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BANCPLUS CORPORATION
5.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE 
DUE DECEMBER 30, 2030
THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY OR FUND.
THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO SENIOR INDEBTEDNESS (AS DEFINED IN SECTION 3 (SUBORDINATION) OF THIS SUBORDINATED NOTE) OF BANCPLUS CORPORATION (THE “COMPANY”), INCLUDING OBLIGATIONS OF THE COMPANY TO ITS GENERAL AND SECURED CREDITORS AND IS UNSECURED.  IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE COMPANY OR ANY OF ITS SUBSIDIARIES. 
THIS SUBORDINATED NOTE IS A GLOBAL SUBORDINATED NOTE WITHIN THE MEANING OF SECTION 5 OF THIS SUBORDINATED NOTE AND IS REGISTERED IN THE NAME OF CEDE & CO AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (“DTC”) OR A NOMINEE OF DTC. THIS SUBORDINATED NOTE IS EXCHANGEABLE FOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN SECTION 5 OF THIS SUBORDINATED NOTE, AND NO TRANSFER OF THIS SUBORDINATED NOTE (OTHER THAN A TRANSFER OF THIS SUBORDINATED NOTE AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES SPECIFIED IN THIS SUBORDINATED NOTE.
UNLESS THIS SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS SUBORDINATED NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 5 OF THIS SUBORDINATED NOTE.
IN THE EVENT OF THE LIQUIDATION OR INSOLVENCY OF THE COMPANY, ALL HOLDERS OF SENIOR INDEBTEDNESS OF THE COMPANY SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH ACCRUED AND UNPAID INTEREST THEREON AS MAY BE PERMITTED BY LAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS SUBORDINATED NOTE.  AFTER PAYMENT IN FULL OF ALL SUMS OWING TO SUCH HOLDERS OF SENIOR INDEBTEDNESS, THE HOLDER OF THIS SUBORDINATED NOTE, TOGETHER WITH 
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THE HOLDERS OF ANY OBLIGATIONS OF THE COMPANY RANKING ON A PARITY WITH THE SUBORDINATED NOTES, SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE COMPANY THE UNPAID PRINCIPAL AMOUNT OF THIS SUBORDINATED NOTE PLUS ACCRUED AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE (I) WITH RESPECT TO ANY OBLIGATION THAT BY ITS TERMS EXPRESSLY IS JUNIOR IN THE RIGHT OF PAYMENT TO THE SUBORDINATED NOTES, (II) WITH RESPECT TO ANY INDEBTEDNESS BETWEEN THE COMPANY AND ANY OF ITS SUBSIDIARIES OR AFFILIATES OR (III) WITH RESPECT TO ANY SHARES OF CAPITAL STOCK OF THE COMPANY.
THIS SUBORDINATED NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $100,000 AND MULTIPLES OF $1,000 IN EXCESS THEREOF. ANY ATTEMPTED TRANSFER OF THIS SUBORDINATED NOTE IN A DENOMINATION OF LESS THAN $100,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS SUBORDINATED NOTE FOR ANY PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS SUBORDINATED NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS SUBORDINATED NOTE.
THIS SUBORDINATED NOTE MAY BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS. THIS SUBORDINATED NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, OR ANY OTHER APPLICABLE SECURITIES LAWS. NEITHER THIS SUBORDINATED NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
CERTAIN ERISA CONSIDERATIONS:
THE HOLDER OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S.  DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS SUBORDINATED NOTE, OR ANY INTEREST HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING.  ANY PURCHASER OR HOLDER OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING THEREOF THAT EITHER: (I) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS 
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APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR OTHER PLAN, OR ANY OTHER PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH PLAN OR OTHER PLAN TO FINANCE SUCH PURCHASE OR (II) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.
ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN SHOULD CONSULT WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS SUBORDINATED NOTE OR ANY INTEREST HEREIN.

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No. [●]    CUSIP Accredited Investors: 05973L AE5 / US05973LAE56
CUSIP QIBs: 05973L AD7 / US05973LAD73
                        

