fully-registered book-entry form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in
such authorized denominations as the Depositary shall designate and shall bear any applicable legend provided for herein. Any Global Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard
to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Trustee is acting as Securities Custodian for the Depositary or its nominee with respect to such Global Security, the
principal amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate
and deliver the Security issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof; provided, however, that any Global Security surrendered for exchange shall be duly endorsed or
accompanied by a written instrument of transfer in accordance with the proviso to the first paragraph of Section 2.07(a). 

(iii) Subject to the provisions of subsection (v) below, the registered Holder may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

(iv) In the event of the occurrence of any of the events specified in subsection (i) above, the Company will promptly make
available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons. 

(v) Neither Agent Members nor any other Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an
Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security. 

  
 22 

 (c) In the event that Certificated Securities are issued in exchange for beneficial
interests in Global Securities and, thereafter, the events or conditions specified in Section 2.13(b)(i) that required such exchange shall cease to exist, the Company shall deliver notice to the Trustee and to the Holders stating that Holders may
exchange Certificated Securities for interests in Global Securities by complying with the procedures set forth in this Indenture and briefly describing such procedures and the events or circumstances requiring that such notice be given. Thereafter,
if Certificated Securities are presented by a Holder to a Registrar with a request: 
 (i) to register the transfer of such
Certificated Securities to a Person who will take delivery thereof in the form of a beneficial interest in a Global Security; or 

(ii) to exchange such Certificated Securities for an equal principal amount of beneficial interests in a Global Security, which
beneficial interests will be owned by the Holder transferring such Certificated Securities, the Registrar shall register the transfer or make the exchange as requested by canceling such Certificated Securities and causing, or directing the
Securities Custodian to cause, the aggregate principal amount of the applicable Global Security to be increased accordingly and, if no such Global Security is then outstanding, the Company shall issue and the Trustee, upon receipt of a Company
Order, shall authenticate and deliver a new Global Security; provided, however, that the Certificated Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written
instrument of transfer in accordance with the proviso to the first paragraph of Section 2.07(a). 
 Section 2.14 CUSIP
Numbers. The Company in issuing the Securities may use one or more “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice and that reliance may be placed only on the other identification numbers printed on
the Securities, and any such notice or related action by the Company contemplated thereby shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP”
numbers. 
 Section 2.15 Additional Securities. The Company may, without the consent of the Holders and notwithstanding
Section 2.01, reopen this Indenture and issue
aAdditional Securities hereunder with the same terms as the PIK Securities or
the Securities initially issued hereunder, as
applicable, (other than differences in the issue price and interest accrued prior to the issue date, if any, of such
aAdditional Securities) in an unlimited aggregate principal amount; provided that if any such aAdditional Securities are not fungible with the PIK Securities or the Securities initially issued hereunder, as applicable, for U.S. federal income tax and securities law
purposes, such additional Securities shall have one or more separate CUSIP numbers. The Initial Securities, any PIK Securities, Additional Securities and PIK Interest Securities (including any increases in Global Securities reflecting a PIK Payment) shall be treated as a single
class for all purposes under this Indenture. Unless the context requires otherwise, references to “Securities” for all purposes under this Indenture include any PIK Securities, PIK Interest Securities and Additional Securities that are
actually issued, and references to “principal amount” of the Securities includes any increases in the principal amount of the outstanding Securities as a result of a PIK Payment with respect to any PIK Securities. Prior to the issuance of any such aAdditional Securities, the Company shall deliver to the Trustee a Company Order, an Officers’
Certificate and an Opinion of Counsel, such Opinion of Counsel to cover such matters, in addition to those required by Section 13.02, as the

  
 23 

 
Trustee shall reasonably request, including, without limitation, that the form and terms of such Securities has been established by or pursuant to a resolution of the Board of Directors in
conformity with the provisions of this Indenture and that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws of general application affecting the rights
and remedies of creditors and general principles of equity. 

Section
 2.16 Payment of PIK Interest.
On any Interest Payment Date on which the Company elects to pay PIK Interest as described in
Section 5.01 (a “PIK Payment”) with respect to a Global Security that is a PIK Security, the Trustee
will increase the principal amount of such Global Security by an amount equal to the PIK Interest payable, rounded down to the nearest whole dollar, for the relevant interest period on the principal amount of such Global Security, to the credit of
the Holders on the relevant Regular Record Date and an adjustment will be made on the books and records of the Trustee with respect to such Global Security to reflect such increase. On any Interest Payment Date on which the Company makes a PIK
Payment by issuing PIK Securities that are Certificated Securities (a “PIK Interest Security”) under
this Indenture having the same terms as the Securities, the principal amount of any such PIK Interest Security issued to any Holder, for the relevant interest period as of the relevant Regular Record Date for such Interest Payment Date, will be
rounded down to the nearest whole dollar. 
 ARTICLE 3 

REDEMPTION; REPURCHASE UPON A FUNDAMENTAL CHANGE 

Section 3.01 Optional Redemption. No sinking fund is provided for the Securities. The Securities shall not be redeemable by
the Company at its option prior to August 5, 2021. On or after August 5, 2021, the Company may redeem (an “Optional Redemption”) for cash all or any portion of the Securities, at its option and at the Redemption Price, if
the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive), including the Trading Day immediately preceding the date on which the Company
provides a Redemption Notice, during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides the Redemption Notice in accordance with Section 3.02. 

Section 3.02 Notice of Optional Redemption; Selection of Securities. 

(a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Securities pursuant to
Section 3.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at its written request received by the Trustee not less than 60 Scheduled Trading Days prior to the Redemption Date (or such shorter period
of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 45 nor
more than 55 Scheduled Trading Days prior to the Redemption Date to the Trustee, the Paying Agent and each Holder of Securities so to be redeemed as a whole or in part. The Company may not give a notice of Redemption during the final 45 Scheduled
Trading Days prior to the Maturity Date. 

  
 24 

 (b) The Redemption Notice, if delivered in the manner herein provided, shall be conclusively
presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice by mail or any defect in the Redemption Notice to the Holder of any Security designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption of any other Security. 
 (c) Each Redemption Notice shall
specify: 
 (i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that on the Redemption Date, the Redemption Price will become due and payable upon each Security to be redeemed, and that
interest thereon, if any, shall cease to accrue on and after the Redemption Date; 
 (iv) the place or places where such
Securities are to be surrendered for payment of the Redemption Price; 
 (v) that Holders may surrender their Securities for
conversion at any time prior to the close of business on the Business Day immediately preceding the Redemption Date; 
 (vi)
the procedures a converting Holder must follow to convert its Securities and the Settlement Method and Specified Cash Amount, if applicable; 

(vii) the Conversion Rate and, if applicable, the number of additional shares added to the Conversion Rate in accordance with
Section 4.03; 
 (viii) the CUSIP, ISIN or other similar numbers, if any, assigned to such Securities; and 

(ix) in case any Security is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and
after the Redemption Date, upon surrender of such Security, a new Security in principal amount equal to the unredeemed portion thereof shall be issued. 

A Redemption Notice shall be irrevocable. 

(d) If fewer than all of the outstanding Securities are to be redeemed, the Trustee shall select the Securities or portions thereof of a
Global Security or the Securities in certificated form to be redeemed (in principal amounts of $1,000 or multiples
thereof (or if a PIK Payment has been made with respect to any PIK Securities, in minimum denominations of $1.00 and
integral multiples of $1.00 in excess thereof)) by lot, on a pro rata basis or by another method the Trustee considers to be fair and appropriate in accordance with and subject to
DTC’s customary procedures. If any Security selected for partial redemption is submitted for conversion in part after such selection, the portion of the Security submitted for conversion shall be deemed (so far as may be possible) to be the
portion selected for redemption. 

  
 25 

 Section 3.03 Payment of Securities Called for Redemption. 

(a) If any Redemption Notice has been given in respect of the Securities in accordance with Section 3.02, the Securities shall become due
and payable on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Securities at the place or places stated in the Redemption Notice, the Securities
shall be paid and redeemed by the Company at the applicable Redemption Price. 
 (b) No later than 11:00 a.m. Eastern Time on the Redemption
Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.05 an amount of cash (in immediately available
funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Securities to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Securities to be redeemed shall be
made on the Redemption Date for such Securities and interest on Securities redeemed shall cease to accrue on and after the Redemption Date and all rights of the Holders of such Securities shall terminate (other than the right to receive the
applicable Redemption Price). The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 

Section 3.04 Restrictions on Redemption. The Company may not redeem any Securities on any date if the principal amount of the
Securities has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Redemption Price with respect to such Securities). 
 Section 3.05 Repurchase At Option of The Holder Upon A
Fundamental Change. 
 (a) Subject to the satisfaction of the requirements of this Article 3, if a Fundamental Change occurs at any time
prior to the Maturity Date, each Holder shall have the right, at its option, to require the Company to repurchase for cash all of the Holder’s Securities, or any portion of the principal thereof that is equal to $1,000 or a multiple of $1,000,
(or if a PIK Payment has been made with respect to any PIK Securities, in minimum denominations of $1.00 and
integral multiples of $1.00 in excess thereof), at a repurchase price (the “Fundamental Change Repurchase Price”) equal to 100% of the principal amount of the Securities to be
repurchased plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Repurchase Date (unless such 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 the Holder of record at the close of business on such Regular Record Date and the Fundamental Change Repurchase Price
shall be equal to 100% of the principal amount of the Securities to be repurchased). 
 (b) On or before the 20th day after the
occurrence of a Fundamental Change, the Company shall provide to all Holders, the Trustee and the Paying Agent a notice of the occurrence of the Fundamental Change and of the resulting repurchase right (the “Fundamental Change
Repurchase Right Notice”). The Fundamental Change Repurchase Right Notice shall state, among other things: 
 (i)
the events causing a Fundamental Change; 

  
 26 

 (ii) the date of the Fundamental Change; 

(iii) the last date on which a Holder may exercise the repurchase right; 

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

(viii) that the Securities with respect to which a Repurchase Exercise Notice has been given by the Holder may be converted
only if the Holder withdraws the Repurchase Exercise Notice as described below in Section 3.05(c); and 
 (ix) the
procedures that Holders must follow to require the Company to repurchase their Securities. 
 Simultaneously with providing the Fundamental
Change Repurchase Right Notice, the Company shall issue a press release and publish the information on its website or through such other public medium as the Company may use at that time. 

(c) Repurchases of Securities under this Section 3.05 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 (a “Repurchase Exercise Notice”)
substantially in the form set forth in Exhibit A or Exhibit
B hereto, as applicable, if the Securities are Certificated Securities, or in compliance with the Depositary’s procedures for surrendering interests in Global Securities, if the Securities are Global Securities, in each case prior
to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date; and 
 (ii)
delivery of the Securities, if the Securities are Certificated Securities, to the Paying Agent (together with all necessary endorsements for transfer), or book-entry transfer of the Securities, if the Securities are Global Securities, in compliance
with the procedures of the Depositary, in each case prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, such delivery being a condition to receipt by the Holder of the Fundamental Change
Repurchase Price therefor. 

  
 27 

 The Repurchase Exercise Notice must state: 

(i) if the Securities are Certificated Securities, the certificate numbers of the Securities to be delivered for repurchase;

 (ii) the portion of the principal amount of the Securities to be repurchased, which must be equal to $1,000 or a multiple
thereof (or if a PIK Payment has been made with respect to any PIK Securities, in minimum denominations of $1.00 and
integral multiples of $1.00 in excess thereof); and 
 (iii) that
the Securities are to be repurchased by the Company pursuant to the applicable provisions of the Securities and this Indenture. 
 If the
Securities are Global Securities, the Repurchase Exercise Notice must comply with the Applicable Procedures. 
 A Holder may withdraw any
Repurchase Exercise Notice (in whole or in part) by a written notice of withdrawal delivered to the Paying Agent prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date. The notice of
withdrawal must state: 
 (i) the principal amount of the Securities for which the Repurchase Exercise Notice has been
withdrawn; 
 (ii) if Certificated Securities have been issued, the certificate numbers of the withdrawn Securities; and 

(iii) the principal amount, if any, that remains subject to the Repurchase Exercise Notice, which must be equal to $1,000 or a
multiple thereof (or if a PIK Payment has been made with respect to any PIK Securities, in minimum denominations of
$1.00 and integral multiples of $1.00 in excess thereof). 
 If the Securities
are Global Securities, the withdrawal notice must comply with the Applicable Procedures. 
 (d) The Company must repurchase on a date (the
“Fundamental Change Repurchase Date”) chosen by the Company that is no less than 20 and no more than 35 days after the date of the Fundamental Change Repurchase Right Notice with respect to the occurrence of the relevant Fundamental
Change, subject to extension to comply with applicable law. The Company shall deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.05) on or prior to 11:00
a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all of the Securities to be repurchased at the Fundamental Change Repurchase Price. Subject to receipt of funds by the Paying Agent,
payment for Securities surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) shall be made on the later of (i) the Fundamental Change
Repurchase Date (provided the Holder has satisfied the conditions in Section 3.05(c)) and (ii) the time of book-entry transfer or the delivery of such Security to the Paying Agent by the Holder

  
 28 

 
thereof in the manner required by Section 3.05(c) by mailing checks for the amount payable to the Holders of such Securities entitled thereto as they shall appear in the register of the
Registrar; 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. If the Paying Agent holds money sufficient to pay the
Fundamental Change Repurchase Price of the Securities on the Fundamental Change Repurchase Date, or any applicable extension thereof, then with respect to the Securities that have been properly surrendered for repurchase and have not been validly
withdrawn: 
 (i) such Securities will cease to be outstanding and interest, if any, will cease to accrue on such Securities
on the Fundamental Change Repurchase Date or any applicable extension thereof (whether or not book-entry transfer of the Securities is made or whether or not the Securities are delivered to the Paying Agent); and 

(ii) all other rights of the Holder of such Securities will terminate on the Fundamental Change Repurchase Date (other than
(x) the right to receive the Fundamental Change Repurchase Price upon delivery or transfer of the Securities and (y) if the Fundamental Change Repurchase Date falls after a Regular Record Date but on or prior to the related Interest
Payment Date, the right of the Holder of record on such Regular Record Date to receive the accrued and unpaid interest to, but not including, the Fundamental Change Repurchase Date). 

Section 3.06 Compliance With Securities Laws Upon Purchase of Securities. In connection with any offer to purchase the
Securities under Section 3.05, the Company shall (a) comply with the provisions of Rule 13e-4, Rule 14e-l (or any successor to either such Rule) and any other
tender offer rules under the Exchange Act that may then be applicable, (b) file a Schedule TO, if so required, or any other required schedule under the Exchange Act and (c) otherwise comply with all federal and state securities laws in
connection with such offer by the Company to purchase the Securities upon a Fundamental Change, in each case, so as to permit the rights of the Holders and obligations of the Company under Section 3.05 to be exercised in the time and in the
manner specified therein. 
 Section 3.07 No Repurchase Upon Acceleration. No Securities may be repurchased on any date at the
option of Holders upon a Fundamental Change if the principal amount of the Securities 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 Securities). The Paying Agent will promptly return to the respective Holders thereof any Certificated Securities held by it following the acceleration of the
Securities (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 Securities), and any instructions for book-entry transfer of the Securities 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 3.08 Repayment to the Company. To the extent that the aggregate amount of cash deposited by the Company
pursuant to Section 3.05 exceeds the aggregate Fundamental Change Repurchase Price of the Securities or portions thereof that the Company is obligated to purchase, then promptly after the Fundamental Change Repurchase Date the Trustee or the
Paying Agent, as the case may be, shall return any such excess cash to the Company. 

  
 29 

 Section 3.09 Partial Repurchase. Upon surrender of a Security that is to be
repurchased in part pursuant to Section 3.05, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Security in an authorized denomination equal in principal amount to the unrepurchased portion of the
Security surrendered. 
 ARTICLE 4 

CONVERSION 

Section 4.01 Conversion Rights. 

(a) Subject to and upon compliance with the provisions of this Article 4, each Holder 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 a multiple thereof (or $1.00
principal amount or a multiple thereof if a PIK Payment has been made) of such Security (i) subject to satisfaction of one or more of the conditions described in subsections (b) through
(f) of this Section 4.01, at any time prior to May 1, 2023, under the circumstances and during the periods set forth in subsections (b) through (f) of this Section 4.01, and (ii) irrespective of the conditions set forth in
subsections (b) through (f) of this Section 4.01, on or after May 1, 2023, and prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, in each case at an initial conversion rate of
46.0829 shares of Common Stock (subject to adjustment as provided in Section 4.04, the “Conversion Rate”) per $1,000 principal amount of Securities (subject to the payment provisions of Section 4.02, the
“Conversion Obligation”). In no event may any Security be surrendered for conversion after the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date. 

(b) Prior to the close of business on the Business Day immediately preceding May 1, 2023, a Holder may surrender all or any portion of
its Securities for conversion at any time during any calendar quarter commencing after the calendar quarter ending on December 31, 2017 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20
Trading Days (whether or not consecutive) during the period of 30 consecutive Trading Days ending on the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable
Trading Day. The Company shall determine whether the Securities are convertible because the Sale Price condition has been met and provide written notice to the Holders, the Trustee and the Conversion Agent (if other than the Trustee). 

(c) Prior to the close of business on the Business Day immediately preceding May 1, 2023, a Holder may surrender all or any portion of
its Securities for conversion at any time during the five Business Day period after any five consecutive Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of the Securities, as
determined following a request by a Holder in accordance with the procedures and conditions described below, 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 Bid Solicitation Agent (if other than the Company) shall have no obligation 

  
 30 

 
to determine the Trading Price per $1,000 principal amount of the Securities unless the Company has requested such determination; and the Company shall have no obligation to make such request
(or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price) unless a Holder of at least $500,000 in aggregate principal amount of the Securities requests in writing that the Company
make such a determination and provides the Company with reasonable evidence that the Trading Price per $1,000 principal amount of the Securities would be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the
Conversion Rate on such Trading Day. At such time, the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as the Bid Solicitation Agent, the Company shall determine, the Trading
Price per $1,000 principal amount of Securities beginning on the next Trading Day and on each successive Trading Day until the Trading Day on which the Trading Price per $1,000 principal amount of Securities 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 trading price condition has been met, the Company shall promptly so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If,
at any time after the trading price condition has been met, the Trading Price per $1,000 principal amount of Securities is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for
such Trading Day, the Company shall promptly so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). 
 (d)
If, prior to the close of business on the Business Day immediately preceding May 1, 2023, the Company elects to: 
 (i)
issue to all or substantially all holders of Common Stock any rights, options or warrants entitling them, for a period of not more than 45 days after the announcement date of such issuance, to subscribe for or purchase shares of Common Stock at a
price per share that is less than the average of the Last Reported Sale Prices of 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 
 (ii) distribute to all or substantially all holders of Common Stock the Company’s assets, securities or rights,
options or warrants to purchase the Company’s securities, which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Last Reported Sale Price of the Common Stock on the Trading Day
immediately preceding the date of announcement of such distribution, then, in either case, the Company shall notify the Holders at least 50 Scheduled Trading Days prior to the Ex-Dividend Date for such
issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its Securities for conversion at any time until the earlier of the close of business on Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution and the Company’s announcement that such issuance or distribution will not take place. 

(e) If, prior to the close of business on the Business Day immediately preceding May 1, 2023: 

(i) a transaction or event that constitutes a Fundamental Change occurs (or is anticipated to occur, as described below); 

  
 31 

 (ii) a transaction or event that constitutes a Make-Whole Fundamental Change
occurs (or is anticipated to occur, as described below); or 
 (iii) the Company is a party to a consolidation, merger or
other combination, statutory share exchange or sale, lease or other transfer or disposition of all or substantially all of the Company and its Subsidiaries’ consolidated assets taken as a whole, in each case, pursuant to which the Common Stock
would be converted into stock, other securities, other property or assets (including cash or any combination thereof), then, in each case, a Holder may surrender all or any portion of its Securities for conversion at any time from or after the open
of business on the date that is 50 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the open of business on the Business Day immediately following the day the Company gives notice of such transaction)
until the close of business on the 35th Trading Day after the actual effective date of such transaction or, if such transaction also constitutes a Fundamental Change, until the close of business on the Business Day immediately preceding the related
Fundamental Change Repurchase Date. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) as promptly as practicable following the date the Company publicly announces such transaction, but in no event
less than 50 Scheduled Trading Days prior to the anticipated effective date of such transaction; or if the Company does not have knowledge of such transaction at least 50 Scheduled Trading Days prior to the anticipated effective date of such
transaction, within one Business Day of the date upon which the Company receives notice, or otherwise become aware, of such transaction, but in no event later than the actual effective date of such transaction. 

(f) If the Company gives a Redemption Notice with respect to any or all of the Securities for redemption pursuant to Article 3, then a Holder
may surrender all or any portion of its Securities for conversion at any time prior to the close of business on the Scheduled Trading Day prior to the Redemption Date, even if the Securities are not otherwise convertible at such time. After that
time, the right to convert shall expire pursuant to this clause, unless the Company defaults in the payment of the Redemption Price, in which case a Holder of Securities may convert all or any portion of its Securities until the Scheduled Trading
Day immediately preceding the date on which the Redemption Price has been paid or duly provided for. 
 Section 4.02 Settlement Upon
Conversion; Conversion Procedures. 
 (a) Subject to this Section 4.02, Section 4.03 and Section 4.06, upon conversion of
any Security, the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Securities being converted, cash (“Cash Settlement”), shares of Common Stock, together with
cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (h) of this Section 4.02 (“Physical Settlement”) or a combination of cash and shares of Common Stock, together
with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (h) of this Section 4.02 (“Combination Settlement”), at its election, as set forth in this
Section 4.02. 
 (i) All conversions for which the relevant Conversion Date occurs on or after May 1, 2023, and all
conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice with respect to the Securities and prior to the related Redemption Date, shall be settled using the same Settlement Method (including
the same relative proportion of cash and/or shares of Common Stock). 

  
 32 

 (ii) Except for any conversions for which the relevant Conversion Date
occurs on or after May 1, 2023 and conversions for which the relevant Conversion Date occurs after the Company’s issuance of a Redemption Notice and prior to the related Redemption Date, the Company shall use the same Settlement Method
(including the same relative proportion of cash and/or shares of Common Stock) for all conversions with the same Conversion Date, but the Company shall not have any obligation to use the same Settlement Method with respect to conversions with
different Conversion Dates. 
 (iii) If, in respect of any Conversion Date (or, in the case of any conversions for which the
relevant Conversion Date occurs during the period (x) after the date of issuance of a Redemption Notice with respect to the Securities and prior to the related Redemption Date or (y) on or after May 1, 2023), the Company elects to
deliver a notice (the “Settlement Notice”) of the relevant Settlement Method in respect of such Conversion Date (or all Conversion Dates during 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 for which the relevant Conversion Date occurs during the period
(x) after the date of issuance of a Redemption Notice with respect to the Securities and prior to the related Redemption Date, in such Redemption Notice or (y) on or after May 1, 2023, no later than May 1, 2023). If, with respect
to any conversion, 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 with respect to such
conversion and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount of Securities shall be equal to $1,000. Such Settlement Notice
shall specify the relevant Settlement Method and in the case of an election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000 principal amount of Securities. If the Company delivers a
Settlement Notice electing Combination Settlement in respect of its Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Securities in such Settlement Notice, the Specified Dollar Amount per $1,000
principal amount of Securities shall be deemed to be $1,000. 
 (iv) The cash, shares of Common Stock or combination of cash
and shares of Common Stock in respect of any conversion of Securities (the “Settlement Amount”) shall be computed 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 Securities being converted a number of shares of Common Stock equal to the Conversion Rate in effect on the Conversion Date; 

  
 33 

 (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 Securities being converted cash in an amount equal to the sum of the Daily Conversion Values for each of the 40
consecutive VWAP 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 Securities being converted, a Settlement
Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive VWAP Trading Days during the related Observation Period. 

The Daily Settlement Amounts (if applicable) and the Daily Conversion Values (if applicable) shall be determined by the Company promptly
following the last day of the Observation Period. Promptly after such determination of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering any fractional share of
Common Stock, the Company shall notify the Trustee and the Conversion Agent (if other than the Trustee) of the Daily Settlement Amounts or the Daily Conversion Values, as the case may be, and the amount of cash payable in lieu of delivering
fractional shares of Common Stock. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for any such determination. 

Notwithstanding the above, unless and until the Company obtains stockholder approval to issue a number of shares of Common Stock in excess of
19.99% of the number of shares of Common Stock outstanding at the time the Securities are initially issued (the “Aggregate Share Cap”) upon conversion of the Securities in accordance with the continued listing standards of The New
York Stock Exchange, the Company will be required to settle all conversions of Securities using Cash Settlement or Combination Settlement with a Specified Dollar Amount such that the number of shares of Common Stock deliverable upon conversion, if
any, will not exceed the Aggregate Share Cap. This limitation will apply until either (x) the elimination of the Aggregate Share Cap is approved by the stockholders of the Company or (y) the Aggregate Share Cap is no longer required under
the continued listing standards of The New York Stock Exchange. The Company will use its reasonable best efforts to include for vote by its stockholders during its next annual stockholder meeting and will endorse in the proxy materials for such
meeting the approval, in accordance with the listing standards of The New York Stock Exchange, of the issuance of shares of Common Stock in excess of the Aggregate Share Cap upon conversion of the Securities. 

In addition, the Company will not enter into any transaction, or take any other action, that would result in any increase to the Conversion
Rate (whether under clauses (b)-(e) of Section 4.04 or under Section 4.03) that would result, in the aggregate, in the Securities being convertible into a number of shares of Common Stock in excess of any limitations imposed by the
continued listing standards of The New York Stock Exchange, without complying, if applicable, with the shareholder approval rules contained in such listing standards. 

  
 34 

 (b) Before any Holder of a Security shall be entitled to convert a Security as set forth
above, such Holder shall (i) in the case of a Certificated Security (A) complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Conversion Notice attached to the Form of Security set
forth in Exhibit A or Exhibit B hereto (each, a “Conversion Notice”), as applicable, or a facsimile of the Conversion Notice, at the office
of the Conversion Agent and state in writing therein the principal amount of Securities to be converted, (B) deliver such Security, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), to
the Conversion Agent and (C) if required, pay funds equal to interest payable on the next Interest Payment Date as set forth in subsection (f) of this Section 4.02 and (ii) in the case of a Global Security, comply with the
Depositary’s procedures for converting a beneficial interest in a Global Security and, if required, pay funds equal to interest payable on the next Interest Payment Date as set forth in subsection (f) of this Section 4.02. The Trustee
(and, if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 4 on the Conversion Date for such conversion. If a Holder has already delivered a Repurchase Exercise Notice with respect to a Security,
the Holder may not surrender that Security for conversion until the Holder has withdrawn the Repurchase Exercise Notice in accordance with Section 3.05(c). If a Holder submits its Securities for required repurchase, the Holder’s right to
withdraw the Repurchase Exercise Notice and convert the Securities that are subject to repurchase will terminate at the close of business on the Business Day immediately preceding the relevant Fundamental Change Repurchase Date. 

If more than one Security shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such
Securities shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c) A Security shall be deemed to have been converted on the date (the “Conversion Date”) that the Holder has complied with
the requirements set forth in subsection (b) above. Except as set forth in Section 4.03 or Section 4.06, the Company shall deliver 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 VWAP Trading Day of the relevant Observation Period, in the case of Cash Settlement or Combination
Settlement. 
 (d) In case any Security 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 Security so surrendered a new Security or Securities in authorized denominations in an aggregate principal amount equal to the unconverted portion of the surrendered
Security, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any 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 Securities issued upon such conversion being different from the name of the Holder of the old Securities surrendered for such conversion. 

(e) Upon the conversion of an interest in a Global Security, the Trustee, or the Securities Custodian at the direction of the Trustee, shall
make a notation on such Global Security as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Securities effected through the Conversion Agent (if other than the
Trustee). 

  
 35 

 (f) Except as described below, the Company shall not make any separate cash payment for
accrued and unpaid interest, if any, upon conversion of Securities. The Company’s settlement of the Conversion Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Security and accrued and unpaid
interest, if any, attributable to the period to, but excluding, the relevant Conversion Date. As a result, accrued and unpaid interest, if any, to, but excluding, the Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited. Notwithstanding the foregoing, if Securities are submitted for conversion after the close of business on a Regular Record Date, Holders of such Securities as of the close of business on such Regular Record Date shall
receive the full amount of interest payable on such Securities on the corresponding Interest Payment Date notwithstanding the conversion, and Securities surrendered for conversion after the close of business on a Regular Record Date and prior 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 principal amount of the Securities being converted; provided that no such payment need be made:

 (i) for conversions following the Regular Record Date immediately preceding the Maturity Date; 

(ii) if the Company has specified a Redemption Date that is after a Regular Record Date and on or prior to the corresponding
Interest Payment Date; 
 (iii) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular
Record Date and on or prior to the corresponding Interest Payment Date (or, if such Interest Payment Date is not a Business Day, the immediately following Business Day); or 

(iv) to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to such
Security. 
 For the avoidance of doubt, all Holders of record on the Regular Record Date immediately preceding the Maturity Date or any
Fundamental Change Repurchase Date or Redemption Date shall receive the full interest payment due on the Maturity Date or other applicable Interest Payment Date, if any, regardless of whether their Securities have been converted following such
Regular Record Date. 
 Upon a conversion of Securities, such Person shall no longer be a Holder of such Securities surrendered for
conversion. 
 (g) The Person in whose name the shares of Common Stock shall be issuable upon conversion shall be deemed to be a stockholder
of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to
satisfy the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Securities, such Person shall no longer be a Holder of such Securities surrendered for conversion. 