BANCPLUS CORPORATION
5.50% FIXED-TO-FLOATING RATE SUBORDINATED NOTE DUE DECEMBER 30, 2030
1.Subordinated Notes. This subordinated note is one of an issue of notes of BancPlus Corporation, a Mississippi corporation (the “Company”), designated as the “5.50% Fixed-to-Floating Rate Subordinated Notes due 2030” (the “Subordinated Notes”). This Subordinated Note was originally issued pursuant to that Subordinated Note Purchase Agreement issued on December 23, 2020 (the “Issue Date”), between First Trust Corporation, a Louisiana corporation, and the several purchasers of the Subordinated Notes identified on the signature pages thereto (the “Purchase Agreement”). The Company assumed this Subordinated Note, along with the due and punctual payment of the principal of and any premium and interest on this Subordinated Note, and the due and punctual performance of all covenants and conditions of this Subordinated Note, in connection with its merger with First Trust Corporation, effective as of March 1, 2022.
2.Payment. The Company, for value received, promises to pay to CEDE & CO, or its registered assigns, the principal sum of [●] Dollars (U.S.) ($[●],000,000), plus accrued but unpaid interest on December 30, 2030 (the “Maturity Date”) and to pay interest thereon (i) from and including the original issue date of the Subordinated Notes to but excluding December 30, 2025 or the earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Fixed Rate Period”), at the rate of 5.50% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months and payable semi-annually in arrears on June 30 and December 30 of each year (each payment date, a “Fixed Interest Payment Date”), beginning June 30, 2021, and (ii) from and including December 30, 2025 to but excluding the Maturity Date or earlier redemption date contemplated by Section 4 (Redemption) of this Subordinated Note (the “Floating Rate Period”), at the rate per annum, reset quarterly, equal to the Floating Interest Rate (as defined below) determined on the Floating Interest Determination Date (as defined below) of the applicable interest period plus 527 basis points, computed on the basis of a 360-day year and the actual number of days elapsed and payable quarterly in arrears (each quarterly period a “Floating Interest Period”) on March 30, June 30, September 30 and December 30 of each year (each payment date, a “Floating Interest Payment Date”). Dollar amounts resulting from this calculation shall be rounded to the nearest cent, with one-half cent being rounded up.  The term “Floating Interest Determination Date” means the date upon which the Floating Interest Rate is determined by the Calculation Agent pursuant to the Three-Month Term SOFR Conventions.  Notwithstanding anything to the contrary, (i) in the event the Three-Month Term SOFR (as defined below) is less than zero, the Three-Month Term SOFR shall be deemed to be zero, and (ii) if a Benchmark Transition Event (as defined below) and its related Benchmark Replacement Date (as defined below) have occurred and the Benchmark Replacement (as defined below) is less than zero, then the Benchmark Replacement shall be deemed to be zero.  
(a)An “Interest Payment Date” is either a Fixed Interest Payment Date or a Floating Interest Payment Date, as applicable. 
(b)The “Floating Interest Rate” means:
(i)initially Three-Month Term SOFR (as defined below).
(ii)Notwithstanding the foregoing clause (i) of this Section 2(b):
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(1)If the Calculation Agent reasonably determines prior to the relevant Floating Interest Determination Date that a Benchmark Transition Event and its related Benchmark Replacement Date (each of such terms as defined below) have occurred with respect to Three-Month Term SOFR, then the Company shall promptly provide notice of such determination to the Noteholders and Section 2(c) (Effect of Benchmark Transition Event) will thereafter apply to all determinations, calculations and quotations made or obtained for the purposes of calculating the Floating Interest Rate payable on the Subordinated Notes during a relevant Floating Interest Period. 
(2)However, if the Calculation Agent reasonably determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, but for any reason the Benchmark Replacement has not been determined as of the relevant Floating Interest Determination Date, the Floating Interest Rate for the applicable Floating Interest Period will be equal to the Floating Interest Rate on the last Floating Interest Determination Date for the Subordinated Notes, as determined by the Calculation Agent (as defined below).
(iii)If the then-current Benchmark is Three-Month Term SOFR and any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions (as defined below) determined by the Company, then the relevant Three-Month Term SOFR Conventions will apply.
(c)Effect of Benchmark Transition Event.
(i)If the Calculation Agent reasonably determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time (as defined below) in respect of any determination of the Benchmark (as defined below) on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Subordinated Notes during the relevant Floating Interest Period in respect of such determination on such date and all determinations on all subsequent dates.
(ii)In connection with the implementation of a Benchmark Replacement, the Company will have the right to make Benchmark Replacement Conforming Changes from time to time, and such changes shall become effective without consent from the relevant Noteholders (as defined below) or any other party.
(iii)Any determination, decision or election that may be made by the Company or by the Calculation Agent pursuant to the benchmark transition provisions set forth herein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date, and any decision to take or refrain from taking any action or any selection:
(1)will be conclusive and binding absent manifest error;
(2)if made by the Company, will be made in the Company’s sole discretion; 
(3)if made by the Calculation Agent, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or election to which the Company reasonably objects; and
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(4)notwithstanding anything to the contrary in this Subordinated Note or the Purchase Agreement, shall become effective without consent from the relevant Noteholders (as defined below) or any other party.
(iv)For the avoidance of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, interest payable on this Subordinated Note for the Floating Rate Period will be an annual rate equal to the sum of the applicable Benchmark Replacement and the spread specified on the face hereof.
(v)As used in this Subordinated Note:
(1)“Benchmark” means, initially, Three-Month Term SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.
(2)“Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the  Calculation Agent, as of the Benchmark Replacement Date:
a.The sum of (i) Compounded SOFR and (ii) the Benchmark Replacement Adjustment;
b.the sum of: (i) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (ii) the Benchmark Replacement Adjustment;
c.the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment;
d.the sum of: (i) the alternate rate of interest that has been selected by the Company as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement Adjustment.
(3)“Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined by the Calculation Agent, as of the Benchmark Replacement Date:
a.the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;
b.if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment;
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c.the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at such time.
(4)“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Floating Interest Period,” timing and frequency of determining rates with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors and other administrative matters) that the Company reasonably decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company reasonably decides that adoption of any portion of such market practice is not administratively feasible or if the Company reasonably determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company determines is reasonably necessary).
(5)“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
a.in the case of clause (a) of the definition of “Benchmark Transition Event,” the relevant Reference Time in respect of any determination;
b.in the case of clause (b) or (c) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or
c.in the case of clause (d) of the definition of “Benchmark Transition Event,” the date of such public statement or publication of information referenced therein.
For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for purposes of such determination.
(6)“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
a.if the Benchmark is Three-Month Term SOFR, (i) the Relevant Governmental Body has not selected or recommended a forward-looking term rate for a tenor of three months based on SOFR, (ii) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (iii) the Company reasonably determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;
b.a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;
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c.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or
d.a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.
(7)“Calculation Agent” means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period.
(8)“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate being established by the Company or its designee in accordance with:
a.the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
b.if, and to the extent that, the Company or its designee reasonably determines that Compounded SOFR cannot be determined in accordance with clause (a) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Company or its designee giving due consideration to any industry-accepted market practice for U.S. dollar denominated floating rate notes at such time.
For the avoidance of doubt, the calculation of Compounded SOFR will exclude the Benchmark Replacement Adjustment.
(9)“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding Business Day adjustment) as the applicable tenor for the then-current Benchmark.
(10)“FRBNY” means the Federal Reserve Bank of New York.
(11)“FRBNY’s Website” means the website of the FRBNY at http://www.newyorkfed.org, or any successor source.
(12)“Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear basis between: (1) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor and (2) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.
(13)“ISDA” means the International Swaps and Derivatives Association, Inc. or any successor thereto.
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(14)“ISDA Definitions” means the 2006 ISDA Definitions published by the ISDA or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.
(15)“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.
(16)“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.
(17)“Reference Time” with respect to any determination of a Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Conforming Changes.
(18)“Relevant Governmental Body” means the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve and/or the FRBNY or any successor thereto.
(19)“SOFR” means the daily Secured Overnight Financing Rate provided by the FRBNY, as the administrator of the benchmark (or a successor administrator), on the FRBNY’s Website.
(20)“Term SOFR” means the forward-looking term rate for the Corresponding Tenor based on SOFR that has been selected or recommended by the Relevant Governmental Body.
(21)“Term SOFR Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator).
(22)“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the Reference Time for any Floating Interest Period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.
(23)“Three-Month Term SOFR Conventions” means any determination, decision or election by the Calculation Agent/Company with respect to any technical, administrative or operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “Floating Interest Period”, timing and frequency of determining Three-Month Term SOFR with respect to each Floating Interest Period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Company decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Company decides that adoption of any portion of such market practice is not administratively feasible or if the Company determines that no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Company determines is reasonably necessary).
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(24)“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
(d)In the event that any Fixed Interest Payment Date during the Fixed Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and no additional interest shall accrue as a result of that postponement. In the event that any Floating Interest Payment Date during the Floating Rate Period falls on a day that is not a Business Day (as defined below), the interest payment due on that date shall be postponed to the next day that is a Business Day and interest shall accrue to but excluding the date interest is paid. However, if the postponement would cause the day to fall in the next calendar month during the Floating Interest Period, the Floating Interest Payment Date shall instead be due on the immediately preceding Business Day. The term “Business Day” means any day other than a Saturday or Sunday or any other day on which banking institutions in the State of Louisiana are generally authorized or required by law or executive order to be closed.
3.Subordination. 
(a)The indebtedness of the Company evidenced by this Subordinated Note, including the principal and interest on this Subordinated Note, shall be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors of the Company whether now outstanding or subsequently created, assumed, guaranteed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal of (and premium, if any) and interest, if any, on: (i) all indebtedness and obligations of, or guaranteed or assumed by, the Company for money borrowed, whether or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including, but not limited to all obligations to the Company’s general and secured creditors; (ii) any deferred obligations of the Company for the payment of the purchase price of property or assets acquired other than in the ordinary course of business; (iii) all obligations, contingent or otherwise, of the Company in respect of any letters of credit, bankers’ acceptances, security purchase facilities and similar direct credit substitutes; (iv) any capital lease obligations of the Company; (v) all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements or derivative products; (vi) all obligations that are similar to those in clauses (i) through (v) of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise arising from an off-balance sheet guarantee; (vii) all obligations of the types referred to in clauses (i) through (vi) of other persons secured by a lien on any property or asset of the Company; and (viii) in the case of (i) through (vii) above, all amendments, renewals, extensions, modifications and refundings of such indebtedness and obligations; except “Senior Indebtedness” does not include (A) the Subordinated Notes, (B) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, or (C) any indebtedness between the Company and any of its subsidiaries or Affiliates.  This Subordinated Note is not secured by any assets of the Company or any of its subsidiaries or Affiliates.  The term “Affiliate(s)” means, with respect to any Person (as such term is defined in the Purchase Agreement), such Person’s immediate family members, partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates.
(b)In the event of liquidation of the Company, holders of Senior Indebtedness of the Company shall be entitled to be paid in full with such interest as may be provided by law before any payment shall be made on account of principal of or interest on this Subordinated Note.  Additionally, in the event of any insolvency, dissolution, assignment for the benefit of creditors or any liquidation or winding up of or relating to the Company, whether voluntary or 
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involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or interest on the Subordinated Notes, including this Subordinated Note.  In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the registered holders of the Subordinated Notes from time to time (each a “Noteholder” and, collectively, the “Noteholders”), together with the holders of any obligations of the Company ranking on parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Company the unpaid principal thereof, and the unpaid interest thereon before any payment or other distribution, whether in cash, property or otherwise, shall be made (i) with respect to any obligation that by its terms expressly is junior to in the right of payment to the Subordinated Notes, (ii) with respect to the existing junior subordinated debentures of the Company (underlying the outstanding trust preferred securities) as of the date of the issuance of this Subordinated Note to which this Subordinated Note shall be senior, (iii) with respect to any indebtedness between the Company and any of its subsidiaries or Affiliates or (iv) on account of any capital stock.
(c)If there shall have occurred and be continuing (i) a default in any payment with respect to any Senior Indebtedness or (ii) an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or shall have ceased to exist, no payments shall be made by the Company with respect to the Subordinated Notes.  The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 3 (Subordination) would be applicable.
(d)Nothing herein shall act to prohibit, limit or impede the Company from issuing additional debt of the Company having the same rank as the Subordinated Notes or which may be junior or senior in rank to the Subordinated Notes.  Each Noteholder, by its acceptance hereof, agrees to and shall be bound by the provisions of this Section 3.  Each Noteholder, by its acceptance hereof, further acknowledges and agrees that the foregoing subordination provisions are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated Notes, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.
4.Redemption.
(a)Redemption Prior to Fifth Anniversary.  This Subordinated Note shall not be redeemable by the Company in whole or in part prior to December 30, 2025, except in the event of a: (i) Tier 2 Capital Event (as defined below); (ii) Tax Event (as defined below); or (iii) Investment Company Event (as defined below).  Upon the occurrence of a Tier 2 Capital Event, a Tax Event or an Investment Company Event, the Company may redeem this Subordinated Note, subject to Section 4(f) (Regulatory Approvals) hereof, in whole but not in part, at any time, upon giving not less than 10 days’ notice to the holder of this Subordinated Note at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date.  “Tier 2 Capital Event” means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that this Subordinated Note no longer qualifies as “Tier 2” Capital (as defined by the Federal Reserve) (or its then equivalent) as a result of a change in law or regulation, or interpretation or application thereof, by any judicial, legislative or regulatory authority that becomes effective after the date of issuance of this Subordinated Note.  “Tax Event” means the receipt by the Company of an opinion of counsel to the Company that as a result of any amendment to, or change (including any final and adopted (or enacted) prospective change) in, the laws (or any 
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regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial decision interpreting or applying such laws or regulations, there exists a material risk that interest payable by the Company on the Subordinated Notes is not, or within 120 days after the receipt of such opinion will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes.  “Investment Company Event” means the receipt by the Company of an opinion of counsel to the Company to the effect that there is a material risk that the Company is or, within one hundred twenty (120) days after the receipt of such opinion will be, required to register as an investment company pursuant to the Investment Company Act of 1940, as amended.
(b)Redemption on or after Fifth Anniversary. On or after December 30, 2025, subject to the provisions of Section 4(f) (Regulatory Approvals) hereof, this Subordinated Note shall be redeemable at the option of and by the Company, in whole or in part, from time to time upon any Interest Payment Date, at an amount equal to 100% of the outstanding principal amount being redeemed plus accrued but unpaid interest, to but excluding the redemption date, but in all cases in a principal amount with integral multiples of $1,000. In addition, the Company may redeem, in whole but not in part, the Subordinated Notes at any time upon the occurrence of a Tier 2 Capital Event, Tax Event or an Investment Company Event. The redemption referenced in this Section 4(b) (Redemption on or after Fifth Anniversary) shall be subject to the receipt of any required regulatory approval.
(c)Partial Redemption. If less than the then outstanding principal amount of this Subordinated Note is redeemed, (i) a new Subordinated Note shall be issued representing the unredeemed portion without charge to the holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the Noteholders.  For purposes of clarity, upon a partial redemption, a like percentage of the principal amount of every Subordinated Note held by every Noteholder shall be redeemed. 
(d)No Redemption at Option of Noteholder. This Subordinated Note is not subject to redemption at the option of the holder of this Subordinated Note. 
(e)Effectiveness of Redemption. If notice of redemption has been duly given and notwithstanding that this Subordinated Note has been called for redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption interest shall cease to accrue on the portion of this Subordinated Note called for redemption, this Subordinated Note shall no longer be deemed outstanding with respect to the portion called for redemption and all rights with respect to the portion of this Subordinated Note called for redemption shall forthwith on such date fixed for redemption cease and terminate unless the Company shall default in the payment of the redemption price, except only the right of the holder hereof to receive the amount payable on such redemption, without interest.  For purposes of clarity, any redemption made pursuant to the terms of this Subordinated Note shall be made on a pro rata basis, and, for purposes of a redemption processed through DTC, on a “Pro Rata Pass-Through Distribution of Principal” basis, among all of the Subordinated Notes outstanding at the time thereof.
(f)Regulatory Approvals. Any redemption by the Company pursuant to this Section 4 shall be subject to receipt of any and all required federal and state regulatory approvals or non-objections, including, but not limited to, the consent of the Federal Reserve.  In the case of any redemption of this Subordinated Note pursuant to paragraph (b) of this Section 4 (Redemption), the Company will give the holder hereof notice of redemption, which notice shall indicate the aggregate principal amount of Subordinated Notes to be redeemed, not less than thirty (30) nor more than forty-five (45) calendar days prior to the redemption date.
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(g)Purchase and Resale of the Subordinated Notes. Subject to the receipt of any required federal and state regulatory approvals and the provisions of this Subordinated Note, the Company shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise. If the Company purchases any Subordinated Notes, it may, in its discretion, hold, resell or cancel any of the purchased Subordinated Notes.
5.Global Subordinated Notes.
(a)Provided that applicable depository eligibility requirements are met, upon the written election of any Noteholder that is either (i) a Qualified Institutional Buyer, as defined in Rule 144A under the Securities Act, or (ii) an institutional “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, the Company shall use its commercially reasonable efforts to cause the Subordinated Notes owned by such Noteholders to be issued in the form of one or more Global Subordinated Notes (each a “Global Subordinated Note”) registered in the name of The Depository Trust Company or another organization registered as a clearing agency under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and designated as Depositary by the Company or any successor thereto (the “Depositary”) or a nominee thereof and delivered to such Depositary or a nominee thereof.
(b)Notwithstanding any other provision herein, no Global Subordinated Note may be exchanged in whole or in part for Subordinated Notes registered, and no transfer of a Global Subordinated Note in whole or in part may be registered, in the name of any person other than the Depositary for such Global Subordinated Note or a nominee thereof unless (i) such Depositary advises the Company in writing that such Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Global Subordinated Note, and no qualified successor is appointed by the Company within ninety (90) days of receipt by the Company of such notice, (ii) such Depositary ceases to be a clearing agency registered under the Exchange Act and no successor is appointed by the Company within ninety (90)  days after obtaining knowledge of such event, (iii) the Company elects to terminate the book-entry system through the Depositary or (iv) an Event of Default (as defined in Section 6 (Events of Default; Acceleration)) shall have occurred and be continuing.  Upon the occurrence of any event specified in clause (i), (ii), (iii) or (iv) of this Section 5(b), the Company or its agent shall notify the Depositary and instruct the Depositary to notify all owners of beneficial interests in such Global Subordinated Note of the occurrence of such event and of the availability of Subordinated Notes to such owners of beneficial interests requesting the same.
(c)If any Global Subordinated Note is to be exchanged for other Subordinated Notes or canceled in part, or if another Subordinated Note is to be exchanged in whole or in part for a beneficial interest in any Global Subordinated Note, then either (i) such Global Subordinated Note shall be so surrendered for exchange or cancellation as provided in this Section 5 or (ii) the principal amount thereof shall be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled, or equal to the principal amount of such other Subordinated Note to be so exchanged for a beneficial interest therein, as the case may be, by means of an appropriate adjustment made on the records of the Company or, if applicable, the Company’s registrar and transfer agent (“Registrar”), whereupon the Company or, if applicable, the Registrar, in accordance with the applicable rules and procedures of the Depositary (“Applicable Depositary Procedures”), shall instruct the Depositary or its authorized representative to make a corresponding adjustment to its records.  Upon any such surrender or adjustment of a Global Subordinated Note by the Depositary, accompanied by registration instructions, the Company shall execute and deliver any Subordinated Notes issuable in exchange for such Global Subordinated Note (or any portion thereof) in accordance with the instructions of the Depositary.
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(d)Every Subordinated Note executed and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Subordinated Note or any portion thereof shall be executed and delivered in the form of, and shall be, a Global Subordinated Note, unless such Subordinated Note is registered in the name of a person other than the Depositary for such Global Subordinated Note or a nominee thereof.
(e)The Depositary or its nominee, as the registered owner of a Global Subordinated Note, shall be the holder of such Global Subordinated Note for all purposes under this Subordinated Note, and owners of beneficial interests in a Global Subordinated Note shall hold such interests pursuant to Applicable Depositary Procedures. Accordingly, any such owner’s beneficial interest in a Global Subordinated Note shall be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Depositary participants.  If applicable, the Registrar shall be entitled to deal with the Depositary for all purposes relating to a Global Subordinated Note (including the payment of principal and interest thereon and the giving of instructions or directions by owners of beneficial interests therein and the giving of notices) as the sole holder of the Subordinated Note and shall have no obligations to the owners of beneficial interests therein.  The Registrar shall have no liability in respect of any transfers undertaken by the Depositary.
(f)The rights of owners of beneficial interests in a Global Subordinated Note shall be exercised only through the Depositary and shall be limited to those established by law and agreements between such owners and the Depositary and/or its participants.
(g)No holder of any beneficial interest in any Global Subordinated Note held on its behalf by a Depositary shall have any rights with respect to such Global Subordinated Note, and such Depositary may be treated by the Company and any agent of the Company as the owner of such Global Subordinated Note for all purposes whatsoever.  Neither the Company nor any agent of the Company will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Subordinated Note or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Notwithstanding the foregoing, nothing herein shall prevent the Company or any agent of the Company from giving effect to any written certification, proxy or other authorization furnished by a Depositary or impair, as between a Depositary and such holders of beneficial interests, the operation of customary practices governing the exercise of the rights of the Depositary (or its nominee) as holder of any Subordinated Note.
(h)The Company, within thirty (30) calendar days after the receipt of written notice from the Noteholder or any other holder of the Subordinated Notes of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all the Noteholders, at their addresses shown on the Security Register (as defined in Section 14 (Registration of Transfer, Security Register) below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by Company in writing.
6.Events of Default; Acceleration. 
Each of the following events shall constitute an “Event of Default”:
(a)the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter in effect in the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of sixty (60) consecutive days;
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(b)the commencement by the Company of a voluntary case under any applicable bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such law;
(c)the Company (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the benefit of creditors, (iii) admits in writing its inability to pay its debts as they mature or (iv) ceases to be a bank holding company or financial holding company under the Bank Holding Company Act of 1956, as amended;
(d)the failure of the Company to pay any installment of interest on any of the Subordinated Notes as and when the same will become due and payable, and the continuation of such failure for a period of fifteen (15) days;
(e)the failure of the Company to pay all or any part of the principal of any of the Subordinated Notes as and when the same will become due and payable;
(f)the liquidation of the Company (for avoidance of doubt, “liquidation” does not include any merger, consolidation, sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of the Company or any of its subsidiaries);
(g)the failure of the Company to perform any other covenant or agreement on the part of the Company contained in the Subordinated Notes, and the continuation of such failure for a period of thirty (30) days after the date on which notice specifying such failure, stating that such notice is a “Notice of Default” hereunder and demanding that the Company remedy the same, will have been given, in the manner set forth in Section 22 (Notices), to the Company by a Noteholder; 
(h)the default by the Company under any bond, debenture, note or other evidence of indebtedness for money borrowed by the Company having an aggregate principal amount outstanding of at least $5,000,000, whether such indebtedness now exists or is created or incurred in the future, which default (i) constitutes a failure to pay any portion of the principal of such indebtedness when due and payable after the expiration of any applicable grace period or (ii) results in such indebtedness becoming due or being declared due and payable prior to the date on which it otherwise would have become due and payable without, in the case of clause (i), such indebtedness having been discharged or, in the case of clause (ii), without such indebtedness having been discharged or such acceleration having been rescinded or annulled; or
(i)any certification made to any Noteholder pursuant to the Purchase Agreement by the Company or otherwise made in writing to any Noteholder in connection with or as contemplated by the Purchase Agreement or this Subordinated Note by the Company shall be materially false as of the delivery date of such certification, or any representation to any Noteholder by the Company as to the financial condition or credit standing of the Company is or proves to be materially false or misleading as of the delivery date.
Unless the principal amount of this Subordinated Note already shall have become due and payable, if an Event of Default set forth in Section 6(a) or Section 6(b) above shall have occurred and be continuing, the Noteholder, by notice in writing to the Company, may declare the principal amount, and any accrued and unpaid interest thereon, of this Subordinated Note to be due and payable immediately and, upon any such declaration, the same shall become and shall be immediately due and payable, and the Company waives demand, presentment for payment, notice of nonpayment, notice of protest, and all other notices.  Notwithstanding the foregoing, because the Company will treat the Subordinated Notes as Tier 2 Capital, upon the occurrence of an Event of Default other than an Event of Default described in Section 6(a) or Section 6(b), no 
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Noteholder may accelerate the Stated Maturity of the Subordinated Notes and make the principal of, and any accrued and unpaid interest on, the Subordinated Notes, immediately due and payable. The Company, within forty-five (45) calendar days after the receipt of written notice from any Noteholder of the occurrence of an Event of Default with respect to this Subordinated Note, shall mail to all Noteholders, at their addresses shown on the Security Register (as defined in Section 14 (Registration of Transfer, Security Register) below), such written notice of Event of Default, unless such Event of Default shall have been cured or waived before the giving of such notice as certified by the Company in writing.
7.Failure to Make Payments. In the event of an Event of Default under Section 6(c), Section 6(d) or Section 6(e) above, the Company will, upon demand of the Noteholder, pay to the Noteholder the amount then due and payable on this Subordinated Note for principal and interest (without acceleration of the Subordinated Note in any manner), with interest on the overdue principal and interest at the per annum rate borne by this Subordinated Note, to the extent permitted by applicable law.  If the Company fails to pay such amount upon such demand, the holder of this Subordinated Note may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid and such amount as shall be sufficient to cover the reasonable and documented costs and expenses of collection, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company and collect the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Company.
Upon the occurrence of an Event of Default, until such Event of Default is cured by the Company or waived by the Noteholders in accordance with Section 18 (Waiver and Consent) hereof, except as may be required by any federal or state bank regulatory agency, the Company shall not: (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with respect to, any of the Company’s capital stock; (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any indebtedness of the Company that ranks equal with or junior to the Subordinated Notes; or (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than: (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of the Company’s common stock; (ii) any declaration of a non-cash dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto; (iii) as a result of a reclassification of the Company’s capital stock or the exchange or conversion of one class or series of the Company’s capital stock for another class or series of the Company’s capital stock; (iv) the purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of the Company’s common stock related to the issuance of common stock or rights under any benefit plans for the Company’s directors, officers or employees or any of the Company’s dividend reinvestment plans (the foregoing clauses (i) through (v) are collectively referred to as the “Permitted Dividends”).
8.Affirmative Covenants of the Company.
(a)Notice of Certain Events.  To the extent permitted by applicable statute, rule or regulation, the Company shall provide written notice to the Noteholders of the occurrence of any of the following events as soon as practicable, but in no event later than fifteen (15) Business Days following the date the Company becomes aware of the occurrence of such event:
(i)The Company or any of its banking subsidiaries become less than “well-capitalized” as defined under the then applicable regulatory capital standards or the total risk-based capital ratio, Tier 1 risk-based capital ratio, common equity Tier 1 risk-based capital 
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ratio or leverage ratio of the Company (but only to the extent the Company is required to measure and report such ratios on a consolidated basis under applicable law) or any of the Company’s banking subsidiaries becomes less than ten percent (10.0%), eight percent (8.0%) six and one-half percent (6.5%), or five percent (5.0%), respectively, as of the end of any calendar quarter;
(ii)The Company, BankPlus (the “Bank”) or any officer of the Company or the Bank (in such capacity), becomes subject to any formal, written regulatory enforcement action (as defined by the applicable state or federal bank regulatory authority);
(iii)The dollar amount of any nonperforming assets of the Company on a consolidated basis as of the end of a given fiscal quarter as a percentage of the Company’s total loan portfolio exceeds two percent (2.0%);
(iv)The appointment, resignation, removal or termination of the chief executive officer, president, chief operating officer, chief financial officer, chief credit officer, chief lending officer or any director of the Company or the Bank; or
(v)There is a change in ownership of 25% or more of the outstanding securities of the Company entitled to vote for the election of directors.
(b)Payment of Principal and Interest. The Company covenants and agrees for the benefit of the Noteholders that it will duly and punctually pay the principal of, and interest on, this Subordinated Note, in accordance with the terms hereof. 
(c)Maintenance of Office. The Company will maintain an office or agency in the State of Mississippi where Subordinated Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Subordinated Notes may be served.
The Company may also from time to time designate one or more other offices or agencies where the Subordinated Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the State of Mississippi.  The Company will give prompt written notice to the Noteholders of any such designation or rescission and of any change in the location of any such other office or agency.
(d)Corporate Existence. The Company will do or cause to be done all things necessary to preserve and keep in full force and effect: (i) the corporate existence of the Company; (ii) the existence (corporate or other) of each subsidiary; and (iii) the rights (constituent governing documents and statutory), licenses and franchises of the Company and each of its subsidiaries; provided, however, that the Company will not be required to preserve the existence (corporate or other) of any of its subsidiaries or any such right, license or franchise of the Company or any of its subsidiaries if the Board of Directors of the Company determines that the preservation thereof is no longer desirable in the conduct of the business of the Company and its subsidiaries taken as a whole and that the loss thereof will not be disadvantageous in any material respect to the Noteholders.
(e)Maintenance of Properties. The Company will, and will cause each subsidiary to, cause all its properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the 
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business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section 8(e) will prevent the Company or any subsidiary from discontinuing the operation and maintenance of any of their respective properties if such discontinuance is, in the reasonable judgment of the Board of Directors of the Company or of any subsidiary, as the case may be, desirable in the conduct of its business.
(f)Transfer of Voting Stock. The Company will not, nor will it permit the Bank to, directly or indirectly, sell, assign, transfer or otherwise dispose of any shares of, securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock (as defined below) of the Bank or any successor thereof or any subsidiary of the Company that is a depository institution and that has consolidated assets equal to 30% or more of the Company’s consolidated assets (“Material Subsidiary”), nor will the Company permit the Material Subsidiary to issue any shares of, or securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the Material Subsidiary if, in each case, after giving effect to any such transaction and to the issuance of the maximum number of shares of Voting Stock of the Material Subsidiary issuable upon the exercise of all such convertible securities, options, warrants or rights, the Company would cease to own, directly or indirectly, at least 80% of the issued and outstanding Voting Stock of the Material Subsidiary.  “Voting Stock” means outstanding shares of capital stock having voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power because of default in dividends or other default.
(g)Waiver of Certain Covenants. The Company may choose in any particular instance not to comply with any term, provision or condition set forth in Section 8(c) (Maintenance of Office), Section 8(d) (Corporate Existence), Section 8(e) (Maintenance of Properties), or Section 8(f) (Transfer of Voting Stock) above, with respect to this Subordinated Note if before the time for such compliance the Noteholders of at least a majority in aggregate principal amount of the outstanding Subordinated Notes (excluding any Subordinated Notes held by the Company or any of its Affiliates), by act of such Noteholders, either waive such compliance in such instance or generally have waived compliance with such term, provision or condition, but no such waiver will extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver will become effective, the obligations of the Company in respect of any such term, provision or condition will remain in full force and effect.
(h)Tier 2 Capital.  Whether or not the Company is subject to consolidated capital requirements under applicable regulations of the Federal Reserve, if all or any portion of the Subordinated Notes ceases to be deemed Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Stated Maturity of the Subordinated Notes, the Company will promptly notify the Noteholders and thereafter, the Company and the Noteholders will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations evidenced by the Subordinated Notes to qualify as Tier 2 Capital; provided, however, that nothing contained in this Section 8(h) (Tier 2 Capital) shall limit the Company’s right to redeem the Subordinated Notes upon the occurrence of a Tier 2 Capital Event pursuant to Section 4(a) (Redemption Prior to Fifth Anniversary) or Section 4(b) (Redemption on or after Fifth Anniversary).
(i)Compliance with Laws. The Company shall comply with the requirements of all laws, regulations, orders and decrees applicable to it or its properties, except for such noncompliance that would not reasonably be expected to have a Material Adverse Effect (as such term is defined in the Purchase Agreement) on the Company and its subsidiaries taken as a whole.
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(j)Taxes and Assessments. The Company shall punctually pay and discharge all material taxes, assessments, and other governmental charges or levies imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Company.
(k)Financial Statements; Access to Records.
(i)Not later than forty-five (45) days following the end of each semi-annual or quarterly period, as applicable, for which the Company has not submitted a Consolidated Financial Statements for Holding Companies Reporting Form FR Y-9C to the Federal Reserve, upon request, the Company shall provide the Noteholder with a copy of the Company’s unaudited parent company only balance sheet and statement of income (loss) for and as of the end of such immediately preceding fiscal quarter, prepared in accordance with past practice. Quarterly financial statements, if required herein, shall be unaudited and need not comply with the generally accepted accounting principles in effect from time to time in the United States of America (“GAAP”).
(ii)Not later than ninety (90) days from the end of each fiscal year, upon request the Company shall provide the Noteholder with copies of the Company’s audited financial statements consisting of the consolidated balance sheet of the Company as of the fiscal year end and the related statements of income (loss) and retained earnings, stockholders’ equity and cash flows for the fiscal year then ended.  Such financial statements shall be prepared in accordance with GAAP applied on a consistent basis throughout the period involved.
(iii)In addition to the foregoing Sections 8(k)(i) and (ii), if a Noteholder holds at least twenty five percent (25%) in aggregate principal amount (excluding any Subordinated Notes held by Company or any of its Affiliates) of the Subordinated Notes at the time outstanding, the Company agrees to furnish to such Noteholder, upon request, with such financial and business information of the Company and the Bank as such Noteholder may reasonably request as may be reasonably necessary or advisable to allow such Noteholder to confirm compliance by the Company with this Note.
(l)Company Statement as to Compliance. The Company will deliver to the Noteholders, within (i) forty-five (45) days after the end of each of the first three fiscal quarters and (ii) one hundred twenty (120) days after the end of each fiscal year, an Officer’s Certificate covering the preceding fiscal quarter or fiscal year, as applicable, stating whether or not, to the best of his or her knowledge, the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Subordinated Note (without regard to notice requirements or periods of grace) and if the Company will be in default, specifying all such defaults and the nature and status thereof of which he or she may have knowledge.
9.Negative Covenants of the Company.
(a)Limitation on Dividends. The Company shall not declare or pay any dividend or make any distribution on capital stock or other equity securities of any kind of the Company if the Company is not “well capitalized” for regulatory purposes immediately prior to the declaration of such dividend or distribution, except for Permitted Dividends.
(b)Merger or Sale of Assets. The Company shall not merge into another entity, effect a Change in Bank Control (as defined below) or convey, transfer or lease substantially all of its properties and assets to any person, unless:
(i)the continuing entity into which the Company is merged or the person which acquires by conveyance or transfer or which leases substantially all of the 
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properties and assets of the Company shall be a corporation, association or other legal entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and interest on the Subordinated Notes according to their terms, and the due and punctual performance of all covenants and conditions hereof on the part of the Company to be performed or observed; and
(ii)immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing.
“Change in Bank Control” means the sale, transfer, lease or conveyance by the Company, or an issuance of equity securities by the Bank other than to the Company, in either case resulting in ownership by the Company of less than 50% of the Bank.
10.Denominations. The Subordinated Notes are issuable only in registered form without interest coupons in minimum denominations of $100,000 and integral multiples of $1,000 in excess thereof.
11.Charges and Transfer Taxes. No service charge will be made for any registration of transfer or exchange of this Subordinated Note, or any redemption or repayment of this Subordinated Note, or any conversion or exchange of this Subordinated Note for other types of securities or property, but the Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges that may be imposed in connection with the transfer or exchange of this Subordinated Note from the Noteholder requesting such transfer or exchange.
12.Payment Procedures. Payment of the principal and interest payable on the Maturity Date will be made by check, by wire transfer or by Automated Clearing House (ACH) transfer in immediately available funds to a bank account in the United States designated by the registered Noteholder if such Noteholder shall have previously provided wire instructions to the Company, upon presentation and surrender of this Subordinated Note at the Payment Office (as defined in Section 22 (Notices) below) or at such other place or places as the Company shall designate by notice to the registered Noteholders as the Payment Office, provided that this Subordinated Note is presented to the Company in time for the Company to make such payments in such funds in accordance with its normal procedures.  Payments of interest (other than interest payable on the Maturity Date) shall be made on each Interest Payment Date by wire transfer in immediately available funds or check mailed to the registered Noteholder, as such person’s address appears on the Security Register. Interest payable on any Interest Payment Date shall be payable to the Noteholder in whose name this Subordinated Note is registered at the close of business on the fifteenth (15th) calendar day prior to the applicable Interest Payment Date, without regard to whether such date is a Business Day, except that interest not paid on the Interest Payment Date, if any, will be paid to the holder in whose name this Subordinated Note is registered at the close of business on a special record date fixed by the Company (a “Special Record Date”), notice of which shall be given to the Noteholder not less than ten (10) calendar days prior to such Special Record Date.  To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Subordinated Note, on any amount of principal or interest on this Subordinated Note not paid when due. All payments on this Subordinated Note shall be applied first against interest due hereunder; and then against principal due hereunder. The Noteholder acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Subordinated Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Subordinated Notes. In the event that the Noteholder receives payments in excess of its pro rata share of the Company’s payments to the holders of all of the Subordinated Notes, then the Noteholder shall 
20

hold in trust all such excess payments for the benefit of the other Noteholders and shall pay such amounts held in trust to such other holders upon demand by such holders.
13.Form of Payment. Payments of principal of and interest on this Subordinated Note shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts.
14.Registration of Transfer, Security Register.  Except as otherwise provided herein, this Subordinated Note is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Noteholder in person, or by its attorney duly authorized in writing, at the Payment Office or the offices of the Registrar.  The Company or its agent (the “Registrar”) shall maintain a register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”). Upon surrender or presentation of this Subordinated Note for exchange or registration of transfer, the Company or the Registrar shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of $100,000 or any amount in excess thereof which is an integral multiple of $1,000 (and, in the absence of an opinion of counsel satisfactory to the Company to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or are registered in such name or names requested by the Noteholder.  Any Subordinated Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form as is attached hereto and incorporated herein, duly executed by the Noteholder or its attorney duly authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note is to be issued, and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes as the Company may reasonably request to comply with applicable law.  No exchange or registration of transfer of this Subordinated Note shall be made on or after (i) the fifteenth (15th) day immediately preceding the Maturity Date or (ii) the due delivery of notice of redemption.
15.Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the Noteholder and its respective successors and permitted assigns. The Noteholder may assign all, or any part of, or any interest in, the Noteholder’s rights and benefits hereunder only to the extent and in the manner permitted by the terms of this Subordinated Note.  To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be bound by and to comply with the terms and conditions of the Purchase Agreement as it would have had if it were the Noteholder hereunder.
16.Priority. The Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding, dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Company, with all other present or future unsecured subordinated debt obligations of the Company, except any unsecured subordinated debt that, pursuant to its express terms, is senior or subordinate in right of payment to the Subordinated Notes.
17.Ownership. Prior to due presentment of this Subordinated Note for registration of transfer, the Company may treat the holder in whose name this Subordinated Note is registered in the Security Register as the absolute owner of this Subordinated Note for receiving payments of principal and interest on this Subordinated Note and for all other purposes whatsoever, whether or not this Subordinated Note be overdue, and the Company shall not be affected by any notice to the contrary.
21

18.Waiver and Consent. 
(a)This Subordinated Note may be amended or waived pursuant to, and in accordance with, the provisions set forth herein and as set forth in Section 7.3 of the Purchase Agreement. Any such consent or waiver given by the Noteholder shall be conclusive and binding upon such Noteholder and upon all subsequent holders of this Subordinated Note and of any Subordinated Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Subordinated Note.  No delay or omission of the Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. 
(b)No waiver or amendment of any term, provision, condition, covenant or agreement in the Subordinated Notes shall be effective except with the consent of the Noteholders holding not less than more than fifty percent (50%) in aggregate principal amount (excluding any Subordinated Notes held by the Company or any of its Affiliates) of the Subordinated Notes at the time outstanding; provided, however, that without the consent of each Noteholder of an affected Subordinated Note, no such amendment or waiver may:  (i) reduce the principal amount of any Subordinated Note; (ii) reduce the rate of or change the time for payment of interest on any Subordinated Note; (iii) extend the maturity of any Subordinated Note; (iv) change the currency in which payment of the obligations of the Company under the Subordinated Notes are to be made; (v) lower the percentage of aggregate principal amount of outstanding Subordinated Notes required to approve any amendment of the Subordinated Notes; (vi) make any changes to Section 4(c) (Partial Redemption), Section 6 (Events of Default; Acceleration), Section 7 (Failure to Make Payments), Section 16 (Priority), or Section 18 (Waiver and Consent) of the Subordinated Notes that adversely affects the rights of any Noteholder; or (vii) disproportionately affect the rights of any of the holders of the then outstanding Subordinated Notes.  Notwithstanding the foregoing, the Company may amend or supplement the Subordinated Notes without the consent of the Noteholders to cure any ambiguity, defect or inconsistency or to provide for uncertificated Subordinated Notes in addition to or in place of certificated Subordinated Notes, or to make any change that does not materially adversely affect the rights of any Noteholder of any of the Subordinated Notes.  No failure to exercise or delay in exercising, by any Noteholder of the Subordinated Notes, of any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof, or the exercise of any other right or remedy provided by law, except as restricted hereby.  The rights and remedies provided in this Subordinated Note are cumulative and not exclusive of any right or remedy provided by law or equity. No notice or demand on the Company in any case shall, in itself, entitle the Company to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Noteholders to any other or further action in any circumstances without notice or demand.  No consent or waiver, expressed or implied, by the Noteholders to or of any breach or default by the Company in the performance of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of the same or any other obligations of the Company hereunder.  Failure on the part of the Noteholders to complain of any acts or failure to act or to declare an Event of Default, irrespective of how long such failure continues, shall not constitute a waiver by the Noteholders of their rights hereunder or impair any rights, powers or remedies on account of any breach or default by the Company.

19.Absolute and Unconditional Obligation of the Company. 
22

(a)No provisions of this Subordinated Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal and interest on this Subordinated Note at the times, places and rate, and in the coin or currency, herein prescribed.
(b)No delay or omission of the Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
(c)Any insured depository institution which shall be a Noteholder or which otherwise shall have any beneficial ownership interest in this Subordinated Note shall, by its acceptance of such Note (or beneficial interest therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced thereby.
20.No Sinking Fund; Convertibility. This Subordinated Note is not entitled to the benefit of any sinking fund. This Subordinated Note is not convertible into or exchangeable for any of the equity securities, other securities or assets of the Company or any subsidiary of the Company.
21.No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement contained in this Subordinated Note, or for any claim based thereon or otherwise in respect thereof, will be had against any past, present or future shareholder, employee, officer, or director, as such, of the Company or of any predecessor or successor, either directly or through the Company or any predecessor or successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Subordinated Note by the Noteholder and as part of the consideration for the issuance of this Subordinated Note.
22.Notices. All notices to the Company under this Subordinated Note shall be in writing and addressed to the Company at 1068 Highland Colony Parkway, Ridgeland, MS 39157, Attention: President & CEO, or to such other address as the Company may notify to the Noteholder (the “Payment Office”). All notices to the Noteholders shall be in writing and sent by first-class mail to each Noteholder at his or its address as set forth in the Security Register.
23.Further Issues. The Company may, without the consent of the Noteholders, create and issue additional notes having the same terms and conditions of the Subordinated Notes (except for the Issue Date and issue price) so that such further notes shall be consolidated and form a single series with the Subordinated Notes.
24.Governing Law; Interpretation. THIS SUBORDINATED NOTE WILL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THEREOF. THIS SUBORDINATED NOTE IS INTENDED TO MEET THE CRITERIA FOR QUALIFICATION OF THE OUTSTANDING PRINCIPAL AS TIER 2 CAPITAL UNDER THE REGULATORY GUIDELINES OF THE FEDERAL RESERVE, AND THE TERMS HEREOF SHALL BE INTERPRETED IN A MANNER TO SATISFY SUCH INTENT.
[Signature Page Follows]

23

IN WITNESS WHEREOF, the undersigned has caused this Subordinated Note to be duly executed and attested.
BANCPLUS CORPORATION
By:_______________________________________
Name: [●]
Title: [●]
ATTEST:
__________________________________
Name:    [●]
Title:    [●]

[Signature Page to Subordinated Note]

{N4540252.3}
24

ASSIGNMENT FORM
To assign this Subordinated Note, fill in the form below: 
(I) or (we) assign and transfer this Subordinated Note to: 
    
(Print or type assignee’s name, address and zip code) 
    
(Insert assignee’s social security or tax I.D. No.)
and irrevocably appoint      agent to transfer this Subordinated Note on the books of the Company. The agent may substitute another to act for him.

Date:     Your signature:    
(Sign exactly as your name appears on the face of this Subordinated Note)
Tax Identification No:    
Signature Guarantee:    
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).
The undersigned certifies that it [is / is not] an Affiliate of the Company and that, to its knowledge, the proposed transferee [is / is not] an Affiliate of the Company. In connection with any transfer or exchange of this Subordinated Note occurring prior to the date that is one year after the later of the date of original issuance of this Subordinated Note and the last date, if any, on which this Subordinated Note was owned by the Company or any Affiliate of the Company, the undersigned confirms that this Subordinated Note is being:

CHECK ONE BOX BELOW:
25

									
	□	(1)	acquired for the undersigned’s own account, without transfer;
	□	(2)	transferred to the Company;
	□	(3)	transferred in accordance and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”);
	□	(4)	transferred under an effective registration statement under the Securities Act;
	□	(5)	transferred in accordance with and in compliance with Regulation S under the Securities Act;
	□	(6)	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act);
	□	(7)	transferred to an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), not referred to in item (6) that has been provided with the information designated under Section 4(d) of the Securities Act; or
	□	(8)	transferred in accordance with another available exemption from the registration requirements of the Securities Act.

Unless one of the boxes is checked, the Company will refuse to register this Subordinated Note in the name of any person other than the registered holder thereof; provided, however, that if box (5), (6), (7) or (8) is checked, the Company may require, prior to registering any such transfer of this Subordinated Note, in its sole discretion, such legal opinions, certifications and other information as the Company may reasonably request 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 such as the exemption provided by Rule 144 under such Act.
Signature:    
Signature Guarantee:    
(Signatures must be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-l5).
TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.
The undersigned represents and warrants that it is purchasing this Subordinated Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned's foregoing representations in order to claim the exemption from registration provided by Rule 144A.

VP/#40904406.3 
26Exhibit 4.1

 

 

 

Desktop
Metal, Inc.

 

and

 

U.S.
Bank TRUST COMPANY, National Association

 

as Trustee

 

 

 

INDENTURE

 

Dated as of May 13, 2022

 

 

 

6.0% Convertible Senior Notes due 2027

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article 1. Definitions; Rules of Construction	1
	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	12
	Section 1.03.	Rules of Construction	13
	 	 	 
	Article 2. The Notes	14
	 	 
	Section 2.01.	Form, Dating and Denominations	14
	Section 2.02.	Execution, Authentication and Delivery	14
	Section 2.03.	Initial Notes and Additional Notes	15
	Section 2.04.	Method of Payment	16
	Section 2.05.	Accrual of Interest; Defaulted Amounts; When Payment Date is Not a Business Day	16
	Section 2.06.	Registrar, Paying Agent and Conversion Agent	17
	Section 2.07.	Paying Agent and Conversion Agent to Hold Property in Trust	18
	Section 2.08.	Holder Lists	18
	Section 2.09.	Legends	18
	Section 2.10.	Transfers and Exchanges; Certain Transfer Restrictions	19
	Section 2.11.	Exchange and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption	24
	Section 2.12.	Replacement Notes	25
	Section 2.13.	Registered Holders; Certain Rights with Respect to Global Notes	25
	Section 2.14	Cancellation	26
	Section 2.15	Notes Held by the Company or its Affiliates	26
	Section 2.16.	Temporary Notes	26
	Section 2.17	Outstanding Notes	26
	Section 2.18.	Repurchases by the Company	27
	Section 2.19.	CUSIP and ISIN Numbers	27
	 	 	 
	Article 3. Covenants	28
	 	 	 
	Section 3.01.	Payment on Notes	28
	Section 3.02.	Exchange Act Reports	28
	Section 3.03.	Rule 144A Information	28
	Section 3.04.	Additional Interest	29
	Section 3.05.	Compliance and Default Certificates	29
	Section 3.06.	Stay, Extension and Usury Laws	30
	Section 3.07.	Acquisition of Notes by the Company and its Affiliates	30
	 	 	 
	Article 4. Repurchase and Redemption	30
	 	 	 
	Section 4.01.	No Sinking Fund	30
	Section 4.02.	Right of Holders to Require the Company to Repurchase
Notes Upon a Fundamental Change	30
	Section 4.03.	Right of the Company to Redeem the Notes	35

 

    - i -

    

    

 

	Article 5. Conversion	37
	 	 	 
	Section 5.01.	Right to Convert	37
	Section 5.02.	Conversion Procedures	41
	Section 5.03.	Settlement Upon Conversion	43
	Section 5.04.	Reserve and Status of Common Stock Issued Upon Conversion	46
	Section 5.05.	Adjustments to the Conversion Rate	46
	Section 5.06.	Voluntary Adjustments	56
	Section 5.07.	Adjustments to the Conversion Rate in Connection with
a Make-Whole Fundamental Change	56
	Section 5.08.	Exchange in Lieu of Conversion	58
	Section 5.09.	Effect of Common Stock Change Event	58
	 	 	 
	Article 6. Successors	60
	 	 	 
	Section 6.01.	When the Company May Merge, Etc.	60
	Section 6.02.	Qualified Successor Entity Substituted	61
	Section 6.03.	Exclusion for Asset Transfers with Wholly Owned Subsidiaries	61
	 	 	 
	Article 7. Defaults and Remedies	61
	 	 	 
	Section 7.01.	Events of Default	61
	Section 7.02.	Acceleration	63
	Section 7.03.	Sole Remedy for a Failure to Report	64
	Section 7.04.	Other Remedies	64
	Section 7.05.	Waiver of Past Defaults	65
	Section 7.06.	Control by Majority	65
	Section 7.07.	Limitation on Suits	65
	Section 7.08.	Absolute Right of Holders to Institute Suit for the
Enforcement of the Right to Receive Payment and Conversion Consideration	66
	Section 7.09.	Collection Suit by Trustee	66
	Section 7.10.	Trustee May File Proofs of Claim	66
	Section 7.11.	Priorities	67
	Section 7.12.	Undertaking for Costs	67
	 	 	 
	Article 8. Amendments, Supplements and Waivers	67
	 	 	 
	Section 8.01.	Without the Consent of Holders	67
	Section 8.02.	With the Consent of Holders	69
	Section 8.03.	Notice of Amendments, Supplements and Waivers	69
	Section 8.04.	Revocation, Effect and Solicitation of Consents; Special Record Dates; Etc.	70
	Section 8.05.	Notations and Exchanges	70
	Section 8.06.	Trustee to Execute Supplemental Indentures	71
	 	 	 
	Article 9. Satisfaction and Discharge	71
	 	 	 
	Section 9.01.	Termination of Company’s Obligations	71
	Section 9.02.	Repayment to Company	72
	Section 9.03.	Reinstatement	72

 

    - ii -

    

    

 

	Article 10. Trustee	72
	 	 	 
	Section 10.01.	Duties of the Trustee	72
	Section 10.02.	Rights of the Trustee	73
	Section 10.03.	Individual Rights of the Trustee	74
	Section 10.04.	Trustee’s Disclaimer	74
	Section 10.05.	Notice of Defaults	74
	Section 10.06.	Compensation and Indemnity	75
	Section 10.07.	Replacement of the Trustee	76
	Section 10.08.	Successor Trustee by Merger, Etc.	76
	Section 10.09.	Eligibility; Disqualification	77
	 	 	 
	Article 11. Miscellaneous	77
	 	 	 
	Section 11.01.	Notices	77
	Section 11.02.	Delivery of Officer’s Certificate and Opinion
of Counsel as to Conditions Precedent	79
	Section 11.03.	Statements Required in Officer’s Certificate
and Opinion of Counsel	79
	Section 11.04.	Rules by the Trustee, the Registrar, the Paying
Agent and the Conversion Agent	79
	Section 11.05.	No Personal Liability of Directors, Officers, Employees
and Stockholders	80
	Section 11.06.	Governing Law; Waiver of Jury Trial	80
	Section 11.07.	Submission to Jurisdiction	80
	Section 11.08.	No Adverse Interpretation of Other Agreements	80
	Section 11.09.	Successors	80
	Section 11.10.	Force Majeure	81
	Section 11.11.	U.S.A. PATRIOT Act	81
	Section 11.12.	Calculations	81
	Section 11.13.	Severability	81
	Section 11.14.	Counterparts	81
	Section 11.15.	Table of Contents, Headings, Etc.	82
	Section 11.16.	Withholding Taxes	82

 

	Exhibits	 
	 	 
	Exhibit A:
    Form of Note	     A-1
	 	 
	Exhibit B-1:
    Form of Restricted Note Legend	     B1-1
	 	 
	Exhibit B-2:
    Form of Global Note Legend	     B2-1
	 	 
	Exhibit B-3:
    Form of Non-Affiliate Legend	     B3-1

 

    - iii -

    

    

 

INDENTURE, dated as
of May 13, 2022, between Desktop Metal, Inc., a Delaware corporation, as issuer (the “Company”), and U.S.
Bank Trust Company, National Association, as trustee (the “Trustee”).

 

Each party to this Indenture
(as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined
below) of the Company’s 6.0% Convertible Senior Notes due 2027.

 

Article 1.     Definitions;
Rules of Construction

 

Section 1.01.     Definitions.

 

“Additional Interest”
means any interest that accrues on any Note pursuant to Section 3.04.

 

“Affiliate”
has the meaning set forth in Rule 144 as in effect on the Issue Date.

 

“Authorized Denomination”
means, with respect to a Note, a principal amount thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof.

 

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

 

“Bid Solicitation
Agent” means the Person who is required to obtain bids for the Trading Price in accordance with Section 5.01(C)(i)(2) and
the definition of “Trading Price.” The initial Bid Solicitation Agent on the Issue Date will be the Company; provided,
however, that the Company may appoint any other Person (including any of the Company’s Subsidiaries) to be the Bid Solicitation
Agent at any time after the Issue Date without prior notice.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act on behalf of such board.

 

“Business Day”
means any day other than a Saturday, a Sunday or any 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 any and all shares of, interests in, rights to purchase, warrants or options for, participations in, or other equivalents
of, in each case however designated, the equity of such Person, but excluding any debt securities convertible into such equity.

 

“Close of Business”
means 5:00 p.m., New York City time.

 

“Common Stock”
means the Class A common stock, $0.0001 par value per share, of the Company, subject to Section 5.09.

 

“Company”
means the Person named as such in the first paragraph of this Indenture and, subject to Article 6, its successors and assigns.

 

    - 1 -

    

    

 

“Company Order”
means a written request or order signed on behalf of the Company by one (1) of its Officers and delivered to the Trustee.

 

“Conversion Date”
means, with respect to a Note, the first Business Day on which the requirements set forth in Section 5.02(A) to convert
such Note are satisfied.

 

“Conversion Price”
means, as of any time, an amount equal to (A) one thousand dollars ($1,000) divided by (B) the Conversion Rate in effect
at such time.

 

“Conversion Rate”
initially means 601.5038 shares of Common Stock per $1,000 principal amount of Notes; provided, however, that the Conversion
Rate is subject to adjustment pursuant to Article 5; provided, further, that whenever this Indenture refers
to the Conversion Rate as of a particular date without setting forth a particular time on such date, such reference will be deemed to
be to the Conversion Rate immediately after the Close of Business on such date.

 

“Conversion Share”
means any share of Common Stock issued or issuable upon conversion of any Note.

 

“Daily Cash Amount”
means, with respect to any VWAP Trading Day, the lesser of (A) the applicable Daily Maximum Cash Amount; and (B) the Daily Conversion
Value for such VWAP Trading Day.

 

“Daily Conversion
Value” means, with respect to any VWAP Trading Day, one-fortieth (1/40th) of the product of (A) the Conversion Rate on
such VWAP Trading Day; and (B) the Daily VWAP per share of Common Stock on such VWAP Trading Day.

 

“Daily Maximum Cash
Amount” means, with respect to the conversion of any Note, the quotient obtained by dividing (A) the Specified Dollar Amount
applicable to such conversion by (B) forty (40).

 

“Daily Share Amount”
means, with respect to any VWAP Trading Day, the quotient obtained by dividing (A) the excess, if any, of the Daily Conversion Value
for such VWAP Trading Day over the applicable Daily Maximum Cash Amount by (B) the Daily VWAP for such VWAP Trading Day. For the
avoidance of doubt, the Daily Share Amount will be zero for such VWAP Trading Day if such Daily Conversion Value does not exceed such
Daily Maximum Cash Amount.