  
 36 

 (h) The Company shall not issue any fractional share of Common Stock upon conversion of the
Securities and shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on the Daily VWAP for the relevant Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP for
the last Trading Day of the relevant Observation Period (in the case of Combination Settlement). For each Security surrendered for conversion, if the Company has elected Combination Settlement, the full number of shares that shall be issued upon
conversion thereof shall be computed on the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and any fractional shares remaining after such computation shall be paid in cash. 

(i) The Company covenants that all shares of Common Stock issued upon conversion of the Securities will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issuance thereof. 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 use its commercially reasonable efforts to 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 Securities (it being understood that as long as the Aggregate Share Cap is applicable in accordance with Section 4.02(a), only the number of shares of Common Stock that may be issued in accordance with the
Aggregate Share Cap need be so listed). 
 Section 4.03 Adjustment to Conversion Rate Upon Conversion Upon a Make-Whole Fundamental
Change. 
 (a) If, prior to the Maturity Date, the Effective Date of a Make-Whole Fundamental Change occurs, and a Holder elects to
convert its Securities in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances set forth in this Section 4.03, increase the Conversion Rate for the Securities so surrendered for conversion as described
below. 
 (b) Upon surrender of Securities for conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its
option, satisfy its Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement. However, if the consideration for the Common Stock in any Make-Whole Fundamental Change described in clause (b) of the definition of
Fundamental Change is composed entirely of cash, for any conversion of the Securities following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the
transaction and shall be deemed to be an amount in cash per $1,000 principal amount of converted Securities equal to the Conversion Rate (including any adjustment described in this Section 4.03), multiplied by such Stock Price. In such
event, the Conversion Obligation shall be determined and paid to Holders in cash on the third Business Day following the Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the
Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date and publish the information on its internal website or through such other public medium as the Company may use at that time no later than
five Business Days after such Effective Date. 

  
 37 

 (c) The number of additional shares of Common Stock (the “Additional
Shares”), if any, by which the Conversion Rate shall be increased in connection with a Make-Whole Fundamental Change shall be determined by reference to the table set forth in subsection (f) of this Section 4.03, based on the date on
which the Make-Whole Fundamental Change occurs or becomes effective (in each case, the “Effective Date”) and the price paid (or deemed to be paid) per share of Common Stock in such Make-Whole Fundamental Change (the “Stock
Price”). If holders of Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid
per share of Common Stock. In the case of any other Make-Whole Fundamental Change, 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. 
 (d) A conversion of Securities by a Holder shall be deemed
for these purposes to be “in connection with” a Make-Whole Fundamental Change if the Conversion Notice is received by the Conversion Agent (or, in the case of a Global Note, in compliance with the relevant Depositary’s procedures for
conversion) on or after the Effective Date of the Make-Whole Fundamental Change and up to, and including the Business Day immediately preceding 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 of Fundamental Change, the 35th Trading Day immediately following the actual Effective Date of the Make-Whole Fundamental Change). 

(e) The Stock Prices set forth in the column headings of the table set forth in subsection (f) of this Section 4.03 shall be
adjusted as of any date on which the Conversion Rate 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 the adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The Conversion Rate increase amounts shall be adjusted at the same time and in the same
manner as the Conversion Rate as set forth in Section 4.04. 
 (f) The following table sets forth the number of Additional Shares by
which the Conversion Rate will increase as described in this Section 4.03 for each Stock Price and Effective Date set forth below: 
  

																																																													
	 	  	Stock Price	 
	Effective Date	  	15.50	 	  	17.50	 	  	20.00	 	  	21.70	 	  	23.00	 	  	25.00	 	  	28.21	 	  	30.00	 	  	32.50	 	  	35.00	 	  	40.00	 	  	45.00	 	  	50.00	 	  	55.00	 	  	60.00	 
	 July 31, 2017
	  	 	18.4332	 	  	 	14.8729	 	  	 	11.7588	 	  	 	10.2007	 	  	 	9.2320	 	  	 	8.0192	 	  	 	6.5789	 	  	 	5.9401	 	  	 	5.2511	 	  	 	4.7006	 	  	 	3.8802	 	  	 	3.2998	 	  	 	2.8775	 	  	 	2.5477	 	  	 	2.2805	 
	 August 1, 2018
	  	 	18.4332	 	  	 	14.0252	 	  	 	10.7486	 	  	 	9.1407	 	  	 	8.1529	 	  	 	6.9364	 	  	 	5.5378	 	  	 	4.9286	 	  	 	4.2950	 	  	 	3.8024	 	  	 	3.0933	 	  	 	2.6157	 	  	 	2.2746	 	  	 	2.0121	 	  	 	1.8025	 
	 August 1, 2019
	  	 	18.4332	 	  	 	13.1610	 	  	 	9.6290	 	  	 	7.9257	 	  	 	6.8972	 	  	 	5.6568	 	  	 	4.2953	 	  	 	3.7216	 	  	 	3.1593	 	  	 	2.7429	 	  	 	2.1805	 	  	 	1.8286	 	  	 	1.5886	 	  	 	1.4066	 	  	 	1.2620	 
	 August 1, 2020
	  	 	18.4332	 	  	 	12.3752	 	  	 	8.4164	 	  	 	6.5198	 	  	 	5.3968	 	  	 	4.0822	 	  	 	2.7358	 	  	 	2.2115	 	  	 	1.7588	 	  	 	1.4620	 	  	 	1.1213	 	  	 	0.9420	 	  	 	0.8231	 	  	 	0.7339	 	  	 	0.6619	 
	 August 1, 2021
	  	 	18.4332	 	  	 	11.9843	 	  	 	7.5742	 	  	 	5.3484	 	  	 	3.9452	 	  	 	2.1738	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 
	 August 1, 2022
	  	 	18.4332	 	  	 	11.2783	 	  	 	6.6155	 	  	 	4.4699	 	  	 	3.2062	 	  	 	1.7079	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 
	 August 1, 2023
	  	 	18.4332	 	  	 	11.0599	 	  	 	3.9171	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 	  	 	—   	 

 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 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 amount set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based on a 365-day year; 

  
 38 

 (ii) if the Stock Price is greater than $60.00 per share (subject to
adjustment in the same manner as the Stock Prices set forth in the column headings of the table above), the Conversion Rate shall not be increased; and 

(iii) if the Stock Price is less than $15.50 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table), the Conversion Rate shall not be increased. 
 Notwithstanding the foregoing, in no event shall the
Conversion Rate per $1,000 principal amount of Securities exceed 64.5161 shares of Common Stock, subject to adjustment in the same manner as the Conversion Rate as set forth in Section 4.04. 

Section 4.04 Conversion Rate Adjustments. The Conversion Rate shall be adjusted from time to time by the Company upon the
occurrence of any of the transactions described in this Section 4.04, except that the Company shall not make any adjustments to the Conversion Rate if Holders 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 Securities, in any of the transactions described in this Section 4.04 without having to convert their Securities as if they held a number of
shares of Common Stock equal to (i) the Conversion Rate, multiplied by (ii) the principal amount (expressed in thousands) of Securities held by such Holder. 

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

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

  
 39 

 Any adjustment made under this Section 4.04(b) 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 4.04(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. 
 (c) If the
Company issues to all or substantially all holders of Common Stock any rights, options or warrants entitling them, for a period of not more than 45 days after the announcement date of such issuance, to subscribe for or purchase shares of Common
Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance, the Conversion Rate shall be increased based on the following formula: 
  

			
	CR1 = CR0 x  	  	 OS0 + X

	  	 OS0 + Y

 where, 
  

					
	CR0  	  	=  	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	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;
			
	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 4.04(c) 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 such rights, options or warrants are not exercised prior
to their expiration or shares of the Common Stock are not delivered after the exercise of such rights, options or warrants, the Conversion Rate shall be decreased to the 

  
 40 

 
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 4.04(c) and for the purpose of Section 4.01(d)(i), in determining
whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase shares of 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. 

(d) If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other of its assets or property 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 4.04(b)
or Section 4.04(c), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section 4.04(c) below shall apply, (iii) any dividends and distributions in connection with a specified corporate
event as described below under Section 4.06 and (iv) Spin-Offs, as to which the provisions set forth below in this Section 4.04(d)(i) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or
property or rights, options or warrants to acquire shares of Capital Stock or other securities of the Company distributed with respect to each outstanding share of Common Stock, the “Distributed Property”), then the Conversion Rate
shall be increased based on the following formula: 
  

			
	CR1 = CR0 x  	  	      SP0

	  	 SP0 - FMV

 where, 
  

					
	CR0  	  	=  	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the Distributed Property on the Ex-Dividend Date for such distribution.

  
 41 

 Any increase made under the portion of this Section 4.04(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 be the Conversion Rate
that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as
defined above), in lieu of the foregoing increase, each Holder shall receive, in respect of each $1,000 principal amount of such Holder’s Securities, at the same time and upon the same terms as holders of Common Stock, the amount and kind of
Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. 

With respect to an adjustment pursuant to this Section 4.04(d) where there has been a payment of a dividend or other distribution on the
Common Stock or shares of capital stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities
exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 
  

			
	CR1 = CR0 x  	  	 FMV0 + MP0

	  	         MP0

 where, 
  

					
	CR0  	  	=  	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such Spin-Off;
			
	CR1	  	=	  	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such Spin-Off;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the capital stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last
Reported Sale Price as if references therein to the Common Stock were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period beginning on, and including, the
Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph will occur on the last Trading Day of the
Valuation Period; provided that (x) in respect of any conversion of Securities for which Physical Settlement is applicable, if the relevant Conversion Date occurs during the Valuation Period, the reference to “10” in the
portion of this Section 4.04(d) related to Spin-Offs shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date for such
Spin-Off and such Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Securities for which Cash Settlement or Combination Settlement is applicable, for any Trading
Day that falls within the relevant Observation Period for 

  
 42 

 
such conversion and within the Valuation Period, the reference to “10” in the portion of this Section 4.04(d) related to Spin-Offs shall be deemed replaced with such lesser number
of Trading Days as have elapsed between the Ex-Dividend Date for such Spin-Off and such Trading Day in determining the Conversion Rate as of such Trading Day. In
addition, if the Ex-Dividend Date for such Spin-Off is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a
conversion of Securities, references in the portion of this Section 4.04(d) related to Spin-Offs to 10 consecutive Trading Days shall be deemed replaced, solely in respect of that conversion, with such lesser number of Trading Days as have
elapsed from, and including, the Ex-Dividend Date for such Spin-Off to, and including, the last Trading Day of such Observation Period. If such Spin-Off does not occur, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such distribution had not been declared, effective as of the date on which the Board of
Directors (or its designee) determines not to consummate such Spin-Off. 
 For purposes of
Section 4.04(b), Section 4.04(c) and this Section 4.04(d), if any dividend or distribution to which this Section 4.04(d) is applicable also includes one or both of: 

(A) a dividend or distribution of shares of Common Stock to which Section 4.04(b) is applicable (the “Clause A
Distribution”); or 
 (B) a dividend or distribution of rights, options or warrants to which Section 4.04(c) 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 4.04(d) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 4.04(d) 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 4.04(b) and Section 4.04(c) 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 4.04(b) or “outstanding immediately prior
to the open of business on such Ex-Dividend Date” within the meaning of Section 4.04(c). 

(e) If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the Conversion Rate shall be
adjusted based on the following formula: 
  

			
	CR1 = CR0 x  	  	     SP0

	  	 SP0 - C

  
 43 

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

 Any increase pursuant to this Section 4.04(e) shall become effective immediately after the open of
business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors
determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal
to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder shall receive, for each $1,000 principal amount of Securities, 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. 
 (f) If the Company or any of its
Subsidiaries makes 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 average of Last Reported
Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the
“Expiration Date”), the Conversion Rate shall be increased based on the following formula: 
  

			
	CR1 = CR0 x  	  	 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 Expiration Date;
			
	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 Expiration Date;
			
	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;

  
 44 

					
	OS0  	  	=  	  	the number of shares of Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares 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 Expiration Date.

 The increase to the Conversion Rate under this Section 4.04(f) shall occur at the close of business on
the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; provided that (x) in respect of any conversion of Securities for which Physical Settlement is applicable, if the relevant
Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date, references in the preceding paragraph with respect to 10 consecutive Trading Days shall be deemed replaced
with such lesser number of Trading Days as have elapsed between the Expiration Date and such Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Securities for which Cash Settlement or Combination
Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any
tender or exchange offer, references in the preceding paragraph with respect to 10 consecutive Trading Days shall be deemed replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange offer
and such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the Expiration Date is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period
in respect of a conversion of Securities, references in the preceding paragraph and this portion of this Section 4.04(f) to 10 consecutive Trading Days shall be deemed to be replaced, solely in respect of that conversion, with such lesser
number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the Expiration Date, and including, the last Trading Day of such Observation Period. 

In the event that the Company or any of its Subsidiaries is obligated to purchase Common Stock pursuant to any such tender offer or exchange
offer, but the Company, or such Subsidiary is, permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded, then the Conversion Rate shall again be adjusted to be the Conversion Rate that would then
be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have been effected. 

(g) Notwithstanding this Section 4.04 or any other provision of this Indenture or the Securities, if a Conversion Rate adjustment becomes
effective on any Ex-Dividend Date, and a Holder that has converted its Securities 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 4.02(g) based on an adjusted 

  
 45 

 
Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 4.04, 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. 
 (h) Except as
stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase shares of Common Stock or such
convertible or exchangeable securities. In addition, the Company shall not adjust the Conversion Rate for guarantees issued in respect of any of its outstanding securities. 

(i) In addition to those adjustments required by subsections (b), (c), (d), (e) and (f) of this Section 4.04, and to the extent
permitted by applicable law and subject to the applicable rules of the Relevant Stock Exchange, 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 has
determined that such increase would be in the Company’s best interest. In addition, and to the extent permitted by applicable law and subject to the applicable rules of the Relevant Stock Exchange, the Company may (but is not required to)
increase the Conversion Rate, as the Board of Directors considers advisable, to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of stock (or rights to
acquire stock) or from any event treated as such for tax purposes. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall mail to the Holder of each Security at its last address appearing on
the register of the Registrar a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect. 

(j) Except as stated in this Section 4.04, 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 its Subsidiaries; 

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

  
 46 

 (iv) for ordinary course of business stock repurchases that are not tender
offers referred to in clause (f) of this Section 4.04, including structured or derivative transactions or pursuant to a stock repurchase program approved by the Board of Directors; 

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

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

(k) All calculations and other determinations in respect of the Conversion Rate shall be made by the Company to the nearest 1/10,000th of a
share. Notwithstanding this Section 4.04 or any other provision of this Indenture, in no event shall the Conversion Rate be adjusted such that the Conversion Price is less than the par value per share of the Common Stock. 

(l) Whenever the Conversion Rate is adjusted pursuant to this Section 4.04, the Company shall compute the adjusted Conversion Rate in
accordance with this Section 4.04 and shall prepare an Officers’ Certificate setting forth (i) the adjusted Conversion Rate, (ii) the subsection of this Section 4.04 pursuant to which such adjustment has been made, showing
in reasonable detail the facts upon which such adjustment is based, (iii) the calculation of such adjustment and (iv) the date as of which such adjustment is effective, and such Officers’ Certificate shall promptly be delivered to the
Trustee and the Conversion Agent (if other than the Trustee) (which certificates shall be conclusive evidence of the accuracy of such adjustment absent manifest error). As soon as practicable after each such adjustment, the Company shall deliver to
the Holders a notice stating that the Conversion Rate has been adjusted and setting forth the adjusted Conversion Rate. Unless and until a Responsible Officer of the Trustee shall receive an Officers’ Certificate with respect to an adjustment
of the Conversion Rate, the Trustee may assume without inquiry that the Conversion Rate has not been adjusted and that the last Conversion Rate of which it has knowledge remains in effect. Neither the Trustee nor the Conversion Agent shall be under
any duty or responsibility with respect to any such certificate or the information and calculations contained therein, except to exhibit the same to any Holder of Securities desiring inspection thereof at its office during normal business hours.
Simultaneously with an adjustment of the Conversion Rate, the Company shall disseminate a press release detailing the new Conversion Rate and other relevant information. 

(m) For purposes of this Section 4.04, the number of shares of Common Stock at any time outstanding shall not include shares held in the
treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of
fractions of shares of Common Stock. 
 Section 4.05 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, if applicable, 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, Effective Date or Expiration Date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Price, the
Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts are to be calculated. 

  
 47 

 Section 4.06 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 of the Common Stock), 
 (ii) any consolidation, merger or other combination involving the Company, 

(iii) any sale, lease or other transfer or disposition to a third party of all or substantially all of the consolidated assets
of the Company and its Subsidiaries taken as a whole, or 
 (iv) any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Specified Transaction”), then the Company or the successor or purchasing corporation, as the case may be, shall execute with the Trustee a supplemental indenture permitted under
Section 10.01(g), providing that, at and after the effective time of such Specified Transaction, the right to convert each $1,000 principal amount of Securities shall be changed into a right to convert such principal amount of Securities 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 Specified
Transaction would have owned or been entitled to receive (the “Reference Property”) upon the occurrence of such Specified Transaction; provided, however, that at and after the effective time of the Specified
Transaction (i) 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 Securities, as set forth under Section 4.02 and (ii) (x) any amount
payable in cash upon conversion of the Securities as set forth under Section 4.02 shall continue to be payable in cash, (y) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Securities
as set forth under Section 4.02 shall instead be deliverable in units of Reference Property (with a “unit of Reference Property” being the kind and amount of shares of stock, other securities or other property or assets that a holder
of one share of Common Stock would have owned or been entitled to receive upon such Specified Transaction and (z) the value of any Common Equity included in a unit of Reference Property that is listed or quoted on a national securities exchange
or market shall be calculated using a volume weighted price (determined in a manner reasonably consistent with the definition of Daily VWAP) of such Common Equity. The value of any other property (other than cash) included in a unit of Reference
Property shall be determined in good faith by the Board of Directors. If the Specified Transaction 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 shareholder election), then 

  
 48 

 
the Reference Property into which the Securities will be convertible shall be deemed to be (i) the weighted average of the types and amounts of consideration received by the holders of
Common Stock that affirmatively make such an election or (ii) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received by the holders of Common Stock. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the weighted average as soon as practicable after the determination is made. 

If the holders of Common Stock receive only cash in such Specified Transaction, then for all conversions of Securities that occur after the
effective date of such Specified Transaction (x) the consideration due upon conversion of each $1,000 principal amount of Securities shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be
increased pursuant to Section 4.03), multiplied by the price paid per share of Common Stock in such Specified Transaction and (y) the Company shall satisfy the Conversion Obligation by paying such cash amount to converting Holders
on the third Business Day immediately following the Conversion Date. 
 Such supplemental indenture described in the second immediately
preceding paragraph shall provide for (x) anti-dilution adjustments that shall be as nearly equivalent as practicable to the adjustments provided for in this Section 4.04, with respect to any Reference Property consisting of Common Equity
and (y) with respect to any other Reference Property, such adjustments (if any) that the Board of Directors or the board of directors of the successor determines in good faith are appropriate. If, in the case of any Specified Transaction, 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 Specified Transaction, then
such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holders as the 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 repurchase rights set forth in Article 3. 

(b) In the event the Company shall execute a supplemental indenture pursuant to subsection (a) of this Section 4.06, 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 Specified Transaction, 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 and issue a press release containing such information and publish the same on the
Company’s internal website or through such other public medium as the Company may use at that time. The Company shall cause notice of the execution of such supplemental indenture to be mailed to each Holder, at its address appearing on the
register of the Registrar provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c) The Company shall not become a party to any Specified Transaction unless its terms are consistent with this Section 4.06. None of the
foregoing provisions shall affect the right of a Holder to convert its Securities as set forth in Section 4.01 and Section 4.02 prior to the effective date of such Specified Transaction. 

  
 49 

 (d) The above provisions of this Section 4.06 shall similarly apply to successive
Specified Transactions. 
 Section 4.07 Cancellation of Converted Securities. All Certificated Securities delivered for
conversion shall be delivered to the Trustee or its agent to be canceled by or at the direction of the Trustee, which shall dispose of the same as provided in this Indenture. Upon conversions of beneficial interests in any Global Security, the
Trustee or the Securities Custodian, at the direction of the Trustee, shall reduce the aggregate principal amount of outstanding Securities represented by such Global Security to reflect the conversion. 

Section 4.08 Stockholders Rights. Rights, options or warrants distributed by the Company pursuant to a stockholder rights plan to
all or substantially all holders of 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 Section 4.04(d) (and no adjustment to the Conversion Rate under Section 4.04(d) 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 Section 4.04(d). 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 Section 4.04(d) 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. A distribution of rights pursuant to such a stockholder rights plan shall not trigger a Conversion Rate adjustment pursuant to
Section 4.04(d) if Holders participate in such distribution on an as-converted basis in accordance with the first paragraph of Section 4.04. 

  
 50 

 Section 4.09 Trustee’s Disclaimer. The Trustee shall have no duty to
determine when an adjustment under this Article 4 should be made, how it should be made or what such adjustment should be, but may accept as conclusive evidence of that fact or the correctness of any such adjustment, and shall be protected in
relying upon, the Officers’ Certificate that the Company is obligated to deliver to the Trustee pursuant to Section 4.04(l). The Trustee makes no representation as to the amount of any cash paid upon conversion of Securities, and the
Trustee shall not be responsible for the Company’s failure to comply with any provisions of this Article 4. The Trustee and the Conversion Agent (if other than the Trustee) shall have no responsibility for determination of the Daily Conversion
Values. In addition, in no event shall the Trustee or Conversion Agent be responsible for making any calculations under this Indenture or for determining amounts to be paid or for monitoring any Stock Price. For the avoidance of doubt, the Trustee
and Conversion Agent shall rely conclusively on the calculations and information provided to them by the Company as to the Daily VWAP, Trading Price, Daily Conversion Value and Last Reported Sale Price and as to any other matter that the Company is
to calculate. Nor shall the Trustee or Conversion Agent be charged with knowledge of or have any duties to monitor any Measurement Period or Observation Period. 

The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture
executed pursuant to Section 6.01, but may accept as conclusive evidence of the correctness thereof, and shall be fully protected in relying upon, the Officers’ Certificate and Opinion of Counsel with respect thereto which the Company is
obligated to file with the Trustee pursuant to Section 6.01. 
 Section 4.10 Exchange in Lieu of Conversion.
Notwithstanding anything herein to the contrary, when a Holder surrenders Securities for conversion, the Company may, at its election, (an “Exchange Election”) direct the Conversion Agent in writing to surrender, on or prior to the
second Business Day following the Conversion Date, such Securities to a financial institution designated by the Company for exchange in lieu of conversion. In order to accept any Securities surrendered for conversion, the designated financial
institution must agree to timely deliver, to such Holder, in exchange for such Securities, the cash, shares of Common Stock or combination thereof, that would otherwise be due upon conversion, as provided under Section 4.01 (the
“Conversion Consideration”). If the Company makes an Exchange Election, the Company shall, by the close of business on the second Business Day following the relevant Conversion Date, notify the Holder surrendering Securities for
conversion that it has made the Exchange Election and shall notify the designated financial institution of the settlement method the Company has elected with respect to such conversion and the relevant deadline for delivery of the relevant
Conversion Consideration. 
 Any Securities exchanged by the designated financial institution will remain outstanding, subject to the
applicable procedures of DTC. If the designated financial institution agrees to accept any Securities for exchange but does not timely deliver the related conversion consideration, or if such designated financial institution does not accept the
Securities for exchange, the Company shall deliver the relevant conversion consideration as if the Company had not made an Exchange Election. 

  
 51 

 The Company’s designation of a financial institution to which the Securities may be
submitted for exchange does not require the financial institution to accept any Securities (unless the financial institution has separately made an agreement with the Company). The Company may, but is not obligated to, enter into a separate
agreement with any designated financial institution that would compensate it for any such transactions. 
 ARTICLE 5 

COVENANTS 

Section 5.01 Payment on the Securities. The Company shall promptly make all payments in respect of the Securities on the
dates and in the manner provided in the Securities and this Indenture. Principal (including the Fundamental Change Repurchase Price or Redemption Price, if applicable) of and interest on the Securities shall be considered paid on the date it is due,
if the Paying Agent (if other than the Company or an Affiliate thereof) holds as of 11:00 a.m., New York City time, on the due date money, deposited by the Company or an Affiliate thereof in immediately available funds, designated for and sufficient
to pay all principal (including the Fundamental Change Repurchase Price or Redemption Price, if applicable) and interest then due on the Securities. 

In the event
that the Company determines to pay PIK Interest for any interest period with respect to any PIK Securities, then the Company will deliver a notice (a
“PIK
Notice”)
 to the Trustee at least five (5) Business Days prior to the Regular Record Date for the next Interest
Payment Date, which notice will state the total amount of interest to be paid on the Interest Payment Date in respect of such interest period and the amount of such interest to be paid as PIK Interest; provided, however, that the Company shall be
deemed to have elected to make a PIK Payment in respect of all PIK Securities with respect to the
February 1, 2022 Interest Payment Date and no such notice to the Trustee shall be required. Subject to
the last sentence of this Section 5.01, if the Company does not make an election for an Interest
Payment Date, the election made, or deemed to have been made, for the prior Interest Payment Date shall govern and be controlling. Any PIK Payment shall be made in such form and on terms as specified in this Section 5.01 and in
Section 2.16, and the Company shall take all additional steps as necessary to effect such PIK Payment.
The Trustee, on behalf of and at the expense of the Company, will promptly deliver a corresponding notice provided by the Company to the Holders of any PIK Securities. PIK Interest will be considered paid on the date due if prior to or on such date
the Trustee has received (i) a Company Order, pursuant to Section 2.03, from the Company signed by an Officer to increase the balance of any Global Security to reflect such PIK Interest
or (ii) PIK Interest Securities duly executed by the Company together with a Company Order, pursuant to
Section 2.03, of the Company signed by an Officer requesting the authentication of such PIK Interest
Securities by the Trustee. In connection with the payment of PIK Interest in respect of the PIK Securities, the Company will, without the consent of Holders, either increase the outstanding principal amount of the PIK Securities or issue PIK
Interest Securities under this Indenture. 
 With respect to any PIK Securities, interest will be payable, at the election of the Company (made by delivering a notice to
the Trustee at least five (5) Business Days prior to the Regular Record Date for the next Interest
Payment Date), (1) by paying 5.00% per annum entirely in cash (“Cash Interest”)
 or (2) 8.00% per annum by increasing the principal amount of the outstanding Securities or by issuing PIK Interest Securities having a principal amount equal to the amount of interest so paid (“PIK
 Interest”
). Interest on the PIK Securities will be computed on the basis of a 360-day year of twelve 30-day
months. 

  
 52 

Notwithstanding
 anything to the contrary, the payment of accrued interest at maturity or in connection with any redemption or purchase of Securities, as described under
Section 3.01 and Section 3.05, and the payment of accrued interest on any Securities other than the PIK Securities, will be made solely in
cash. 
 Section 5.02 SEC Reports and Rule 144A Information
Requirement. 
 (a) The Company shall file with the Trustee within 15 days after the same are required to be filed with the SEC, copies
of any documents or reports that the Company is required to file with the SEC pursuant to Section 13(a) 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 SEC via the EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee for purposes of this Section 5.02 at the time such documents are filed
via EDGAR (or such successor). 
 (b) Delivery of such reports, information and documents 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 rely exclusively on Officers’ Certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants or with respect to
any reports or other documents filed with the SEC or on EDGAR or any website hereunder, or participate in any conference calls. 
 (c) At
any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Securities 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 furnish to the Trustee and shall, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Securities or any shares of
Common Stock issued upon conversion of such Securities the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Securities or shares of Common Stock pursuant to Rule 144A under
the Securities Act. The Company shall take such further action as any Holder or beneficial owner of such Securities or Common Stock may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell
such Securities or shares of Common Stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time. 

(d) If, at any time during the six-month period beginning on, and including, the date that is six
months after the last date of original issuance of the Securities, (the “Original Issuance Date”), the Company fails to timely file any report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act, as applicable (other than reports on Form 8-K), or the Securities are not otherwise freely tradeable by Holders other than the Company’s Affiliates or Holders that were the Company’s
Affiliates at any time during the immediately 

  
 53 

 
preceding three months (as a result of restrictions under U.S. securities laws or the terms of the Securities or this Indenture), the Company shall pay Additional Interest on the Securities. Such
Additional Interest shall accrue on the Securities at the rate of 0.50% per annum of the principal amount of the Securities outstanding for each day during such period for which the Company’s failure to file has occurred and is continuing or
the Securities are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the immediately preceding three months (without restrictions pursuant to U.S.
securities laws or the terms of the Securities or this Indenture). As used in this Section 5.02(d), documents or reports that the Company is required to “file” with the SEC pursuant to Section 13 or 15(d) of the Exchange Act do
not include documents or reports that the Company furnishes to the SEC pursuant to Section 13 or 15(d) of the Exchange Act. 
 (e) If,
and for so long as, the restrictive legend on the Securities specified in Section 2.07(c) has not been removed, the Securities are assigned a restricted CUSIP or the Securities are not otherwise freely tradeable by Holders other than the
Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the immediately preceding three months (without restrictions pursuant to U.S. securities laws or the terms of the Securities or this Indenture), as of
the 365th day after the Original Issuance Date, the Company shall pay Additional Interest on the Securities at a rate equal to 0.50% per annum of the principal amount of Securities outstanding until the restrictive legend has been removed from the
Securities, the Securities are assigned an unrestricted CUSIP and the Securities are freely tradable by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the immediately preceding
three months. 
 (f) Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as
regular interest on the Securities. 
 (g) The Additional Interest that is payable in accordance with Section 5.02(d) or
Section 5.02(e), will be in addition to any Additional Interest payable as a result of the Company’s election pursuant to Section 7.04. 

(h) If Additional Interest is payable by the Company pursuant to Section 5.02(d) or Section 5.02(e), the Company shall deliver to
the Trustee an Officers’ Certificate to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the
Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no 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. 
 Section 5.03 Compliance
Certificates. 
 (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year during which any
Securities were outstanding, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers
thereof know of any Default or Event of Default that occurred during such fiscal year. Such Officers’ Certificate 

  
 54 

 
shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities
of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 5.03, such compliance shall be determined without
regard to any period of grace or requirement of notice provided under this Indenture. If any Officer of the Company signing such Officers’ Certificate has knowledge of such a Default or Event of Default, the Officers’ Certificate shall
describe any such Default or Event of Default and its status and what actions the Company is taking or proposes to take with respect thereto. 

(b) The Company shall deliver to the Trustee, within 30 days after the occurrence thereof, an Officers’ Certificate specifying any
Default or Event of Default, its status and what action the Company is taking or proposes to take with respect thereto. 
 Section 5.04
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. 
 Section 5.05 Maintenance of Corporate Existence. Subject to Article 6, 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 5.06 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 which would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, or which 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. 

ARTICLE 6 

CONSOLIDATION, MERGER, SALE, CONVEYANCE, ASSIGNMENT, TRANSFER, 

LEASE OR OTHER DISPOSITION 

Section 6.01 Company May Consolidate, Etc., Only on Certain Terms. The Company shall not consolidate with or merge with or
into or otherwise combine with, any other Person or sell, lease or otherwise transfer or dispose of all or substantially all of the Company’s and its Subsidiaries’ consolidated assets, taken as a whole, to another Person, unless: 

(a) the Company is the surviving corporation or the resulting, surviving or transferee Person (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 such corporation (if not the Company) expressly assumes by supplemental indenture all of the Company’s obligations under
the Securities and this Indenture; and 

  
 55 

 (b) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing under this Indenture. 
 The Company shall deliver, or cause to be delivered, to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, combination, sale, lease or other transfer or disposition complies with the requirements of this Indenture, and such Opinion of Counsel shall
state that this Indenture and the Securities constitute legal, valid and binding obligations of any resulting, surviving or transferee Person, as applicable, subject to customary exceptions. 

For purposes of the foregoing, any sale, lease or other transfer or disposition of the assets of one or more of the Company’s
Subsidiaries to a third party that would, if the Company had held such assets directly, have constituted the sale, lease or other transfer or disposition of all or substantially all of the Company’s and its Subsidiaries’ consolidated
assets, taken as a whole, shall be treated as such under this Indenture. 
 Section 6.02 Successor Substituted. Upon such
consolidation, merger, combination or sale, lease or other transfer or disposition, the resulting, surviving or transferee Person (if not the Company) shall succeed to, and may exercise every right and power of, the Company under this Indenture, and
the Company shall be discharged from the its obligations under the Securities and this Indenture except in the case of any such lease. 

ARTICLE 7 
 DEFAULT AND
REMEDIES 
 Section 7.01 Events of Default. Each of the following is an “Event of Default” with
respect to the Securities: 
 (a) default in payment of interest on any Security when due and payable and the default continues for a period
of 30 days; 
 (b) default in the payment of principal of any Security when due and payable at its stated maturity, upon any required
repurchase, upon any Optional Redemption, upon declaration of acceleration or otherwise; 
 (c) failure by the Company to comply with its
obligation to convert the Securities in accordance with this Indenture upon exercise of a Holder’s conversion right; 
 (d) failure by
the Company to provide timely notice pursuant to Section 3.05(b), Section 4.01(d), Section 4.01(e) or Section 4.03(b), in each case when due; 

(e) failure by the Company to comply with its obligations set forth in Article 6; 

(f) failure by the Company to perform any other agreement required of it in this Indenture or the Securities and such failure continues for 60
days after written notice is given in accordance with the immediately succeeding paragraph; 

  
 56 

 (g) default by the Company or any of its Subsidiaries 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 $7,500,000 (or the foreign currency equivalent thereof) in the aggregate of the
Company and/or any such 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; 

(h) the Company or any Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(i) commences a voluntary case or proceeding; 

(ii) consents to the entry of an order for relief against it in an involuntary case or proceeding; 

(iii) consents to the appointment of a Custodian of it or for all or substantially all of its property; or 

(iv) makes a general assignment for the benefit of its creditors; or 

a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company or any Significant Subsidiary in an involuntary case or proceeding; 

(ii) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of the property of the
Company or any Significant Subsidiary; or 
 (iii) orders the liquidation of the Company or any Significant Subsidiary; 

and in each case the order or decree remains unstayed and in effect for 60 consecutive days; or 

(i) a final judgment or judgments for the payment of $7,500,000 (or its foreign currency equivalent thereof) or more (excluding
any amounts covered by insurance) in the aggregate is rendered against the Company or any of its Subsidiaries, which judgment is not paid, 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. 
 A default under
Section 7.01(f) is not an Event of Default until the Trustee notifies the Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee, in writing of the default,
and the Company does not cure the default within 60 days after receipt of such notice. The notice given pursuant to this Section 7.01 must specify the default, demand that it be remedied and state that the notice is a “Notice of
Default.” When any default under this Section 7.01 is cured, it ceases. 

  
 57 

 The Trustee shall not be charged with knowledge of any Event of Default unless written
notice thereof shall have been actually received by a Responsible Officer at the Corporate Trust Office of the Trustee from the Company, the Paying Agent, any Holder or any agent of any Holder. 

Section 7.02 Acceleration. If an Event of Default (other than an Event of Default specified in Section 7.01(h) with
respect to the Company or any of its Significant Subsidiaries) occurs and is continuing, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding may, by written
notice to the Company and the Trustee, declare all unpaid principal and accrued and unpaid interest, if any, to the date of acceleration on the Securities then outstanding (if not then due and payable) to be due and payable upon any such
declaration, and the same shall become and be immediately due and payable. If an Event of Default specified in Section 7.01(h) with respect to the Company or any of its Significant Subsidiaries occurs, all unpaid principal and accrued and
unpaid interest, if any, of the Securities then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. After any acceleration, but before a judgment or
decree for the payment of moneys due shall have been obtained or entered, the Holders of a majority in aggregate principal amount of the outstanding Securities may rescind and annul such acceleration with respect to the Securities and its
consequences by written notice to the Company and the Trustee if (a) the recission would not conflict with any judgment or decree of a court of competent jurisdiction, and (b) any and all Events of Default under this Indenture with respect
to the Securities, other than the nonpayment of the principal of and interest on the Securities that shall not have become due by their terms, shall have been remedied or waived pursuant to Section 7.05. No such rescission shall affect any
subsequent Default or impair any right consequent thereto. 
 Section 7.03 Other Remedies. If an Event of Default occurs
and is continuing, the Trustee may, but shall not be obligated to, pursue any available remedy by proceeding at law or in equity to collect the payment of the principal of or interest on the Securities or to enforce the performance of any provision
of the Securities or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event
of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

Section 7.04 Additional Interest. 

(a) Notwithstanding anything in this Indenture or in the Securities to the contrary, to the extent the Company elects, the sole remedy for an
Event of Default during the first 180 days after the occurrence of an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 5.02(a) shall after the occurrence of such an Event of Default
consist exclusively of the right to receive Additional Interest on the Securities at a rate equal to 0.25% per annum of the principal amount of the Securities outstanding for each day during 

  
 58 

 
which such Event of Default is continuing during the 60-day period beginning on, and including, the date on which such an Event of Default first occurs and
ending on the earlier of (i) the date on which such Event of Default is cured or validly waived and (ii) the 60th day immediately following, and including, the date on which such Event
of Default first occurred. The Additional Interest that is payable as a result of the Company’s election pursuant to this Section 7.04 shall be in addition to any Additional Interest payable in accordance with Section 5.02(d) or
Section 5.02(e). 
 (b) If the Company so elects, such Additional Interest shall be payable in the same manner and on the same dates as
the stated interest payable on the Securities. On the 61st day after such Event of Default (if such Event of Default is not cured or waived prior to such 61st day), such Additional Interest will cease to accrue and the Securities will be subject to
acceleration as provided in Section 7.02. This Section 7.04 shall not affect the rights of Holders in the event of the occurrence of any other Event of Default. If the Company does not elect to pay Additional Interest following an Event of
Default in accordance with this Section 7.04, or if it so elects but fails to pay the Additional Interest when due, the Securities shall be immediately subject to acceleration as provided in Section 7.02. To elect to pay Additional
Interest as the sole remedy during the first 60 days after the occurrence of an Event of Default relating to the failure to comply with the reporting obligations in accordance with subsection (a) of this Section 7.04 and this subsection
(b), the Company must notify all Holders, the Trustee and the Paying Agent (if other than the Trustee) of such election no later than five Business Days after the beginning of such 60-day period. Upon the
Company’s failure to timely give such notice or if the Company gives such notice but does not pay the Additional Interest when due, the Securities shall be immediately subject to acceleration as provided in Section 7.02. In no event shall
Additional Interest payable pursuant to the foregoing election accrue at a rate per year in excess of the applicable rate specified in subsection (a) of this Section 7.04, regardless of the number of events or circumstances giving rise to
requirements to pay such Additional Interest pursuant to this subsection (b) of this Section 7.04. 
 Section 7.05 Waiver
of Defaults and Events of Default. Subject to Section 7.08 and Section 10.02, the Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may waive an existing default or
Event of Default and its consequences, except with respect to (a) nonpayment of the principal of and accrued and unpaid interest, if any, on any Security, (b) a failure by the Company to pay the cash due upon conversion in accordance with
the provisions of the Securities and this Indenture, (c) any default or Event of Default in respect of any provision of this Indenture or the Securities that, under Section 10.02, cannot be modified or amended without the consent of each
affected Holder, or (d) a failure by the Company to make any repurchase of Securities when required by this Indenture. When a default or Event of Default is waived, it is cured and ceases. 

Section 7.06 Control by Majority. Subject to the Trustee’s right to request a reasonable indemnity from the relevant
Holders as described in Section 7.07 and Section 8.01(d), the Holders of a majority in aggregate principal amount of the outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Securities. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines is unduly
prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 

  
 59 

 Section 7.07 Limitations on Suits. Subject to Section 8.01, 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 against all losses and expenses. Except to enforce the right to receive payment of principal or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder may pursue any
remedy with respect to this Indenture or the Securities unless: 
 (a) such Holder has previously given the Trustee notice that an Event of
Default with respect to the Securities is continuing; 
 (b) Holders of at least 25% in aggregate principal amount of the outstanding
Securities have made a written request to the Trustee to pursue the remedy; 
 (c) such Holders have offered the Trustee indemnity
reasonably satisfactory to it against all loss, liability and expenses; 
 (d) the Trustee has not complied with such request within 60 days
after the receipt of the request and the offer of such security or indemnity; and 
 (e) the Holders of a majority in aggregate principal
amount of the outstanding Securities have not given the Trustee a direction that in the opinion of the Trustee is inconsistent with such request within such 60-day period. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over such other Holder.

 Section 7.08 Rights of Holders to Receive Payment and to Convert. Each Holder shall have the contractual right to
receive payment of (a) the principal (including the Fundamental Change Repurchase Price and the Redemption Price, if applicable) of, (b) accrued and unpaid interest, if any, on, and (c) the consideration due upon conversion of, its
Securities, on or after the respective due dates expressed or provided for in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, and such right to receive such payment or delivery, as the
case may be, on or after such respective dates shall not be amended without the consent of such Holder. 
 Section 7.09 Collection
Suit By Trustee. If an Event of Default in the payment of principal or interest specified in Section 7.01(a) or Section 7.01(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an
express trust against the Company or another obligor on the Securities for the whole amount of principal and accrued interest remaining unpaid, together with, to the extent that payment of such interest is lawful, interest on overdue principal and
on overdue installments of interest, in each case at the rate per annum borne by the Securities and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel. 

  
 60 

 Section 7.10 Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the Securities), its creditors or its property and shall be entitled and empowered to collect and receive any money or other property
payable or deliverable on any such claims and to distribute the same, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 8.06, and to the extent that such payment of the reasonable compensation, expenses, disbursements and advances 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, money, securities and other property which the Holders 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, on behalf of any Holder, to authorize, accept or adopt any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the
rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 7.11 Application of Monies Collected by Trustee. Any monies collected by the Trustee pursuant to this Article 7
with respect to the Securities shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the Securities, 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 8.06; 

Second, in case the principal of the outstanding Securities shall not have become due and be unpaid, to the payment of interest on, and
the cash due upon any conversion of, the Securities in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case may be, with interest (to the extent that such interest has been collected by the
Trustee) upon such overdue payments at the rate borne by the Securities at such time, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Securities shall have become due, by declaration or otherwise, and be unpaid to the
payment of the whole amount (including, if applicable, the payment of the Fundamental Change Repurchase Price and the cash due upon any conversion) then owing and unpaid upon the Securities for principal and interest, if any, with interest on the
overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Securities at such time, and in case such monies shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Securities, then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase Price and the cash due upon any conversion) and interest without preference or priority of principal
over interest, or of interest over principal or of any installment of interest over any other installment of interest, or of any Security over any other Security, ratably to the aggregate of such principal (including, if applicable, the Fundamental
Change Repurchase Price and the cash due upon any conversion) and accrued and unpaid interest; and 

  
 61 

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

Section 7.12 Undertaking For Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 7.12 does not
apply to a suit made by the Trustee, a suit by a Holder pursuant to Section 7.07, or a suit by Holders of more than 10% in aggregate principal amount of the Securities then outstanding. 

ARTICLE 8 
 TRUSTEE

 Section 8.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

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

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine any certificates and opinions which by any provision
hereof are specifically required to be delivered to the Trustee to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of subsection (b) of this
Section 8.01; 

  
 62 

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

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 7.06. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk
its own funds or incur any liability unless the Company or Holders shall have offered to the Trustee security and indemnity reasonably satisfactory to it against such cost or liability. The Trustee shall be under no obligation to exercise any of its
rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity reasonably satisfactory to it against any loss, liability or expense. 

(e) Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (d) of this
Section 8.01. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 8.02 Rights of Trustee. Subject to Section 8.01: 

(a) The Trustee may rely conclusively on any resolution, certificate, opinion or document (whether in its original or facsimile form) believed
by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate and an Opinion of Counsel, which shall
conform to Section 13.02. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through its agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel of its selection, and the advice or
opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any such action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion
of such counsel. 

  
 63 

 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested
in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer has actual knowledge
thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office, and such notice references the Securities and this Indenture. 

(i) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (k) In no event shall the Trustee be responsible or liable for special,
indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(l) The Trustee shall have no duty to monitor or investigate the Issuer’s compliance with or the breach of any representation, warranty
or covenant made in this Indenture. 
 (m) Delivery of reports, information and documents to the Trustee under Section 5.02 or 5.03 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 Issuer’s compliance with any
of its covenants hereunder (as to which Trustee is entitled to rely conclusively on an Officers’ Certificate). The Trustee is under no duty to examine such reports, information or other documents to ensure compliance with the provision of this
Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. 

  
 64 

 (n) 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 which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 (o) In no event
shall the Trustee be required to provide any bond or surety in the performance of its duties or powers. 
 (p) Under no circumstances shall
the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. 
 Section 8.03 Individual Rights
of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not
Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Section 8.09. 
 Section 8.04
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity, priority or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the
proceeds from the Securities or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by the Paying Agent (if other than
the Trustee) and it shall not be responsible for any statement or recital herein or any statement in the Securities or any other document in connection with the sale of the Securities or pursuant to this Indenture other than its certificate of
authentication. 
 Section 8.05 Notice of Default or Events of Default. If a Default or an Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail (or transmit in accordance with the notice procedures of the Depositary) to each Holder notice of the Default or Event of Default within 90 days
after it occurs. However, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding notice is in the interests of Holders, except in the case of a Default or an Event of
Default in (a) payment of the principal of or interest on any Security (including a Default in the payment of the Fundamental Change Repurchase Price) or (b) payment or delivery of the consideration due upon conversion. 

Section 8.06 Compensation and Indemnity. The Company shall pay to the Trustee from time to time such compensation (as
agreed to from time to time by the Company and the Trustee in writing) for its services (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the
Trustee promptly upon request for all reasonable disbursements, expenses and advances incurred or made by it in addition to the compensation for its services. Such expenses may include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel. 

  
 65 

 The Company shall indemnify each of the Trustee and any predecessor Trustee and their
officers, directors, employees and agents (each an “Indemnified Party”) against any and all losses, liabilities, damages, claims or expenses (including taxes, other than taxes based upon, measured by or determined by the income of
the Trustee) incurred by an Indemnified Party arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this
Section 8.06) and defending itself against any claim (whether asserted by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee, upon
receiving written notice thereof, shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend
the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its written consent,
which consent shall not be unreasonably withheld. 
 The Company need not reimburse the Trustee for any expense or indemnify it against any
loss or liability determined to have been caused by its own negligence or willful misconduct. 
 To secure the Company’s payment
obligations in this Section 8.06, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all money or property held or collected by the Trustee, except such money or property held in trust to pay the
principal of, interest on, and amounts due upon conversion of, the Securities. 
 When the Trustee incurs expenses or renders services after
an Event of Default specified in Section 7.01(h) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy
Law. 
 The obligations of the Company under this Section 8.06 shall survive the satisfaction and discharge of this Indenture or the
earlier resignation or removal of the Trustee. 
 Section 8.07 Replacement of Trustee. The Trustee may resign by so
notifying the Company in writing. The Holders of a majority in aggregate principal amount of the Securities then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing and may, with the Company’s written
consent, appoint a successor Trustee. The Company may remove the Trustee if: 
 (a) the Trustee fails to comply with Section 8.09; 

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

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

(d) the Trustee becomes incapable of acting. 

  
 66 

 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. The resignation or removal of a Trustee shall not be effective until a successor Trustee shall have delivered the written acceptance of its appointment as described below. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company
or the Holders of 10% in principal amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee at the expense of the Company. 

If the Trustee fails to comply with Section 8.09, any Holder who has been a Holder for at least six months may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee (provided that all sums owing to the
Trustee hereunder have been paid) and be released from its obligations (exclusive of any liabilities that the retiring Trustee may have incurred while acting as Trustee) hereunder, the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 

A retiring Trustee shall not be liable for the acts or omissions of any successor Trustee after its succession. 

Notwithstanding replacement of the Trustee pursuant to this Section 8.07, the Company’s obligations under Section 8.06 shall
continue for the benefit of the retiring Trustee. 
 Section 8.08 Successor Trustee by Merger, Etc. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust assets (including the administration of this Indenture) to, another corporation, by sale or otherwise, the resulting, surviving or transferee corporation,
without any further act, shall be the successor Trustee, provided such transferee corporation shall qualify and be eligible under Section 8.09. Such successor Trustee shall promptly mail notice of its succession to the Company and each
Holder. 
 Section 8.09 Eligibility; Disqualification. There shall at all times be a Trustee hereunder which shall be a
Person that is eligible pursuant to the TIA to act as such and shall have a combined capital and surplus of at least $50,000,000. If at any time the Trustee shall cease to satisfy any such requirements, it shall resign immediately in the manner and
with the effect specified in this Article 8. 
 ARTICLE 9 

SATISFACTION AND DISCHARGE OF INDENTURE 

Section 9.01 Satisfaction And Discharge Of Indenture. 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 Securities theretofore
authenticated and delivered (other than Securities that have been destroyed, lost or stolen and which have been replaced or 

  
 67 

 
paid as provided in Section 2.08) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee (or, with respect to Common Stock, given
irrevocable instructions to the Company’s transfer agent for such Common Stock to provide for such Common Stock) after the Securities have become due and payable, whether at the Maturity Date, any Fundamental Change Repurchase Date, at any
Redemption Date, upon conversion (after the applicable settlement consideration has been determined) or otherwise, cash or cash and/or shares of Common Stock, solely to satisfy outstanding conversions, as applicable, sufficient to pay all of the
outstanding Securities 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 8.06 shall survive and, if money shall have been deposited with the Trustee pursuant to paragraph (a)(ii) of this Section 9.01, the
provisions of Section 9.02 and Section 9.04 shall survive until the Securities have been paid in full. 
 Section 9.02
Application of Trust Money. Subject to the provisions of Section 9.03, the Trustee or the Paying Agent shall hold in trust, for the benefit of the Holders, all money deposited with it pursuant to Section 9.01 and shall apply
the deposited money in accordance with this Indenture and the Securities to the payment of the principal of, and interest on, and the amount of cash due upon conversion of, the Securities; provided that such money need not be segregated from
other funds except to the extent required by law. 
 Section 9.03 Repayment to Company. The Trustee and the Paying Agent
shall promptly pay to the Company upon request any excess money (i) deposited with them pursuant to Section 9.01 and (ii) held by them at any time. 

The Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal, interest or
amounts due upon conversion that remains unclaimed for two years after a right to such money has matured; provided, however, that the Trustee or the Paying Agent, before being required to make any such payment, may at the expense of
the Company cause to be mailed to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified therein, which shall be at least 30 days from the date of such mailing, any unclaimed balance of such money
then remaining will be repaid to the Company. After payment to the Company, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another Person. In the absence of
a written request from the Company to return unclaimed funds to the Company, the Trustee may from time to time deliver all unclaimed funds to or as directed by applicable escheat authorities, as determined by the Trustee in its sole discretion, in
accordance with the customary practices and procedures of the Trustee. Any unclaimed funds held by the Trustee pursuant to this Section 9.03 shall be held uninvested and without any liability for interest. 

Section 9.04 Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with
Section 9.02 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this
Indenture and the 

  
 68 

 
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.01 until such time as the Trustee or the Paying Agent is permitted to apply all such money
in accordance with Section 9.02; provided, however, that if the Company has made any payment of the principal of, interest on, or amounts due upon conversion of, any Securities because of the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive any such payment from the money held by the Trustee or the Paying Agent. 

ARTICLE 10 
 AMENDMENTS,
SUPPLEMENTS AND WAIVERS 
 Section 10.01 Without Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture or the Securities without notice to, or the consent of, any Holder: 
 (a) to cure any ambiguity, omission, defect
or inconsistency in this Indenture or in the Securities in a manner that does not adversely affect any Holder in any material respect as set forth in an Officers’ Certificate; 

(b) to provide for the assumption by a successor corporation of the Company’s obligations under this Indenture or the Securities pursuant
to Article 6; 
 (c) to add guarantees with respect to the Securities; 

(d) to secure the Company’s obligations with respect to the Securities; 

(e) to add to the covenants of the Company or Events of Default for the benefit of the Holders or make changes that would provide additional
rights to 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) in connection with any Transaction described under Section 4.06, to provide that the Securities are
convertible into Reference Property, subject to the provisions of Section 4.02, and make such related changes to the terms of the Securities to the extent expressly required by Section 4.06; 

(h) to evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture as set forth in an Officers’ Certificate; 

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

(j) to provide for the issuance of Additional Securities
or PIK Interest Securities in accordance with this Indenture.

  
 69 

 Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 10.05 and Section 13.02, the Trustee shall join with the Company in the execution of any amended
or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 10.02 With
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding
(including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Securities). The Holders of at least a majority in aggregate principal amount of the Securities then outstanding (including,
without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Securities) may waive compliance in a particular instance by the Company with any provision of this Indenture or the Securities without notice
to any Holder. However, notwithstanding the foregoing but subject to Section 10.03, without the written consent of each Holder of an outstanding Security affected, an amendment, supplement or waiver, including a waiver pursuant to
Section 7.05, may not: 
 (a) reduce the amount of Securities whose Holders must consent to an amendment; 

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

(c) reduce the principal of or extend the stated maturity of any Security; 

(d) reduce the amount of principal payable upon acceleration of the maturity of the Securities; 

(e) impair or adversely affect the right of Holders to convert Securities or otherwise modify the provisions with respect to conversion, or
reduce the Conversion Rate (subject to such modifications as are required under this Indenture); 
 (f) reduce the Fundamental Change
Repurchase Price or Redemption Price of any Security, or amend or modify in any manner adverse to the Holders the Company’s obligation or right, as applicable, to make such payments, whether through an amendment or waiver of provisions in the
covenants, definitions or otherwise; 
 (g) make any Security payable in money, or at a place of payment, other than that stated in the
Security; 
 (h) change the ranking of the Securities; 

(i) amend the contractual right expressly set forth in this Indenture or the Securities of any Holder to institute suit for the enforcement of
any payment of principal (including the Fundamental Change Repurchase Price or Redemption Price, if applicable) of, accrued and unpaid interest, if any, on, or the consideration due upon conversion of its Securities, on or after the respective due
dates expressed or provided for herein; or 

  
 70 

 (j) modify provisions of this Section 10.02 or Section 7.05 in any manner. 

It shall not be necessary for the consent of the Holders under this Section 10.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 Upon the request of the
Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as
aforesaid, and upon receipt by the Trustee of the documents described in Section 10.05 and Section 13.02, the Trustee shall join with the Company in the execution of such amended or supplemental indenture unless such amended or
supplemental indenture directly 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 amended or supplemental
indenture. 
 After an amendment, supplement or waiver under this Section 10.02 becomes effective, the Company shall mail to the
Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 
 Section 10.03 Revocation and Effect of Consents. Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the
consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or
waiver becomes effective. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a
change described in any of clauses (a) through (j) of Section 10.02. In that case the amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a
Security that evidences the same debt as the consenting Holder’s Security. 
 Section 10.04 Notation on or Exchange of
Securities. The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Security thereafter authenticated. The Company in exchange for all Securities may issue and the Trustee shall, upon receipt of a
Company Order, authenticate new Securities that reflect the amendment, supplement or waiver. Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment, supplement or waiver. 

  
 71 

 Section 10.05 Trustee to Sign Amendments, Etc. The Trustee shall sign any
amendment or supplemental indenture authorized pursuant to this Article 10 if the amendment or supplemental indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, in its sole
discretion, but need not sign it. In signing or refusing to sign such amendment or supplemental indenture, the Trustee shall be provided with and, subject to Section 8.01, shall be fully protected in relying upon in addition to the documents
required by Section 13.02, an Officers’ Certificate and an Opinion of Counsel stating that such amendment or supplemental indenture is authorized or permitted by this Indenture and is legal, valid, binding and enforceable against the
Company in accordance with its terms. The Company may not sign an amendment or supplement indenture until the Board of Directors approves it. 

Section 10.06 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article 10,
this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be
bound thereby. 
 ARTICLE 11 

CONCERNING THE HOLDERS 

Section 11.01 Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of
the aggregate principal amount of the Securities 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 12, 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, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation a date as the record date for determining Holders entitled to
take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 

Section 11.02 Proof of Execution by Holders. Subject to the provisions of Section 8.01, Section 8.02 and
Section 12.05, 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 Securities shall be proved by the register of the Registrar or by a certificate of the Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 12.06. 

Section 11.03 Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, the Paying Agent, the
Conversion Agent and the Registrar shall deem the Person in whose name a Security shall be registered upon the register of the Registrar to be, and shall treat it as, the absolute owner of such Security (whether or not such Security shall be overdue
and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or the Registrar) for the purpose of receiving payment of or on account of the principal of and accrued and unpaid interest on such
Security, for conversion or redemption of such Security and for all other purposes under this Indenture; and neither the Company nor the 

  
 72 

 
Trustee nor the Paying Agent nor the Conversion Agent nor the Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for the time being, or upon its
order, shall be valid, and, to the extent of the sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Security. Notwithstanding anything to the contrary in this Indenture or the Securities following an
Event of Default, any Holder of a beneficial interest in a Global Security 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 Security in certificated form in accordance with the provisions of this Indenture. 

Section 11.04 Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the
Trustee, as provided in Section 11.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Securities specified in this Indenture in connection with such action, any Holder of a Security that is
shown by the evidence to be included in the Securities 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 11.02,
revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any
Securities issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Security or any Security issued in exchange or substitution therefor or upon
registration of transfer thereof. 
 ARTICLE 12 

HOLDERS’ MEETINGS 

Section 12.01 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 12 for any of the following purposes: 
 (a) to give any notice to the Company or to the Trustee or to give any
directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action authorized to be
taken by Holders pursuant to any of the provisions of Article 7; 
 (b) to remove the Trustee and nominate a successor trustee pursuant to
the provisions of Article 8; 
 (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 Securities under any other provision of this Indenture or under applicable law. 