 

“Daily VWAP”
means, for any VWAP Trading Day, the per share volume-weighted average price of the Common Stock as displayed under the heading “Bloomberg
VWAP” on Bloomberg page “DM <EQUITY> AQR” (or, if such page is not available, its equivalent successor
page) 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 price method, by a nationally recognized independent investment banking
firm selected by the Company, which may include any of the Initial Purchasers). The Daily VWAP will be determined without regard to after-hours
trading or any other trading outside of the regular trading session.

 

    - 2 -

    

    

 

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

 

“Default Settlement
Method” means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided,
however, that (x) subject to Section 5.03(A)(iii), the Company may, from time to time, change the Default Settlement
Method to any Settlement Method that the Company is then permitted to elect, by sending notice of the new Default Settlement Method to
the Holders, the Trustee and the Conversion Agent; and (y) the Default Settlement Method will be subject to Section 5.03(A)(ii).

 

“Depositary”
means The Depository Trust Company or its successor.

 

“Depositary Participant”
means any member of, or participant in, the Depositary.

 

“Depositary Procedures”
means, with respect to any conversion, transfer, exchange or other transaction involving a Global Note or any beneficial interest therein,
the rules and procedures of the Depositary applicable to such conversion, transfer, exchange or transaction.

 

“Ex-Dividend Date”
means, with respect to an issuance, dividend or distribution on the Common Stock, the first date on which shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such issuance, dividend or distribution
(including pursuant to due bills or similar arrangements required by the relevant stock exchange). For the avoidance of doubt, any alternative
trading convention on the applicable exchange or market in respect of the Common Stock under a separate ticker symbol or CUSIP number
will not be considered “regular way” for this purpose.

 

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

 

“Exempted Fundamental
Change” means any Fundamental Change with respect to which, in accordance with Section 4.02(I), the Company does
not offer to repurchase any Notes.

 

“Freely Tradable”
means, with respect to any security of the Company, that such security would be eligible to be offered, sold or otherwise transferred
pursuant to Rule 144 if held by a Person that is not an Affiliate of the Company, and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, without any requirements as to volume, manner of sale, availability of current
public information or notice under the Securities Act (except that any such requirement as to the availability of current public information
will be disregarded if the same is satisfied at that time).

 

“Fundamental Change”
means any of the following events:

 

(A)            a
 “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than the Company
or its Wholly Owned Subsidiaries, or their respective employee benefit plans, files any report with the SEC indicating that such person
or group has become the direct or indirect “beneficial owner” (as defined below) of shares of the Common Stock representing
more than fifty percent (50%) of the voting power of all of the Common Stock;

 

    - 3 -

    

    

 

(B)            the
consummation of (i) any sale, lease or other transfer, in one transaction or a series of transactions, of all or substantially all
of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than solely to one or more of the Company’s
Wholly Owned Subsidiaries; or (ii) any transaction or series of related transactions in connection with which (whether by means of
merger, consolidation, share exchange, combination, reclassification, recapitalization, acquisition, liquidation or otherwise) all of
the Common Stock is exchanged for, converted into, acquired for, or constitutes solely the right to receive, other securities, cash or
other property; provided, however, that any merger, consolidation, share exchange or combination of the Company pursuant
to which the Persons that directly or indirectly “beneficially owned” (as defined below) all classes of the Company’s
common equity immediately before such transaction directly or indirectly “beneficially own,” immediately after such transaction,
more than fifty percent (50%) of all classes of common equity of the surviving, continuing or acquiring company or other transferee, as
applicable, or the parent thereof, in substantially the same proportions vis-à-vis each other as immediately before such transaction
will be deemed not to 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 ceases to be listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or
any of their respective successors);

 

provided, however, that a transaction
or event described in clause (A) or (B) above will not constitute a Fundamental Change if at least ninety percent
(90%) of the consideration received or to be received by the holders of Common Stock (excluding cash payments for fractional shares or
pursuant to dissenters rights), in connection with such transaction or event, consists of shares of common stock or other corporate common
equity interests (exclusive of depositary receipts representing shares of common stock or other corporate common equity interests) listed
on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or any of their respective successors),
or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes
a Common Stock Change Event whose Reference Property consists of such consideration.

 

For the purposes of this definition,
(x) any transaction or event described in both clause (A) and in clause (B)(i) or (ii) above
(without regard to the proviso in clause (B)) will be deemed to occur solely pursuant to clause (B) above (subject
to such proviso); and (y) whether a Person is a “beneficial owner,” whether shares are “beneficially
owned,” and percentage beneficial ownership, will be determined in accordance with Rule 13d-3 under the Exchange Act.

 

“Fundamental Change
Repurchase Date” means the date fixed for the repurchase of any Notes by the Company pursuant to a Repurchase Upon Fundamental
Change.

 

“Fundamental Change
Repurchase Notice” means a notice (including a notice substantially in the form of the “Fundamental Change Repurchase
Notice” set forth in Exhibit A) containing the information, or otherwise complying with the requirements, set forth
in Section 4.02(F)(i) and Section 4.02(F)(ii).

 

    - 4 -

    

    

 

“Fundamental Change
Repurchase Price” means the cash price payable by the Company to repurchase any Note upon its Repurchase Upon Fundamental Change,
calculated pursuant to Section 4.02(D).

 

“Global Note”
means a Note that is represented by a certificate substantially in the form set forth in Exhibit A, registered in the name
of the Depositary or its nominee, duly executed by the Company and authenticated by the Trustee, and deposited with the Trustee, as custodian
for the Depositary.

 

“Global Note Legend”
means a legend substantially in the form set forth in Exhibit B-2.

 

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

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC.

 

“Interest Payment
Date” means, with respect to a Note, each May 15 and November 15 of each year, commencing on November 15, 2022
(or commencing on such other date specified in the certificate representing such Note). For the avoidance of doubt, the Maturity Date
is an Interest Payment Date.

 

“Issue Date”
means May 13, 2022.

 

“Last Original Issue
Date” means (A) with respect to any Notes issued pursuant to the Purchase Agreement (including any Notes issued pursuant
to the exercise of the Shoe Option by the Initial Purchasers), and any Notes issued in exchange therefor or in substitution thereof, the
later of (i) the Issue Date and (ii) the last date any Notes are originally issued pursuant to the exercise of the Shoe Option;
and (B) with respect to any Notes issued pursuant to Section 2.03(B), and any Notes issued in exchange therefor or in
substitution thereof, either (i) the later of (x) the date such Notes are originally issued and (y) the last date any Notes
are originally issued as part of the same offering pursuant to the exercise of an option granted to the initial purchaser(s) of such
Notes to purchase additional Notes; or (ii) such other date as is specified in an Officer’s Certificate delivered to the Trustee
before the original issuance of such Notes.

 

“Last Reported Sale
Price” of the Common Stock for any Trading Day means the closing sale price per share (or, if no closing sale price is reported,
the average of the last bid price and the last ask price per share or, if more than one in either case, the average of the average last
bid prices and the average last ask prices per share) of Common Stock on such Trading Day as reported in composite transactions for the
principal U.S. national or regional securities exchange on which the Common Stock is then listed. If the Common Stock is not listed on
a U.S. national or regional securities exchange on such Trading Day, then the Last Reported Sale Price will be the last quoted bid price
per share of Common Stock on such Trading Day in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization.
If the Common Stock is not so quoted on such Trading Day, then the Last Reported Sale Price will be the average of the mid-point of the
last bid price and the last ask price per share of Common Stock on such Trading Day from a nationally recognized independent investment
banking firm selected by the Company, which may include any of the Initial Purchasers. Neither the Trustee nor the Conversion Agent will
have any duty to determine the Last Reported Sale Price.

 

    - 5 -

    

    

 

The “Liquidity Conditions”
with respect to the Redemption of any Notes will be satisfied if each of the following has been satisfied as of the Redemption Notice
Date for such Redemption and is reasonably expected to continue to be satisfied through at least the thirtieth (30th) calendar day after
the Redemption Date for such Redemption: (A) the Company has satisfied the reporting conditions (including, for the avoidance of
doubt, the requirement for current Form 10 information) set forth in Rule 144(c) and (i)(2) under the Securities Act;
and (B) the shares of Common Stock, if any, issued or issuable upon conversion of the Notes are Freely Tradable; provided,
however, that the Liquidity Conditions will also be deemed to be satisfied with respect to such Redemption if, in accordance with
Section 5.03(A)(i)(3), the Company has elected to settle all conversions of Notes with a Conversion Date that occurs on or
after such Redemption Notice Date and on or before the Business Day immediately before such Redemption Date by Cash Settlement.

 

“Make-Whole Fundamental
Change” means (A) a Fundamental Change (determined after giving effect to the proviso immediately after clause (D) of
the definition thereof, but without regard to the proviso to clause (B)(ii) of such definition); or (B) the sending of
a Redemption Notice pursuant to Section 4.03(G); provided, however, that, subject to Section 4.03(J),
the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change only with respect to the Notes called for Redemption
pursuant to such Redemption Notice and not with respect to any other Notes.

 

“Make-Whole Fundamental
Change Conversion Period” has the following meaning:

 

(A)            in
the case of a Make-Whole Fundamental Change pursuant to clause (A) of the definition thereof, the period from, and including,
the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change to, and including, the thirty fifth (35th) Trading
Day after such Make-Whole Fundamental Change Effective Date (or, if such Make-Whole Fundamental Change also constitutes a Fundamental
Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental Change Repurchase Date); and

 

(B)            in
the case of a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the period from, and including,
the Redemption Notice Date for the related Redemption to, and including, the Business Day immediately before the related Redemption Date;

 

provided, however, that if the Conversion
Date for the conversion of a Note that has been called (or deemed, pursuant to Section 4.03(J), to be called) for Redemption
occurs during the Make-Whole Fundamental Change Conversion Period for both a Make-Whole Fundamental Change occurring pursuant to clause
(A) of the definition of “Make-Whole Fundamental Change” and a Make-Whole Fundamental Change resulting from such
Redemption pursuant to clause (B) of such definition, then, notwithstanding anything to the contrary in Section 5.07,
solely for purposes of such conversion, (x) such Conversion Date will be deemed to occur solely during the Make-Whole Fundamental
Change Conversion Period for the Make-Whole Fundamental Change with the earlier Make-Whole Fundamental Change Effective Date; and (y) the
Make-Whole Fundamental Change with the later Make-Whole Fundamental Change Effective Date will be deemed not to have occurred.

 

    - 6 -

    

    

 

“Make-Whole Fundamental
Change Effective Date” means (A) with respect to a Make-Whole Fundamental Change pursuant to clause (A) of
the definition thereof, the date on which such Make-Whole Fundamental Change occurs or becomes effective; and (B) with respect to
a Make-Whole Fundamental Change pursuant to clause (B) of the definition thereof, the applicable Redemption Notice Date.

 

“Market Disruption
Event” means, with respect to any date, the occurrence or existence, during the one-half hour period ending at the scheduled
close of trading on such date on the principal U.S. national or regional securities exchange or other market on which the Common Stock
is listed for trading or trades, of any material suspension or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the relevant exchange or otherwise) in the Common Stock or in any options contracts or futures contracts relating
to the Common Stock.

 

“Maturity Date”
means May 15, 2027.

 

“Non-Affiliate Legend”
means a legend substantially in the form set forth in Exhibit B-3.

 

“Note Agent”
means any Registrar, Paying Agent or Conversion Agent.

 

“Notes”
means the 6.0% Convertible Senior Notes due 2027 issued by the Company pursuant to this Indenture.

 

“Observation
Period” means, with respect to any Note to be converted, (A) subject to clause (B) below, if the
Conversion Date for such Note occurs before November 15, 2026, the forty (40) consecutive VWAP Trading Days beginning on, and
including, the third (3rd) VWAP Trading Day immediately after such Conversion Date; (B) if such Conversion Date occurs on or
after the date the Company has sent a Redemption Notice calling such Note for Redemption pursuant to Section 4.03(G) and
before the Business Day before the related Redemption Date, the forty (40) consecutive VWAP Trading Days beginning on, and
including, the forty-first (41st) Scheduled Trading Day immediately before such Redemption Date; and (C) subject to clause
(B) above, if such Conversion Date occurs on or after November 15, 2026, the forty (40) consecutive VWAP Trading Days
beginning on, and including, the forty-first (41st) Scheduled Trading Day immediately before the Maturity Date.

 

“Officer”
means the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of the Company.

 

    - 7 -

    

    

 

“Officer’s
Certificate” means a certificate that is signed on behalf of the Company by one (1) of its Officers and that meets the
requirements of Section 11.03.

 

“Open of Business”
means 9:00 a.m., New York City time.

 

“Opinion of Counsel”
means an opinion, from legal counsel (including an employee of, or counsel to, the Company or any of its Subsidiaries) reasonably acceptable
to the Trustee, that meets the requirements of Section 11.03, subject to customary qualifications and exclusions.

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof. Any division or
series of a limited liability company, limited partnership or trust will constitute a separate “person” under this Indenture.

 

“Physical Note”
means a Note (other than a Global Note) that is represented by a certificate substantially in the form set forth in Exhibit A,
registered in the name of the Holder of such Note and duly executed by the Company and authenticated by the Trustee.

 

“Purchase Agreement”
means that certain Purchase Agreement, dated May 10, 2022, between the Company and the Initial Purchasers.

 

“Qualified Successor
Entity” means, with respect to a Business Combination Event, a corporation; provided, however, that (i) if
such Business Combination Event is an Exempted Fundamental Change, then a limited liability company, limited partnership or other similar
entity will also constitute a Qualified Successor Entity with respect to such Business Combination Event; and (ii) a limited liability
company or limited partnership that is the resulting, surviving or transferee person of such Business Combination Event will also constitute
a Qualified Successor Entity with respect to such Business Combination Event, provided that, in the case of this clause (ii), (x) if
such limited liability company or limited partnership is not treated as a corporation or an entity disregarded as separate from a corporation,
in each case for U.S. federal income tax purposes, the Company has received an opinion of a nationally recognized tax counsel to the effect
that such Business Combination Event will not be treated as an exchange under Section 1001 of the U.S. Internal Revenue Code of 1986,
as amended, for Holders or beneficial owners of the Notes; (y) such limited liability company or limited partnership is a direct
or indirect, wholly owned subsidiary of a corporation duly organized and existing under the laws of the United States of America, any
State thereof or the District of Columbia; and (z) such Business Combination Event constitutes a Common Stock Change Event whose
Reference Property consists solely of any combination of cash in U.S. dollars and shares of common stock or other corporate common equity
interests of such corporation.

 

“Redemption”
means the repurchase of any Note by the Company pursuant to Section 4.03.

 

    - 8 -

    

    

 

“Redemption Date”
means the date fixed, pursuant to Section 4.03(E), for the settlement of the repurchase of any Notes by the Company pursuant
to a Redemption.

 

“Redemption Notice
Date” means, with respect to a Redemption, the date on which the Company sends the Redemption Notice for such Redemption pursuant
to Section 4.03(G).

 

“Redemption Price”
means the cash price payable by the Company to redeem any Note upon its Redemption, calculated pursuant to Section 4.03(F).

 

“Regular Record Date”
has the following meaning with respect to an Interest Payment Date: (A) if such Interest Payment Date occurs on May 15, the
immediately preceding May 1; and (B) if such Interest Payment Date occurs on November 15, the immediately preceding November 1.

 

“Repurchase Upon
Fundamental Change” means the repurchase of any Note by the Company pursuant to Section 4.02.

 

“Responsible Officer”
means (A) any officer within the corporate trust group of the Trustee (or any successor group of the Trustee) or any other officer
of the Trustee customarily performing functions similar to those performed by any of such officers; and (B) with respect to a particular
corporate trust matter relating to this Indenture, any other officer to whom such matter is referred because of his or her knowledge of,
and familiarity with, the particular subject.

 

“Restricted Note
Legend” means a legend substantially in the form set forth in Exhibit B-1.

 

“Restricted Stock
Legend” means, with respect to any Conversion Share, a legend substantially to the effect that the offer and sale of such Conversion
Share have not been registered under the Securities Act and that such Conversion Share cannot be sold or otherwise transferred except
pursuant to a transaction that is registered under the Securities Act or that is exempt from, or not subject to, the registration requirements
of the Securities Act.

 

“Rule 144”
means Rule 144 under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

“Rule 144A”
means Rule 144A under the Securities Act (or any successor rule thereto), as the same may be amended from time to time.

 

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

 

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

 

    - 9 -

    

    

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended.

 

“Security”
means any Note or Conversion Share.

 

“Settlement Method”
means Cash Settlement or Combination Settlement.

 

“Shoe Option”
means the Initial Purchasers’ option to purchase up to fifteen million dollars ($15,000,000) aggregate principal amount of additional
Notes as provided for in the Purchase Agreement.

 

“Significant Subsidiary”
of any Person means any Subsidiary of that Person that constitutes a “significant subsidiary” (as defined in Rule 1-02(w) of
Regulation S-X under the Exchange Act) of that Person; provided, however, that, if a Subsidiary meets the criteria of clause
(1)(iii) of the definition of “significant subsidiary” in Rule 1-02(w) but not clause (1)(i) or (1)(ii) thereof
(or, if applicable, the respective successor clauses to the aforementioned clauses), then such Subsidiary will be deemed not to be a Significant
Subsidiary of that person unless such Subsidiary’s income from continuing operations before income taxes, exclusive of amounts attributable
to any non-controlling interests, for the last completed fiscal year before the date of determination exceeds twenty-five million dollars
($25,000,000).

 

“Special Interest”
means any interest that accrues on any Note pursuant to Section 7.03.

 

“Specified Dollar
Amount” means, with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per
$1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock);
provided, however, that in no event will the Specified Dollar Amount be less than $1,000 per $1,000 principal amount of
such Note.

 

“Stock Price”
has the following meaning for any Make-Whole Fundamental Change: (A) if the holders of Common Stock receive only cash in consideration
for their shares of Common Stock in such Make-Whole Fundamental Change and such Make-Whole Fundamental Change is pursuant to clause
(B) of the definition of “Fundamental Change,” then the Stock Price is the amount of cash paid per share of Common
Stock in such Make-Whole Fundamental Change; and (B) in all other cases, the Stock Price is the average of the Last Reported Sale
Prices per share of Common Stock for the five (5) consecutive Trading Days ending on, and including, the Trading Day immediately
before the Make-Whole Fundamental Change Effective Date of such Make-Whole Fundamental Change.

 

“Subsidiary”
means, with respect to any Person, (A) any corporation, association or other business entity (other than a partnership or limited
liability company) of which more than fifty percent (50%) of the total voting power of the Capital Stock entitled (without regard to the
occurrence of any contingency, but after giving effect to any voting agreement or stockholders’ agreement that effectively transfers
voting power) to vote in the election of directors, managers or trustees, as applicable, of such corporation, association or other business
entity is owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and (B) any
partnership or limited liability company where (i) more than fifty percent (50%) of the capital accounts, distribution rights, equity
and voting interests, or of the general and limited partnership interests, as applicable, of such partnership or limited liability company
are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person, whether in the
form of membership, general, special or limited partnership or limited liability company interests or otherwise; and (ii) such Person
or any one or more of the other Subsidiaries of such Person is a controlling general partner of, or otherwise controls, such partnership
or limited liability company.

 

    - 10 -

    

    

 

“Trading Day”
means any day on which (A) trading in the Common Stock generally occurs on the principal U.S. national or regional securities exchange
on which the Common Stock is then listed or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock is then traded; and (B) there is no Market Disruption Event. If the Common
Stock is not so listed or traded, then “Trading Day” means a Business Day.

 

“Trading Price”
of the Notes on any Trading Day means the average of the secondary market bid quotations, expressed as a cash amount per $1,000 principal
amount of Notes, obtained by the Bid Solicitation Agent for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding)
in principal amount of Notes at approximately 3:30 p.m., New York City time, on such Trading Day from three (3) nationally recognized
independent securities dealers selected by the Company, which may include any of the Initial Purchasers; provided, however,
that, if three (3) such bids cannot reasonably be obtained by the Bid Solicitation Agent but two (2) such bids are obtained,
then the average of the two (2) bids will be used, and if only one (1) such bid can reasonably be obtained by the Bid Solicitation
Agent, then that one (1) bid will be used. If, on any Trading Day, (A) the Bid Solicitation Agent cannot reasonably obtain at
least one (1) bid for one million dollars ($1,000,000) (or such lesser amount as may then be outstanding) in principal amount of
Notes from a nationally recognized independent securities dealer; (B) the Company is not acting as the Bid Solicitation Agent and
the Company fails to instruct the Bid Solicitation Agent to obtain bids when required; or (C) the Bid Solicitation Agent fails to
solicit bids when required, then, in each case, the Trading Price per $1,000 principal amount of Notes on such Trading Day will be deemed
to be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day
and the Conversion Rate on such Trading Day.

 

“Transfer-Restricted
Security” means any Security that constitutes a “restricted security” (as defined in Rule 144); provided,
however, that such Security will cease to be a Transfer-Restricted Security upon the earliest to occur of the following events:

 

(A)            such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to a registration
statement that was effective under the Securities Act at the time of such sale or transfer;

 

(B)            such
Security is sold or otherwise transferred to a Person (other than the Company or an Affiliate of the Company) pursuant to an available
exemption (including Rule 144) from the registration and prospectus-delivery requirements of, or in a transaction not subject to,
the Securities Act and, immediately after such sale or transfer, such Security ceases to constitute a “restricted security”
(as defined in Rule 144); and

 

    - 11 -

    

    

 

(C)            such
Security is eligible for resale, by a Person that is not an Affiliate of the Company and that has not been an Affiliate of the Company
during the immediately preceding three (3) months, pursuant to Rule 144 without any limitations thereunder as to volume, manner
of sale, availability of current public information or notice.

 

The Trustee is under no obligation
to determine whether any Security is a Transfer-Restricted Security and may conclusively rely on an Officer’s Certificate with respect
thereto.

 

“Trust Indenture
Act” means the U.S. Trust Indenture Act of 1939, as amended.

 

“Trustee”
means the Person 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 such successor.

 

“VWAP Market Disruption
Event” means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange
on which the Common Stock is then listed, or, if the Common Stock is not then listed on a U.S. national or regional securities exchange,
the principal other market on which the Common Stock is then traded, to open for trading during its regular trading session on such date;
or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed
on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the Common Stock or in
any options contracts or futures contracts relating to the Common Stock, and such suspension or limitation occurs or exists at any time
before 1:00 p.m., New York City time, on such date.

 

“VWAP Trading Day”
means a day on which (A) there is no VWAP Market Disruption Event; and (B) trading in the Common Stock generally occurs on the
principal U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed
on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common
Stock is not so listed or traded, then “VWAP Trading Day” means a Business Day.

 

“Wholly Owned Subsidiary”
of a Person means any Subsidiary of such Person all of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) are owned by such Person or one or more Wholly Owned Subsidiaries of such Person.

 

Section 1.02.     Other
Definitions.

 

	Term	 	 Defined in 

Section
	“Additional Shares”	 	     5.07(A)
	“Business Combination Event”	 	     6.01(A)
	“Cash Settlement”	 	     5.03(A)
	“Combination Settlement”	 	     5.03(A)
	“Common Stock Change Event”	 	     5.09(A)

 

    - 12 -

    

    

 

	“Conversion Agent”	 	     2.06(A)
	“Conversion Consideration”	 	     5.03(B)
	“Default Interest”	 	     2.05(B)
	“Defaulted Amount”	 	     2.05(B)
	“Event of Default”	 	     7.01(A)
	“Expiration Date”	 	     5.05(A)(v)
	“Expiration Time”	 	     5.05(A)(v)
	“Fundamental Change Notice”	 	     4.02(E)
	“Fundamental Change Repurchase Right”	 	     4.02(A)
	“Initial Notes”	 	     2.03(A)
	“Measurement Period”	 	     5.01(C)(i)(2)
	“Partial Redemption Limitation”	 	     4.03(C)
	“Paying Agent”	 	     2.06(A)
	“Redemption Notice”	 	     4.03(G)
	“Reference Property”	 	     5.09(A)
	“Reference Property Unit”	 	     5.09(A)
	“Register”	 	     2.06(B)
	“Registrar”	 	     2.06(A)
	“Reporting Event of Default”	 	     7.03(A)
	“Specified Courts”	 	     11.07
	“Spin-Off”	 	     5.05(A)(iii)(2)
	“Spin-Off Valuation Period”	 	     5.05(A)(iii)(2)
	“Stated Interest”	 	     2.05(A)
	“Successor Person”	 	     5.09(A)
	“Tender/Exchange Offer Valuation Period”	 	     5.05(A)(v)
	“Trading Price Condition”	 	     5.01(C)(i)(2)

 

Section 1.03.     Rules of
Construction.

 

For purposes of this Indenture:

 

(A)            “or”
is not exclusive;

 

(B)            “including”
means “including without limitation”;

 

(C)            “will”
expresses a command;

 

(D)            the
 “average” of a set of numerical values refers to the arithmetic average of such numerical values;

 

(E)            a
merger involving, or a transfer of assets by, a limited liability company, limited partnership or trust will be deemed to include any
division of or by, or an allocation of assets to a series of, such limited liability company, limited partnership or trust, or any unwinding
of any such division or allocation;

 

(F)            words
in the singular include the plural and in the plural include the singular, unless the context requires otherwise;

 

    - 13 -

    

    

 

(G)            “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 of this Indenture, unless the context requires otherwise;

 

(H)            references
to currency mean the lawful currency of the United States of America, unless the context requires otherwise;

 

(I)            the
exhibits, schedules and other attachments to this Indenture are deemed to form part of this Indenture; and

 

(J)            the
term “interest,” when used with respect to a Note, includes any Default Interest, Additional Interest and Special Interest,
unless the context requires otherwise.

 

Article 2.     The
Notes

 

Section 2.01.     Form,
Dating and Denominations.

 

The Notes and the Trustee’s
certificate of authentication will be substantially in the form set forth in Exhibit A. The Notes will bear the legends required
by Section 2.09 and may bear notations, legends or endorsements required by law, stock exchange rule or usage or the
Depositary. Each Note will be dated as of the date of its authentication.

 

Except to the extent otherwise
provided in a Company Order delivered to the Trustee in connection with the issuance and authentication thereof, the Notes will be issued
initially in the form of one or more Global Notes. Global Notes may be exchanged for Physical Notes, and Physical Notes may be exchanged
for Global Notes, only as provided in Section 2.10.

 

The Notes will be issuable
only in registered form without interest coupons and only in Authorized Denominations.

 

Each certificate representing
a Note will bear a unique registration number that is not affixed to any other certificate representing another outstanding Note.

 

The terms contained in the
Notes constitute part of this Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of
this Indenture, agree to such terms and to be bound thereby; provided, however, that, to the extent that any provision of
any Note conflicts with the provisions of this Indenture, the provisions of this Indenture will control for purposes of this Indenture
and such Note.

 

Section 2.02.     Execution,
Authentication and Delivery.

 

(A)            Due
Execution by the Company. At least one (1) duly authorized Officer will sign the Notes on behalf of the Company by manual, electronic
or facsimile signature. A Note’s validity will not be affected by the failure of any Officer whose signature is on any Note to hold,
at the time such Note is authenticated, the same or any other office at the Company.

 

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(B)            Authentication
by the Trustee and Delivery.

 

(i)            No
Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized signatory
of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note.

 

(ii)            The
Trustee will cause an authorized signatory of the Trustee (or a duly appointed authenticating agent) to manually sign the certificate
of authentication of a Note only if (1) the Company delivers such Note to the Trustee; (2) such Note is executed by the Company
in accordance with Section 2.02(A); and (3) the Company delivers a Company Order to the Trustee that (a) requests
the Trustee to authenticate such Note; and (b) sets forth the name of the Holder of such Note and the date as of which such Note
is to be authenticated. If such Company Order also requests the Trustee to deliver such Note to any Holder or to the Depositary, then
the Trustee will promptly deliver such Note in accordance with such Company Order.

 

(iii)            The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. A duly appointed authenticating agent may
authenticate Notes whenever the Trustee may do so under this Indenture, and a Note authenticated as provided in this Indenture by such
an agent will be deemed, for purposes of this Indenture, to be authenticated by the Trustee. Each duly appointed authenticating agent
will have the same rights to deal with the Company as the Trustee would have if it were performing the duties that the authenticating
agent was validly appointed to undertake.

 

Section 2.03.     Initial
Notes and Additional Notes.

 

(A)            Initial
Notes. On the Issue Date, there will be originally issued one hundred million dollars ($100,000,000) aggregate principal amount
of Notes, subject to the provisions of this Indenture (including Section 2.02). If the Initial Purchasers exercise the Shoe
Option, then there will be originally issued up to an additional fifteen million dollars ($15,000,000) principal amount of Notes pursuant
to such exercise, subject to the provisions of this Indenture (including Section 2.02). Notes issued pursuant to this Section 2.03(A),
and any Notes issued in exchange therefor or in substitution thereof, are referred to in this Indenture as the “Initial Notes.”

 

(B)            Additional
Notes. Without the consent of any Holder, the Company may, subject to the provisions of this Indenture (including Section 2.02),
originally issue additional Notes with the same terms as the Initial Notes (except, to the extent applicable, with respect to the date
as of which interest begins to accrue on such additional Notes and the first Interest Payment Date and the Last Original Issue Date of
such additional Notes), which additional Notes will, subject to the foregoing, be considered to be part of the same series of, and rank
equally and ratably with all other, Notes issued under this Indenture; provided, however, that any such additional Notes
(and any Notes that are resold after such Notes have been purchased or otherwise acquired by the Company or its Subsidiaries) that are
not fungible with other Notes issued under this Indenture for purposes of U.S. federal income tax or federal securities laws or, if applicable,
the Depositary Procedures, will be identified by a separate CUSIP number or by no CUSIP number.

 

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Section 2.04.     Method
of Payment.

 

(A)            Global
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration
for, any Global Note to the Depositary by wire transfer of immediately available funds no later than the time the same is due as provided
in this Indenture.

 

(B)            Physical
Notes. The Company will pay, or cause the Paying Agent to pay, the principal (whether due upon maturity on the Maturity Date, Redemption
on a Redemption Date or repurchase on a Fundamental Change Repurchase Date or otherwise) of, interest on, and any cash Conversion Consideration
for, any Physical Note no later than the time the same is due as provided in this Indenture as follows: (i) if the principal amount
of such Physical Note is at least five million dollars ($5,000,000) (or such lower amount as the Company may choose in its sole and absolute
discretion) and the Holder of such Physical Note entitled to such payment has delivered to the Paying Agent or the Trustee, no later than
the time set forth in the immediately following sentence, a written request that the Company make such payment by wire transfer to an
account of such Holder within the United States, by wire transfer of immediately available funds to such account; and (ii) in all
other cases, by check mailed to the address of the Holder of such Physical Note entitled to such payment as set forth in the Register.
To be timely, such written request must be so delivered no later than the Close of Business on the following date: (x) with respect
to the payment of any interest due on an Interest Payment Date, the immediately preceding Regular Record Date; (y) with respect to
any cash Conversion Consideration, the relevant Conversion Date; and (z) with respect to any other payment, the date that is fifteen
(15) calendar days immediately before the date such payment is due.

 

Section 2.05.     Accrual
of Interest; Defaulted Amounts; When Payment Date is Not a Business Day.

 

(A)            Accrual
of Interest. Each Note will accrue interest at a rate per annum equal to 6.0% (the “Stated Interest”), plus any
Additional Interest and Special Interest that may accrue pursuant to Sections 3.04 and 7.03, respectively. Stated Interest
on each Note will (i) accrue from, and including, the most recent date to which Stated Interest has been paid or duly provided for
(or, if no Stated Interest has theretofore been paid or duly provided for, the date set forth in the certificate representing such Note
as the date from, and including, which Stated Interest will begin to accrue in such circumstance) to, but excluding, the date of payment
of such Stated Interest; and (ii) be, subject to Sections 4.02(D), 4.03(F) and 5.02(D) (but without
duplication of any payment of interest), payable semi-annually in arrears on each Interest Payment Date, beginning on the first Interest
Payment Date set forth in the certificate representing such Note, to the Holder of such Note as of the Close of Business on the immediately
preceding Regular Record Date. Stated Interest, and, if applicable, Additional Interest and Special Interest, on the Notes will be computed
on the basis of a 360-day year comprised of twelve 30-day months.

 

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(B)          Defaulted
Amounts. If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the due date
therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted
Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful,
interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum
at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and
Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the
Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record
date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen
(15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special
record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date.

 

(C)          Delay
of Payment when Payment Date is Not a Business Day. If the due date for a payment on a Note as provided in this Indenture is not a
Business Day, then, notwithstanding anything to the contrary in this Indenture or the Notes, such payment may be made on the immediately
following Business Day and no interest will accrue on such payment as a result of the related delay. Solely for purposes of the immediately
preceding sentence, a day on which the applicable place of payment is authorized or required by law or executive order to close or be
closed will be deemed not to be a “Business Day.”

 

Section 2.06.    Registrar,
Paying Agent and Conversion Agent.

 

(A)         Generally.
The Company will maintain (i) an office or agency in the continental United States where Notes may be presented for registration
of transfer or for exchange (the “Registrar”); (ii) an office or agency in the continental United States where
Notes may be presented for payment (the “Paying Agent”); and (iii) an office or agency in the continental United
States where Notes may be presented for conversion (the “Conversion Agent”). If the Company fails to maintain a Registrar,
Paying Agent or Conversion Agent, then the Trustee will act as such. For the avoidance of doubt, the Company or any of its Subsidiaries
may act as Registrar, Paying Agent or Conversion Agent.

 

(B)          Duties
of the Registrar. The Registrar will keep a record (the “Register”) of the names and addresses of the Holders,
the Notes held by each Holder and the transfer, exchange, repurchase, Redemption and conversion of Notes. Absent manifest error, the entries
in the Register will be conclusive and the Company and the Trustee may treat each Person whose name is recorded as a Holder in the Register
as a Holder for all purposes. The Register will be in written form or in any form capable of being converted into written form reasonably
promptly.

 

(C)          Co-Agents;
Company’s Right to Appoint Successor Registrars, Paying Agents and Conversion Agents. The Company may appoint one or more co-Registrars,
co-Paying Agents and co-Conversion Agents, each of whom will be deemed to be a Registrar, Paying Agent or Conversion Agent, as applicable,
under this Indenture. Subject to Section 2.06(A), the Company may change any Registrar, Paying Agent or Conversion Agent (including
appointing itself or any of its Subsidiaries to act in such capacity) without notice to any Holder, except that the Registrar, Paying
Agent or Conversion Agent with respect to any Global Note must at all times be a Person that is eligible to act in that capacity under
the Depositary Procedures. The Company will notify the Trustee (and, upon request, any Holder) of the name and address of each Note Agent,
if any, not a party to this Indenture and will enter into an appropriate agency agreement with each such Note Agent, which agreement will
implement the provisions of this Indenture that relate to such Note Agent.

 

    - 17 -

    

    

 

(D)          Initial
Appointments. The Company appoints the Trustee as the initial Paying Agent, the initial Registrar and the initial Conversion Agent.

 

Section 2.07.     Paying
Agent and Conversion Agent to Hold Property in Trust.

 

The Company will require each
Paying Agent or Conversion Agent that is not the Trustee to agree in writing that such Note Agent will (A) hold in trust for the
benefit of Holders or the Trustee all money and other property held by such Note Agent for payment or delivery due on the Notes; and (B) notify
the Trustee of any default by the Company in making any such payment or delivery. The Company, at any time, may, and the Trustee, while
any Default continues, may, require a Paying Agent or Conversion Agent to pay or deliver, as applicable, all money and other property
held by it to the Trustee, after which payment or delivery, as applicable, such Note Agent (if not the Company or any of its Subsidiaries)
will have no further liability for such money or property. If the Company or any of its Subsidiaries acts as Paying Agent or Conversion
Agent, then (A) it will segregate and hold in a separate trust fund for the benefit of the Holders or the Trustee all money and other
property held by it as Paying Agent or Conversion Agent; and (B) references in this Indenture or the Notes to the Paying Agent or
Conversion Agent holding cash or other property, or to the delivery of cash or other property to the Paying Agent or Conversion Agent,
in each case for payment or delivery to any Holders or the Trustee or with respect to the Notes, will be deemed to refer to cash or other
property so segregated and held separately, or to the segregation and separate holding of such cash or other property, respectively. Upon
the occurrence of any event pursuant to clause (viii) or (ix) of Section 7.01(A) with respect
to the Company (or with respect to any Subsidiary of the Company acting as Paying Agent or Conversion Agent), the Trustee will serve as
the Paying Agent or Conversion Agent, as applicable, for the Notes.

 

Section 2.08.     Holder
Lists.

 

If the Trustee is not the
Registrar, then the Company will furnish to the Trustee, no later than seven (7) Business Days before each Interest Payment Date,
and at such other times as the Trustee may request, a list, in such form and as of such date or time as the Trustee may reasonably require,
of the names and addresses of the Holders.

 

Section 2.09.     Legends.

 

(A)          Global
Note Legend. Each Global Note will bear the Global Note Legend (or any similar legend, not inconsistent with this Indenture, required
by the Depositary for such Global Note).

 

(B)          Non-Affiliate
Legend. Each Note will bear the Non-Affiliate Legend.

 

(C)          Restricted
Note Legend. Subject to the other provisions of this Indenture,

 

(i)            each
Note that is a Transfer-Restricted Security will bear the Restricted Note Legend; and

 

    - 18 -

    

    

 

(ii)           if
a Note is issued in exchange for, in substitution of, or to effect a partial conversion of, another Note (such other Note being referred
to as the “old Note” for purposes of this Section 2.09(C)(ii)), including pursuant to Section 2.10(B),
2.10(C), 2.11 or 2.12, then such Note will bear the Restricted Note Legend if such old Note bore the Restricted Note
Legend at the time of such exchange or substitution, or on the related Conversion Date with respect to such conversion, as applicable;
provided, however, that such Note need not bear the Restricted Note Legend if such Note does not constitute a Transfer-Restricted
Security immediately after such exchange or substitution, or as of such Conversion Date, as applicable.

 

(D)          Other
Legends. A Note may bear any other legend or text, not inconsistent with this Indenture, as may be required by applicable law or by
any securities exchange or automated quotation system on which such Note is traded or quoted.

 

(E)           Acknowledgment
and Agreement by the Holders. A Holder’s acceptance of any Note bearing any legend required by this Section 2.09
will constitute such Holder’s acknowledgment of, and agreement to comply with, the restrictions set forth in such legend.

 

(F)          Restricted
Stock Legend.

 

(i)            Each
Conversion Share will bear the Restricted Stock Legend if the Note upon the conversion of which such Conversion Share was issued was (or
would have been had it not been converted) a Transfer-Restricted Security at the time such Conversion Share was issued; provided,
however, that such Conversion Share need not bear the Restricted Stock Legend if the Company determines, in its reasonable discretion,
that such Conversion Share need not bear the Restricted Stock Legend.

 

(ii)          Notwithstanding
anything to the contrary in this Section 2.09(F), a Conversion Share need not bear a Restricted Stock Legend if such Conversion
Share is issued in an uncertificated form that does not permit affixing legends thereto, provided the Company takes measures (including
the assignment thereto of a “restricted” CUSIP number) that it reasonably deems appropriate to enforce the transfer restrictions
referred to in the Restricted Stock Legend.

 

Section 2.10.     Transfers
and Exchanges; Certain Transfer Restrictions.

 

(A)         Provisions
Applicable to All Transfers and Exchanges.

 

(i)           Generally.
Subject to this Section 2.10, Physical Notes and beneficial interests in Global Notes may be transferred or exchanged from
time to time and the Registrar will record each such transfer or exchange in the Register.

 

(ii)          Transferred
and Exchanged Notes Remain Valid Obligations of the Company. Each Note issued upon transfer or exchange of any other Note (such other
Note being referred to as the “old Note” for purposes of this Section 2.10(A)(ii)) or portion thereof in accordance
with this Indenture will be the valid obligation of the Company, evidencing the same indebtedness, and entitled to the same benefits under
this Indenture, as such old Note or portion thereof, as applicable.

 

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(iii)         No
Services Charge; Transfer Taxes. The Company, the Trustee and the Note Agents will not impose any service charge on any Holder for
any transfer, exchange or conversion of Notes, but the Company, the Trustee, the Registrar and the Conversion Agent may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer, exchange
or conversion of Notes, other than exchanges pursuant to Section 2.11, 2.16 or 8.05 not involving any transfer.

 

(iv)         Transfers
and Exchanges Must Be in Authorized Denominations. Notwithstanding anything to the contrary in this Indenture or the Notes, a Note
may not be transferred or exchanged in part unless the portion to be so transferred or exchanged is in an Authorized Denomination.