  
 73 

 Section 12.02 Call of Meetings by Trustee. The Trustee may at any time
call a meeting of Holders to take any action specified in Section 12.01, 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 11.01, shall be sent to Holders of such Securities at their addresses as they shall appear on the register of the
Registrar. Such notice shall also be sent to the Company. Such notices shall be sent not less than twenty nor more than ninety days prior to the date fixed for the meeting. 

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

 Section 12.03 Call of Meetings by Company or Holders. In case at any time the Company, pursuant to a resolution of its
Board of Directors, or the Holders of at least 10% of the aggregate principal amount of the Securities then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Trustee shall not have sent the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such meeting and may call
such meeting to take any action authorized in Section 12.01, by sending notice thereof as provided in Section 12.02. 

Section 12.04 Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a
Holder of one or more Securities 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 Securities 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 12.05 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 Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall 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 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Securities represented at the meeting and entitled to vote at the meeting. 

Subject to the provisions of Section 2.10, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 principal amount of Securities held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of the
meeting 

  
 74 

 
to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities 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 12.02 or Section 12.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of
Securities represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 12.06 Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which
shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors
of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of
the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more
Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was sent as provided in Section 12.02. The record shall show the aggregate principal amount of the Securities 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 12.07 No Delay of Rights by Meeting. Nothing contained in
this Article 12 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 Securities. 

ARTICLE 13 

MISCELLANEOUS 

Section 13.01 Notices. Any notice or communication to the Company or the Trustee under this Indenture shall be given in
writing and delivered in Person or by first-class mail (registered or certified, return receipt requested), facsimile transmission (confirmed by delivery in Person or by first-class mail (registered or certified, return receipt requested)) or
guaranteed overnight courier, as follows: 
 If to the Company, to: 

Team, Inc. 
 13131 Dairy Ashford,
Suite 600 
 Sugar Land, Texas 77478 

Facsimile: (281) 388-5664 

  
 75 

 Attention: André C. Bouchard, Executive Vice President, Administration, Chief Legal
Officer & Secretary 

With a copy
(which shall not constitute notice) to: 
 Kirkland &
 Ellis LLP  
 609 Main Street 

Houston, TX
77002 

Attention:
Matthew R. Pacey and Bryan D. Flannery 
 Email:
matt.pacey@kirkland.com and bryan.flannery@kirkland.com  

If to the Trustee, to: 
 Truist Bank 

2713 Forest
Hills Road, Building 2 — Floor 2 

BB&T Corporate Trust Services 
 223 West
Nash Street 
 Mail Code 100-01-02-25 

Wilson, NC 27893 
 Attention: Corporate Trust and Escrow Services  

Telephone: (26152) 24679-394974 

Facsimile: (252) 246-4303 

All notices and communications (other than those sent to Holders) shall be deemed to have been duly given at the time delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, if mailed by first-class mail (registered or certified, return receipt requested); upon acknowledgment of receipt, if transmitted by facsimile; and the next Business Day
after timely delivery to the courier, if sent by guaranteed overnight courier. 
 The Company or the Trustee by notice to the other may
designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a Holder
shall be mailed by first-class mail or delivered by guaranteed overnight courier or by other electronic means to it at its address shown on the register kept by the Registrar. 

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 to a Holder is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 

The Trustee agrees to accept and act upon instructions or directions from the Company pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods (including pdf files) but only if the Company responds to the Trustee’s request for verification of the instructions or directions.
If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the 

  
 76 

 
Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company upon
providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk that the Trustee does not receive the
transmission, the risk that the Company does not verify the instructions, the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 13.02 Certificate and Opinion as to Conditions Precedent. 

(a) Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee at the request of the Trustee: 
 (i) an Officers’ Certificate in form and substance reasonably satisfactory to
the Trustee stating that, in the opinion of the signers, all conditions precedent (including any covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been
complied with; and 
 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that,
in the opinion of such counsel, all such conditions precedent (including any covenants, compliance with which constitutes a condition precedent) have been complied with. 

(b) Each Officers’ Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this
Indenture shall include: 
 (i) a statement that the Person making such certificate or opinion has read such covenant or
condition; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of such Person, he
or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with; 

provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of
public officials. 
 Section 13.03 Business Days. If an Interest Payment Date, Maturity Date, Fundamental Change Repurchase Date
or other payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a Regular Record Date is a Business Day, the record date shall not be
affected. 

  
 77 

 Section 13.04 Governing Law. THIS INDENTURE, THE SECURITIES AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE SECURITIES, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

Section 13.05 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture,
loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 13.06 No Personal Liability of Directors, Officers, Employees or Stockholders. No past, present or future director,
officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Securities, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

Section 13.07 Successors. All agreements of the Company in this Indenture and the Securities shall bind its successor. All
agreements of the Trustee in this Indenture shall bind its successor. 
 Section 13.08 Multiple Counterparts. The parties
may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent the same agreement. 

Section 13.09 Separability. In case any provisions in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.10 Table of Contents, Headings, Etc. The table of contents, cross-reference sheet 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 13.11 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 SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 13.12 Calculations. Except as otherwise provided herein, the Company shall be responsible for making all
calculations called for under the Securities or this Indenture. These calculations include, but are not limited to, determinations of the Stock Price, Trading Price, Last Reported Sale Prices of the Common Stock, the Daily VWAPs, the Daily
Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Securities and the Conversion Rate of the Securities. The Company shall make all these calculations in good faith and, absent manifest

  
 78 

 
error, the Company’s calculations shall be final and binding on Holders of Securities. 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 shall not be liable for but will forward the Company’s
calculations to any Holder of Securities upon the request of that Holder at the sole cost and expense of the Company. 
 [SIGNATURE PAGE
FOLLOWS] 

  
 79 

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the date and year
first above written. 
  

			
	TEAM, INC.
		
	By:	 	/s/ Greg L. Boane
	Name:	 	Greg L. Boane
	Title:	 	Executive Vice President, Chief Financial
Officer and Treasurer
	
	BRANCH BANKING AND TRUST COMPANY, AS TRUSTEE
		
	By:	 	/s/ Pamela B. McGee
	Name:	 	Pamela B. McGee
	Title:	 	Vice President

  
 80 

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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.]1 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY] 

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

  

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

 

	1 	 This bracketed text should be included only if the Security is a Global Security.

  
 A-1 

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

  

	 	•	 	 TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

 

	 	•	 	 PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH
COMMON STOCK; 

  

	 	•	 	 TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR

  

	 	•	 	 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 THE FOURTH BULLET POINT ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
 A-2 

 TEAM, INC. 

5.00% CONVERTIBLE SENIOR NOTES DUE 2023 
 No. [
]                                         
                                         
                                         
                                         
                                        
[Initially]2 $ 
 CUSIP No.: [ ] 

Team, Inc., a Delaware corporation (the “Company”, which term shall include any successor corporation under the Indenture
referred to on the reverse hereof), promises to pay to [Cede & Co.]3 [ ], or registered assigns, the principal sum [of DOLLARS ($ )] [or such lesser amount as set forth in the
“Schedule of Exchanges of Securities” attached hereto]4 on August 1, 2023, and interest thereon as set forth below. 

This Security shall bear interest at the rate of 5.00% per year from July 31, 2017, or from the most recent date to which interest had
been paid or provided for to, but excluding, the next scheduled Interest Payment Date until August 1, 2023. Interest is payable semi-annually in arrears on each February 1 and August 1, commencing on February 1, 2018, to Holders
of record at the close of business on the preceding January 15 and July 15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in Section 5.02(d), Section 5.02(e) and
Section 7.04 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any Security therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable
pursuant to any of Section 5.02(d), Section 5.02(e) or Section 7.04 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. Interest will be computed on the basis of a 360-day year of twelve 30-day months or, in the case of a partial month, the
number of days elapsed over a 30-day month. 
 Any Defaulted Amounts shall accrue interest per annum
at the rate borne by the Securities, 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(e) of the Indenture. 
 The Company shall pay the principal of and interest on this Security
so long as such Security is a Global Security, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Security. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Securities (other than Securities that are Global Securities) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as Paying Agent, Registrar, Securities
Custodian and Conversion Agent and each of the Corporate Trust Office of the Trustee and the office or agency of the Trustee in the Borough of Manhattan, The City of New York, as the office or agency of the Company for each of the aforesaid
purposes. 
  

	2 	 This bracketed text should be included only if the Security is a Global Security. 

	3 	 This bracketed text should be included only if the Security is a Global Security. 

	4 	 This bracketed text should be included only if the Security is a Global Security. 

  
 A-3 

 Reference is made to the further provisions of this Security set forth on the reverse
hereof, including, without limitation, provisions giving the Holder of this Security the right to convert this Security into cash 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
Security 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. 

[SIGNATURE PAGE FOLLOWS] 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	 TEAM, INC.

		
	By:	 	 
		 	 Name:

		 	 Title:

 

			
	 Attest:

		
	By:	 	 
		 	 Name:

		 	 Title:

		
		 	 Dated: [ ], 20[ ]

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in 

the within-mentioned Indenture. 
  

			
	BRANCH BANKING AND TRUIST
COMPANYBANK, AS TRUSTEE
		
	By:	 	 
		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE OF SECURITY] 

TEAM, INC. 
 5.00%
CONVERTIBLE SENIOR NOTES DUE 2023 
 This Security is one of a duly authorized issuance of Securities of the Company, designated as its
5.00% Convertible Senior Notes due 2023 (the “Securities”), limited in aggregate principal amount of up to $230,000,000, all issued or to be issued under and pursuant to an Indenture dated as of July 31, 2017 (as amended or supplemented from time to time, the
“Indenture”), between the Company and Truist Bank (formerly known as Branch Banking and Trust Company), as Trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Securities. Additional Securities 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 all Securities may be
declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Securities 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. In case an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of the Company, the principal and accrued and unpaid interest, if any, of all Securities then
outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder, 

Subject to the terms and conditions of the Indenture, the Company will make all payments in respect of the Fundamental Change Repurchase
Price, the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Security to the Paying Agent to collect such payments in respect of the Security. 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, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Securities 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 Securities at the time outstanding may on behalf of the Holders of all of the Securities waive any past Default or Event of Default under the Indenture and its
consequences. 
 The Securities are issuable in registered form without coupons in denominations of $1,000 principal amount and 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, Securities may be exchanged for a like aggregate principal amount of Securities of other
authorized denominations, without payment of any service charge but, if required by the Company or Trustee, 

  
 A-6 

 
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 Securities issued upon such
exchange of Securities being different from the name of the Holder of the old Securities surrendered for such exchange. 
 The Securities
shall be redeemable at the Company’s option on or after August 5, 2021 in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Securities. 

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 Securities or any portion thereof (in principal amounts of $1,000 or 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, prior to May 1, 2023, only upon the
occurrence of certain conditions specified in the Indenture, and on or after May 1, 2023, until the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date regardless of the occurrence of such conditions,
to convert any of its Securities or portion thereof that is $1,000 or a multiple thereof as provided in the Indenture (which may be settled, at the Company’s election, subject to certain limitations, as provided in the Indenture, in cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable) based on the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

All terms used in this Security but not specifically defined herein are defined in the Indenture and are used herein as so defined. 

In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. 

This Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on this
Security. 
 THE INDENTURE AND THIS SECURITY, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THE INDENTURE OR THIS
SECURITY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish to any
Holder, upon written request and without charge, a copy of the Indenture. Requests may be made to: Team, Inc., 13131 Dairy Ashford, Suite 600, Sugar Land, Texas 77478. 

  
 A-7 

ABBREVIATIONS
AND DEFINITIONS 

Customary abbreviations may
be used in the name of the Holder or an assignee, such as: 
 TEN COM (= tenants in common) 

TEN ENT (= tenants by the
entireties) 

JT TEN (= joint tenants with
right of survivorship and not as tenants in common) 
 CUST (= Custodian) 

UGMA (= Uniform Gifts to
Minors Act). 

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

  
 A-8 

ASSIGNMENT FORM

 To
assign this Security, fill in the form below: 
 I or we assign and transfer this Security to: 

 
  

(Insert assignee’s
 social security or tax I.D. number) 
  

 
  

 
  

 
  

 
 (Print or type
assignee’s
 name, address and zip code) 
 and irrevocably appoint 

 
  

agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him or her. 

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

	☐	 To Team, Inc. or a subsidiary thereof;
or 

  

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

  

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

  

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

  
 A-9 

					
	Date:	 		 	Your Signature:
		 		 	
	 	 	        	 	(Sign exactly as your name appears on the other side of this
Security)

  

	*	 Signature guaranteed
by: 

  

			
	By:	 	 

  

	*	 The signature must be guaranteed
by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange
Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 A-10 

CONVERSION
NOTICE 

The
undersigned registered owner of this Security hereby exercises the option to convert this Security, or the portion hereof (that is $1,000 principal amount or a 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 Security, 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 Securities representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated below. Any amount required to be paid to
the undersigned on account of interest accompanies this Security. 
 To convert only part of this Security, state the principal amount to be converted (which must be $1,000 or a multiple of
$1,000): $ 
  

					
	Date:	 		 	Your Signature:
		 		 	
	 	 	        	 	(Sign exactly as your name appears on the other side of this
Security)

  

	*	 Signature guaranteed by:

  

			
	By:	 	 

  

	*	 The signature must be guaranteed by an
institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP);
(ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable
to the Trustee. 

  
 A-11 

REPURCHASE EXERCISE NOTICE
UPON A FUNDAMENTAL CHANGE 
  

	 	To:	 Team, Inc. 

The
undersigned registered owner of this Security hereby irrevocably acknowledges receipt of a notice from Team, Inc. (the
“Company”
) as to the occurrence of a Fundamental Change with respect to the Company and requests and instructs the
Company to repurchase the entire principal amount of this Security, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Indenture referred to in this Security at the
Fundamental Change Repurchase Price, to the registered Holder hereof. 
  

					
	Dated:	 		 	
		 	        	 	Signature(s)
			
		 		 	Signature(s) must be guaranteed by a qualified guarantor institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934.
			
		 		 	
		 		 	Signature Guaranty

Certificate number(s) of
Security(ies) delivered for repurchase: 
  

							
	  
	  	  
	  	  
	  	  

 Principal amount to be repurchased (in an integral multiple of $1,000, if less than all): 

NOTICE: The signature to the
foregoing Election must correspond to the name as written upon the face of the Security in every particular, without alteration or any change whatsoever. 

  
 A-12 

SCHEDULE OF EXCHANGES OF
SECURITIES5 

The
following exchanges, repurchases or conversions of a part of this Global Security have been made: 
  

									
	Date of Exchange,
Repurchase,
Redemption or
Conversion	 	Amount of
Decrease in
Principal Amount
of this Global
Security	 	Amount of
Increase in
Principal Amount
of this Global
Security	 	Principal Amount
of this Global
Security Following
Such Decrease or
Increase	 	Signature of
Authorized
Signatory of
Securities
Custodian
	<S>
	 	<C>
	 	<C>
	 	<C>
	 	<C>

  
  

	5	 This
schedule should be included only if the Security is a Global Security. 

  
 A-13 

EXHIBIT B

 [FORM OF FACE OF
PIK SECURITY] 

[UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY 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 THE DEPOSITORY TRUST COMPANY (AND
ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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.]1 
 [INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY] 

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

  

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

  

	 	2.	 AGREES FOR THE BENEFIT OF TEAM, INC. (THE
“COMPANY”
) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE  

 
  

1 This bracketed text should be included only if the Security is a Global Security.

  
 B-1 

	 	
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: 

 

	 	●
	 TO THE COMPANY OR ANY SUBSIDIARY
THEREOF; 

  

	 	●
	 PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK; 

  

	 	●
	 TO A QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR 

  

	 	●
	 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 THE FOURTH BULLET POINT ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO
DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 

[OID
LEGEND] 
 THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A
HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR THE SECURITIES BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE ISSUER AT THE FOLLOWING ADDRESS: TEAM, INC., 13131 DAIRY ASHFORD,
SUITE 600, SUGAR LAND, TEXAS 77478, ATTENTION: CHIEF FINANCIAL OFFICER. 

  
 B-2 

TEAM,
INC. 

5.00%
CONVERTIBLE SENIOR NOTES DUE 2023 
 No. [    ]      
                                         
                                         
                                         
                                         
                                  [Initially]
2 $ 

CUSIP No.: [ ] 

Team, Inc.,
a Delaware corporation (the “Company”
, which term shall include any successor corporation under the Indenture referred to on the reverse hereof),
promises to pay to [Cede & Co.]3 [ ], or registered assigns, the principal sum [of DOLLARS ($ )] [or such
lesser amount as set forth in the “Schedule of Exchanges of
Securities” attached
 hereto]4 on
August 1, 2023, and interest thereon as set forth below. 

This
Security shall bear interest at the rate of 5.00% per year in the case of Cash Interest and 8.00% in the case of PIK Interest from
August 1, 2021, or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date, until August 1, 2023. Interest is payable
semi-annually in arrears on each February 1 and August 1, commencing on
February 1, 2022, to Holders of record at the close of business on the preceding January 15 and
July 15 (whether or not such day is a Business Day), respectively. Additional Interest will be payable
as set forth in Section 5.02(d), Section 5.02(e) and
Section 7.04 of the within-mentioned Indenture, and any reference to interest on, or in respect of, any
Security therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of
Section 5.02(d), Section 5.02(e) or
Section 7.04 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. Interest will be computed on the basis of a 360-day year of twelve 30-day months or, in the case of a partial month, the number of days elapsed over a 30-day month. 

Interest
will be payable, at the election of the Company, (1) by paying 5.00% per annum of Cash Interest or (2)
8.00% per annum by increasing the principal amount of the outstanding Securities or by issuing PIK Interest Securities (having a principal amount equal to the amount of interest so paid); provided that interest with respect to the
February 1, 2022 Interest Payment Date will be paid as PIK Interest. 

Any
Defaulted Amounts shall accrue interest per annum at the rate borne by the Securities, 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(e) of the
Indenture. 
 The Company shall pay the principal of and interest on this Security so long as such Security is a Global Security, in
immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Security. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Securities (other
than  
  

	2 	 This bracketed text should be
included only if the Security is a Global Security. 

	3 	 This bracketed text should be
included only if the Security is a Global Security. 

	4 	 This bracketed text should be
included only if the Security is a Global Security. 

  
 B-3 

 
Securities that are Global Securities) at the office or agency
designated by the Company for that purpose. The Company has initially designated the Trustee as Paying Agent, Registrar, Securities Custodian and Conversion Agent and each of the Corporate Trust Office of the Trustee and the office or agency of the
Trustee in the Borough of Manhattan, The City of New York, as the office or agency of the Company for each of the aforesaid purposes. 

PIK Interest
will be considered paid on the date due if on or before such date the Trustee has received (a) a
Company Order, pursuant to Section 2.03 of the Indenture, from the Company signed by an Officer to
increase the balance of any Global Security to reflect such PIK Interest or (b) PIK Interest Securities
duly executed by the Company together with a Company Order, pursuant to Section 2.03 of the Indenture,
of the Company signed by an Officer requesting the authentication of such PIK Interest Securities by the Trustee. In connection with the payment of PIK Interest in respect of the Securities, the Company will, without the consent of Holders, either
increase the outstanding principal amount of the Global Securities or issue PIK Interest Securities under the Indenture. 

Reference is
made to the further provisions of this Security set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Security the right to convert this Security into cash 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
Security 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. 

[SIGNATURE
PAGE FOLLOWS] 

  
 B-4 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed. 
  

			
	TEAM, INC.
		
	By:	 	 
		 	Name:
		 	Title:

Attest: 
  

			
	By:	 	 
		 	Name:
		 	Title:
		
		 	Dated: [ ], 20[ ]

TRUSTEE’S
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities referred to in 

the
within-mentioned Indenture. 
 TRUIST BANK, AS TRUSTEE 

 

			
	By:	 	 
		 	Authorized Signatory

  

  
 B-5 

[FORM OF REVERSE OF PIK
SECURITY] 

TEAM, INC.

 5.00% CONVERTIBLE
SENIOR NOTES DUE 2023 

This
Security is one of a duly authorized issuance of Securities of the Company, designated as its 5.00% Convertible Senior Notes due 2023 (the
“Securities”
), initially limited in aggregate principal amount of up to $[ ], all issued or to be issued under and
pursuant to an Indenture dated as of July 31, 2017 (as amended or supplemented from time to time, the
“Indenture”
), between the Company and Truist Bank (formerly known as Branch Banking and Trust Company), as Trustee (the
“Trustee”
), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities. Additional Securities 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 all
Securities may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Securities 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. In case an Event of Default occurs as a result of certain events of bankruptcy, insolvency or reorganization of the Company, the principal and accrued and unpaid interest, if any, of all
Securities then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

Subject to
the terms and conditions of the Indenture, the Company will make all payments in respect of the Fundamental Change Repurchase Price, the Redemption Price and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders
a Security to the Paying Agent to collect such payments in respect of the Security. 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, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal
amount of the Securities at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Securities 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 Securities at the time outstanding may on behalf of the Holders of all of the Securities waive any past Default or Event of Default under the Indenture and
its consequences. 
 The Securities are issuable in registered form without coupons in denominations of $1,000 principal amount and multiples
thereof (or if a PIK Payment has been made, in minimum denominations of $1.00 and integral multiples of $1.00 in excess 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, Securities may be exchanged for a like aggregate principal amount of  

  
 B-6 

 
Securities 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 Securities issued upon
such exchange of Securities being different from the name of the Holder of the old Securities surrendered for such exchange. 

The
Securities shall be redeemable at the Company’s option on or after
August 5, 2021 in accordance with the terms and subject to the conditions specified in the Indenture.
No sinking fund is provided for the Securities. 
 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 Securities or any portion thereof (in principal amounts of $1,000 or multiples thereof (or if a PIK Payment has been made,
in minimum denominations of $1.00 and integral multiples of $1.00 in excess 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, prior to May 1, 2023,
only upon the occurrence of certain conditions specified in the Indenture, and on or after May 1, 2023,
until the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date regardless of the occurrence of such conditions, to convert any of its Securities or portion thereof that is $1,000 or a multiple thereof as
provided in the Indenture (which may be settled, at the Company’s election, subject to certain limitations, as provided in the Indenture, in cash, shares of Common Stock or a combination of
cash and shares of Common Stock, as applicable) based on the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

All terms
used in this Security but not specifically defined herein are defined in the Indenture and are used herein as so defined. 

In the case
of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. 

This
Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on this Security. 

THE
INDENTURE AND THIS SECURITY, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THE INDENTURE OR THIS SECURITY, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company
will furnish to any Holder, upon written request and without charge, a copy of the Indenture. Requests may be made to: Team, Inc., 13131 Dairy Ashford, Suite 600, Sugar Land, Texas 77478.

  
 B-7 

 ABBREVIATIONS AND DEFINITIONS 

Customary abbreviations may be used in the name of the Holder or an assignee, such as: 

TEN COM (= tenants in common) 
 TEN ENT (= tenants by the
entireties) 
 JT TEN (= joint tenants with right of survivorship and not as tenants in common) 

CUST (= Custodian) 
 UGMA (= Uniform Gifts to Minors Act). 

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

  
 B-8 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to: 
  

 
 (Insert assignee’s social security or tax I.D.
number) 
  
  

 
  
  

 
  

 
 (Print or type assignee’s name, address and zip
code) 
 and irrevocably appoint 
  

 
 agent to transfer this Security on the books of the
Company. The agent may substitute another to act for him or her. 
 In connection with any transfer of the within Security occurring prior to the Resale
Restriction Termination Date, as defined in the Indenture governing such Security, the undersigned confirms that such Security is being transferred: 
  

	☐	 To Team, Inc. or a subsidiary thereof; or 

 

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

  

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

  

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

  
 B-9 

					
	Date:	 		 	Your Signature:
		 		 	
	 	 	        	 	(Sign exactly as your name appears on the other side of this Security)

 

	*	 Signature guaranteed by: 

 

			
	By:	 	 

  

	*	 The signature must be guaranteed by an institution which is a member of one of the following recognized
signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program
acceptable to the Trustee. 

  
 B-10 

 CONVERSION NOTICE 

The undersigned registered owner of this Security hereby exercises the option to convert this Security, or the portion hereof (that is $1,000
principal amount or a 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 Security, 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 Securities representing any unconverted principal amount hereof, be issued and delivered to
the registered Holder hereof unless a different name has been indicated below. Any amount required to be paid to the undersigned on account of interest accompanies this Security. 

To convert only part of this Security, state the principal amount to be converted (which must be $1,000 or a multiple of $1,000): $ 

 

					
	Date:	 		 	Your Signature:
		 		 	
	 	 	        	 	(Sign exactly as your name appears on the other side of this Security)

 

	*	 Signature guaranteed by: 

 

			
	By:	 	 

  

	*	 The signature must be guaranteed by an institution which is a member of one of the following recognized
signature guaranty programs: (i) the Securities Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program
acceptable to the Trustee. 

  
 B-11 

 REPURCHASE EXERCISE NOTICE UPON A FUNDAMENTAL CHANGE 

 

	 	To:	 Team, Inc. 

The undersigned registered owner of this Security hereby irrevocably acknowledges receipt of a notice from Team, Inc. (the
“Company”) as to the occurrence of a Fundamental Change with respect to the Company and requests and instructs the Company to repurchase the entire principal amount of this Security, or the portion thereof (which is $1,000 or an
integral multiple thereof (or if a PIK Payment has been made, in minimum denominations of $1.00 and integral multiples
of $1.00 in excess thereof)) below designated, in accordance with the terms of the Indenture referred to in this Security at the Fundamental Change Repurchase Price, to the registered Holder
hereof. 
  

					
	Dated:	 		 	
		 	        	 	Signature(s)
			
		 		 	Signature(s) must be guaranteed by a qualified guarantor institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of
1934.
			
		 		 	
		 		 	Signature Guaranty

 Certificate number(s) of
Security(ies) delivered for repurchase: 
  

							
	  
	  	  
	  	  
	  	  

 Principal amount to be
repurchased (in an integral multiple of $1,000 (or if a PIK Payment has been made, in minimum denominations of $1.00
and integral multiples of $1.00 in excess thereof), if less than all): 
 NOTICE: The signature
to the foregoing Election must correspond to the name as written upon the face of the Security in every particular, without alteration or any change whatsoever. 

  
 B-12 

 SCHEDULE OF EXCHANGES OF
PIK SECURITIES5 

The following exchanges, repurchases or conversions of a part of this Global Security have been made: 

 

									
	 Date of Exchange,
Repurchase,
Redemption
or
Conversion
	 	Amount of
Decrease in
Principal Amount
of this Global
Security	 	Amount of
Increase in
Principal Amount
of this Global
Security	 	Principal Amount
of this Global
Security Following
Such Decrease or
Increase	 	Signature of
Authorized
Signatory of
Securities
Custodian
	<S>	 	<C>	 	<C>	 	<C>	 	<C>

  

	5 	 This schedule should be included only if the Security is a Global Security. 

  
 B-13Exhibit 10.1

 

Execution Copy

 

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT (the “Agreement”),
dated as of January 13, 2022 (the “Execution Date”), is entered into by and between TANZANIAN GOLD CORPORATION,
a company incorporated under the Business Corporations Act (Alberta) (the “Company”), and LINCOLN PARK CAPITAL
FUND, LLC, an Illinois limited liability company (the “Investor”).

 

WHEREAS:

 

Subject to the terms and conditions set forth in this Agreement,
the Company wishes to sell to the Investor, in the Company’s sole and absolute discretion, and the Investor wishes to buy from the
Company, up to $10,000,000 of the Company’s common shares, no par value (the “Common Shares”). Notwithstanding
anything to the contrary contained herein, the parties hereto agree that compliance with the limitation set forth in the immediately preceding
sentence on the number of Common Shares issued and sold under this Agreement shall be the sole responsibility of the Company, and the
Investor shall have no obligation in connection with such compliance. The Common Shares to be purchased hereunder are referred to herein
as the “Purchase Shares.”

 

The Company has prepared and filed with the United States
Securities and Exchange Commission (the “SEC”) a registration statement on Form F-3 (File No. 333-255526) registering
the Shelf Securities under the United States Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively,
the “Securities Act”). Such registration statement (including exhibits to such registration statement) and base prospectus
contained therein, was declared effective on May 14, 2021, is herein called the “Registration Statement.” As used herein,
“Base Prospectus” means prospectus contained in the Registration Statement at the time it was declared effective. “Prospectus
Supplement” means the prospectus supplement relating to the offering of the Securities, to be filed by the Company with the
SEC pursuant Rule 424(b)(5). “Prospectuses” means the Prospectus Supplement (and any additional prospectus supplements
prepared in accordance with the provisions of this Agreement and filed with the SEC in accordance with the General Instructions of Form
F-3) together with the Base Prospectus and together with any “issuer free writing prospectus,” as defined in Rule 433 under
the Securities Act (“Rule 433”) relating to the Securities that (i) is required to be filed with the SEC by the Company
or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each case in the form filed or required to be filed with the SEC or, if
not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g).