 

(v)          Trustee’s
Disclaimer. The Trustee will have no obligation or duty to monitor, determine or inquire as to compliance with any transfer restrictions
imposed under this Indenture or applicable law with respect to any Security, other than to require the delivery of such certificates or
other documentation or evidence as expressly required by this Indenture and to examine the same to determine substantial compliance as
to form with the requirements of this Indenture.

 

(vi)         Legends.
Each Note issued upon transfer of, or in exchange for, another Note will bear each legend, if any, required by Section 2.09.

 

(vii)        Settlement
of Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Note,
the Company will cause such transfer or exchange to be effected as soon as reasonably practicable but in no event later than the second
(2nd) Business Day after the date of such satisfaction.

 

(viii)       Interpretation.
For the avoidance of doubt, and subject to the terms of this Indenture, as used in this Section 2.10, an “exchange”
of a Global Note or a Physical Note includes (x) an exchange effected for the sole purpose of removing any Restricted Note Legend
affixed to such Global Note or Physical Note; and (y) if such Global Note or Physical Note is identified by a “restricted”
CUSIP number, an exchange effected for the sole purpose of causing such Global Note or Physical Note to be identified by an “unrestricted”
CUSIP number.

 

(B)          Transfers
and Exchanges of Global Notes.

 

(i)           Certain
Restrictions. Subject to the immediately following sentence, no Global Note may be transferred or exchanged in whole except (x) by
the Depositary to a nominee of the Depositary; (y) by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary; or (z) by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. No
Global Note (or any portion thereof) may be transferred to, or exchanged for, a Physical Note; provided, however, that a
Global Note will be exchanged, pursuant to customary procedures, for one or more Physical Notes if:

 

(1)            (x) the
Depositary notifies the Company or the Trustee that the Depositary is unwilling or unable to continue as depositary for such Global Note
or (y) the Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act and, in
each case, the Company fails to appoint a successor Depositary within ninety (90) days of such notice or cessation;

 

    - 20 -

    

    

 

(2)            an
Event of Default has occurred and is continuing and the Company, the Trustee or the Registrar has received a written request from the
Depositary, or from a holder of a beneficial interest in such Global Note, to exchange such Global Note or beneficial interest, as applicable,
for one or more Physical Notes; or

 

(3)            the
Company, in its sole discretion, permits the exchange of any beneficial interest in such Global Note for one or more Physical Notes at
the request of the owner of such beneficial interest.

 

(ii)          Effecting
Transfers and Exchanges. Upon satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Global Note
(or any portion thereof):

 

(1)            the
Trustee will reflect any resulting decrease of the principal amount of such Global Note by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if such notation results in such Global Note having a principal
amount of zero, then the Company may (but is not required to) instruct the Trustee to cancel such Global Note pursuant to Section 2.14);

 

(2)            if
required to effect such transfer or exchange, then the Trustee will reflect any resulting increase of the principal amount of any other
Global Note by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such other Global Note;

 

(3)            if
required to effect such transfer or exchange, then the Company will issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, a new Global Note bearing each legend, if any, required by Section 2.09;
and

 

(4)            if
such Global Note (or such portion thereof), or any beneficial interest therein, is to be exchanged for one or more Physical Notes, then
the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Global Note to be so exchanged; (y) are registered in such name(s) as the Depositary specifies (or as otherwise
determined pursuant to customary procedures); and (z) bear each legend, if any, required by Section 2.09.

 

(iii)         Compliance
with Depositary Procedures. Each transfer or exchange of a beneficial interest in any Global Note will be made in accordance with
the Depositary Procedures.

 

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(C)          Transfers
and Exchanges of Physical Notes.

 

(i)           Requirements
for Transfers and Exchanges. Subject to this Section 2.10, a Holder of a Physical Note may (x) transfer such Physical
Note (or any portion thereof in an Authorized Denomination) to one or more other Person(s); (y) exchange such Physical Note (or any
portion thereof in an Authorized Denomination) for one or more other Physical Notes in Authorized Denominations having an aggregate principal
amount equal to the aggregate principal amount of the Physical Note (or portion thereof) to be so exchanged; and (z) if then permitted
by the Depositary Procedures, transfer such Physical Note (or any portion thereof in an Authorized Denomination) in exchange for a beneficial
interest in one or more Global Notes; provided, however, that, to effect any such transfer or exchange, such Holder must:

 

(1)            surrender
such Physical Note to be transferred or exchanged to the office of the Registrar, together with any endorsements or transfer instruments
reasonably required by the Company, the Trustee or the Registrar; and

 

(2)            deliver
such certificates, documentation or evidence as may be required pursuant to Section 2.10(D).

 

(ii)          Effecting
Transfers and Exchanges. Upon the satisfaction of the requirements of this Indenture to effect a transfer or exchange of any Physical
Note (such Physical Note being referred to as the “old Physical Note” for purposes of this Section 2.10(C)(ii))
of a Holder (or any portion of such old Physical Note in an Authorized Denomination):

 

(1)            such
old Physical Note will be promptly cancelled pursuant to Section 2.14;

 

(2)            if
such old Physical Note is to be so transferred or exchanged only in part, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, one or more Physical Notes that (x) are in Authorized
Denominations and have an aggregate principal amount equal to the principal amount of such old Physical Note not to be so transferred
or exchanged; (y) are registered in the name of such Holder; and (z) bear each legend, if any, required by Section 2.09;

 

(3)            in
the case of a transfer:

 

(a)            to
the Depositary or a nominee thereof that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred
in the form of one or more Global Notes, the Trustee will reflect an increase of the principal amount of one or more existing Global Notes
by notation on the “Schedule of Exchanges of Interests in the Global Note” forming part of such Global Note(s), which increase(s) are
in Authorized Denominations and aggregate to the principal amount to be so transferred, and which Global Note(s) bear each legend,
if any, required by Section 2.09; provided, however, that if such transfer cannot be so effected by notation
on one or more existing Global Notes (whether because no Global Notes bearing each legend, if any, required by Section 2.09
then exist, because any such increase will result in any Global Note having an aggregate principal amount exceeding the maximum aggregate
principal amount permitted by the Depositary or otherwise), then the Company will issue, execute and deliver, and the Trustee will authenticate,
in each case in accordance with Section 2.02, one or more Global Notes that (x) are in Authorized Denominations and have
an aggregate principal amount equal to the principal amount that is to be so transferred but that is not effected by notation as provided
above; and (y) bear each legend, if any, required by Section 2.09; and

 

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(b)            to
a transferee that will hold its interest in such old Physical Note (or such portion thereof) to be so transferred in the form of one or
more Physical Notes, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount to be so transferred; (y) are registered in the name of such transferee; and (z) bear each legend, if any, required by
Section 2.09; and

 

(4)            in
the case of an exchange, the Company will issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with
Section 2.02, one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount
equal to the principal amount to be so exchanged; (y) are registered in the name of the Person to whom such old Physical Note was
registered; and (z) bear each legend, if any, required by Section 2.09.

 

(D)         Requirement
to Deliver Documentation and Other Evidence. If a Holder of any Note that is identified by a “restricted” CUSIP number
or that bears a Restricted Note Legend or is a Transfer-Restricted Security requests to:

 

(i)            cause
such Note to be identified by an “unrestricted” CUSIP number;

 

(ii)           remove
such Restricted Note Legend; or

 

(iii)          register
the transfer of such Note to the name of another Person,

 

then the Company, the Trustee and the
Registrar may refuse to effect such identification, removal or transfer, as applicable, unless there is delivered to the Company,
the Trustee and the Registrar such certificates or other documentation or evidence as the Company, the Trustee and the Registrar may
reasonably require to determine that such identification, removal or transfer, as applicable, complies with the Securities Act and
other applicable securities laws; provided, however, that, without limiting Section 2.10(E), no such
certificates, documentation or evidence (other than, in the case of the following clause (w), a written request in the form
contemplated by Section 2.10(E)) need be so delivered (w) in connection with any transfer pursuant to Rule 144 on or and
after the date that is six (6) months after the Last Original Issue Date of such Note if the requirements of
Rule 144(c) and (i) are then satisfied with respect to the Company; (x) in connection with any transfer of a
beneficial interest in a Global Note pursuant to Rule 144A; (y) in connection with any transfer of such Note to the
Company or one of its Subsidiaries; or (z) in connection with any transfer of such Note pursuant to an effective registration
statement under the Securities Act.

 

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(E)          Certain
De-Legending Procedures. If a Holder of any Note or share of Common Stock issued upon conversion of any Note, or an owner of a beneficial
interest in any Global Note, or in a global certificate representing any share of Common Stock issued upon conversion of any Note, transfers
such Note or share in compliance with Rule 144 and delivers to the Company a written request, certifying that it is not, and has
not been at any time during the preceding three (3) months, an Affiliate of the Company, to reissue such Note or share without a
Restricted Note Legend or Restricted Stock Legend, as applicable, then the Company will cause the same to occur (and, if applicable, cause
such Note or share to thereafter be represented by an “unrestricted” CUSIP or ISIN number in the facilities of the related
depositary), and will use its commercially reasonable efforts to cause such occurrence within two (2) Trading Days of such request.

 

(F)          Transfers
of Notes Subject to Redemption, Repurchase or Conversion. Notwithstanding anything to the contrary in this Indenture or the Notes,
the Company, the Trustee and the Registrar will not be required to register the transfer of or exchange any Note that (i) has been
surrendered for conversion, except to the extent that any portion of such Note is not subject to conversion; (ii) is subject to a
Fundamental Change Repurchase Notice validly delivered, and not withdrawn, pursuant to Section 4.02(F), except to the extent
that any portion of such Note is not subject to such notice or the Company fails to pay the applicable Fundamental Change Repurchase Price
when due; or (iii) has been selected for Redemption pursuant to a Redemption Notice, except to the extent that any portion of such
Note is not subject to Redemption or the Company fails to pay the applicable Redemption Price when due.

 

Section 2.11.     Exchange
and Cancellation of Notes to Be Converted or to Be Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption.

 

(A)         Partial
Conversions of Physical Notes and Partial Repurchases of Physical Notes Pursuant to a Repurchase Upon Fundamental Change or Redemption.
If only a portion of a Physical Note of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase
Upon Fundamental Change or Redemption, then, as soon as reasonably practicable after such Physical Note is surrendered for such conversion
or repurchase, as applicable, the Company will cause such Physical Note to be exchanged, pursuant and subject to Section 2.10(C),
for (i) one or more Physical Notes that are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Physical Note that is not to be so converted or repurchased, as applicable, and deliver such Physical Note(s) to such
Holder; and (ii) a Physical Note having a principal amount equal to the principal amount to be so converted or repurchased, as applicable,
which Physical Note will be converted or repurchased, as applicable, pursuant to the terms of this Indenture; provided, however,
that the Physical Note referred to in this clause (ii) need not be issued at any time after which such principal amount subject
to such conversion or repurchase, as applicable, is deemed to cease to be outstanding pursuant to Section 2.17.

 

(B)          Cancellation
of Notes that Are Converted and Notes that Are Repurchased Pursuant to a Repurchase Upon Fundamental Change or Redemption.

 

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(i)           Physical
Notes. If a Physical Note (or any portion thereof that has not theretofore been exchanged pursuant to Section 2.11(A))
of a Holder is to be converted pursuant to Article 5 or repurchased pursuant to a Repurchase Upon Fundamental Change or Redemption,
then, promptly after the later of the time such Physical Note (or such portion) is deemed to cease to be outstanding pursuant to Section 2.17
and the time such Physical Note is surrendered for such conversion or repurchase, as applicable, (1) such Physical Note will be cancelled
pursuant to Section 2.14; and (2) in the case of a partial conversion or repurchase, as applicable, the Company will
issue, execute and deliver to such Holder, and the Trustee will authenticate, in each case in accordance with Section 2.02,
one or more Physical Notes that (x) are in Authorized Denominations and have an aggregate principal amount equal to the principal
amount of such Physical Note that is not to be so converted or repurchased, as applicable; (y) are registered in the name of such
Holder; and (z) bear each legend, if any, required by Section 2.09.

 

(ii)          Global
Notes. If a Global Note (or any portion thereof) is to be converted pursuant to Article 5 or repurchased pursuant to a
Repurchase Upon Fundamental Change or Redemption, then, promptly after the time such Note (or such portion) is deemed to cease to be outstanding
pursuant to Section 2.17, the Trustee will reflect a decrease of the principal amount of such Global Note in an amount equal
to the principal amount of such Global Note to be so converted or repurchased, as applicable, by notation on the “Schedule of Exchanges
of Interests in the Global Note” forming part of such Global Note (and, if the principal amount of such Global Note is zero following
such notation, cancel such Global Note pursuant to Section 2.14).

 

Section 2.12.     Replacement
Notes.

 

If a Holder of any Note claims
that such Note has been mutilated, lost, destroyed or wrongfully taken, then the Company will issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, a replacement Note upon surrender to the Trustee of such
mutilated Note, or upon delivery to the Trustee of evidence of such loss, destruction or wrongful taking reasonably satisfactory to the
Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Note, the Company and the Trustee may require the Holder
thereof to provide such security or indemnity that is satisfactory to the Company and the Trustee to protect the Company and the Trustee
from any loss that any of them may suffer if such Note is replaced.

 

Every replacement Note issued
pursuant to this Section 2.12 will be an additional obligation of the Company and will be entitled to all of the benefits
of this Indenture equally and ratably with all other Notes issued under this Indenture, whether or not the lost, destroyed or wrongfully
taken Note will at any time be enforceable by anyone.

 

Section 2.13.     Registered
Holders; Certain Rights with Respect to Global Notes.

 

Only the Holder of a Note
will have rights under this Indenture as the owner of such Note. Without limiting the generality of the foregoing, Depositary Participants
will have no rights as such under this Indenture with respect to any Global Note held on their behalf by the Depositary or its nominee,
or by the Trustee as its custodian, and the Company, the Trustee and the Note Agents, and their respective agents, may treat the Depositary
as the absolute owner of such Global Note for all purposes whatsoever; provided, however, that (A) the Holder of any
Global Note may grant proxies and otherwise authorize any Person, including Depositary Participants and Persons that hold interests in
Notes through Depositary Participants, to take any action that such Holder is entitled to take with respect to such Global Note under
this Indenture or the Notes; and (B) the Company and the Trustee, and their respective agents, may give effect to any written certification,
proxy or other authorization furnished by the Depositary.

 

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Section 2.14.     Cancellation.

 

The Company may at any time
deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent will forward to the Trustee each
Note duly surrendered to them for transfer, exchange, payment or conversion. The Trustee will promptly cancel all Notes so surrendered
to it in accordance with its customary procedures. Without limiting the generality of Section 2.03(B), the Company may not
originally issue new Notes to replace Notes that it has paid or that have been cancelled upon transfer, exchange, payment or conversion.

 

Section 2.15.     Notes
Held by the Company or its Affiliates.

 

Without limiting the generality
of Section 2.17, in determining whether the Holders of the required aggregate principal amount of Notes have concurred in
any direction, waiver, consent or other action under this Indenture, Notes owned by the Company or any of its Affiliates will be deemed
not to be outstanding; provided, however, that, for purposes of determining whether the Trustee is protected in relying
on any such direction, waiver, consent or other action, only Notes that a Responsible Officer of the Trustee knows are so owned will be
so disregarded.

 

Section 2.16.    Temporary
Notes.

 

Until definitive Notes are
ready for delivery, the Company may issue, execute and deliver, and the Trustee will authenticate, in each case in accordance with Section 2.02,
temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Company considers
appropriate for temporary Notes. The Company will promptly prepare, issue, execute and deliver, and the Trustee will authenticate, in
each case in accordance with Section 2.02, definitive Notes in exchange for temporary Notes. Until so exchanged, each temporary
Note will in all respects be entitled to the same benefits under this Indenture as definitive Notes.

 

Section 2.17.     Outstanding
Notes.

 

(A)          Generally.
The Notes that are outstanding at any time will be deemed to be those Notes that, at such time, have been duly executed and authenticated,
excluding those Notes (or portions thereof) that have theretofore been (i) cancelled by the Trustee or delivered to the Trustee for
cancellation in accordance with Section 2.14; (ii) assigned a principal amount of zero by notation on the “Schedule
of Exchanges of Interests in the Global Note” forming part of any a Global Note representing such Note; (iii) paid in full
(including upon conversion) in accordance with this Indenture; or (iv) deemed to cease to be outstanding to the extent provided in,
and subject to, clause (B), (C) or (D) of this Section 2.17.

 

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(B)          Replaced
Notes. If a Note is replaced pursuant to Section 2.12, then such Note will cease to be outstanding at the time of its
replacement, unless the Trustee and the Company receive proof reasonably satisfactory to them that such Note is held by a “bona
fide purchaser” under applicable law.

 

(C)          Maturing
Notes and Notes Called for Redemption or Subject to Repurchase. If, on a Redemption Date, a Fundamental Change Repurchase Date or
the Maturity Date, the Paying Agent holds money sufficient to pay the aggregate Redemption Price, Fundamental Change Repurchase Price
or principal amount, respectively, together, in each case, with the aggregate interest, in each case due on such date, then (unless there
occurs a Default in the payment of any such amount) (i) the Notes (or portions thereof) to be redeemed or repurchased, or that mature,
on such date will be deemed, as of such date, to cease to be outstanding, except to the extent provided in Section 4.02(D),
4.03(F) or 5.02(D); and (ii) the rights of the Holders of such Notes (or such portions thereof), as such, will
terminate with respect to such Notes (or such portions thereof), other than the right to receive the Redemption Price, Fundamental Change
Repurchase Price or principal amount, as applicable, of, and accrued and unpaid interest on, such Notes (or such portions thereof), in
each case as provided in this Indenture.

 

(D)          Notes
to Be Converted. At the Close of Business on the Conversion Date for any Note (or any portion thereof) to be converted, such Note
(or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or
Section 5.02(D), upon such conversion) be deemed to cease to be outstanding, except to the extent provided in Section 5.02(D) or
Section 5.08.

 

(E)          Cessation
of Accrual of Interest. Except as provided in Section 4.02(D), 4.03(F) or 5.02(D), interest will cease
to accrue on each Note from, and including, the date that such Note is deemed, pursuant to this Section 2.17, to cease to
be outstanding, unless there occurs a default in the payment or delivery of any cash or other property due on such Note.

 

Section 2.18.     Repurchases
by the Company.

 

Without limiting the generality
of Section 2.14, the Company may, from time to time, repurchase Notes in open market purchases or in negotiated transactions
without delivering prior notice to Holders.

 

Section 2.19.     CUSIP
and ISIN Numbers.

 

The Company may use one or
more CUSIP or ISIN numbers to identify any of the Notes, and, if so, the Company and the Trustee will use such CUSIP or ISIN number(s) in
notices to Holders; provided, however, that (i) the Trustee makes no representation as to the correctness or accuracy
of any such CUSIP or ISIN number; and (ii) the effectiveness of any such notice will not be affected by any defect in, or omission
of, any such CUSIP or ISIN number. The Company will promptly notify the Trustee of any change in the CUSIP or ISIN number(s) identifying
any Notes.

 

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Article 3.     Covenants

 

Section 3.01.     Payment
on Notes.

 

(A)          Generally.
The Company will pay or cause to be paid all the principal of, the Fundamental Change Repurchase Price and Redemption Price for, interest
on, and other amounts due with respect to, the Notes on the dates and in the manner set forth in this Indenture.

 

(B)          Deposit
of Funds. Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date,
and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there
to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the
applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

 

Section 3.02.     Exchange
Act Reports.

 

(A)          Generally.
The Company will send to the Trustee copies of all reports that the Company is required to file with the SEC pursuant to Section 13(a) or
15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to file the same (after giving
effect to all applicable grace periods under the Exchange Act); provided, however, that the Company need not send to the
Trustee any material for which the Company has received, or is seeking in good faith and has not been denied, confidential treatment by
the SEC. Any report that the Company files with the SEC through the EDGAR system (or any successor thereto) will be deemed to be sent
to the Trustee at the time such report is so filed via the EDGAR system (or such successor). Delivery of reports, information and documents
to the Trustee is for informational purposes only and receipt of such reports and documents 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 under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the
covenants under this Indenture or the Notes or with respect to any reports or other documents filed with the SEC through the EDGAR system
or any website under this Indenture. Upon the request of any Holder, the Trustee will provide to such Holder a copy of any report that
the Company has sent the Trustee pursuant to this Section 3.02(A), other than a report that is deemed to be sent to the Trustee
pursuant to the preceding sentence.

 

(B)          Trustee’s
Disclaimer. The Trustee need not determine whether the Company has filed any material via the EDGAR system (or such successor). The
sending or filing of reports pursuant to Section 3.02(A) will not be deemed to constitute constructive notice to the
Trustee of any information contained, or determinable from information contained, therein, including the Company’s compliance with
any of its covenants under this Indenture.

 

Section 3.03.     Rule 144A
Information.

 

If the Company is not subject
to Section 13 or 15(d) of the Exchange Act at any time when any Notes or Conversion Shares are outstanding and constitute “restricted
securities” (as defined in Rule 144), then the Company (or its successor) will promptly provide, to the Trustee and, upon written
request, to any Holder, beneficial owner or prospective purchaser of such Notes or shares, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares pursuant to Rule 144A.

 

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Section 3.04.     Additional
Interest.

 

(A)          Accrual
of Additional Interest. If, on any day occurring on or after the date that is six (6) months after the Last Original Issue Date
of any Note,

 

(i)            the
Company has not satisfied the reporting conditions (including, for the avoidance of doubt, the requirement for current Form 10 information)
set forth in Rule 144(c) and (i)(2) under the Securities Act; or

 

(ii)           such
Note is not otherwise Freely Tradable,

 

then Additional Interest will accrue
on such Note for such day.

 

(B)          Amount
and Payment of Additional Interest. Any Additional Interest that accrues on a Note pursuant to Section 3.04(A) will
be payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one
half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Additional Interest,
together with any Special Interest that accrues pursuant to Section 7.03, accrue on any day on a Note at a combined rate per
annum that exceeds one percent (1.00%). For the avoidance of doubt, any Additional Interest that accrues on a Note will be in addition
to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any
Special Interest that accrues on such Note.

 

(C)          Notice
of Accrual of Additional Interest; Trustee’s Disclaimer. The Company will send notice to the Holder of each Note, and to the
Trustee, of the commencement and termination of any period in which Additional Interest accrues on such Note. In addition, if Additional
Interest accrues on any Note, then, no later than five (5) Business Days before each date on which such Additional Interest is to
be paid, the Company will deliver an Officer’s Certificate to the Trustee and the Paying Agent stating (i) that the Company
is obligated to pay Additional Interest on such Note on such date of payment; and (ii) the amount of such Additional Interest that
is payable on such date of payment. The Trustee will have no duty to determine whether any Additional Interest is payable or the amount
thereof.

 

(D)          Exclusive
Remedy. The accrual of Additional Interest will be the exclusive remedy available to Holders for the failure of their Notes to become
Freely Tradable.

 

Section 3.05.     Compliance
and Default Certificates.

 

(A)          Annual
Compliance Certificate. Within one hundred and twenty (120) days after December 31, 2022 and each fiscal year of the Company
ending thereafter, the Company will deliver an Officer’s Certificate to the Trustee stating (i) that the signatory thereto
has supervised a review of the activities of the Company and its Subsidiaries during such fiscal year with a view towards determining
whether any Default or Event of Default has occurred; and (ii) whether, to such signatory’s knowledge, a Default or Event of
Default has occurred or is continuing (and, if so, describing all such Defaults or Events of Default and what action the Company is taking
or proposes to take with respect thereto).

 

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(B)          Default
Certificate. If a Default or Event of Default occurs, then the Company will, within thirty (30) days after its first occurrence, deliver
an Officer’s Certificate to the Trustee describing the same and what action the Company is taking or proposes to take with respect
thereto.

 

Section 3.06.     Stay,
Extension and Usury Laws.

 

To the extent that it may
lawfully do so, the Company (A) agrees that it will 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 (wherever or whenever enacted or in force) that may affect the covenants
or the performance of this Indenture; and (B) expressly waives all benefits or advantages of any such law and agrees that it will
not, by resort to any such law, hinder, delay or impede the execution of any power granted to the Trustee by this Indenture, but will
suffer and permit the execution of every such power as though no such law has been enacted.

 

Section 3.07.     Acquisition
of Notes by the Company and its Affiliates.

 

Without limiting the generality
of Section 2.17, Notes that the Company or any of its Subsidiaries have purchased or otherwise acquired will be deemed to
remain outstanding (except to the extent provided in Section 2.15) until such time as such Notes are delivered to the Trustee
for cancellation. The Company will use commercially reasonable efforts to prevent any of its controlled Affiliates from acquiring any
Note (or any beneficial interest therein).

 

Article 4.     Repurchase
and Redemption

 

Section 4.01.     No
Sinking Fund.

 

No sinking fund is required
to be provided for the Notes.

 

Section 4.02.     Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change.

 

(A)         Right
of Holders to Require the Company to Repurchase Notes Upon a Fundamental Change. Subject to the other terms of this Section 4.02,
if a Fundamental Change occurs, then each Holder will have the right (the “Fundamental Change Repurchase Right”) to
require the Company to repurchase such Holder’s Notes (or any portion thereof in an Authorized Denomination) on the Fundamental
Change Repurchase Date for such Fundamental Change for a cash purchase price equal to the Fundamental Change Repurchase Price.

 

(B)          Repurchase
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been
rescinded on or before the Fundamental Change Repurchase Date for a Repurchase Upon Fundamental Change (including as a result of the payment
of the related Fundamental Change Repurchase Price, and any related interest pursuant to the proviso to the first sentence of Section 4.02(D),
on such Fundamental Change Repurchase Date), then (i) the Company may not repurchase any Notes pursuant to this Section 4.02;
and (ii) the Company will cause any Notes theretofore surrendered for such Repurchase Upon Fundamental Change to be returned to the
Holders thereof (or, if applicable with respect to Global Notes, cancel any instructions for book-entry transfer to the Company, the Trustee
or the Paying Agent of the applicable beneficial interest in such Notes in accordance with the Depositary Procedures).

 

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(C)          Fundamental
Change Repurchase Date. The Fundamental Change Repurchase Date for any Fundamental Change will be a Business Day of the Company’s
choosing that is no more than thirty five (35), nor less than twenty (20), Business Days after the date the Company sends the related
Fundamental Change Notice pursuant to Section 4.02(E).

 

(D)          Fundamental
Change Repurchase Price. The Fundamental Change Repurchase Price for any Note to be repurchased upon a Repurchase Upon Fundamental
Change following a Fundamental Change is an amount in cash equal to the principal amount of such Note plus accrued and unpaid interest
on such Note to, but excluding, the Fundamental Change Repurchase Date for such Fundamental Change; provided, however, that
if such Fundamental Change Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the
Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Repurchase Upon Fundamental
Change, to receive, on or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued
on such Note to, but excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through
such Interest Payment Date, if such Fundamental Change Repurchase Date is before such Interest Payment Date); and (ii) the Fundamental
Change Repurchase Price will not include accrued and unpaid interest on such Note to, but excluding, such Fundamental Change Repurchase
Date. For the avoidance of doubt, if an Interest Payment Date is not a Business Day within the meaning of Section 2.05(C) and
such Fundamental Change Repurchase Date occurs on the Business Day immediately after such Interest Payment Date, then (x) accrued
and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid, in accordance with Section 2.05(C),
on the next Business Day to Holders as of the Close of Business on the immediately preceding Regular Record Date; and (y) the Fundamental
Change Repurchase Price will include interest on Notes to be repurchased from, and including, such Interest Payment Date.

 

(E)          Fundamental
Change Notice. On or before the twentieth (20th) calendar day after the effective date of a Fundamental Change, the Company will send
to each Holder, the Trustee and the Paying Agent a notice of such Fundamental Change (a “Fundamental Change Notice”).

 

Such Fundamental Change Notice
must state:

 

(i)            briefly,
the events causing such Fundamental Change;

 

(ii)           the
effective date of such Fundamental Change;

 

(iii)          the
procedures that a Holder must follow to require the Company to repurchase its Notes pursuant to this Section 4.02, including
the deadline for exercising the Fundamental Change Repurchase Right and the procedures for submitting and withdrawing a Fundamental Change
Repurchase Notice;

 

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(iv)          the
Fundamental Change Repurchase Date for such Fundamental Change;

 

(v)           the
Fundamental Change Repurchase Price per $1,000 principal amount of Notes for such Fundamental Change (and, if such Fundamental Change
Repurchase Date is after a Regular Record Date and on or before the next Interest Payment Date, the amount, manner and timing of the interest
payment payable pursuant to the proviso to the first sentence of Section 4.02(D));

 

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

 

(vii)         the
Conversion Rate in effect on the date of such Fundamental Change Notice and a description and quantification of any adjustments to the
Conversion Rate that may result from such Fundamental Change (including pursuant to Section 5.07);

 

(viii)        that
Notes for which a Fundamental Change Repurchase Notice has been duly tendered and not duly withdrawn must be delivered to the Paying Agent
for the Holder thereof to be entitled to receive the Fundamental Change Repurchase Price;

 

(ix)          that
Notes (or any portion thereof) that are subject to a Fundamental Change Repurchase Notice that has been duly tendered may be converted
only if such Fundamental Change Repurchase Notice is withdrawn in accordance with this Indenture; and

 

(x)           the
CUSIP and ISIN numbers, if any, of the Notes.

 

Neither the failure to deliver
a Fundamental Change Notice nor any defect in a Fundamental Change Notice will limit the Fundamental Change Repurchase Right of any Holder
or otherwise affect the validity of any proceedings relating to any Repurchase Upon Fundamental Change.

 

(F)          Procedures
to Exercise the Fundamental Change Repurchase Right.

 

(i)           Delivery
of Fundamental Change Repurchase Notice and Notes to Be Repurchased. To exercise its Fundamental Change Repurchase Right for a Note
following a Fundamental Change, the Holder thereof must deliver to the Paying Agent:

 

(1)            before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date (or such later time as may
be required by law), a duly completed, written Fundamental Change Repurchase Notice with respect to such Note; and

 

(2)            such
Note, duly endorsed for transfer (if such Note is a Physical Note) or by book-entry transfer (if such Note is a Global Note).

 

The Paying Agent will promptly deliver
to the Company a copy of each Fundamental Change Repurchase Notice that it receives.

 

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(ii)          Contents
of Fundamental Change Repurchase Notices. Each Fundamental Change Repurchase Notice with respect to a Note must state:

 

(1)            if
such Note is a Physical Note, the certificate number of such Note;

 

(2)            the
principal amount of such Note to be repurchased, which must be an Authorized Denomination; and

 

(3)            that
such Holder is exercising its Fundamental Change Repurchase Right with respect to such principal amount of such Note;

 

provided, however, that
if such Note is a Global Note, then such Fundamental Change Repurchase Notice must comply with the Depositary Procedures (and any such
Fundamental Change Repurchase Notice delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements
of this Section 4.02(F)).

 

(iii)         Withdrawal
of Fundamental Change Repurchase Notice. A Holder that has delivered a Fundamental Change Repurchase Notice with respect to a Note
may withdraw such Fundamental Change Repurchase Notice by delivering a written notice of withdrawal to the Paying Agent at any time before
the Close of Business on the Business Day immediately before the related Fundamental Change Repurchase Date. Such withdrawal notice must
state:

 

(1)            if
such Note is a Physical Note, the certificate number of such Note;

 

(2)            the
principal amount of such Note to be withdrawn, which must be an Authorized Denomination; and

 

(3)            the
principal amount of such Note, if any, that remains subject to such Fundamental Change Repurchase Notice, which must be an Authorized
Denomination;

 

provided, however, that
if such Note is a Global Note, then such withdrawal notice must comply with the Depositary Procedures (and any such withdrawal notice
delivered in compliance with the Depositary Procedures will be deemed to satisfy the requirements of this Section 4.02(F)).

 

Upon receipt of any such withdrawal
notice with respect to a Note (or any portion thereof), the Paying Agent will (x) promptly deliver a copy of such withdrawal notice
to the Company; and (y) if such Note is surrendered to the Paying Agent, cause such Note (or such portion thereof in accordance with
Section 2.11, treating such Note as having been then surrendered for partial repurchase in the amount set forth in such withdrawal
notice as remaining subject to repurchase) to be returned to the Holder thereof (or, if applicable with respect to any Global Note, cancel
any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interest in such
Note in accordance with the Depositary Procedures).

 

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(G)          Payment
of the Fundamental Change Repurchase Price. Without limiting the Company’s obligation to deposit the Fundamental Change Repurchase
Price within the time proscribed by Section 3.01(B), the Company will cause the Fundamental Change Repurchase Price for a
Note (or portion thereof) to be repurchased pursuant to a Repurchase Upon Fundamental Change to be paid to the Holder thereof on or before
the later of (i) the applicable Fundamental Change Repurchase Date; and (ii) the date (x) such Note is delivered to the
Paying Agent (in the case of a Physical Note) or (y) the Depositary Procedures relating to the repurchase, and the delivery to the
Paying Agent, of such Holder’s beneficial interest in such Note to be repurchased are complied with (in the case of a Global Note).
For the avoidance of doubt, interest payable pursuant to the proviso to the first sentence of Section 4.02(D) on any
Note to be repurchased pursuant to a Repurchase Upon Fundamental Change must be paid pursuant to such proviso regardless of whether such
Note is delivered or such Depositary Procedures are complied with pursuant to the first sentence of this Section 4.02(G).

 

(H)          Third
Party May Conduct Repurchase Offer In Lieu of the Company. Notwithstanding anything to the contrary in this Section 4.02,
the Company will be deemed to satisfy its obligations under this Section 4.02 if (i) one or more third parties conduct
any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise required by this Section 4.02 in a
manner that would have satisfied the requirements of this Section 4.02 if conducted directly by the Company; and (ii) an
owner of a beneficial interest in any Note repurchased by such third party or parties will not receive a lesser amount (as a result of
withholding or similar taxes) than such owner would have received had the Company repurchased such Note.

 

(I)            No
Requirement to Conduct an Offer to Repurchase Notes if the Fundamental Change Results in the Notes Becoming Convertible into an Amount
of Cash Exceeding the Fundamental Change Repurchase Price. Notwithstanding anything to the contrary in this Section 4.02,
the Company will not be required to send a Fundamental Change Notice pursuant to Section 4.02(E), or offer to repurchase or
repurchase any Notes pursuant to this Section 4.02, in connection with a Fundamental Change occurring pursuant to clause
(B)(ii) (or pursuant to clause (A) that also constitutes a Fundamental Change pursuant to clause (B)(ii))
of the definition thereof, if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property consists
entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 5.09(A) and,
if applicable, Section 5.07, into consideration that consists solely of U.S. dollars in an amount per $1,000 aggregate principal
amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated
assuming that the same includes accrued and unpaid interest to, but excluding, the latest possible Fundamental Change Repurchase Date
for such Fundamental Change); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant
to Section 5.01(C)(i)(3)(b) and includes, in such notice, a statement that the Company is relying on this Section 4.02(I).

 

(J)           Compliance
with Applicable Securities Laws. To the extent applicable, the Company will comply, in all material respects, with all federal and
state securities laws in connection with a Repurchase Upon Fundamental Change (including complying with Rules 13e-4 and 14e-1 under
the Exchange Act and filing any required Schedule TO, to the extent applicable) so as to permit effecting such Repurchase Upon Fundamental
Change in the manner set forth in this Indenture; provided, however, that, to the extent that the Company’s obligations
pursuant to this Section 4.02 conflict with any law or regulation that is applicable to the Company and enacted after the
Issue Date, the Company’s compliance with such law or regulation will not be considered to be a Default of such obligations.

 

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(K)          Repurchase
in Part. Subject to the terms of this Section 4.02, Notes may be repurchased pursuant to a Repurchase Upon Fundamental
Change in part, but only in Authorized Denominations. Provisions of this Section 4.02 applying to the repurchase of a Note
in whole will equally apply to the repurchase of a permitted portion of a Note.

 

Section 4.03.     Right
of the Company to Redeem the Notes.

 

(A)         No
Right to Redeem Before May 20, 2025. The Company may not redeem the Notes at its option at any time before May 20, 2025.

 

(B)          Right
to Redeem the Notes on or After May 20, 2025. Subject to the terms of this Section 4.03, the Company has the right,
at its election, to redeem all, or any portion (subject to the Partial Redemption Limitation described in Section 4.03(C))
in an Authorized Denomination, of the Notes, at any time, and from time to time, on a Redemption Date on or after May 20, 2025 and
on or before the 40th Scheduled Trading Day immediately before the Maturity Date, for a cash purchase price equal to the Redemption
Price, but only if (1) the Last Reported Sale Price per share of Common Stock exceeds one hundred and thirty percent (130%) of the
Conversion Price on (x) each of at least twenty (20) Trading Days (whether or not consecutive) during the thirty (30) consecutive
Trading Days ending on, and including, the Trading Day immediately before the Redemption Notice Date for such Redemption; and (y) the
Trading Day immediately before such Redemption Notice Date and (2) the Liquidity Conditions have been satisfied. For the avoidance
of doubt, the calling of any Notes for Redemption will constitute a Make-Whole Fundamental Change with respect to such Notes pursuant
to clause (B) of the definition thereof.

 

(C)          Partial
Redemption Limitation. If the Company elects to redeem fewer than all of the outstanding Notes, at least one hundred million dollars
($100,000,000) aggregate principal amount of Notes must be outstanding and not subject to Redemption as of the Redemption Notice Date
for such Redemption (such requirement, the “Partial Redemption Limitation”).

 

(D)          Redemption
Prohibited in Certain Circumstances. If the principal amount of the Notes has been accelerated and such acceleration has not been
rescinded on or before the Redemption Date (including as a result of the payment of the related Redemption Price, and any related interest
pursuant to the proviso to the first sentence of Section 4.03(F), on such Redemption Date), then (i) the Company may
not call for Redemption or otherwise redeem any Notes pursuant to this Section 4.03; and (ii) the Company will cause
any Notes theretofore surrendered for such Redemption to be returned to the Holders thereof (or, if applicable with respect to Global
Notes, cancel any instructions for book-entry transfer to the Company, the Trustee or the Paying Agent of the applicable beneficial interests
in such Notes in accordance with the Depositary Procedures).

 

(E)          Redemption
Date. The Redemption Date for any Redemption will be a Business Day of the Company’s choosing that is no more than sixty-five
(65), nor less than forty-five (45), Scheduled Trading Days after the Redemption Notice Date for such Redemption.

 

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(F)          Redemption
Price. The Redemption Price for any Note called for Redemption is an amount in cash equal to the principal amount of such Note plus
accrued and unpaid interest on such Note to, but excluding, the Redemption Date for such Redemption; provided, however,
that if such Redemption Date is after a Regular Record Date and on or before the next Interest Payment Date, then (i) the Holder
of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding such Redemption, to receive, on or,
at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but excluding,
such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest Payment Date,
if such Redemption Date is before such Interest Payment Date); and (ii) the Redemption Price will not include accrued and unpaid
interest on such Note to, but excluding, such Redemption Date. For the avoidance of doubt, if an Interest Payment Date is not a Business
Day within the meaning of Section 2.05(C) and such Redemption Date occurs on the Business Day immediately after such
Interest Payment Date, then (x) accrued and unpaid interest on Notes to, but excluding, such Interest Payment Date will be paid,
in accordance with Section 2.05(C), on the next Business Day to Holders as of the Close of Business on the immediately preceding
Regular Record Date; and (y) the Redemption Price will include interest on Notes to be redeemed from, and including, such Interest
Payment Date.

 

(G)          Redemption
Notice. To call any Notes for Redemption, the Company must send to each Holder of such Notes, the Trustee and the Paying Agent a written
notice of such Redemption (a “Redemption Notice”).

 

Such Redemption Notice must
state:

 

(i)            that
such Notes have been called for Redemption, briefly describing the Company’s Redemption right under this Indenture;

 

(ii)           the
Redemption Date for such Redemption;

 

(iii)          the
Redemption Price per $1,000 principal amount of Notes for such Redemption (and, if the Redemption Date is after a Regular Record Date
and on or before the next Interest Payment Date, the amount, manner and timing of the interest payment payable pursuant to the proviso
to the first sentence of Section 4.03(F));

 

(iv)          the
name and address of the Paying Agent and the Conversion Agent;

 

(v)           that
Notes called for Redemption may be converted at any time before the Close of Business on the Business Day immediately before the Redemption
Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company
pays such Redemption Price in full);

 

(vi)          the
Conversion Rate in effect on the Redemption Notice Date for such Redemption and a description and quantification of any adjustments to
the Conversion Rate that may result from such Redemption (including pursuant to Section 5.07);

 

(vii)         the
Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after such Redemption Notice Date
and on or before the Business Day before such Redemption Date; and

 

(viii)        the
CUSIP and ISIN numbers, if any, of the Notes.