 

NOW THEREFORE, in consideration of the mutual covenants
contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company and the Investor hereby agree as follows:

 

1.                  
CERTAIN DEFINITIONS.

 

For purposes of this Agreement, the following terms shall
have the following meanings:

 

(a) “Accelerated Purchase Date” means,
with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, the Business Day immediately following the applicable Purchase
Date with respect to the corresponding Regular Purchase referred to in Section 2(b) hereof.

 

(b) “Accelerated Purchase Minimum Price Threshold”
means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, any minimum per share price threshold set
forth by the Company in the applicable Accelerated Purchase Notice.

 

(c) “Accelerated Purchase Notice” means,
with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, an irrevocable written notice from the Company to the Investor
directing the Investor to buy a specified Accelerated Purchase Share Amount on the applicable Accelerated Purchase Date pursuant to Section
2(b) hereof at the applicable Accelerated Purchase Price.

 

    	 	1	 

    	Execution Copy

    

 

(d) “Accelerated Purchase Price” means,
with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof, the lower of ninety-five percent (95%) of (i) of the VWAP
for the period beginning at 9:30:01 a.m., Eastern time, on the applicable Accelerated Purchase Date, or such other time publicly announced
by the Principal Market as the official open (or commencement) of trading on the Principal Market on such applicable Accelerated Purchase
Date (the “Accelerated Purchase Commencement Time”), and ending at the earliest of (A) 4:00:00 p.m., Eastern time,
on such applicable Accelerated Purchase Date, or such other time publicly announced by the Principal Market as the official close of trading
on the Principal Market on such applicable Accelerated Purchase Date, (B) such time, from and after the Accelerated Purchase Commencement
Time for such Accelerated Purchase, that the total number (or volume) of Common Shares traded on the Principal Market has exceeded the
applicable Accelerated Purchase Share Volume Maximum, and (C) such time, from and after the Accelerated Purchase Commencement Time for
such Accelerated Purchase, that the Sale Price has fallen below the applicable Accelerated Purchase Minimum Price Threshold (such earliest
of (i)(A), (i)(B) and (i)(C) above, the “Accelerated Purchase Termination Time”), and (ii) the Closing Sale Price of
the Common Shares on such applicable Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(e) “Accelerated Purchase Share Amount”
means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof, the number of Purchase Shares directed by the Company
to be purchased by the Investor in an Accelerated Purchase Notice, which number of Purchase Shares shall not exceed the lesser of (i)
300% of the number of Purchase Shares directed by the Company to be purchased by the Investor pursuant to the corresponding Regular Purchase
Notice for the corresponding Regular Purchase referred to in Section 2(b) hereof (subject to the Purchase Share limitations contained
in Section 2(a) hereof) and (ii) an amount equal to (A) the Accelerated Purchase Share Percentage multiplied by (B) the total number
(or volume) of Common Shares traded on the Principal Market during the period on the applicable Accelerated Purchase Date beginning at
the Accelerated Purchase Commencement Time for such Accelerated Purchase and ending at the Accelerated Purchase Termination Time for such
Accelerated Purchase.

 

(f) “Accelerated Purchase Share Percentage”
means, with respect to any Accelerated Purchase made pursuant to Section 2(b) hereof, twenty percent (20%).

 

(g) “Accelerated Purchase Share Volume Maximum”
means, with respect to an Accelerated Purchase made pursuant to Section 2(b) hereof, a number of Common Shares equal to (i) the
applicable Accelerated Purchase Share Amount properly directed by the Company to be purchased by the Investor in the applicable Accelerated
Purchase Notice for such Accelerated Purchase, divided by (ii) the Accelerated Purchase Share Percentage (to be appropriately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(h) “Additional Accelerated Purchase Date”
means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, the Business Day (i) that is the
Accelerated Purchase Date with respect to the corresponding Accelerated Purchase referred to in Section 2(b) hereof and (ii) on
which the Investor receives, prior to 1:00 p.m., Eastern time, on such Business Day, a valid Additional Accelerated Purchase Notice for
such Additional Accelerated Purchase in accordance with this Agreement.

 

(i) “Additional Accelerated Purchase Minimum Price
Threshold” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, any minimum
per share price threshold set forth by the Company in the applicable Additional Accelerated Purchase Notice.

 

(j) “Additional Accelerated Purchase Notice”
means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, an irrevocable written notice from
the Company to the Investor directing the Investor to purchase the applicable Additional Accelerated Purchase Share Amount at the Additional
Accelerated Purchase Price for such Additional Accelerated Purchase in accordance with this Agreement, and specifying any Additional Accelerated
Purchase Minimum Price Threshold determined by the Company.

 

    	 	2	 

    	Execution Copy

    

 

(k) “Additional Accelerated Purchase Price”
means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, the lower of ninety-five percent
(95%) of (i) the VWAP for the period on the applicable Additional Accelerated Purchase Date, beginning at the latest of (A) the applicable
Accelerated Purchase Termination Time with respect to the corresponding Accelerated Purchase referred to in Section 2(c) hereof
on such Additional Accelerated Purchase Date, (B) the applicable Additional Accelerated Purchase Termination Time with respect to the
most recently completed prior Additional Accelerated Purchase on such Additional Accelerated Purchase Date, as applicable, and (C) the
time at which all Purchase Shares subject to all prior Accelerated Purchases and Additional Accelerated Purchases (as applicable), including,
without limitation, those that have been effected on the same Business Day as the applicable Additional Accelerated Purchase Date with
respect to which the applicable Additional Accelerated Purchase relates, have theretofore been received by the Investor as DWAC Shares
in accordance with this Agreement (such latest of (i)(A), (i)(B) and (i)(C) above, the “Additional Accelerated Purchase Commencement
Time”), and ending at the earliest of (X) 4:00 p.m., Eastern time, on such Additional Accelerated Purchase Date, or such other
time publicly announced by the Principal Market as the official close of trading on the Principal Market on such Additional Accelerated
Purchase Date, (Y) such time, from and after the Additional Accelerated Purchase Commencement Time for such Additional Accelerated Purchase,
that the total number (or volume) of Common Shares traded on the Principal Market has exceeded the applicable Additional Accelerated Purchase
Share Volume Maximum, and (Z) such time, from and after the Additional Accelerated Purchase Commencement Time for such Additional Accelerated
Purchase, that the Sale Price has fallen below the applicable Additional Accelerated Purchase Minimum Price Threshold (such earliest of
(i)(X), (i)(Y) and (i)(Z) above, the “Additional Accelerated Purchase Termination Time”), and (ii) the Closing Sale
Price of the Common Shares on such Additional Accelerated Purchase Date (to be appropriately adjusted for any reorganization, recapitalization,
non-cash dividend, stock split, reverse stock split or other similar transaction).

 

(l) “Additional Accelerated Purchase Share Amount”
means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, the number of Purchase Shares directed
by the Company to be purchased by the Investor on an Additional Accelerated Purchase Notice, which number of Purchase Shares shall not
exceed the lesser of (i) 300% of the number of Purchase Shares directed by the Company to be purchased by the Investor pursuant to the
corresponding Regular Purchase Notice for the corresponding Regular Purchase referred to in Section 2(c) hereof (subject to the
Purchase Share limitations contained in Section 2(a) hereof) and (ii) an amount equal to (A) the Additional Accelerated Purchase
Share Percentage multiplied by (B) the total number (or volume) of Common Shares traded on the Principal Market during the period on the
applicable Additional Accelerated Purchase Date beginning at the Additional Accelerated Purchase Commencement Time for such Additional
Accelerated Purchase and ending at the Additional Accelerated Purchase Termination Time for such Additional Accelerated Purchase.

 

(m) “Additional Accelerated Purchase Share Percentage”
means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, twenty percent (20%).

 

(n) “Additional Accelerated Purchase Share Volume
Maximum” means, with respect to an Additional Accelerated Purchase made pursuant to Section 2(c) hereof, a number of
Common Shares equal to (i) the applicable Additional Accelerated Purchase Share Amount properly directed by the Company to be purchased
by the Investor in the applicable Additional Accelerated Purchase Notice for such Additional Accelerated Purchase, divided by (ii) the
Additional Accelerated Purchase Share Percentage (to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend,
stock split, reverse stock split or other similar transaction).

 

(o) “Alternate Adjusted Regular Purchase Share
Limit” means, with respect to a Regular Purchase made pursuant to Section 2(a) hereof, the maximum number of Purchase
Shares which, taking into account the applicable per share Purchase Price therefor calculated in accordance with this Agreement, would
enable the Company to deliver to the Investor, on the applicable Purchase Date for such Regular Purchase, a Regular Purchase Notice for
a Purchase Amount equal to, or as closely approximating without exceeding, One Hundred Thousand Dollars ($100,000).

 

(p) “Available Amount” means, initially,
$10,000,000 in the aggregate, which amount shall be reduced by the Purchase Amount each time the Investor purchases Common Shares pursuant
to Section 2 hereof, including, without limitation, the Initial Purchase pursuant to Section 2(a) hereof.

 

(q) “Average Price” means a price per
Purchase Share (rounded to the nearest tenth of a cent) equal to the quotient obtained by dividing (i) the aggregate gross purchase price
paid by the Investor for all Purchase Shares purchased pursuant to this Agreement, by (ii) the aggregate number of Purchase Shares issued
pursuant to this Agreement.

 

    	 	3	 

    	Execution Copy

    

 

(r) “Bankruptcy Law” means the Bankruptcy
and Insolvency Act (R.S.C. 1985, c. B-3), Title 11, U.S. Code, or any similar federal, state, provincial or foreign law for the relief
of debtors and the rules and regulations promulgated thereunder.

 

(s) “Business Day” means any day on
which the Principal Market is open for trading, including any day on which the Principal Market is open for trading for a period of time
less than the customary time.

 

(t) “Closing Sale Price” means, for
any security as of any date, the last closing sale price for Common Shares on the Principal Market as reported by the Principal Market.

 

(u) “Confidential Information” means
any information disclosed by either party to the other party, either directly or indirectly, in writing, orally or by inspection of tangible
objects (including, without limitation, documents, prototypes, samples, plant and equipment), which is designated as “Confidential,”
“Proprietary” or some similar designation. Information communicated orally shall be considered Confidential Information if
such information is confirmed in writing as being Confidential Information within ten (10) Business Days after the initial disclosure.
Confidential Information may also include information disclosed to a disclosing party by third parties. Confidential Information shall
not, however, include any information which (i) was publicly known and made generally available in the public domain prior to the time
of disclosure by the disclosing party; (ii) becomes publicly known and made generally available after disclosure by the disclosing party
to the receiving party through no action or inaction of the receiving party; (iii) is already in the possession of the receiving party
at the time of disclosure by the disclosing party as shown by the receiving party’s files and records immediately prior to the time
of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party’s obligations of
confidentiality; (v) is independently developed by the receiving party without use of or reference to the disclosing party’s Confidential
Information, as shown by documents and other competent evidence in the receiving party’s possession; or (vi) is required by law
to be disclosed by the receiving party, provided that the receiving party gives the disclosing party prompt written notice of such requirement
prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure.

 

(v) “Custodian” means any receiver,
trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

(w) “DTC” means The Depository Trust
Company, or any successor performing substantially the same function for the Company.

 

(x) “DWAC Shares” means Common Shares
that are (i) issued in electronic form, (ii) within the United States of America, freely tradable and transferable and without restriction
on resale and (iii) credited by the Company to the Investor’s or its designee’s specified Deposit/Withdrawal at Custodian
(DWAC) account with DTC under its Fast Automated Securities Transfer (FAST) Program or any similar program hereafter adopted by DTC performing
substantially the same function.

 

(y) “Fully Adjusted Regular Purchase Share Limit”
means, with respect to any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction from and after
the date of this Agreement, the Regular Purchase Share Limit (as defined in Section 2(a) hereof) in effect on the applicable date of determination,
after giving effect to the full proportionate adjustment thereto made pursuant to Section 2(a) hereof for or in respect of such reorganization,
recapitalization, non-cash dividend, stock split or other similar transaction.

 

(z) “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

    	 	4	 

    	Execution Copy

    

 

(aa) “Material Adverse Effect” means
any material adverse effect on (i) the enforceability of any Transaction Document, (ii) the results of operations, assets, business or
financial condition of the Company and its Subsidiaries, taken as a whole, other than any material adverse effect that resulted principally
from (A) any change in the United States or Canadian economies or securities or financial markets in general that does not have a disproportionate
effect on the Company and its Subsidiaries, taken as a whole, (B) any change that generally affects the industry in which the Company
and its Subsidiaries operate that does not have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, (C) any
change arising in connection with earthquakes, hostilities, acts of war, sabotage or terrorism or military actions or any escalation or
material worsening of any such hostilities, acts of war, sabotage or terrorism or military actions existing as of the Execution Date,
(D) any action taken by the Investor, its affiliates or its or their successors and assigns with respect to the transactions contemplated
by this Agreement, (E) the effect of any change in applicable laws or accounting rules that does not have a disproportionate effect on
the Company and its Subsidiaries, taken as a whole, or (F) any change resulting from compliance with terms of this Agreement or the consummation
of the transactions contemplated by this Agreement, or (iii) the Company’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document to be performed as of the date of determination.

 

(bb) “Maturity Date” means the first
day of the month immediately following the thirty-six (36) month anniversary of the Commencement Date.

 

(cc) “Person” means an individual or
entity, including, but not limited to, any limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated
organization and a government or any department or agency thereof.

 

(dd) “Principal Market” means the NYSE
American; provided, however, that in the event the Common Shares are ever not listed or traded on the NYSE American and are listed or
traded on The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the New York Stock Exchange, the NYSE
American, the NYSE Arca or the OTC Bulletin Board (it being understood that as used herein “OTC Bulletin Board” shall also
mean any successor or comparable market quotation system or exchange to the OTC Bulletin Board such as the OTCQB operated by the OTC Markets
Group, Inc.), then the “Principal Market” shall mean such other market or exchange on which the Common Shares are then listed
or traded (it being hereby acknowledged and agreed that the term “Principal Market” for all purposes of this Agreement and
the transactions contemplated hereby shall not include the Toronto Stock Exchange (the “TSX”) or any other Canadian
stock exchange or quotation system).

 

(ee) “Purchase Amount” means, with respect
to the Initial Purchase, any Regular Purchase or any Accelerated Purchase made hereunder, the portion of the Available Amount to be purchased
by the Investor pursuant to Section 2 hereof.

 

(ff) “Purchase Date” means, with respect
to any particular Regular Purchase or Accelerated Purchase, as applicable, made pursuant to Section 2 hereof, either (i) the Business
Day on which the Investor receives a valid Regular Purchase Notice or Accelerated Purchase Notice that the Investor is to buy Purchase
Shares pursuant to Section 2 hereof, if such Regular Purchase Notice or Accelerated Purchase Notice is received by the Investor between
4:01 p.m., Eastern time, and 6:00 p.m., Eastern time, on such Business Day, or (ii) the Business Day immediately prior to the Business
Day on which the Investor receives a valid Regular Purchase Notice or Accelerated Purchase Notice that the Investor is to buy Purchase
Shares pursuant to Section 2 hereof, if such Regular Purchase Notice or Accelerated Purchase Notice is received by the Investor between
8:00 a.m., Eastern time, and 9:00 a.m., Eastern time, on such Business Day.

 

(gg) “Purchase Price” means, with respect
to a Regular Purchase made pursuant to Section 2(a) hereof, the lower of: (i) the lowest Sale Price on the Purchase Date for such
Regular Purchase and (ii) the arithmetic average of the three (3) lowest Closing Sale Prices for the Common Shares during the ten (10)
consecutive Business Days ending on the Business Day immediately preceding such Purchase Date for such Regular Purchase (in each case,
to be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction that
occurs on or after the date of this Agreement).

 

(hh) “Regular Purchase Notice” means,
with respect to a Regular Purchase pursuant to Section 2(a) hereof, an irrevocable written notice from the Company to the Investor
directing the Investor to buy a specified number of Purchase Shares (subject to the Purchase Share limitations contained in Section
2(a) hereof) at the applicable Purchase Price for such Regular Purchase in accordance with this Agreement.

 

(ii) “Sale Price” means any trade price
for the Common Shares on the Principal Market as reported by the Principal Market.

 

(jj) “Securities” means, collectively,
the Purchase Shares and the Commitment Shares.

 

    	 	5	 

    	Execution Copy

    

 

(kk) “Subsidiary” means any Person the
Company wholly-owns or controls, or in which the Company, directly or indirectly, owns a majority of the voting stock or similar voting
interest, in each case that would be disclosable pursuant to Item 601(b)(21) of Regulation S-K promulgated under the Securities Act.

 

(ll) “Transaction Documents” means,
collectively, this Agreement and the schedules and exhibits hereto, the Registration Rights Agreement by and between the Company and the
Investor dated as of the Execution Date, and each of the other agreements, documents, certificates and instruments entered into or furnished
by the parties hereto in connection with the transactions contemplated hereby and thereby.

 

(mm) “Transfer Agent” means Odyssey
Trust Company, or such other Person who is then serving as the transfer agent for the Company in respect of the Common Shares.

 

(nn) “VWAP” means in respect of an applicable
Purchase Date or Accelerated Purchase Date, the volume weighted average price of the Common Shares on the Principal Market, as reported
on the Principal Market.

 

2.                  
PURCHASE OF COMMON SHARES.

 

Subject to the terms and conditions set forth in this Agreement,
the Company has the right, but not the obligation, to sell to the Investor, in the Company’s sole and absolute discretion, and the
Investor has the obligation to purchase from the Company, Purchase Shares as follows:

 

(a) Commencement of Regular Sales of Common Shares.
Beginning one Business Day following the satisfaction of the conditions set forth in Sections 7 and 8 hereof (the “Commencement”
and the date of satisfaction of such conditions the “Commencement Date”) and thereafter, the Company shall have the
right, but not the obligation, to direct the Investor, by its delivery to the Investor of a Regular Purchase Notice from time to time,
to purchase up to One Hundred Twenty-Five Thousand (125,000) Purchase Shares, if the Closing Sale Price of the Common Shares on the applicable
Purchase Date is not below $0.10, subject to adjustment as set forth below in this Section 2(a) (such maximum number of Purchase
Shares, as may be adjusted from time to time, the “Regular Purchase Share Limit”), at the Purchase Price on the Purchase
Date (each such purchase a “Regular Purchase”); provided, however, that the Regular Purchase Share Limit
shall be increased to: (i) Two Hundred Thousand (200,000) Purchase Shares, if the Closing Sale Price of the Common Shares on the applicable
Purchase Date is not below $0.50, and (ii) Three Hundred Thousand (300,000) Purchase Shares, if the Closing Sale Price of the Common Shares
on the applicable Purchase Date is not below $0.75 (all of which share and dollar amounts shall be appropriately proportionately adjusted
for any reorganization, recapitalization, non-cash dividend, stock split or other similar transaction); provided that if, after
giving effect to the full proportionate adjustment to the Regular Purchase Share Limit therefor, the Fully Adjusted Regular Purchase Share
Limit then in effect would preclude the Company from delivering to the Investor a Regular Purchase Notice hereunder for a Purchase Amount
(calculated by multiplying (X) the number of Purchase Shares equal to the Fully Adjusted Regular Purchase Share Limit, by (Y) the Purchase
Price per Purchase Share covered by such Regular Purchase Notice on the applicable Purchase Date therefor) equal to or greater than the
Alternate Adjusted Regular Purchase Share Limit, the Regular Purchase Share Limit for such Regular Purchase Notice shall not be fully
adjusted to equal the applicable Fully Adjusted Regular Purchase Share Limit, but rather the Regular Purchase Share Limit for such Regular
Purchase Notice shall be adjusted to equal the applicable Alternate Adjusted Regular Purchase Share Limit as of the applicable Purchase
Date for such Regular Purchase Notice; and provided, further, however, that the Investor’s committed obligation
under any single Regular Purchase, other than any Regular Purchase with respect to which an Alternate Adjusted Regular Purchase Share
Limit shall apply, shall not exceed Five Hundred Thousand Dollars ($500,000) and provided, further, however, that
the parties may mutually agree to increase the dollar amount of any Regular Purchase Share Limit for any Regular Purchase to a dollar
amount greater than the Regular Purchase Share limit then in effect. If the Company delivers any Regular Purchase Notice for a Purchase
Amount in excess of the limitations contained in the immediately preceding sentence, such Regular Purchase Notice shall be void ab
initio only with respect to the extent of the amount by which the number of Purchase Shares set forth in such Regular Purchase Notice
exceeds the number of Purchase Shares which the Company is permitted to include in such Regular Purchase Notice in accordance herewith,
and the Investor shall have no obligation to purchase such excess Purchase Shares in respect of such Regular Purchase Notice; provided
that the Investor shall remain obligated to purchase the number of Purchase Shares which the Company is permitted to include in such Regular
Purchase Notice. The Company may deliver multiple Regular Purchase Notices as often as every Business Day, provided that Regular Purchase
Notices may be delivered only between 4:01 p.m., Eastern time, and 6:00 p.m., Eastern time, on the applicable Purchase Date or between
8:00 a.m., Eastern time, and 9:00 a.m., Eastern time, on the Business Day next following the applicable Purchase Date. The Company may
deliver multiple Regular Purchase Notices to the Investor so long as at least one (1) Business Day has passed since the most recent Regular
Purchase was completed.

 

    	 	6	 

    	Execution Copy

    

 

(b) Accelerated Purchases. Subject to the terms
and conditions of this Agreement, from and after one (1) Business Day following the Commencement Date, in addition to purchases of Purchase
Shares as described in Section 2(a) above, the Company shall also have the right, but not the obligation, in the Company’s
sole and absolute discretion, to direct the Investor, by the Company’s delivery to the Investor of an Accelerated Purchase Notice
from time to time, and the Investor thereupon shall have the obligation, to buy Purchase Shares at the Accelerated Purchase Price on the
Accelerated Purchase Date in an amount equal to the Accelerated Purchase Share Amount; provided that the parties may mutually agree to
increase the amount of Purchase Shares sold to the Investor on any Accelerated Purchase Date at the Accelerated Purchase Price (each such
purchase, an “Accelerated Purchase”). The Company may deliver an Accelerated Purchase Notice to the Investor only on
a Purchase Date on which the Company also properly submitted a Regular Purchase Notice providing for a Regular Purchase of a number of
Purchase Shares not less than the Regular Purchase Share Limit then in effect on such Purchase Date in accordance with this Agreement
(including, without limitation, giving effect to any automatic increase to the Regular Purchase Share Limit as a result of the Closing
Sale Price of the Common Shares exceeding certain thresholds set forth in Section 2(a) above on such Purchase Date and any other
adjustments to the Regular Purchase Share Limit, in each case pursuant to Section 2(a) above). If the Company delivers any Accelerated
Purchase Notice directing the Investor to purchase an amount of Purchase Shares that exceeds the Accelerated Purchase Share Amount that
the Company is then permitted to include in such Accelerated Purchase Notice, such Accelerated Purchase Notice shall be void ab initio
only with respect to the extent of the amount by which the number of Purchase Shares set forth in such Accelerated Purchase Notice exceeds
the Accelerated Purchase Share Amount that the Company is then permitted to include in such Accelerated Purchase Notice (which shall be
confirmed in an Accelerated Purchase Confirmation), and the Investor shall have no obligation to purchase such excess Purchase Shares
in respect of such Accelerated Purchase Notice; provided, however, that the Investor shall remain obligated to purchase
the Accelerated Purchase Share Amount which the Company is permitted to include in such Accelerated Purchase Notice. Within one (1) Business
Day after completion of each Accelerated Purchase Date for an Accelerated Purchase, the Investor will provide to the Company a written
confirmation of such Accelerated Purchase setting forth the applicable Accelerated Purchase Share Amount and Accelerated Purchase Price
for such Accelerated Purchase (each, an “Accelerated Purchase Confirmation”). The Company may deliver an Accelerated
Purchase Notice only between 4:01 p.m., Eastern time, and 6:00 p.m., Eastern time, on the applicable Purchase Date or between 8:00 a.m.,
Eastern time, and 9:00 a.m., Eastern time, on the Business Day next following the applicable Purchase Date.

 

(c) Additional Accelerated Purchases. Subject to
the terms and conditions of this Agreement, from and after one Business Day following the Commencement Date, in addition to purchases
of Purchase Shares as described in Section 2(a) and Section 2(b) above, the Company shall also have the right, but not the
obligation, to direct the Investor, by its timely delivery to the Investor of an Additional Accelerated Purchase Notice on an Additional
Accelerated Purchase Date in accordance with this Agreement, to purchase the applicable Additional Accelerated Purchase Share Amount at
the applicable Additional Accelerated Purchase Price therefor in accordance with this Agreement (each such purchase, an “Additional
Accelerated Purchase”); provided however, that the parties may mutually agree to increase the Additional Accelerated
Purchase Share Amount for any Additional Accelerated Purchase. The Company may deliver multiple Additional Accelerated Purchase Notices
to the Investor on an Additional Accelerated Purchase Date; provided, however, that the Company may deliver an Additional
Accelerated Purchase Notice to the Investor only (i) on a Business Day that is also the Accelerated Purchase Date for an Accelerated Purchase
with respect to which the Company properly submitted to the Investor an Accelerated Purchase Notice in accordance with this Agreement
on the applicable Purchase Date for a Regular Purchase of a number of Purchase Shares not less than the Regular Purchase Share Limit then
in effect in accordance with this Agreement (including, without limitation, giving effect to any automatic increase to the Regular Purchase
Share Limit as a result of the Closing Sale Price of the Common Shares exceeding certain thresholds set forth in Section 2(a) above
on such Purchase Date and any other adjustments to the Regular Purchase Share Limit, in each case pursuant to Section 2(a) above),
and (ii) if all Purchase Shares subject to all prior Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases, including,
without limitation, those that have been effected on the same Business Day as the applicable Additional Accelerated Purchase Date with
respect to which the applicable Additional Accelerated Purchase relates, in each case have theretofore been received by the Investor as
DWAC Shares in accordance with this Agreement.

 

    	 	7	 

    	Execution Copy

    

 

If the Company delivers any Additional Accelerated Purchase Notice directing the Investor
to purchase an amount of Purchase Shares that exceeds the Additional Accelerated Purchase Share Amount that the Company is then permitted
to include in such Additional Accelerated Purchase Notice, such Additional Accelerated Purchase Notice shall be void ab initio only
with respect to the extent of the amount by which the number of Purchase Shares set forth in such Additional Accelerated Purchase Notice
exceeds the Additional Accelerated Purchase Share Amount that the Company is then permitted to include in such Additional Accelerated
Purchase Notice (which shall be confirmed in an Additional Accelerated Purchase Confirmation), and the Investor shall have no obligation
to purchase such excess Purchase Shares in respect of such Additional Accelerated Purchase Notice; provided, however, that
the Investor shall remain obligated to purchase the Additional Accelerated Purchase Share Amount which the Company is permitted to include
in such Additional Accelerated Purchase Notice. Within one (1) Business Day after completion of each Additional Accelerated Purchase Date,
the Investor will provide to the Company a written confirmation of each Additional Accelerated Purchase on such Additional Accelerated
Purchase Date setting forth the applicable Additional Accelerated Purchase Share Amount and Additional Accelerated Purchase Price for
each such Additional Accelerated Purchase on such Additional Accelerated Purchase Date (each, an “Additional Accelerated Purchase
Confirmation”). The Company may deliver an Additional Accelerated Purchase Notice only between 4:01 p.m., Eastern time, and
6:00 p.m., Eastern time, on the applicable Purchase Date or between 8:00 a.m., Eastern time, and 9:00 a.m., Eastern time, on the Business
Day next following the applicable Purchase Date.

 

(d) Payment for Purchase Shares. For each Regular
Purchase, the Investor shall pay to the Company an amount equal to the Purchase Amount with respect to such Regular Purchase as full payment
for such Purchase Shares via wire transfer of immediately available funds on the same Business Day that the Investor receives such Purchase
Shares, if such Purchase Shares are received by the Investor before 1:00 p.m., Eastern time, or, if such Purchase Shares are received
by the Investor after 1:00 p.m., Eastern time, the next Business Day. For each Accelerated Purchase and each Additional Accelerated Purchase,
the Investor shall pay to the Company an amount equal to the Purchase Amount with respect to such Accelerated Purchase and Additional
Accelerated Purchase, respectively, as full payment for such Purchase Shares via wire transfer of immediately available funds on the second
Business Day following the date that the Investor receives such Purchase Shares. If the Company or the Transfer Agent shall fail for any
reason or for no reason to electronically transfer any Purchase Shares as DWAC Shares with respect to any Regular Purchase, Accelerated
Purchase or Additional Accelerated Purchase (as applicable) within two (2) Business Days following the receipt by the Company of the Purchase
Price, Accelerated Purchase Price or Additional Accelerated Purchase Price, respectively, therefor in compliance with this Section
2(e), and if on or after such Business Day the Investor purchases (in an open market transaction or otherwise) Common Shares to deliver
in satisfaction of a sale by the Investor of such Purchase Shares that the Investor anticipated receiving from the Company in respect
of such Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase (as applicable), then the Company shall, within two
(2) Business Days after the Investor’s request, either (i) pay cash to the Investor in an amount equal to the Investor’s total
purchase price (including customary brokerage commissions, if any) for the Common Shares so purchased (the “Cover Price”),
at which point the Company’s obligation to deliver such Purchase Shares as DWAC Shares shall terminate, or (ii) promptly honor its
obligation to deliver to the Investor such Purchase Shares as DWAC Shares and pay cash to the Investor in an amount equal to the excess
(if any) of the Cover Price over the total Purchase Amount paid by the Investor pursuant to this Agreement for all of the Purchase Shares
to be purchased by the Investor in connection with such purchases. The Company shall not issue any fraction of a Common Share upon any
Regular Purchase, Accelerated Purchase or Additional Accelerated Purchase. If the issuance would result in the issuance of a fraction
of a Common Share, the Company shall round such fraction of a Common Share up or down to the nearest whole share. All payments made under
this Agreement shall be made in lawful money of the United States of America or wire transfer of immediately available funds to such account
as the Company may from time to time designate by written notice in accordance with the provisions of this Agreement. Whenever any amount
expressed to be due by the terms of this Agreement is due on any day that is not a Business Day, the same shall instead be due on the
next succeeding day that is a Business Day.

 

(e) Purchase Price Floor. The Company and the Investor
shall not effect any Regular Purchase under this Agreement on any Purchase Date that the Closing Sale Price is less than the Floor Price.
“Floor Price” means $0.10, which shall be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split or other similar transaction and, effective upon the consummation of any such reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction, the Floor Price shall mean the lower of (i) the adjusted price and (ii) $0.10.

 

    	 	8	 

    	Execution Copy

    

 

(f) Compliance with Rules of Principal Market and TSX.

 

(i) Compliance with Rules of the Principal Market.
Notwithstanding anything in this Agreement to the contrary, and in addition to the limitations set forth in Section 2(h), the Company
shall not issue more than 50,981,000 (including the Commitment Shares) Ordinary Shares (the “Exchange Cap”) under this
Agreement, which equals 19.99% of the Company’s outstanding Ordinary Shares as of the date hereof, unless shareholder approval is
obtained to issue in excess of the Exchange Cap. Notwithstanding the foregoing, the Company shall not be required or permitted to issue,
and the Investor shall not be required to purchase, any Ordinary Shares under this Agreement if such issuance would violate the rules
or regulations of the Principal Market. The Company may, in its sole discretion, determine whether to obtain stockholder approval to issue
more than 19.99% of its outstanding Ordinary Shares hereunder if such issuance would require stockholder approval under the rules or regulations
of the Principal Market. The Exchange Cap shall be reduced, on a share-for-share basis, by the number of Ordinary Shares issued or issuable
that may be aggregated with the transactions contemplated by this Agreement under applicable rules of the Principal Market.

 

(ii) Compliance with Rules of TSX and Canadian Law.
The Company shall not issue any Securities pursuant to this Agreement if such issuance would reasonably be expected to result in (A) a
violation of the Securities Act or any applicable published national, multilateral and local policy statements, instruments, notices and
blanket orders of the securities commissions in each of the provinces and territories of Canada, except Québec, (the “Canadian
Securities Laws”) or (B) a breach of the rules and regulations of NYSE American or the rules and regulations of the TSX. The provisions
of this Section 2(f) shall be implemented in a manner otherwise than in strict conformity with the terms hereof only if necessary to ensure
compliance with the Securities Act, Canadian Securities Laws, the rules and regulations of New York Stock Exchange, and the rules and
regulations of the TSX.

 

(g) Beneficial Ownership Limitation.
Notwithstanding anything to the contrary contained in this Agreement, the Company shall not issue or sell, and the Investor shall
not purchase or acquire, any Common Shares under this Agreement which, when aggregated with all other Common Shares then beneficially
owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder)
would result in the beneficial ownership by the Investor and its affiliates of more than 4.9% of the then issued and outstanding Common
Shares (the “Beneficial Ownership Limitation”). Upon the written or oral request of the Investor, the Company shall
promptly (but not later than 24 hours) confirm orally or in writing to the Investor the number of Common Shares then outstanding. The
Investor and the Company shall each cooperate in good faith in the determinations required hereby and the application hereof. The Investor’s
written certification to the Company of the applicability of the Beneficial Ownership Limitation, and the resulting effect thereof hereunder
at any time, shall be conclusive with respect to the applicability thereof and such result absent manifest error. 

 

3.                  
INVESTOR’S REPRESENTATIONS AND WARRANTIES.

 

The Investor represents and warrants to the Company that
as of the Execution Date and as of the Commencement Date:

 

(a) Organization, Authority. Investor is an entity
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, with the requisite power
and authority to enter into and to consummate the transactions contemplated by this Agreement and the other Transaction Documents to which
it is a party and otherwise to carry out its obligations hereunder and thereunder.

 

(b) Investment Purpose. The Investor is acquiring
the Securities as principal for its own account for investment only and not with a view to or for distributing or reselling such Securities
or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing
any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement
or understandings with any other Persons to distribute or regarding the distribution of such Securities in violation of the Securities
Act or any applicable state securities law (this representation and warranty not limiting the Investor’s right to sell the Securities
at any time pursuant to the Registration Statement described herein or otherwise in compliance with applicable federal and state securities
laws). The Investor is acquiring the Securities hereunder in the ordinary course of its business.

 

    	 	9	 

    	Execution Copy

    

 

(c) Accredited Investor Status. The Investor is
an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D promulgated under the Securities Act.

 

(d) Information. The Investor understands that its
investment in the Securities involves a high degree of risk. The Investor (i) is able to bear the economic risk of an investment in the
Securities including a total loss thereof, (ii) has such knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the proposed investment in the Securities and (iii) has had an opportunity to ask questions of and
receive answers from the officers of the Company concerning the financial condition and business of the Company and others matters related
to an investment in the Securities. Neither such inquiries nor any other due diligence investigations conducted by the Investor or its
representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties
contained in Section 4 below. The Investor has sought such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to its acquisition of the Securities, and is not relying on any accounting, legal tax or other
advice from the Company or its officers, employees or representatives. The Investor acknowledges and agrees that the Company neither makes
nor has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set
forth in Section 4 hereof.

 

(e) No Governmental Review. The Investor understands
that no federal, state or provincial agency or any other government or governmental agency has passed on or made any recommendation or
endorsement of the Securities or the fairness or suitability of an investment in the Securities nor have such authorities passed upon
or endorsed the merits of the offering of the Securities.

 

(f) Validity; Enforcement. This Agreement and the
other Transactional Documents have been duly and validly authorized, executed and delivered on behalf of the Investor and is a valid and
binding agreement of the Investor enforceable against the Investor in accordance with its terms, subject as to enforceability to general
principles of equity and to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating
to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(g) Residency. The Investor’s principal place
of business is in the State of Illinois.

 

(h) No Short Selling. The Investor represents and
warrants to the Company that at no time prior to the date of this Agreement has any of the Investor, its agents, representatives or affiliates
engaged in or effected, in any manner whatsoever, directly or indirectly, any (i) “short sale” (as such term is defined in
Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position
with respect to the Common Shares.

 

4.                  
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Company represents and warrants to the Investor that
as of the Execution Date and as of the Commencement Date:

 

(a) Organization and Qualification. The Company
and each of its Subsidiaries has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction
with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as
described in the Prospectuses, and is duly qualified to do business as an extra-provincial corporation, where applicable, and is in good
standing under the laws of each jurisdiction which requires such qualification. The Company and each of its Subsidiaries owns or leases
all such properties and assets as are necessary to the conduct of its operations as presently conducted free and clear of all liens, charges,
encumbrances and security interests of any nature or kind except as disclosed in Schedule 4(a). No Subsidiary is currently prohibited,
directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital
stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s
property or assets to the Company or any other Subsidiary. Other than the Subsidiaries of the Company listed in Exhibit 8 to the Company’s
Annual Report on Form 20-F for the fiscal year ended December 31, 2021, the Company, directly or indirectly, owns no capital stock or
other equity ownership or proprietary interest in any corporation, partnership, association, trust or other entity.

 

    	 	10	 

    	Execution Copy

    

 

(b) Authorization; Enforcement; Validity. (i) The
Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and each of the
other Transaction Documents to which it is a party, and to issue the Securities in accordance with the terms hereof and thereof, (ii)
the execution and delivery of the Transaction Documents by the Company to which it is a party and the consummation by it of the transactions
contemplated hereby and thereby, including without limitation, the issuance of the Commitment Shares (as defined below in Section 5(e))
and the reservation for issuance and the issuance of the Purchase Shares issuable under this Agreement, have been duly authorized by the
Company’s board of directors, or a validly authorized committee thereof (collectively, the “Board of Directors”)
and no further consent or authorization is required by the Company, its Board of Directors or its shareholders, (iii) this Agreement has
been, and each other Transaction Document shall be on the Commencement Date, duly executed and delivered by the Company and (iv) this
Agreement constitutes, and each other Transaction Document upon its execution on behalf of the Company, shall constitute, the valid and
binding obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws
relating to, or affecting generally, the enforcement of creditors’ rights and remedies. The Board of Directors of the Company has
passed all applicable resolutions (the “Resolutions”) to authorize this Agreement and the transactions contemplated
hereby. The Resolutions are valid, in full force and effect and have not been modified or supplemented in any respect. The Company has
delivered to the Investor a certified copy of the Resolutions passed by the Board of Directors of the Company. Except as set forth in
this Agreement, no other approvals or consents of the Company’s Board of Directors, any authorized committee thereof, and/or shareholders
is necessary under applicable laws and the Company’s constating documents to authorize the execution and delivery of this Agreement
or any of the transactions contemplated hereby, including, but not limited to, the issuance of the Commitment Shares and the issuance
of the Purchase Shares.

 

(c) Capitalization. The Company’s authorized
equity capitalization is as set forth in the Prospectuses as of the date thereof. The share capital of the Company conforms in all material
respects to the description thereof contained in the Prospectuses. The outstanding Common Shares have been duly authorized and validly
issued and are fully paid and non-assessable. There are no authorized or outstanding options, warrants, preemptive rights, rights of first
refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or exercisable for, any capital stock
of the Company or any of its subsidiaries other than those accurately described in all material respects in the Prospectuses. The description
of the Company’s option, bonus and other share plans or arrangements, and the options or other rights granted thereunder, set forth
in the Prospectuses accurately and fairly presents in all material respects the information required to be shown with respect to such
plans, arrangements, options and rights. No holders of securities of the Company have rights to the registration of such securities under
the Registration Statement.

 

(d) Issuance of Securities. Upon issuance and payment
thereof in accordance with the terms and conditions of this Agreement, the Purchase Shares shall be validly issued, fully paid and nonassessable
and free from all taxes, liens, charges, restrictions, rights of first refusal and preemptive rights with respect to the issue thereof,
with the holders being entitled to all rights accorded to a holder of Common Shares. The Purchase Shares and the Commitment Shares (as
defined below in Section 5(e)) have been duly authorized and reserved for issuance and, upon issuance in accordance with the terms of
this Agreement, shall be validly issued, fully paid and nonassessable and free from all taxes, liens, charges, restrictions, rights of
first refusal and preemptive rights with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder
of Common Shares. The Securities are being issued pursuant to the Registration Statement and the issuance of the Securities has been registered
by the Company pursuant to the Securities Act. Upon receipt of the Purchase Shares and the Commitment Shares, the Investor will have good
and marketable title to such Securities and such Securities will be immediately freely tradable in the United States on the Principal
Market.

 

    	 	11	 

    	Execution Copy

    

 

(e) No Conflicts. The execution, delivery and performance
of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including,
without limitation, the reservation for issuance and issuance of the Purchase Shares and the Commitment Shares) will not (i) result in
a violation of the constating documents of the Company or any of its Subsidiaries or (ii) conflict with, or constitute a default (or an
event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or
result in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation, U.S. federal and state securities
laws and regulations, Canadian Securities Laws and the rules and regulations of the Principal Market and the TSX) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected, except in
the case of conflicts, defaults, terminations, amendments, accelerations, cancellations and violations under clause (ii), which could
not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is in violation of
any term of or in default under its constating documents. Neither the Company nor any of its Subsidiaries is in violation of any term
of or is in default under any material contract, agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or
any statute, rule or regulation applicable to the Company or its Subsidiaries, except for possible conflicts, defaults, terminations or
amendments that could not reasonably be expected to have a Material Adverse Effect. The business of the Company and its Subsidiaries is
not being conducted, and shall not be conducted, in violation of any law, ordinance, regulation of any governmental entity, except for
possible violations, the sanctions for which either individually or in the aggregate could not reasonably be expected to have a Material
Adverse Effect. No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection
with the transactions contemplated herein, except such as have been obtained under the Securities Act, the Exchange Act and Canadian Securities
Laws, and such as may be required under the blue sky laws of any jurisdiction or the rules and regulations of the Financial Industry Regulatory
Authority (“FINRA”), the Principal Market or the TSX in connection with the transactions contemplated by this Agreement.
Except as set forth elsewhere in this Agreement, all consents, authorizations, orders, filings and registrations which the Company is
required to obtain pursuant to the preceding sentence shall be obtained or effected on or prior to the Commencement Date. Since one year
prior to the Execution Date, the Company has not received nor delivered any notices or correspondence from or to the Principal Market
or the TSX relating to any violation of the listing requirements of the Principal Market or the TSX. Since the Company’s common
shares have most recently been listed on such exchanges, neither the Principal Market nor the TSX has commenced any delisting proceedings
against the Company.

 

(f) SEC Documents; Financial Statements. The Company
has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and
the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the Execution Date (or such shorter
period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, being collectively referred to herein as the “SEC Documents”) on a
timely basis or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of
any such extension. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities
Act and the Exchange Act, as applicable. None of the SEC Documents, when filed, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Except as set forth in the SEC Documents, the Company has received no notices or correspondence
from the SEC for the one year preceding the Execution Date. The SEC has not commenced any enforcement proceedings against the Company
or any of its Subsidiaries. The financial statements of the Company and its consolidated Subsidiaries, together with the related notes,
set forth or incorporated by reference in the Prospectuses and the Registration Statement present fairly the financial condition, results
of operations and cash flows of the Company as of the dates and for the periods indicated, comply as to form with the applicable accounting
requirements of the Securities Act, the Exchange Act, and applicable Canadian Securities Laws and have been prepared in conformity with
International Financial Reporting Standards as issued by the International Accounting Standards Board, applied on a consistent basis throughout
the periods involved (except as otherwise noted therein). There has been no material change in accounting policies or practices of the
Company since December 3, 2021. There are no “significant acquisitions”, “significant dispositions” or “significant
probable acquisitions” for which the Company is required, pursuant to Canadian Securities Laws, to include additional financial
disclosure in the Prospectuses. All non-GAAP financial information included in the Registration Statement and the Prospectuses complies
with the requirements of Regulation G under the Securities Act and Canadian Securities Laws regarding the use of non-GAAP financial information.

 

    	 	12	 

    	Execution Copy

    

 

(g) Absence of Certain Changes. Except as disclosed
in the SEC Documents, since December 3, 2021, there has been no material adverse change in the business, properties, operations, financial
condition or results of operations of the Company or its Subsidiaries. The Company is not in violation or default of (i) any provision
of its constating documents, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement
or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject,
or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental
body, arbitrator or other authority having jurisdiction over the Company or any of its properties, which, in the case of clauses (ii)
or (iii), could be reasonably expected to have a Material Adverse Effect. Except as described in the Prospectuses, no dispute between
the Company and any local, native, aboriginal or indigenous group exists or, to the knowledge of the Company, is threatened or imminent
that could reasonably be expected to have a Material Adverse Effect. The Company has not taken any steps, and does not currently expect
to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge
or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is financially
solvent and is generally able to pay its debts as they become due.

 

(h) Absence of Litigation. There is no action, suit,
proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the Company or any of its Subsidiaries, threatened against or affecting the Company, the Common Shares or any
of the Company’s or its Subsidiaries’ officers or directors in their capacities as such, which could reasonably be expected
to have a Material Adverse Effect.

 

(i) Acknowledgment Regarding Investor’s Status.
The Company acknowledges and agrees that the Investor is acting solely in the capacity of arm’s length purchaser with respect to
the Transaction Documents and the transactions contemplated hereby and thereby. The Company further acknowledges that the Investor is
not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and
the transactions contemplated hereby and thereby and any advice given by the Investor or any of its representatives or agents in connection
with the Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Investor’s purchase
of the Securities. The Company further represents to the Investor that the Company’s decision to enter into the Transaction Documents
has been based solely on the independent evaluation by the Company and its representatives and advisors.

 

(j) No Integrated Offering. None of the Company,
nor any of its affiliates, nor any authorized Person acting on its or their behalf has, directly or indirectly, made any offers or sales
of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be
integrated with prior offerings by the Company in a manner that would require shareholder approval pursuant to the rules of the Principal
Market on which any of the securities of the Company are listed or designated or the TSX. The issuance and sale of the Securities hereunder
does not contravene the rules and regulations of the Principal Market or the TSX.

 

(k) Intellectual Property Rights. The Company and
its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations,
service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and rights
necessary to conduct their respective businesses as now conducted. None of the Company’s material trademarks, trade names, service
marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, government authorizations,
trade secrets or other intellectual property rights have expired or terminated, or, by the terms and conditions thereof, could expire
or terminate within two years from the date of this Agreement. The Company and its Subsidiaries do not have any knowledge of any infringement
by the Company or its Subsidiaries of any material trademark, trade name rights, patents, patent rights, copyrights, inventions, licenses,
service names, service marks, service mark registrations, trade secret or other similar rights of others, or of any such development of
similar or identical trade secrets or technical information by others, and there is no claim, action or proceeding being made or brought
against, or to the Company’s knowledge, being threatened against, the Company or its Subsidiaries regarding trademark, trade name,
patents, patent rights, invention, copyright, license, service names, service marks, service mark registrations, trade secret or other
infringement, which could reasonably be expected to have a Material Adverse Effect.

 

(l) Environmental Laws. The Company and its Subsidiaries
(i) are in compliance with any and all applicable foreign, federal, state, provincial and local laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental
Laws”), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to
conduct their respective businesses and (iii) are in compliance with all terms and conditions of any such permit, license or approval,
except where, in each of the three foregoing clauses, the failure to so comply could not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.

 

    	 	13	 

    	Execution Copy

    

 

(m) Title. The Company and its Subsidiaries have
good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned
by them that is material to the business of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and
defects (“Liens”) and, except for Liens as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries and Liens for the payment of
federal, state, provincial or other taxes, the payment of which is neither delinquent nor subject to penalties. Any real property and
facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with which
the Company and its Subsidiaries are in compliance with such exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Company and its Subsidiaries.

 

(n) Insurance. The Company and each of its Subsidiaries
are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the
Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. Neither the Company
nor any such Subsidiary has been refused any insurance coverage sought or applied for and neither the Company nor any such Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its business at a cost that would not materially and adversely
affect the condition, financial or otherwise, or the earnings, business or operations of the Company and its Subsidiaries, taken as a
whole.

 

(o) Regulatory Permits. The Company and its Subsidiaries
possess all material certificates, authorizations and permits issued by the appropriate federal, state, provincial, local or foreign regulatory
authorities necessary to conduct their respective businesses, and neither the Company nor any such Subsidiary has received any notice
of proceedings relating to the revocation or modification of any such certificate, authorization or permit.

 

(p) Tax Status. Each of the Company and the Subsidiaries
has filed all federal, state, provincial, local and foreign tax returns that are required to be filed or has requested extensions thereof
(except in any case in which the failure so to file would not have a Material Adverse Effect) and has paid all taxes required to be paid
by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except
for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect.
There are no transfer taxes or other similar fees or charges under Canadian or U.S. federal law or the laws of any state, province, territory
or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance
by the Company or sale by the Company of the Common Shares. No stamp duty, registration or documentary taxes, duties or similar charges
are payable under the federal laws of Canada or the laws of any province in connection with the creation, issuance, sale and delivery
by the Company of the Common Shares or the authorization, execution, delivery and performance of this Agreement.

 

(q) Transactions With Affiliates. Except as set
forth in the SEC Documents, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees
of the Company is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers
and directors) that is required to be disclosed and is not disclosed, including any contract, agreement or other arrangement providing
for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments
to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any
such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other than
for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company
and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.

 

(r) Application of Takeover Protections. The Company
and its board of directors have taken or will take prior to the Commencement Date all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar
anti-takeover provision which is or could become applicable to the Investor as a result of the transactions contemplated by this Agreement,
including, without limitation, the Company’s issuance of the Securities and the Investor’s ownership of the Securities.

 

    	 	14	 

    	Execution Copy

    

 

(s) Disclosure. Except with respect to the material
terms and conditions of the transactions contemplated by the Transaction Documents that will be timely publicly disclosed by the Company,
the Company confirms that neither it nor any other Person acting on its behalf has provided the Investor or its agents or counsel with
any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed in
the Prospectuses or the SEC Documents. The Company understands and confirms that the Investor will rely on the foregoing representation
in effecting purchases and sales of securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Investor
regarding the Company, its business and the transactions contemplated hereby, including the disclosure schedules to this Agreement, is
true and correct in all material respects and does not contain any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. The
press releases disseminated by the Company during the twelve (12) months preceding the date of this Agreement taken as a whole do not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that the Investor neither makes nor has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3 hereof.

 

(t) Foreign Corrupt Practices; Money Laundering Laws;
Sanctions. Neither the Company nor any of the Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee
or affiliate of the Company or any of the Subsidiaries is aware of or has taken any action, directly or indirectly, that would result
in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the
“FCPA”) or the Corruption of Foreign Public Officials Act (Canada) (the “CFPOA”), including, without
limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving
of anything of value to any “foreign official” (as such term is defined in the FCPA or the CFPOA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and the Company, the Subsidiaries
and, to the knowledge of the Company, its affiliates have conducted their businesses in compliance with the FCPA and the CFPOA and have
instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued
compliance therewith. The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency, including,
without limitation, Title 18 U.S. Code section 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering
principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on Money Laundering, of
which the United States is a member and with which designation the United States representative to the group or organization continues
to concur, all as amended, and any Executive order, directive or regulation pursuant to the authority of any of the foregoing, or any
orders or licenses issued thereunder (collectively, the “Money Laundering Laws”), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. Neither the Company nor any of its
Subsidiaries, nor to the knowledge of the Company any of the directors, officers or employees, agents, affiliates or representatives of
the Company or its Subsidiaries, is an individual or entity that is, or is owned or controlled by an individual or entity that is: (i)
the subject of any sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control, the
United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively,
“Sanctions”), nor (ii) located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, Libya, North Korea, Sudan and Syria). Neither the Company nor any of its Subsidiaries will,
directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
joint venture partner or other individual or entity: (i) to fund or facilitate any activities or business of or with any individual or
entity or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or (ii) in any other
manner that will result in a violation of Sanctions by any individual or entity (including any individual or entity participating in the
offering, whether as underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries
has knowingly engaged in, and is not now knowingly engaged in, any dealings or transactions with any individual or entity, or in any country
or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

 

    	 	15	 

    	Execution Copy

    

 

(u) Registration Statement; Prospectuses. At the
time of filing the Registration Statement the Company met, and as of the Execution Date the Company meets, the general eligibility requirements
for use of Form F-3 under the Securities Act. The Registration Statement has become effective under the Securities Act. The Company has
complied to the SEC’s satisfaction with all requests of the SEC for additional or supplemental information. No stop order suspending
the effectiveness of the Registration Statement is in effect and no proceedings for that purpose have been initiated or are pending or,
to the best of the Company’s knowledge, are contemplated or threatened by the SEC, and any request made to the Company on the part
of the SEC for additional information has been complied with. The Registration Statement, at the time it became effective, complied and,
as of each Purchase Date, if any, will comply in all material respects with the applicable requirements of Form F-3, the Securities Act
and the Exchange Act and did not and, as of each Purchase Date, if any, will not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectuses, as
amended or supplemented, as of their respective dates, did not and, as of each Purchase Date, if any, will not contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do
not apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectuses,
or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Investor furnished
to the Company in writing by the Investor expressly for use therein. There is no franchise, contract or other document of a character
required to be described in the Registration Statement or the Prospectuses, or to be filed as an exhibit to the Registration Statement,
which is not described or filed as required. The statistical, industry and market-related data included in the Prospectuses is based on
or derived from sources that the Company believes to be reliable and accurate, and such data agrees with the sources from which it is
derived. The Company has not distributed and will not distribute any offering material in connection with the offering and sale of the
Common Shares in connection with this Agreement other than the Prospectuses or the Registration Statement. At the earliest time after
the filing of the Registration Statement that the Company or another offering participant made a bona fide offer (within the meaning
of Rule 164(h)(2) under the Securities Act) of the Securities and at the Execution Date, the Company was not and is not an “ineligible
issuer,” as defined in Rule 405 under the Securities Act, in the preceding three years not having been convicted of a felony or
misdemeanor or having been made the subject of a judicial or administrative decree or order as described in Rule 405 of the Securities
Act (without taking account of any determination by the SEC pursuant to Rule 405 of the Securities Act that it is not necessary that the
Company be considered an ineligible issuer), nor an “excluded issuer” as defined in Rule 164 under the Securities Act.

 

(v) DTC Eligibility. The Company, through the Transfer
Agent, currently participates in the DTC Fast Automated Securities Transfer (FAST) Program and the Common Shares can be transferred electronically
to third parties via the DTC Fast Automated Securities Transfer (FAST) Program.

 

(w) Accounting Controls; Sarbanes-Oxley. The Company
maintains a system of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance
with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial
statements in conformity with International Financial Reporting Standards as adopted by the International Accounting Standards Board,
and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific
authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. Except as disclosed in the Registration Statement and in the Prospectuses, the Company
has concluded that its internal control over financial reporting is effective and none of the Company, its board of directors and audit
committee is aware of any “significant deficiencies” or “material weaknesses” (each as defined by the rules adopted
by the SEC) in its internal control over financial reporting, or any fraud, whether or not material, that involves management or other
employees of the Company and its Subsidiaries who have a significant role in the Company’s internal controls; and since the end
of the latest audited fiscal year, there has been no change in the Company’s internal control over financial reporting (whether
or not remediated) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting. The Company’s board of directors has, subject to the exceptions, cure periods and the phase in periods specified
in the applicable stock exchange rules (“Exchange Rules”), validly appointed an audit committee to oversee internal
accounting controls whose composition satisfies the applicable independence and other requirements of the Exchange Rules and Canadian
Securities Laws, and the Company’s board of directors and/or the audit committee has adopted a charter that satisfies the requirements
of the Exchange Rules and Canadian Securities Laws. The Company maintains disclosure controls and procedures as required by Rule l3a-15
or Rule 15d-15 under the Exchange Act and as contemplated by the certifications required under Form 52-109F1 and Form 52-109F2 under National
Instrument 52-109 — Certification of Disclosures in Issuer’s Annual and Interim Filings; the Company has concluded
that such controls and procedures are effective to ensure that all material information concerning the Company and any of its Subsidiaries
is made known, on a timely basis, to the individuals responsible for the preparation of the Company’s filings with the SEC and the
Qualifying Authorities. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration
Statement Prospectuses. Neither the Company’s board of directors nor the audit committee has been informed, nor is any director
of the Company or the Company aware, of (A) any significant deficiencies in the design or operation of the Company’s internal controls
which could adversely affect the Company’s ability to record, process, summarize and report financial data or any material weakness
in the Company’s internal controls; or (B) any fraud, whether or not material, that involves management or other employees of the
Company who have a significant role in the Company’s internal controls. No relationship, direct or indirect, exists between or among
the Company, on the one hand, and the directors, officers, shareholders, customers or suppliers of the Company, on the other hand, which
is required to be described in the Registration Statement and the Prospectuses which is not so described. The Company has not, directly
or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an extension of credit, in the form
of a personal loan to or for any of its directors or executive officers in violation of applicable laws, including Section 402 of the
Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”).

 

    	 	16	 

    	Execution Copy

    

 

(x) Certain Fees. No brokerage or finder’s
fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment
banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents. Except as disclosed on Schedule
4(x), the Investor shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons
for fees of a type contemplated in this Section 4(x) that may be due in connection with the transactions contemplated by the Transaction
Documents.

 

(y) Investment Company. The Company is not, and
immediately after receipt of payment for the Securities and the use of proceeds as set forth in the Prospectuses, will not be required
to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

 

(z) Canadian Reporting Issuer; Compliance With Exchange
Requirements. The Company is a reporting issuer (or equivalent thereof) in each Canadian Qualifying Jurisdiction and is not on the
list of defaulting reporting issuers maintained by the applicable authorities in each such Canadian Qualifying Jurisdiction that maintains
such a list. The Company has not filed any confidential material changes reports which remain confidential at the Execution Date. The
Common Shares are registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or which
to its knowledge is likely to have the effect of, terminating the registration of the Common Shares pursuant to the Exchange Act nor has
the Company received any notification that the SEC is currently contemplating terminating such registration. The Common Shares are currently
listed on (i) the Principal Market under the trading symbol “TRX” and (ii) the TSX under the trading symbol “TNX”.
The Company has not, in the twelve (12) months preceding the Execution Date, received any notice from any Person to the effect that the
Company is not in compliance with the rules and regulations of the Principal Market or the TSX. The Company is, and has no reason to believe
that it will not in the foreseeable future continue to be, in material compliance with the rules and regulations of the Principal Market
and the TSX. Except as described in the Registration Statement or the Prospectuses, there are no affiliations among the Company’s
directors and officers and members of the FINRA. To the knowledge of the Company, no beneficial owners of the Company’s capital
stock who, together with their associated persons and affiliates, hold in the aggregate 10% or more of such capital stock, have any direct
or indirect association or affiliate with a FINRA member. A Registration Statement relating to the Common Shares on Form 8-A or other
applicable form under the Exchange Act has become effective.

 

(aa) Accountants. Dale Matheson Carr-Hilton LaBonte
LLP, Chartered Professional Accountants, who have audited certain financial statements of the Company and its consolidated Subsidiaries
and delivered their report with respect to the audited consolidated financial statements included or incorporated by reference in the
Registration Statement and the Prospectuses, are independent public accountants with respect to the Company within the meaning of the
Securities Act and the Exchange Act and the applicable published rules and regulations thereunder and are independent with respect to
the Company as required by Canadian Securities Laws. There has not been any reportable event (within the meaning of Section 4.11 of National
Instrument 51-102 – Continuous Disclosure Obligations) with the auditors of the Company nor any event which has led the Company’s
current or former auditors to threaten to resign. The audit committee of the Company is comprised and operates in accordance with the
requirements of National Instrument 52-110 – Audit Committees.

 

    	 	17	 

    	Execution Copy

    

 

(bb) No Market Manipulation. The Company has not
taken and will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected
to cause or result in, under the Exchange Act, Canadian Securities Laws or otherwise, stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Common Shares.

 

(cc) Benefit Plans; Labor Matters. Each benefit
and compensation plan, agreement, policy and arrangement that is maintained, administered or contributed to by the Company for current
or former employees or directors of, or independent contractors with respect to, the Company has been maintained in compliance with its
terms and the requirements of any applicable statutes, orders, rules and regulations and the Company has complied in all material respects
with all applicable statutes, orders, rules and regulations in regard to such plans, agreements, policies and arrangements. Each stock
option granted under any stock option plan of the Company (each, a “Stock Plan”) was granted with a per share exercise
price no less than the market price per common share on the grant date of such option in accordance with the rules of the TSX, and no
such grant involved any “back-dating,” “forward-dating” or similar practice with respect to the effective date
of such grant; each such option (i) was granted in compliance in all material respects with applicable laws and with the applicable Stock
Plan(s), (ii) was duly approved by the Board of Directors (or a duly authorized committee thereof) of the Company, and (iii) has been
properly accounted for in the Company’s financial statements and disclosed, to the extent required, in the Company’s filings
or submissions with the SEC, the Canadian Qualifying Authorities, the Principal Market and the TSX. No labor problem or dispute with the
employees of the Company exists or is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance
by the employees of any of its principal suppliers or contractors, that could have a Material Adverse Effect.

 

(dd) Regulatory Permits. The Company and its Subsidiaries
possess all material certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities
necessary to conduct their respective businesses as currently conducted, including, without limitation, all permits, certificates and
approvals required for the sole right to explore on its properties, with unrestricted rights to apply for permits necessary for the development
and eventual or actual operation of its mining operations and real property interests including environmental assessment certificates,
water licenses, land tenures, rezoning or zoning variances and other necessary local, provincial, state and federal approvals, and neither
the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such material
certificate, authorization or permit held by the Company except such notices that would not reasonably be expected to have a Material
Adverse Effect.

 

(ee) Transfer Agent and Registrar. Odyssey Trust
Company at its principal offices in Vancouver, British Columbia is the duly appointed registrar and transfer agent of the Company with
respect to the outstanding Common Shares.

 

(ff) Shell Company Status. The Company is not currently,
and within the past three years has not been, an issuer identified in Rule 144(i)(1) under the Securities Act.

 

(gg) Absence of Schedules. In the event that on
the date hereof, or the Commencement Date, the Company does not deliver any disclosure schedule contemplated by this Agreement, the Company
hereby acknowledges and agrees that each such undelivered disclosure schedule shall be deemed to read as follows: “Nothing to Disclose.”

 

5.                  
COVENANTS.

 

(a) Filing of Current Report and Prospectuses. The
Company agrees that it shall, (i) within the time required under the Exchange Act, file with the SEC a report on Form 6-K relating to
the transactions contemplated by the Transaction Documents (the “Current Report”). The Company further agrees that
it shall prepare the Prospectus Supplement in a form approved by the Investor and shall file the Prospectus Supplement with the SEC pursuant
to the General Instructions of Form F-3 no later than the SEC’s close of business within sixty (60) days of the date of this Agreement.
The Company shall permit the Investor to review and comment upon the Current Report, the Prospectus Supplement at least two (2) Business
Days prior to their filing with the SEC, as applicable, the Company shall give due consideration to all such comments, and the Company
shall not file the Current Report or the Prospectus Supplement with the SEC in a form to which the Investor reasonably objects. The Investor
shall use its reasonable best efforts to comment upon the Current Report and the Prospectus Supplement within one (1) Business Day from
the date the Investor receives the final versions thereof from the Company. The Investor shall furnish to the Company such information
regarding itself, the Securities held by it and the intended method of distribution thereof as shall be reasonably requested by the Company
in connection with the preparation and filing of the Current Report and the Prospectus Supplement, and shall otherwise cooperate with
the Company as reasonably requested by the Company in connection with the preparation and filing of the Current Report and the Prospectus
Supplement with the SEC.

 

    	 	18	 

    	Execution Copy

    

 

(b) Blue Sky. The Company shall take all such action,
if any, as is reasonably necessary in order to obtain an exemption for or to qualify (i) the issuance of the Commitment Shares and the
sale of the Purchase Shares to the Investor under this Agreement and (ii) any subsequent resale of all Commitment Shares and all Purchase
Shares by the Investor, in each case, under applicable securities or “Blue Sky” laws of the states of the United States in
such states as is reasonably requested by the Investor during the Registration Period, and shall provide evidence of any such action so
taken to the Investor.

 

(c) Listing/DTC. The Company shall promptly secure
the listing, or conditional listing as applicable, of all of the Purchase Shares and Commitment Shares to be issued to the Investor hereunder
on the Principal Market (subject to standard listing conditions, if any, for transactions of this nature, official notice of issuance
and the Exchange Cap) and upon each other national securities exchange or automated quotation system, if any, upon which the Common Shares
are then listed, and shall maintain, so long as any Common Shares shall be so listed, such listing of all such Securities from time to
time issuable hereunder. The Company shall use commercially reasonable efforts to maintain the listing of the Common Shares on the Principal
Market and shall comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules and
regulations of the Principal Market. Neither the Company nor any of its Subsidiaries shall take any action that would reasonably be expected
to result in the delisting or suspension of the Common Shares on the Principal Market. The Company shall promptly, and in no event later
than the following Business Day, provide to the Investor copies of any notices it receives from any Person regarding the continued eligibility
of the Common Shares for listing on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its
obligations under this Section 5(c). The Company shall take all action necessary to ensure that its Common Shares can be transferred electronically
as DWAC Shares.

 

(d) Prohibition of Short Sales and Hedging Transactions.
The Investor agrees that, beginning on the date of this Agreement and ending on the date of termination of this Agreement as provided
in Section 11, the Investor and its agents, representatives and affiliates shall not in any manner whatsoever enter into or effect, directly
or indirectly, any (i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common
Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares.

 

(e) Issuance of Commitment Shares. In consideration
for the Investor’s execution and delivery of this Agreement, the Company shall cause the Transfer Agent to issue 909,901 Common
Shares (the "Commitment Shares") directly to the Investor in accordance with Section 6 hereto and the Irrevocable
Transfer Agent Instructions. For the avoidance of doubt, all of the Commitment Shares shall be fully earned as of the date of this Agreement,
whether or not the Commencement shall occur or any Purchase Shares are purchased by the Investor under this Agreement and irrespective
of any termination of this Agreement.

 

(f) Due Diligence; Non-Public Information. During
the term of this Agreement, the Investor shall have the right, from time to time as the Investor may reasonably deem appropriate, and
upon reasonable advance notice to the Company, to perform reasonable due diligence on the Company during normal business hours. The Company
and its officers and employees shall provide material information and reasonably cooperate with the Investor in connection with any reasonable
request by the Investor related to the Investor’s due diligence of the Company. Each party hereto agrees not to disclose any Confidential
Information of the other party to any third party and shall not use the Confidential Information for any purpose other than in connection
with, or in furtherance of, the transactions contemplated hereby. Each party hereto acknowledges that the Confidential Information shall
remain the property of the disclosing party and agrees that it shall take all reasonable measures to protect the secrecy of any Confidential
Information disclosed by the other party. The receiving party may disclose Confidential Information to the extent such information is
required to be disclosed by law, regulation or order of a court of competent jurisdiction or regulatory authority, provided that the receiving
party shall promptly notify the disclosing party when such requirement to disclose arises, and shall cooperate with the disclosing party
so as to enable the disclosing party to:

 

    	 	19	 

    	Execution Copy

    

 

(i) seek an appropriate protective order; and (ii) make any applicable claim of confidentiality
in respect of such Confidential Information; and provided, further, that the receiving party shall disclose Confidential Information only
to the extent required by the protective order or other similar order, if such an order is obtained, and, if no such order is obtained,
the receiving party shall disclose only the minimum amount of such Confidential Information required to be disclosed in order to comply
with the applicable law, regulation or order. In addition, any such Confidential Information disclosed pursuant to this section shall
continue to be deemed Confidential Information. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated
to provide the Investor with any information that constitutes or may reasonably be considered to constitute material, non-public information
pursuant to a request for information hereunder, and the Company and the Investor agree that neither the Company nor any other Person
acting on its behalf shall provide the Investor or its agents or counsel with any information that constitutes or may reasonably be considered
to constitute material, non-public information, unless a simultaneous public announcement thereof is made by the Company in the manner
contemplated by Regulation FD. In the event of a breach of the foregoing covenant by the Company or any Person acting on its behalf (as
determined in the reasonable good faith judgment of the Investor), in addition to any other remedy provided herein or in the other Transaction
Documents, if the Investor is holding any Securities at the time of the disclosure of such material non-public information, the Investor
shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material,
non-public information without the prior approval by the Company; provided the Investor shall have first provided notice to the Company
that it believes it has received information that constitutes material, non-public information; and the Company shall have at least two
Business Days from such notice to either publicly disclose such material, non-public information or to demonstrate to the Investor that
such information does not constitute material, non-public information, and (assuming the Investor and Investor’s counsel disagree
in their reasonable good faith judgment with the Company’s determination) prior to any such disclosure by the Investor; and the
Company shall have failed to publicly disclose such material, non-public information. The Investor shall not have any liability to the
Company, any of its Subsidiaries, or any of their respective directors, officers, employees, shareholders or agents, for any such disclosure
in accordance with this Section 5(f). The Company understands and confirms that the Investor shall be relying on the foregoing
covenants in effecting transactions in securities of the Company.

 

(g) Purchase Records. The Investor and the Company
shall each maintain records showing the remaining Available Amount at any given time and the dates and Purchase Amounts for each Regular
Purchase, Accelerated Purchase and Additional Accelerated Purchase or shall use such other method, reasonably satisfactory to the Investor
and the Company.

 

(h) Taxes. The Company shall pay any and all transfer,
stamp or similar taxes that may be payable with respect to the issuance and delivery of any Common Shares to the Investor made under this
Agreement.

 

(i) Effective Registration Statement; Current Prospectuses.
The Company shall use its reasonable best efforts to keep the Registration Statement effective under the Securities Act (including through
any necessary renewals), and to keep the Registration Statement and the Prospectuses current and available (including through any necessary
renewals) for issuances and sales of all possible Securities by the Company to the Investor, and for the resale of all of the Securities
by the Investor, at all times until the earlier of (i) the date on which the Investor shall have sold all the Securities and no Available
Amount remains under this Agreement and (ii) the earlier of (A) ninety (90) days following the Maturity Date and (B) the nine (9) months
following the termination of this Agreement in accordance with Section 11 hereof (the “Registration Period”). Without
limiting the generality of the foregoing, during the Registration Period, the Company shall (a) take all action necessary to cause the
Common Shares to continue to be registered as a class of securities under Sections 12(b) of the Exchange Act and shall not take any action
or file any document (whether or not permitted by the Exchange Act) to terminate or suspend such registration, (b) comply with all requirements
imposed upon it by Canadian Securities Laws and the Securities Act, as from time to time in force, and (c) file or furnish on or before
their respective due dates all reports and other documents required to be filed or furnished by the Company pursuant to applicable Canadian
Securities Laws or pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act, and shall not take
any action or file any document (whether or not permitted by Canadian Securities Laws or the Exchange Act) to terminate or suspend its
reporting and filing obligations under the Exchange Act and Canadian Securities Laws. If during the Registration Period any event occurs
as a result of which any Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state
a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during
such period it is necessary to amend or supplement or renew the Registration Statement or any Prospectus to comply with the Securities
Act, as applicable, the Company will promptly notify the Investor to suspend use thereof during such period and the Company will promptly
amend or supplement or renew the Registration Statement or the Prospectuses (at the expense of the Company) so as to correct such statement
or omission or effect such compliance. The Company shall not deliver to the Investor any Regular Purchase Notice or Accelerated Purchase
Notice, and the Investor shall not be obligated to purchase any Common Shares under this Agreement, during any such period in which the
Investor’s use of the Registration Statement or the Prospectuses is so suspended or otherwise unavailable. The Investor shall furnish
to the Company such information regarding itself, the Securities held by it and the intended method of distribution thereof as shall be
reasonably requested by the Company in connection with the preparation and filing of any such amendment to or renewal of the Registration
Statement or any Prospectus, and shall otherwise cooperate with the Company as reasonably requested by the Company in connection with
the preparation and filing of any such amendment to or renewal of the Registration Statement or any Prospectus.

 

    	 	20	 

    	Execution Copy

    

 

(j) Compliance with Laws. The Company and each of
its Subsidiaries shall maintain, or cause to be maintained, all material permits, licenses and other authorizations required by federal,
provincial, state and local law in order to conduct their businesses substantially as described in the Prospectuses, and the Company and
each of its Subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial compliance with such
permits, licenses and authorizations and with applicable laws, except where the failure to maintain or be in compliance with such permits,
licenses and authorizations could not reasonably be expected to have a Material Adverse Effect. The Company shall comply with all requirements
imposed upon it by Canadian Securities Laws, the Securities Act and the Exchange Act as from time to time in force in connection with
the offer, issuance and sale of the Securities contemplated by the Transaction Documents. Without limiting the generality of the foregoing,
neither the Company nor any of its officers, directors or affiliates will take, directly or indirectly, any action designed or intended
to stabilize or manipulate the price of any security of the Company, or which would reasonably be expected to cause or result in, stabilization
or manipulation of the price of any security of the Company. The Company will conduct its affairs in such a manner so as to reasonably
ensure that neither it nor the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment
company,” as such term is defined in the Investment Company Act, assuming no change in the SEC’s current interpretation as
to entities that are not considered an investment company. The Company and the Subsidiaries will use their best efforts to comply with
all effective applicable provisions of the Sarbanes-Oxley Act and The Dodd–Frank Wall Street Reform and Consumer Protection Act.

 

(k) Stop Orders. The Company shall advise the Investor
promptly (but in no event later than 24 hours) and shall confirm such advice in writing: (i) of the Company’s receipt of notice
of any request by the SEC or any other federal, provincial or state governmental authority for amendment of or a supplement to the Registration
Statement or any Prospectus or for any additional information; (ii) of the Company’s receipt of notice of the issuance by the SEC
or any other federal, provincial or state governmental authority of any stop order suspending the effectiveness of the Registration Statement
or of the Company’s receipt of any notification of the suspension of qualification of the Securities for offering or sale in any
jurisdiction or the initiation or contemplated initiation of any proceeding for such purpose; and (iii) of the Company becoming aware
of the happening of any event, which makes any statement of a material fact made in the Registration Statement or any Prospectus untrue
or which requires the making of any additions to or changes to the statements then made in the Registration Statement or any Prospectus
in order to state a material fact required by the Securities Act or Canadian Securities Laws to be stated therein or necessary in order
to make the statements then made therein (in the case of any Prospectus, in light of the circumstances under which they were made) not
misleading, or of the necessity to amend the Registration Statement or any Prospectus to comply with the Securities Act, Canadian Securities
Laws or any other law. The Company shall not be required to disclose to the Investor the substance or specific reasons of any of the events
set forth in clauses (i) through (iii) of the immediately preceding sentence, but rather, shall only be required to disclose that the
event has occurred. The Company shall not deliver to the Investor any Regular Purchase Notice or Accelerated Purchase Notice, and the
Investor shall not be obligated to purchase any Common Shares under this Agreement and agrees not to resell any Securities covered by
the Registration Statement during the continuation or pendency of any of the foregoing events. If at any time the SEC or any other federal,
provincial or state governmental authority shall issue any stop order suspending the effectiveness of the Registration Statement, the
Company shall use its reasonable best efforts to obtain the withdrawal of such order at the earliest possible time. The Company shall
furnish to the Investor, without charge, a copy of any correspondence from the SEC or the staff of the SEC, or any other federal, provincial
or state governmental authority to the Company or its representatives relating to the Registration Statement or any Prospectus, as the
case may be.

 

    	 	21	 

    	Execution Copy

    

 

(l) Amendments to Registration Statement; Prospectus
Supplements. During the Registration Period, (i) the Company will notify the Investor promptly of the time when any subsequent amendment
to the Registration Statement, other than documents incorporated by reference, has been filed with the SEC, and/or has become effective
or any subsequent supplement to a Prospectus has been filed and of any request by the SEC for any amendment or supplement to the Registration
Statement or any Prospectus or for additional information, (ii) the Company will prepare and file with the SEC, promptly upon the Investor’s
request, any amendments or supplements to the Registration Statement or any Prospectus, as applicable, that, in the Investor’s reasonable
opinion, may be necessary or advisable in connection with any acquisition or sale of Securities by the Investor (provided, however, that
the failure of the Investor to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the
Investor’s right to rely on the representations and warranties made by the Company in this Agreement); (iii) the Company will not
file any amendment or supplement to the Registration Statement or any Prospectus, other than documents incorporated by reference, relating
to the Investor, the Securities or the transactions contemplated hereby unless (A) the Investor shall have been advised and afforded the
opportunity to review and comment thereon at least two (2) Business Days prior to filing with the SEC, (B) the Company shall have given
due consideration to any comments thereon received from the Investor or its counsel, and (C) the Investor has not reasonably objected
thereto (provided, however, that the failure of the Investor to make such objection shall not relieve the Company of any obligation or
liability hereunder, or affect the Investor’s right to rely on the representations and warranties made by the Company in this Agreement),
and the Company will furnish to the Investor at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated
by reference into the Registration Statement or any Prospectus, except for those documents available via EDGAR; and (iv) the Company will
cause each amendment or supplement to the Prospectuses, other than documents incorporated by reference, to be filed with the SEC as required
pursuant to the General Instructions of Form F-3.

 

(m) Prospectus Delivery. The Company will furnish
to the Investor and its counsel (at the expense of the Company) copies of the Registration Statement, the Prospectuses (including all
documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or the Prospectuses that
are filed with the SEC during the Registration Period (including all documents filed with or furnished to the SEC, as applicable, during
such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities
as the Investor may from time to time reasonably request and, at the Investor’s request, will also furnish copies of the Prospectuses
to each exchange or market on which sales of the Securities may be made; provided, however, that the Company shall not be required to
furnish any document (other than the Prospectuses) to the Investor to the extent such document is available on EDGAR. The Investor shall
comply with the prospectus delivery requirements under the Securities Act in connection with any resale of the Securities under the Registration
Statement.

 

(n) Use of Proceeds. The Company will use the net
proceeds from the offering contemplated hereby as described in the Prospectuses in the section entitled “Use of Proceeds.”

 

(o) Earnings Statement. The Company will make generally
available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company’s
current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of
the Securities Act.

 

(p) Other Transactions. During the term of this
Agreement, the Company shall not enter into, announce or recommend to its shareholders any agreement, plan, arrangement or transaction
in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability or right of the Company to perform
its obligations under the Transaction Documents, including, without limitation, the obligation of the Company to deliver the Purchase
Shares and the Commitment Shares to the Investor in accordance with the terms of the Transaction Documents.

 

(q) No Offer to Sell. Neither the Investor nor the
Company (including its agents and representatives) will make, use, prepare, authorize, approve or refer to any written communication (as
defined in Rule 405 under the Securities Act), required to be filed with the SEC, that constitutes an offer to sell or solicitation of
an offer to buy Common Shares hereunder.

 

    	 	22	 

    	Execution Copy

    

 

(r) No Canadian Offers or Sales by Investor. The
Investor covenants and agrees that it shall: (i) offer or sell any Securities that may be issued pursuant to this Agreement only (A) in
transactions executed on the Principal Market through a registered broker-dealer located in the United States or (B) directly to third
Persons, none of whom, to the Investor’s knowledge following reasonable inquiry, is a Person resident in Canada; (ii) not offer
or sell any Securities that may be issued pursuant to this Agreement on the TSX, any other Canadian stock exchange or quotation system,
or directly to any third Person whom, to the Investor’s knowledge following reasonable inquiry, is a Person resident in Canada;
(iii) deliver to the Company, promptly after the issuance of Securities pursuant to this Agreement, a certificate stating that with respect
to any resales of such Securities by the Investor, the Investor shall comply with clauses (i) and (ii) of this Section 5(s); and (iv)
with respect to any resale of such Securities by the Investor in any transaction referred to in clause (i)(B) of this Section 5(s), the
Investor shall include in each confirmation slip delivered by the Investor to the purchaser of such Securities a statement that it is
the Investor’s understanding that such purchaser is not a Person resident in Canada.

 

(s) Required Filings Relating to Purchases. The
Company agrees to disclose in its quarterly reports, annual information form or annual financial statements / annual report on Form 40-F
or 20-F and, if requested by the Investor, in prospectus supplements to be filed from time to time, the number of Purchase Shares sold
to the Investor during the relevant period, the purchase price for such Purchase Shares and the net proceeds received by the Company from
such sales. The Company shall also furnish copies of all such prospectus supplements to each exchange or market in the United States on
which sales of the Purchase Shares may be made as may be required by the rules or regulations of such exchange or market, if applicable.

 

(t) Limitation on Variable Rate Transactions. From
and after the date of this Agreement until the twelve (12) month anniversary of the date of this Agreement (irrespective of any earlier
termination of this Agreement), the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by
the Company or any of its Subsidiaries of Common Shares involving a Variable Rate Transaction other than with the Investor. “Variable
Rate Transaction” means an “equity line of credit” or substantially similar transaction whereby an investor is irrevocably
bound to purchase securities over a period of time from the Company at a price based on the market price of the Company’s Common
Shares at the time of each such purchase, provided, however, that this Section 5(u) shall not be deemed to prohibit the issuance and sale
of Common Shares pursuant to an “at-the-market offering” by the Company exclusively through a registered broker-dealer acting
as agent of the Company pursuant to a written agreement between the Company and such registered broker-dealer.

 

(u) Aggregation. From and after the date of
this Agreement, neither the Company, nor or any of its affiliates will, and the Company shall use its reasonable best efforts to ensure
that no Person acting on their behalf will, directly or indirectly, make any offers or sales of any security or solicit any offers to
buy any security, under circumstances that would cause this offering of the Securities by the Company to the Investor to be aggregated
with other offerings by the Company in a manner that would require stockholder approval pursuant to the rules of the Principal Market
on which any of the securities of the Company are listed or designated, unless stockholder approval is obtained before the closing of
such subsequent transaction in accordance with the rules of such Principal Market.

 

6.                  
TRANSFER AGENT INSTRUCTIONS.

 

(a) Commitment Shares. On the date of this Agreement,
the Company shall issue to the Transfer Agent (and any subsequent transfer agent) irrevocable instructions, in the form agreed to prior
to the date hereof (the “Irrevocable Transfer Agent Instructions”), to issue the Commitment Shares in accordance with
the terms of this Agreement. All Commitment Shares to be issued to or for the benefit of the Investor pursuant to this Agreement shall
be issued as DWAC Shares. The Company warrants to the Investor that, while the Agreement is effective, no instruction other than the Irrevocable
Transfer Agent Instructions referred to in this Section 6 will be given by the Company to the Transfer Agent with respect to the
Commitment Shares, and the Commitment Shares shall otherwise be freely transferable on the books and records of the Company.

 

(b) Purchase Shares. On the date of the Prospectus
Supplement, the Company shall issue to the Transfer Agent, and any subsequent transfer agent, irrevocable instructions in the form agreed
to prior to the date hereof (the “Commencement Irrevocable Transfer Agent Instructions”) to issue the Purchase Shares
in accordance with the terms of this Agreement and the Registration Rights Agreement. All Purchase Shares to be issued from and after
Commencement to or for the benefit of the Investor pursuant to this Agreement shall be issued only as DWAC Shares. The Company represents
and warrants to the Investor that, while this Agreement is effective, no instruction other than as contemplated by the Commencement Irrevocable
Transfer Agent Instructions and any Notice of Effectiveness of Registration Statement (as defined in the Registration Rights Agreement)
will be given by the Company to the Transfer Agent with respect to the Purchase Shares from and after Commencement, and no instruction
or other communication to the Transfer Agent with respect to the issuance of the Purchase Shares shall be made without the approval of
the Investor. The Company shall provide confirmation of receipt by the Transfer Agent of all instructions pursuant to the Commencement
Irrevocable Transfer Agent Instructions with respect to Purchase Shares within one Business Day of delivery of any Purchase Notice. The
Purchase Shares covered by the Registration Statement shall otherwise be freely transferable on the books and records of the Company.

 

    	 	23	 

    	Execution Copy

    

 

7.                  
CONDITIONS TO THE COMPANY’S RIGHT TO COMMENCE SALES OF COMMON SHARES.

 

The right of the Company hereunder to commence sales of
the Purchase Shares on the Commencement Date is subject to the satisfaction or, where legally permissible, the waiver of each of the following
conditions:

 

(a) The Investor shall have executed this Agreement and
delivered the same to the Company;

 

(b) No stop order with respect to the Registration Statement
shall be pending or threatened by the SEC; and

 

(c) The representations and warranties of the Investor
shall be true and correct in all material respects as of the Execution Date and as of the Commencement Date as though made at that time.

 

8.                  
CONDITIONS TO THE INVESTOR’S OBLIGATION TO PURCHASE COMMON SHARES.

 

The obligation of the Investor to buy Purchase Shares under
this Agreement is subject to the satisfaction or, where legally permissible, the waiver of each of the following conditions on or prior
to the Commencement Date and, once such conditions have been initially satisfied, there shall not be any ongoing obligation to satisfy
such conditions after the Commencement has occurred:

 

(a) The Company shall have executed each of the Transaction
Documents and delivered the same to the Investor;

 

(b) The Common Shares shall be listed or quoted on the
Principal Market and conditionally listed on the TSX, subject only to customary listing conditions, trading in the Common Shares shall
not have been within the last 365 days suspended by the SEC, the Principal Market or the TSX, and all Securities to be issued by the Company
to the Investor pursuant to this Agreement shall have been approved for listing or quotation on the Principal Market and the TSX in accordance
with the applicable rules and regulations of the Principal Market and the TSX, as applicable, subject only to official notice of issuance
and the Exchange Cap and any standard listing conditions for transactions of this nature;

 

(c) The Investor shall have received the opinions of the
Company’s U.S. counsel, the Company’s Canadian counsel, and the Company’s Tanzanian counsel, each dated as of the Commencement
Date, in the form to be agreed upon between the parties hereto and their legal counsel;

 

(d) The representations and warranties of the Company contained
in this Agreement shall be true and correct in all material respects (except to the extent that any of such representations and warranties
are qualified as to materiality, in which case, such representations and warranties shall be true and correct as so qualified) as of the
Execution Date and as of the Commencement Date as though made at that time (except for representations and warranties that speak as of
a specific date, which shall be true and correct in all material respects as of such date) and the Company shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by the Transaction Documents to be performed,
satisfied or complied with by the Company at or prior to the Commencement Date. The Investor shall have received a certificate, executed
by the CEO, President or CFO of the Company, dated as of the Commencement Date, to the foregoing effect in the form attached hereto as
Exhibit A;

 

(e) The Board of Directors of the Company shall have adopted
resolutions in connection with this Agreement and the transactions contemplated hereby which shall be in full force and effect without
any amendment or supplement thereto as of the Commencement Date;

 

    	 	24	 

    	Execution Copy

    

 

(f) As of the Commencement Date, the Company shall have
reserved out of its authorized and unissued Common Shares, solely for the purpose of effecting purchases of Purchase Shares hereunder,
50,981,000 Common Shares;

 

(g) The Irrevocable Transfer Agent Instructions shall have
been delivered to the Company’s Transfer Agent (or any successor transfer agent) and acknowledged in writing by the Company and
the Company’s Transfer Agent (or any successor transfer agent), and the Initial Commitment Shares required to be issued upon the
purchase of the Initial Purchase Shares in accordance with Section 5(e) hereof shall have been issued directly to the Investor electronically
as DWAC Shares;

 

(h) The Company shall have delivered to the Investor a
certificate of status in respect of the Company issued by the Registrar of Corporations for the Province of Alberta as of the Commencement
Date;

 

(i) The Company shall have delivered to the Investor a
secretary’s certificate executed by the Secretary of the Company, dated as of the Commencement Date, in the form attached hereto
as Exhibit B;

 

(j) The Registration Statement shall continue to be effective
and no stop order with respect to the Registration Statement shall be pending or threatened by the SEC. The Company shall have a maximum
dollar amount certain of Common Shares registered under the Registration Statement which is sufficient to issue to the Investor not less
than (i) the full Available Amount worth of Purchase Shares plus (ii) all of the Commitment Shares. The Current Report and the Prospectuses
each shall have been filed with the SEC, in each case as required pursuant to Section 5(a), and copies of the Prospectuses shall have
been delivered to the Investor in accordance with Section 5(m) hereof. The Prospectuses shall be current and available for issuances and
sales of all of the Securities by the Company to the Investor, and for the resale of all of the Securities by the Investor. Any other
prospectus supplements required to have been filed by the Company with the SEC under the Securities Act at or prior to the Commencement
Date shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Securities Act. All reports,
schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC at
or prior to the Commencement Date pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within
the applicable time periods prescribed for such filings under the Exchange Act as applicable;

 

(k) No Event of Default has occurred, or any event which,
after notice and/or lapse of time, would become an Event of Default has occurred;

 

(l) All federal, state, provincial, local and foreign governmental
laws, rules and regulations applicable to the transactions contemplated by the Transaction Documents and necessary for the execution,
delivery and performance of the Transaction Documents and the consummation of the transactions contemplated thereby in accordance with
the terms thereof shall have been complied with, and all consents, authorizations and orders of, and all filings and registrations with,
all federal, state, provincial, local and foreign courts or governmental agencies and all federal, state, provincial, local and foreign
regulatory or self-regulatory agencies necessary for the execution, delivery and performance of the Transaction Documents and the consummation
of the transactions contemplated thereby in accordance with the terms thereof shall have been obtained or made, including, without limitation,
in each case those required under Canadian Securities Laws, the Securities Act, the Exchange Act, applicable U.S. state securities or
“Blue Sky” laws or applicable rules and regulations of the Principal Market and the TSX, or otherwise required by the Canadian
Qualifying Authorities, the SEC, the Principal Market, the TSX or any U.S. state or Canadian provincial securities regulators;

 

(m) No statute, regulation, order, decree, writ, ruling
or injunction shall have been enacted, entered, promulgated, threatened or endorsed by any federal, state, provincial, local or foreign
court or governmental authority of competent jurisdiction which prohibits the consummation of or which would materially modify or delay
any of the transactions contemplated by the Transaction Documents;

  

(n) No action, suit or proceeding before any federal, state,
provincial, local or foreign arbitrator or any court or governmental authority of competent jurisdiction shall have been commenced or
threatened, and no inquiry or investigation by any federal, state, provincial, local or foreign governmental authority of competent jurisdiction
shall have been commenced or threatened, against the Company, or any of the officers, directors or affiliates of the Company, seeking
to restrain, prevent or change the transactions contemplated by the Transaction Documents, or seeking material damages in connection with
such transactions; and

 

    	 	25	 

    	Execution Copy

    

 

(o) The Company shall have furnished to the Investor satisfactory
evidence of its due and valid authorization of National Registered Agents, Inc. as its agent to receive service of process in the United
States pursuant to Section 12(a) hereof, and satisfactory evidence from National Registered Agents, Inc. accepting its appointment as
such agent.

 

9.                  
INDEMNIFICATION.

 

In consideration of the Investor’s execution and
delivery of the Transaction Documents and acquiring the Securities hereunder and in addition to all of the Company’s other obligations
under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless the Investor and all of its affiliates,
shareholders, officers, directors, employees and direct or indirect investors and any of the foregoing Person’s agents or other
representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively,
the “Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action
for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements but excluding loss of
profits (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating
to: (a) any misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any other
certificate, instrument or document contemplated hereby or thereby, (b) any breach of any covenant, agreement or obligation of the Company
contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (c) any cause
of action, suit or claim brought or made against such Indemnitee and arising out of or resulting from the execution, delivery, performance
or enforcement of the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, (d) any violation
of the Securities Act, the Exchange Act, U.S. state securities or “Blue Sky” laws or Canadian Securities Laws, or the rules
and regulations of the Principal Market or the TSX in connection with the transactions contemplated by the Transaction Documents by the
Company or any of its Subsidiaries, affiliates, officers, directors or employees, (e) any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement or any Prospectus or any amendment or supplement to the Registration Statement
or any Prospectus or in any free writing prospectus or in any application or other document executed by or on behalf of the Company or
based on written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify the Common Shares
under the securities laws thereof or filed with any Canadian Qualifying Authority or the SEC, or (f) the omission or alleged omission
to state in any such document a material fact required to be stated in it or necessary to make the statements in it not misleading,; provided,
however, that (I) the indemnity contained in clause (c) of this Section 9 shall not apply to any Indemnified Liabilities which directly
and primarily result from the fraud, gross negligence or willful misconduct of an Indemnitee, (II) the indemnity contained in clauses
(d), (e), and (f) of this Section 9 shall not apply to any Indemnified Liabilities to the extent, but only to the extent, arising out
of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity
with written information furnished to the Company by or on behalf of the Investor expressly for use in any Prospectus (it being hereby
acknowledged and agreed that the written information set forth on Exhibit C attached hereto is the only written information
furnished to the Company by or on behalf of the Investor expressly for use in any Prospectus), if the Prospectus was timely made available
by the Company to the Investor pursuant to Section 5(m), (III) the indemnity contained in clauses (d), (e), (f) and (g) of this Section
9 shall not inure to the benefit of the Investor to the extent such Indemnified Liabilities are based on a failure of the Investor to
deliver or to cause to be delivered any Prospectus made available by the Company, if such Prospectus was timely made available by the
Company pursuant to Section 5(m), and if delivery of the Prospectus would have cured the defect giving rise to such Indemnified Liabilities,
and (IV) the indemnity in this Section 9 shall not apply to amounts paid in settlement of any claim if such settlement is effected without
the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. To the extent that
the foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Payment under this indemnification
shall be made within thirty (30) days from the date Investor makes written request for it. A certificate containing reasonable detail
as to the amount of such indemnification submitted to the Company by Investor shall be conclusive evidence, absent manifest error, of
the amount due from the Company to Investor. If any action shall be brought against any Indemnitee in respect of which indemnity may be
sought pursuant to this Agreement, such Indemnitee shall promptly notify the Company in writing, and the Company shall have the right
to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Indemnitee. Any Indemnitee shall have the
right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel
shall be at the expense of such Indemnitee, except to the extent that (i) the employment thereof has been specifically authorized by the
Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii)
in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position
of the Company and the position of such Indemnitee, in which case the Company shall be responsible for the reasonable fees and expenses
of no more than one such separate counsel.

 

    	 	26	 

    	Execution Copy

    

 

10.               
EVENTS OF SUSPENSION.

 

An “Event of Suspension” shall be deemed
to have occurred at any time as any of the following events occurs:

 

(a) the effectiveness of the Registration Statement registering
the Securities lapses for any reason (including, without limitation, the issuance of a stop order or similar order) or any of the Registration
Statement or any Prospectus is unavailable for the sale by the Company to the Investor (or the resale by the Investor) of any or all of
the Securities to be issued to the Investor under the Transaction Documents (including, without limitation, as a result of any failure
of the Company to satisfy all of the requirements for the use of a registration statement on Form F-3 pursuant to the Securities Act for
the offering and sale of the Securities contemplated by this Agreement), and such lapse or unavailability continues for a period of ten
(10) consecutive Business Days or for more than an aggregate of thirty (30) Business Days in any 365-day period, but excluding a lapse
or unavailability where (i) the Company terminates a Registration Statement after the Investor has confirmed in writing that all of the
Securities covered thereby have been resold or (ii) the Company supersedes one Registration Statement with another Registration Statement,
including (without limitation) by terminating a prior Registration Statement when it is effectively replaced with a new Registration Statement
covering Securities (provided in the case of this clause (ii) that all of the Securities covered by the superseded (or terminated) Registration
Statement that have not theretofore been resold are included in the superseding (or new) Registration Statement);

 

(b) the suspension of the Common Shares from trading or
the failure of the Common Shares to be listed on the Principal Market for a period of one (1) Business Day, provided that the Company
may not direct the Investor to purchase any Common Shares during any such suspension;

 

(c) the delisting of the Common Shares from the NYSE American,
provided, however, that the Common Shares are not immediately thereafter trading on the New York Stock Exchange, The Nasdaq Capital Market,
The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE Arca, the OTC Bulletin Board or OTC Markets (or nationally recognized
successor to any of the foregoing);

 

(d) the failure for any reason by the Transfer Agent to
issue Purchase Shares to the Investor within two (2) Business Days after the applicable Purchase Date, Accelerated Purchase Date or Additional
Accelerated Purchase Date (as applicable) on which the Investor is entitled to receive such Purchase Shares;

 

(e) the Company breaches any representation, warranty,
covenant or other term or condition under any Transaction Document if such breach could have a Material Adverse Effect and except, in
the case of a breach of a covenant which is reasonably curable, only if such breach continues for a period of at least five (5) Business
Days after the Company receives notice of such breach;

 

(f) if any Person commences a proceeding against the Company
pursuant to or within the meaning of any Bankruptcy Law;

 

(g) if the Company is at any time insolvent, or, pursuant
to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case, (ii) consents to the entry of an order for relief against
it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property, or
(iv) makes a general assignment for the benefit of its creditors or is generally unable to pay its debts as the same become due;

 

    	 	27	 

    	Execution Copy

    

 

(h) a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company
or for all or substantially all of its property, or (iii) orders the liquidation of the Company or any Subsidiary; or

 

(i) if at any time the Company is not eligible to transfer
its Common Shares electronically as DWAC Shares, or if the Company fails to maintain the service of its Transfer Agent (or a successor
Transfer Agent) with respect to the issuance of Purchase Shares under this Agreement, including but not limited to, maintaining the effectiveness
of the Commencement Irrevocable Transfer Instructions, payment of all fees owed to the Transfer Agent and satisfaction of all conditions
required by the Transfer Agent to issue Purchase Shares pursuant to the Commencement Irrevocable Transfer Agent Instructions.

 

In addition to any other rights and remedies under applicable
law and this Agreement, so long as (i) an Event of Suspension has occurred and is continuing, or if any event that, after notice and/or
lapse of time, would reasonably be expected to become an Event of Suspension, has occurred and is continuing or (ii) if at any time after
the Commencement Date, the Exchange Cap is reached (to the extent the Exchange Cap is applicable pursuant to Section 2(g) hereof), the
Company shall not deliver to the Investor any Regular Purchase Notice, Accelerated Purchase Notice or Additional Purchase Notice.

 

11.               
TERMINATION

 

This Agreement may be terminated only as follows:

 

(a) If pursuant to or within the meaning of any Bankruptcy
Law, the Company commences a voluntary case or any Person commences a proceeding against the Company, a Custodian is appointed for the
Company or for all or substantially all of its property, or the Company makes a general assignment for the benefit of its creditors (any
of which would be an Event of Default as described in Sections 10(f), 10(g) and 10(h) hereof), this Agreement shall automatically terminate
without any liability or payment to the Company (except as set forth below) without further action or notice by any Person.

 

(b) In the event that the Commencement shall not have occurred
on or before February 28, 2022, due to the failure to satisfy the conditions set forth in Sections 7 and 8 above with respect to the Commencement,
either the Company or the Investor shall have the option to terminate this Agreement at the close of business on such date or thereafter
without liability of any party to any other party (except as set forth below); provided, however, that the right to terminate this Agreement
under this Section 11(b) shall not be available to any party if such party is then in breach of any covenant or agreement contained in
this Agreement or any representation or warranty of such party contained in this Agreement fails to be true and correct such that the
conditions set forth in Section 7(c) or Section 8(d), as applicable, could not then be satisfied.

 

(c) At any time after the Commencement Date, the Company
shall have the option to terminate this Agreement for any reason or for no reason by delivering notice (a “Company Termination
Notice”) to the Investor electing to terminate this Agreement without any liability whatsoever of any party to any other party
under this Agreement (except as set forth below in this Section 11). The Company Termination Notice shall not be effective until one (1)
Business Day after it has been received by the Investor.

 

(d) This Agreement shall automatically terminate on the
date that the Company sells and the Investor purchases the full Available Amount as provided herein, without any action or notice on the
part of any party and without any liability whatsoever of any party to any other party under this Agreement (except as set forth below).

 

(e) If for any reason or for no reason the full Available
Amount has not been purchased in accordance with Section 2 of this Agreement by the Maturity Date, this Agreement shall automatically
terminate on the Maturity Date, without any action or notice on the part of any party and without any liability whatsoever of any party
to any other party under this Agreement (except as set forth below). Except as set forth in Sections 11(a) (in respect of an Event of
Default under Sections 10(f), 10(g) and 10(h)), 11(d) and 11(e), any termination of this Agreement pursuant to this Section 11 shall be
effected by written notice from the Company to the Investor, or the Investor to the Company, as the case may be, setting forth the basis
for the termination hereof. The representations and warranties and covenants of the Company and the Investor contained in Sections 3,
4, 5, and 6 hereof, the indemnification provisions set forth in Section 9 hereof and the agreements and covenants set forth in Sections
10, 11 and 12, shall survive the Commencement and any termination of this Agreement. No termination of this Agreement shall (i) affect
the Company’s or the Investor’s rights or obligations under (A) this Agreement with respect to any pending Regular Purchases,
Accelerated Purchases, or Additional Accelerated Purchases, and the Company and the Investor shall complete their respective obligations
with respect to any pending Regular Purchases, Accelerated Purchases and Additional Accelerated Purchases under this Agreement and (B)
the Registration Rights Agreement, which shall survive any such termination, or (ii) be deemed to release the Company or the Investor
from any liability for intentional misrepresentation or willful breach of any of the Transaction Documents.

 

    	 	28	 

    	Execution Copy

    

 

12.               
MISCELLANEOUS.

 

(a) Governing Law; Jurisdiction; Jury Trial. The
construction, validity, enforcement and interpretation of this Agreement and the other Transaction Documents shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New
York, New York, for the adjudication of any dispute hereunder or under the other Transaction Documents or in connection herewith or therewith,
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding
is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. By the execution and delivery of
this Agreement, the Company acknowledges that it has, by separate written instrument, irrevocably designated and appointed National Registered
Agents, Inc., at 28 Liberty Street, New York, New York 10005 (together with any successor, the “Agent for Service”)
as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement that may
be instituted in any state or federal court sitting in the City of New York, or brought under federal or state securities laws, and acknowledges
that the Agent for Service has accepted such designation. The Company further agrees to take any and all action, including the execution
and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of the Agent
for Service in full force and effect so long as any of the Common Shares shall be outstanding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof (certified or
registered mail, return receipt requested) to such party at the address in effect for notices to it under this Agreement (or, in the case
of the Company, to the Agent for Service) and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(b) Counterparts. This Agreement may be executed
in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts
have been signed by each party and delivered to the other party; provided that a facsimile signature or signature delivered by e-mail
in a “.pdf” format data file shall be considered due execution and shall be binding upon the signatory thereto with the same
force and effect as if the signature were an original signature.

 

(c) Headings. The headings of this Agreement are
for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

(d) Severability. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other
jurisdiction.

 

(e) Entire Agreement; Amendment. This Agreement
supersedes all other prior oral or written agreements between the Investor, the Company, their affiliates and Persons acting on their
behalf with respect to the subject matter hereof, and this Agreement, the other Transaction Documents and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically set
forth herein or therein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect
to such matters. The Company acknowledges and agrees that is has not relied on, in any manner whatsoever, any representations or statements,
written or oral, other than as expressly set forth in the Transaction Documents. No provision of this Agreement may be amended other than
by a written instrument signed by both parties hereto.

 

    	 	29	 

    	Execution Copy

    

 

(f) Notices. Any notices, consents or other communications
required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i)
upon receipt when delivered personally; (ii) upon receipt when sent by facsimile or email (provided confirmation of transmission is mechanically
or electronically generated and kept on file by the sending party); or (iii) one Business Day after deposit with a nationally recognized
overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications shall
be:

 

If to the Company:

 

Tanzanian Gold Corporation

150 King Street West, Suite 200

Toronto, ON M5H 1J9, Canada

Telephone: 844-364-1830

E-mail: s.mullowney@tangoldcorp.com

Attention: Stephen Mullowney, Chief Executive Officer

 

With a copy to (which shall not constitute notice
or service of process):

 

Lewis Brisbois Bisgaard & Smith LLP

333 Bush Street, Suite 1100

San Francisco, CA 94104

Telephone: 415-262-8508

Facsimile: 415-434-0882

E-mail: Daniel.eng@lewisbrisbois.com

Attention: Daniel Eng

and

Miller Thomson

725 Granville St Suite 400

Vancouver, BC V7Y 1G5 Canada

Telephone: 604-687-2242

Facsimile: 604-643-1200

E-mail: bfast@millerthomson.com

Attention: Brian Fast

 

If to the Investor:

 

Lincoln Park Capital Fund, LLC

440 North Wells, Suite 410

Chicago, IL 60654

Telephone: 312-822-9300

Facsimile: 312-822-9301

E-mail: jscheinfeld@lpcfunds.com/jcope@lpcfunds.com

Attention: Josh Scheinfeld/Jonathan Cope

 

With a copy to (which shall not constitute notice or service of process):

 

K&L Gates LLP

200 S. Biscayne Blvd., Suite 3900

Miami, FL 33131

Telephone: (305) 539-3306

Facsimile: (305) 358-7095

E-mail: clayton.parker@klgates.com

Attention: Clayton E. Parker, Esq.

 

    	 	30	 

    	Execution Copy

    

 

If to the Transfer Agent:

 

Odyssey Trust

350-409 Granville St

Vancouver BC | V6C 1T2 Canada

Telephone: 778-229-3325

Facsimile: 800-517-4553

E-mail: KHobbis@OdysseyTrust.com

Attention: Kari Hobbis

 

or at such other address, email address, and/or facsimile number and/or to
the attention of such other Person as the recipient party has specified by written notice given to each other party three (3) Business
Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent or
other communication, (B) mechanically or electronically generated by the sender’s facsimile machine or email account containing
the time, date, and recipient facsimile number or email address, as applicable, and an image of the first page of such transmission or
(C) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile
or email or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g) Successors and Assigns. This Agreement shall
be binding upon and inure to the benefit of the parties and their respective successors and assigns. The Company shall not assign this
Agreement or any rights or obligations hereunder without the prior written consent of the Investor, including by merger or consolidation.
The Investor may not assign its rights or obligations under this Agreement.

 

(h) No Third Party Beneficiaries. This Agreement
is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of,
nor may any provision hereof be enforced by, any other Person.

 

(i) Publicity. The Company shall use commercially
reasonable efforts to afford the Investor and its counsel with the opportunity to review and comment upon, shall consult with the Investor
and its counsel on the form and substance of, and shall give due consideration to all such comments from the Investor or its counsel on,
any press release by or on behalf of the Company relating to the Investor,, not less than 24 hours prior to the issuance, filing or public
disclosure thereof. The Investor shall use commercially reasonable efforts to afford the Company and its counsel with the opportunity
to review and comment upon, shall consult with the Company and its counsel on the form and substance of, and shall give due consideration
to all such comments from the Company or its counsel on, any press release by or on behalf of the Investor relating to the Company, the
Investor’s purchases hereunder or any aspect of the Transaction Documents or the transactions contemplated thereby, not less than
24 hours prior to the issuance, filing or public disclosure thereof.

 

(j) Further Assurances. Each party shall do and
perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements,
certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

(k) No Financial Advisor, Placement Agent, Broker or
Finder. The Company represents and warrants to the Investor that it has not engaged any financial advisor, placement agent, broker
or finder in connection with the transactions contemplated hereby. The Investor represents and warrants to the Company that it has not
engaged any financial advisor, placement agent, broker or finder in connection with the transactions contemplated hereby. The Company
shall not be responsible for the payment of any fees or commissions, if any, of any broker-dealer engaged by the Investor after the date
of this Agreement in connection with any resale of the Securities by the Investor. The Company shall be responsible for the payment of
any fees or commissions, if any, of any financial advisor, placement agent, broker or finder engaged by the Company relating to or arising
out of the transactions contemplated hereby; provided, however, that the Company shall not be responsible for the payment of any fees
or commissions, if any, of any financial advisor, placement agent, broker or finder engaged by the Investor in connection with the transactions
contemplated hereby. The Company shall pay, and hold the Investor harmless against, any liability, loss or expense (including, without
limitation, attorneys’ fees and out of pocket expenses) arising in connection with any claim for fees or commissions of any financial
advisor, placement agent, broker or finder engaged by the Company in connection with the transactions contemplated hereby. The Investor
shall pay, and hold the Company harmless against, any liability, loss or expense (including, without limitation, attorneys’ fees
and out of pocket expenses) arising in connection with any claim for fees or commissions of any financial advisor, placement agent, broker
or finder engaged by the Investor in connection with the transactions contemplated hereby, including any resale of the Securities by the
Investor.

 

    	 	31	 

    	Execution Copy

    

 

(l) No Strict Construction. The language used in
this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party.

 

(m) Remedies, Other Obligations, Breaches and Injunctive
Relief. The parties remedies provided in this Agreement, including, without limitation, the Investor’s remedies provided in
Section 9, shall be cumulative and in addition to all other remedies available to the parties under this Agreement, at law or in equity
(including a decree of specific performance and/or other injunctive relief), no remedy of any party contained herein shall be deemed a
waiver of compliance with the provisions giving rise to such remedy and nothing herein shall limit any party’s right to pursue actual
damages for any failure by the other party to comply with the terms of this Agreement. The parties acknowledge that a breach by any party
of its obligations hereunder will cause irreparable harm to the non-breaching party and that the remedy at law for any such breach may
be inadequate. The parties therefore agree that, in the event of any such breach or threatened breach, the non-breaching party shall be
entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic
loss and without any bond or other security being required.

 

(n) Enforcement Costs. If: (i) this Agreement is
placed by the Investor in the hands of an attorney for enforcement or is enforced by the Investor through any legal proceeding; (ii) an
attorney is retained to represent the Investor in any bankruptcy, reorganization, receivership or other proceedings affecting creditors’
rights and involving a claim under this Agreement; or (iii) an attorney is retained to represent the Investor in any other proceedings
whatsoever in connection with this Agreement, then the Company shall pay to the Investor, as incurred by the Investor, all reasonable
costs and expenses including attorneys’ fees incurred in connection therewith if the Investor is the prevailing party in any such
proceeding, in addition to all other amounts due hereunder.

 

(o) Waivers. No provision of this Agreement may
be waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. No failure or delay
in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege.

 

(p) Adjustments for Share Splits. The parties acknowledge
and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any reorganization, recapitalization,
non-cash dividend, stock split or other similar transaction effected with respect to the Common Shares.

 

* * * * *

 

    	 	32	 

    	Execution Copy

    

 

IN WITNESS WHEREOF, the Investor and the Company
have caused this Agreement to be duly executed as of the Execution Date.

 

THE COMPANY:

 

TANZANIAN GOLD CORPORATION

 

By: /s/ Stephen Mullowney

Name: Stephen Mullowney

Title: Chief Executive
Officer

 

THE INVESTOR:

 

LINCOLN PARK CAPITAL FUND, LLC

BY: LINCOLN PARK CAPITAL, LLC

BY: ROCKLEDGE CAPITAL CORPORATION

 

By: /s/ Josh Scheinfeld 

Name: Josh Scheinfeld

Title: President

 

    	 	33	 

    	Execution Copy

    

 

EXHIBITS

 

	Exhibit A	Form of Officer’s Certificate
	Exhibit B	Form of Secretary’s Certificate
	Exhibit C	Information About Investor Furnished to the Company

 

 

    	 	34	 

    	Execution Copy

    

 

Exhibit
A 

 

FORM OF OFFICER’S CERTIFICATE

 

This Officer’s Certificate (“Certificate”)
is being delivered pursuant to Section 8(d) of that certain Purchase Agreement dated as of January 13, 2022, (“Purchase Agreement”),
by and between TANZANIAN GOLD CORPORATION, a company incorporated under the Business Corporations Act (Alberta) (the “Company”),
and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”). Terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Purchase Agreement.

 

The undersigned, ___________, ______________ of the Company,
hereby certifies as follows:

 

1. I am the _____________ of the Company and make the statements
contained in this Certificate;

 

2. The representations and warranties of the Company contained
in the Purchase Agreement are true and correct in all material respects (except to the extent that any of such representations and warranties
are qualified as to materiality in the Purchase Agreement, in which case, such representations and warranties are true and correct in
all material respects as so qualified) as of the date of the Purchase Agreement and as of the Commencement Date as though made at that
time (except for representations and warranties that speak as of a specific date, in which case such representations and warranties are
true and correct in all material respects as of such date);

 

3. The Company has performed, satisfied and complied in
all material respects with covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied
with by the Company at or prior to the Commencement Date, to the extent not otherwise waived.

 

4. The Company has not taken any steps, and does not currently
expect to take any steps, to seek protection pursuant to any Bankruptcy Law nor does the Company or any of its Subsidiaries have any knowledge
or reason to believe that its creditors intend to initiate involuntary bankruptcy or insolvency proceedings. The Company is financially
solvent and is generally able to pay its debts as they become due.

 

IN WITNESS WHEREOF, I have hereunder signed my name on
this ___ day of ___________.

 

	 	 	 
	 	Name:	 
	 	Title:	 

 

 

The undersigned as Secretary of TANZANIAN GOLD CORPORATION,
a company incorporated under the Business Corporations Act (Alberta), hereby certifies that ___________ is the duly elected, appointed,
qualified and acting ________ of _________ and that the signature appearing above is his genuine signature.

 

	 	 
	 	Secretary 

 

    	 	35	 

    	Execution Copy

    

 

Exhibit
B 

 

FORM OF SECRETARY’S CERTIFICATE

 

This Secretary’s Certificate (“Certificate”)
is being delivered pursuant to Section 8(j) of that certain Purchase Agreement dated as of January 13, 2022 (the “Purchase Agreement”),
by and between TANZANIAN GOLD CORPORATION, a company incorporated under the Business Corporations Act (Alberta) (the “Company”)
and LINCOLN PARK CAPITAL FUND, LLC (the “Investor”). Terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Purchase Agreement.

 

The undersigned, ____________, Secretary of the Company,
hereby certifies as follows:

 

1. I am the Secretary of the Company and make the statements
contained in this Secretary’s Certificate.

 

2. Attached hereto as Exhibit A are true, correct
and complete copies of the Company’s constating documents, as amended through the date hereof, and no action has been taken by the
Company, its directors, officers or shareholders, in contemplation of the filing of any further amendment relating to or affecting the
constating documents.

 

3. Attached hereto as Exhibit B are true, correct
and complete copies of the resolutions either duly adopted by the Board of Directors of the Company on _____________, at which a quorum
was present and acting throughout, or executed by all directors in accordance with the Business Corporations Act (Alberta). Such
resolutions have not been amended, modified or rescinded and remain in full force and effect and such resolutions are the only resolutions
adopted by the Company’s Board of Directors, or any committee thereof, or the shareholders of the Company relating to or affecting
(i) the entering into and performance of the Purchase Agreement, or the issuance, offering and sale of the Purchase Shares and the Commitment
Shares and (ii) and the performance of the Company of its obligation under the Transaction Documents as contemplated therein.

 

4. As of the date hereof, the authorized, issued and reserved
capital stock of the Company is as set forth on Exhibit C hereto.

 

IN WITNESS WHEREOF, I have hereunder signed my name
on this ___ day of ____________.

 

	 	 	 
	 	Secretary 	 

 

The undersigned as ___________ of TANZANIAN GOLD CORPORATION, a company
incorporated under the Business Corporations Act (Alberta), hereby certifies that ____________ is the duly elected, appointed,
qualified and acting Secretary of _________, and that the signature appearing above is his genuine signature.

 

    	 	36	 

    	Execution Copy

    

 

Exhibit
C 

 

Information About The Investor Furnished To The Company By The Investor

Expressly For Use In Connection With Prospectuses Information With Respect
to Lincoln Park Capital

 

Immediately prior to the date of the Purchase Agreement,
Lincoln Park Capital Fund, LLC, beneficially owned zero Common Shares. Josh Scheinfeld and Jonathan Cope, the Managing Members of Lincoln
Park Capital, LLC, the manager of Lincoln Park Capital Fund, LLC, are deemed to be beneficial owners of all of the Common Shares owned
by Lincoln Park Capital Fund, LLC. Messrs. Cope and Scheinfeld have shared voting and investment power over the shares being offered under
the prospectus supplement filed with the SEC in connection with the transactions contemplated under the Purchase Agreement. Lincoln Park
Capital, LLC is not a licensed broker dealer or an affiliate of a licensed broker dealer.

 

 

 

 

37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]