 

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On or before the Redemption
Notice Date, the Company will send a copy of such Redemption Notice to the Trustee and the Paying Agent.

 

(H)            Selection
and Conversion of Notes to Be Redeemed in Part.

 

(i)             If
less than all Notes then outstanding are called for Redemption, then the Notes to be redeemed will be selected as follows: (1) in
the case of Global Notes, in accordance with the Depositary Procedures; and (2) in the case of Physical Notes, pro rata, by lot or
by such other method the Trustee considers fair and appropriate.

 

(ii)            If
only a portion of a Note is subject to Redemption and such Note is converted in part, then the converted portion of such Note will be
deemed to be from the portion of such Note that was subject to Redemption.

 

(I)            Payment
of the Redemption Price. Without limiting the Company’s obligation to deposit the Redemption Price by the time proscribed by
Section 3.01(B), the Company will cause the Redemption Price for a Note (or portion thereof) subject to Redemption to be paid
to the Holder thereof on or before the applicable Redemption Date. For the avoidance of doubt, interest payable pursuant to the proviso
to the first sentence of Section 4.03(F) on any Note (or portion thereof) subject to Redemption must be paid pursuant
to such proviso.

 

(J)            Special
Provisions for Partial Calls. If the Company elects to redeem less than all of the outstanding Notes pursuant to this Section 4.03,
and the Holder of any Note, or any owner of a beneficial interest in any Global Note, is reasonably not able to determine, before the
Close of Business on the forty-second (42nd) Scheduled Trading Day immediately before the Redemption Date for such Redemption, whether
such Note or beneficial interest, as applicable, is to be redeemed pursuant to such Redemption, then such Holder or owner, as applicable,
will be entitled to convert such Note or beneficial interest, as applicable, at any time before the Close of Business on the Business
Day immediately before such Redemption Date, and each such conversion will be deemed to be of a Note called for Redemption for purposes
of this Section 4.03, Sections 5.01(C)(i)(4) and 5.07, and the definition of “Make-Whole Fundamental Change.”

 

Article 5.     Conversion

 

Section 5.01.     Right
to Convert.

 

(A)          Generally.
Subject to the provisions of this Article 5, each Holder may, at its option, convert such Holder’s Notes into Conversion
Consideration.

 

(B)          Conversions
in Part. Subject to the terms of this Indenture, Notes may be converted in part, but only in Authorized Denominations. Provisions
of this Article 5 applying to the conversion of a Note in whole will equally apply to conversions of a permitted portion of
a Note.

 

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(C)          When
Notes May Be Converted.

 

(i)            Generally.
Subject to Section 5.01(C)(ii), a Note may be converted only in the following circumstances:

 

(1)            Conversion
upon Satisfaction of Common Stock Sale Price Condition. A Holder may convert its Notes during any calendar quarter (and only during
such calendar quarter) commencing after the calendar quarter ending on June 30, 2022, if the Last Reported Sale Price per share of
Common Stock exceeds one hundred and thirty percent (130%) of the Conversion Price for each of at least twenty (20) Trading Days (whether
or not consecutive) during the thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately
preceding calendar quarter. Neither the Trustee nor the Conversion Agent shall be responsible to determine whether such common stock sale
price condition has been satisfied.

 

(2)            Conversion
upon Satisfaction of Note Trading Price Condition. A Holder may convert its Notes during the five (5) consecutive Business Days
immediately after any ten (10) consecutive Trading Day period (such ten (10) consecutive Trading Day period, the “Measurement
Period”) if the Trading Price per $1,000 principal amount of Notes, as determined following a request by a Holder in accordance
with the procedures set forth below, for each Trading Day of the Measurement Period was less than ninety eight percent (98%) of the product
of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading Day. The condition
set forth in the preceding sentence is referred to in this Indenture as the “Trading Price Condition.”

 

The
Trading Price will be determined by the Bid Solicitation Agent pursuant to this Section 5.01(C)(i)(2) and the
definition of “Trading Price.” The Bid Solicitation Agent (if not the Company) will have no obligation to determine the
Trading Price of the Notes unless the Company has requested such determination in writing, and the Company will have no obligation
to make such request (or seek bids itself) unless a Holder provides the Company with reasonable evidence that the Trading Price per
$1,000 principal amount of Notes would be less than ninety eight percent (98%) of the product of the Last Reported Sale Price per
share of Common Stock and the Conversion Rate. If a Holder provides such evidence, then the Company will (if acting as Bid
Solicitation Agent), or will instruct the Bid Solicitation Agent to, determine the Trading Price of the Notes beginning on the next
Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal amount of Notes is greater than or equal
to ninety eight percent (98%) of the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the
Conversion Rate on such Trading Day. If the Trading Price Condition has been met as set forth above, then the Company will notify
the Holders, the Trustee and the Conversion Agent of the same. If, on any Trading Day after the Trading Price Condition has been met
as set forth above, the Trading Price per $1,000 principal amount of Notes is greater than or equal to ninety eight percent (98%) of
the product of the Last Reported Sale Price per share of Common Stock on such Trading Day and the Conversion Rate on such Trading
Day, then the Company will notify the Holders, the Trustee and the Conversion Agent of the same. Neither the Trustee nor the
Conversion Agent shall be responsible to determine whether the Trading Price Condition has been satisfied.

 

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(3)            Conversion
Upon Specified Corporate Events.

 

(a)            Certain
Distributions. If, before November 15, 2026, the Company elects to:

 

(I)            distribute,
to all or substantially all holders of Common Stock, any rights, options or warrants (other than rights issued pursuant to a stockholder
rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a triggering
event, except that such rights will be deemed to be distributed under this clause (I) upon their separation from the Common Stock
or upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) calendar days after the record
date of such distribution, 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 per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading
Day immediately before the date such distribution is announced (determined in the manner set forth in the third paragraph of Section 5.05(A)(ii));
or

 

(II)           distribute,
to all or substantially all holders of Common Stock, assets or securities of the Company or rights to purchase the Company’s securities,
which distribution per share of Common Stock has a value, as reasonably determined by the Board of Directors, exceeding ten percent (10%)
of the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before the date such distribution is announced,

 

then, in either case, (x) the Company
will send notice of such distribution, and of the related right to convert Notes, to Holders, the Trustee and the Conversion Agent at
least forty-five (45) Scheduled Trading Days before the Ex-Dividend Date for such distribution (or, if later in the case of any such separation
of rights issued pursuant to a stockholder rights plan or the occurrence of any such triggering event under a stockholder rights plan,
as soon as reasonably practicable after the Company becomes aware that such separation or triggering event has occurred or will occur);
and (y) once the Company has sent such notice, Holders may convert their Notes at any time until the earlier of the Close of Business
on the Business Day immediately before such Ex-Dividend Date and the Company’s announcement that such distribution will not take
place; provided, however, that the Notes will not become convertible pursuant to clause (y) above (but the Company
will be required to send notice of such distribution pursuant to clause (x) above) on account of such distribution if each Holder
participates, at the same time and on the same terms as holders of Common Stock, and solely by virtue of being a Holder, in such distribution
without having to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product
of (i) the Conversion Rate in effect on the record date for such distribution; and (ii) the aggregate principal amount (expressed
in thousands) of Notes held by such Holder on such record date.

 

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(b)           Certain
Corporate Events. If a Fundamental Change, Make-Whole Fundamental Change (other than a Make-Whole Fundamental Change pursuant to clause
(B) of the definition thereof) or Common Stock Change Event occurs (other than a merger or other business combination transaction
that is effected solely to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change
or a Make-Whole Fundamental Change), then, in each case, Holders may convert their Notes at any time from, and including, the effective
date of such transaction or event to, and including, the thirty fifth (35th) Trading Day after such effective date (or, if such transaction
or event also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to, but excluding, the related Fundamental
Change Repurchase Date); provided, however, that if the Company does not provide the notice referred to in the immediately
following sentence by such effective date, then the last day on which the Notes are convertible pursuant to this sentence will be extended
by the number of Business Days from, and including, such effective date to, but excluding, the date the Company provides such notice.
No later than the second (2nd) Business Day after the effective date of any Fundamental Change, Make-Whole Fundamental Change or Common
Stock Change Event, the Company will send notice to the Holders, the Trustee and the Conversion Agent of such transaction or event, such
effective date and, if applicable, the related right to convert Notes.

 

(4)            Conversion
upon Redemption. If the Company calls any Note for Redemption, then the Holder of such Note may convert such Note at any time before
the Close of Business on the Business Day immediately before the related Redemption Date (or, if the Company fails to pay the Redemption
Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full).

 

(5)            Conversions
During Free Convertibility Period. A Holder may convert its Notes at any time from, and including, November 15, 2026 until the
Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity Date.

 

For the avoidance of doubt, the Notes
may become convertible pursuant to any one or more of the preceding sub-paragraphs of this Section 5.01(C)(i) and the
Notes ceasing to be convertible pursuant to a particular sub-paragraph of this Section 5.01(C)(i) will not preclude the
Notes from being convertible pursuant to any other sub-paragraph of this Section 5.01(C)(i).

 

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(ii)           Limitations
and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes:

 

(1)             Notes
may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day;

 

(2)             in
no event may any Note be converted after the Close of Business on the second (2nd) Scheduled Trading Day immediately before the Maturity
Date;

 

(3)             if
the Company calls any Note for Redemption pursuant to Section 4.03, then the Holder of such Note may not convert such Note
after the Close of Business on the Business Day immediately before the applicable Redemption Date, except to the extent the Company fails
to pay the Redemption Price for such Note in accordance with this Indenture; and

 

(4)             if
a Fundamental Change Repurchase Notice is validly delivered pursuant to Section 4.02(F) with respect to any Note, then
such Note may not be converted, except to the extent (a) such Note is not subject to such notice; (b) such notice is withdrawn
in accordance with Section 4.02(F); or (c) the Company fails to pay the Fundamental Change Repurchase Price for such
Note in accordance with this Indenture.

 

Section 5.02.     Conversion
Procedures.

 

(A)          Generally.

 

(i)            Global
Notes. To convert a beneficial interest in a Global Note that is convertible pursuant to Section 5.01(C), the owner of
such beneficial interest must (1) comply with the Depositary Procedures for converting such beneficial interest (at which time such
conversion will become irrevocable); and (2) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E).

 

(ii)           Physical
Notes. To convert all or a portion of a Physical Note that is convertible pursuant to Section 5.01(C), the Holder of such
Note must (1) complete, manually sign and deliver to the Conversion Agent the conversion notice attached to such Physical Note or
a facsimile of such conversion notice; (2) deliver such Physical Note to the Conversion Agent (at which time such conversion will
become irrevocable); (3) furnish any endorsements and transfer documents that the Company or the Conversion Agent may require; and
(4) pay any amounts due pursuant to Section 5.02(D) or Section 5.02(E).

 

(B)           Effect
of Converting a Note. At the Close of Business on the Conversion Date for a Note (or any portion thereof) to be converted, such Note
(or such portion) will (unless there occurs a Default in the delivery of the Conversion Consideration or interest due, pursuant to Section 5.03(B) or
5.02(D), upon such conversion) be deemed to cease to be outstanding (and, for the avoidance of doubt, no Person will be deemed
to be a Holder of such Note (or such portion thereof) as of the Close of Business on such Conversion Date), except to the extent provided
in Section 5.02(D).

 

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(C)           Holder
of Record of Conversion Shares. The Person in whose name any share of Common Stock is issuable upon conversion of any Note will be
deemed to become the holder of record of such share as of the Close of Business on the last VWAP Trading Day of the Observation Period
for such conversion.

 

(D)          Interest
Payable Upon Conversion in Certain Circumstances. If the Conversion Date of a Note is after a Regular Record Date and before the next
Interest Payment Date, then (i) the Holder of such Note at the Close of Business on such Regular Record Date will be entitled, notwithstanding
such conversion (and, for the avoidance of doubt, notwithstanding anything set forth in the proviso to this sentence), to receive, on
or, at the Company’s election, before such Interest Payment Date, the unpaid interest that would have accrued on such Note to, but
excluding, such Interest Payment Date (assuming, solely for these purposes, that such Note remained outstanding through such Interest
Payment Date); and (ii) the Holder surrendering such Note for conversion must deliver to the Conversion Agent, at the time of such
surrender, an amount of cash equal to the amount of such interest referred to in clause (i) above; provided, however,
that the Holder surrendering such Note for conversion need not deliver such cash (v) if the Company has specified a Redemption Date
that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment Date; (w) if such
Conversion Date occurs after the Regular Record Date immediately before the Maturity Date; (x) if the Company has specified a Fundamental
Change Repurchase Date that is after such Regular Record Date and on or before the Business Day immediately after such Interest Payment
Date; or (y) to the extent of any overdue interest or interest that has accrued on any overdue interest. For the avoidance of doubt,
as a result of, and without limiting the generality of, the foregoing, if a Note is converted with a Conversion Date that is after the
Regular Record Date immediately before the Maturity Date, then the Company will pay, as provided above, the interest that would have accrued
on such Note to, but excluding, the Maturity Date. For the avoidance of doubt, if the Conversion Date of a Note to be converted is on
an Interest Payment Date, then the Holder of such Note at the Close of Business on the Regular Record Date immediately before such Interest
Payment Date will be entitled to receive, on such Interest Payment Date, the unpaid interest that has accrued on such Note to, but excluding,
such Interest Payment Date, and such Note, when surrendered for conversion, need not be accompanied by any cash amount pursuant to the
first sentence of this Section 5.02(D).

 

(E)           Taxes
and Duties. If a Holder converts a Note, the Company will pay any documentary, stamp or similar issue or transfer tax or duty due
on the issue or delivery of any shares of Common Stock upon such conversion; provided, however, that if any tax or duty
is due because such Holder requested such shares to be registered in a name other than such Holder’s name, then such Holder will
pay such tax or duty and, until having received a sum sufficient to pay such tax or duty, the Conversion Agent may refuse to deliver any
such shares to be issued in a name other than that of such Holder.

 

(F)           Conversion
Agent to Notify Company of Conversions. If any Note is submitted for conversion to the Conversion Agent or the Conversion Agent receives
any notice of conversion with respect to a Note, then the Conversion Agent will promptly (and, in any event, no later than the date the
Conversion Agent receives such Note or notice) notify the Company and the Trustee of such occurrence, together with any other information
reasonably requested by the Company, and will cooperate with the Company to determine the Conversion Date for such Note.

 

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Section 5.03.     Settlement
Upon Conversion.

 

(A)            Settlement
Method. Upon the conversion of any Note, the Company will settle such conversion by paying or delivering, as applicable and as provided
in this Article 5, either (x) solely cash as provided in Section 5.03(B)(i)(1) (a “Cash Settlement”);
or (y) a combination of cash and shares of Common Stock, together, if applicable, with cash in lieu of fractional shares as provided
in Section 5.03(B)(i)(2) (a “Combination Settlement”).

 

(i)            The
Company’s Right to Elect Settlement Method. The Company will have the right to elect the Settlement Method applicable to any
conversion of a Note; provided, however, that:

 

(1)             subject
to clause (3) below, all conversions of Notes with a Conversion Date that occurs on or after November 15, 2026 will be
settled using the same Settlement Method, and the Company will send notice of such Settlement Method to Holders, with a copy to the Trustee
and the Conversion Agent no later than the Open of Business on November 15, 2026;

 

(2)             subject
to clause (3) below, if the Company elects a Settlement Method with respect to the conversion of any Note whose Conversion
Date occurs before November 15, 2026, then the Company will send notice of such Settlement Method to the Holder of such Note, with
a copy to the Trustee and the Conversion Agent, no later than the Close of Business on the Business Day immediately after such Conversion
Date;

 

(3)             if
any Notes are called for Redemption, then (a) the Company will specify, in the related Redemption Notice sent pursuant to Section 4.03(G),
the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the related Redemption
Notice Date and on or before the Business Day before the related Redemption Date; and (b) if such Redemption Date occurs
on or after November 15, 2026, then such Settlement Method must be the same Settlement Method that, pursuant to clause (1) above,
applies to all conversions of Notes with a Conversion Date that occurs on or after November 15, 2026;

 

(4)             the
Company will use the same Settlement Method for all conversions of Notes with the same Conversion Date (and, for the avoidance of doubt,
the Company will not be obligated to use the same Settlement Method with respect to conversions of Notes with different Conversion Dates,
except as provided in clause (1) or (3) above);

 

(5)             if
the Company does not timely elect a Settlement Method with respect to the conversion of a Note, then the Company will be deemed to have
elected the Default Settlement Method (and, for the avoidance of doubt, the failure to timely make such election will not constitute a
Default or Event of Default); and

 

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(6)             if
the Company timely elects Combination Settlement with respect to the conversion of a Note but does not timely notify the Holder of such
Note, with a copy to the Trustee and the Conversion Agent, of the applicable Specified Dollar Amount, then the Specified Dollar Amount
for such conversion will be deemed to be $1,000 per $1,000 principal amount of Notes (and, for the avoidance of doubt, the failure to
timely send such notification will not constitute a Default or Event of Default).

 

(ii)           The
Company’s Right to Irrevocably Fix or Eliminate the Settlement Methods. The Company will have the right, exercisable at its
election by sending notice of such exercise to the Holders (with a copy to the Trustee and the Conversion Agent), to (1) irrevocably
fix the Settlement Method that will apply to all conversions of Notes with a Conversion Date that occurs on or after the date such notice
is sent to Holders; or (2) irrevocably eliminate any one or more (but not all) Settlement Methods (including eliminating Combination
Settlement with a particular Specified Dollar Amount or range of Specified Dollar Amounts for all conversions of Notes with a Conversion
Date that occurs on or after the date such notice is sent to Holders); provided, in each case, that (v) in no event will the
Company elect (whether directly or by eliminating all other Settlement Methods) Combination Settlement with a Specified Dollar Amount
that is less than $1,000 per $1,000 principal amount of Notes; (w) the Settlement Method so elected pursuant to clause (1) above,
or the Settlement Method(s) remaining after any elimination pursuant to clause (2) above, as applicable, must be a Settlement
Method or Settlement Method(s), as applicable, that the Company is then permitted to elect (for the avoidance of doubt, including pursuant
to, and subject to, the other provisions of this Section 5.03(A)); (x) no such irrevocable election or Default Settlement
Method change will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this
Indenture (including pursuant to Section 8.01(G) or this Section 5.03(A)); (y) upon any such irrevocable
election pursuant to clause (1) above, the Default Settlement Method will automatically be deemed to be set to the Settlement
Method so fixed; and (z) upon any such irrevocable election pursuant to clause (2) above, the Company will, if needed,
simultaneously change the Default Settlement Method to a Settlement Method that is consistent with such irrevocable election. Such notice,
if sent, must set forth the applicable Settlement Method(s) so elected or eliminated, as applicable, and the Default Settlement Method
applicable immediately after such election and expressly state that the election is irrevocable and applicable to all conversions of Notes
with a Conversion Date that occurs on or after the date such notice is sent to Holders. For the avoidance of doubt, such an irrevocable
election, if made, will be effective without the need to amend this Indenture or the Notes, including pursuant to Section 8.01(G) (it
being understood, however, that the Company may nonetheless choose to execute such an amendment at its option).

 

(iii)          Requirement
to Publicly Disclose the Fixed or Default Settlement Method. If the Company changes the Default Settlement Method pursuant to clause
(x) of the proviso to the definition of such term or irrevocably fixes the Settlement Method(s) pursuant Section 5.03(A)(ii),
then the Company will either post the Default Settlement Method or fixed Settlement Method(s), as applicable, on its website or disclose
the same in a Current Report on Form 8-K (or any successor form) that is filed with the SEC.

 

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(B)           Conversion
Consideration.

 

(i)            Generally.
Subject to Sections 5.03(B)(ii), 5.03(B)(iii) and 5.09(A)(2), the type and amount of consideration (the “Conversion
Consideration”) due in respect of each $1,000 principal amount of a Note to be converted will be as follows:

 

(1)             if
Cash Settlement applies to such conversion, cash in an amount equal to the sum of the Daily Conversion Values for each VWAP Trading Day
in the Observation Period for such conversion; or

 

(2)             if
Combination Settlement applies to such conversion, consideration consisting of (a) a number of shares of Common Stock equal to the
sum of the Daily Share Amounts for each VWAP Trading Day in the Observation Period for such conversion; and (b) an amount of cash
equal to the sum of the Daily Cash Amounts for each VWAP Trading Day in such Observation Period.

 

(ii)            Cash
in Lieu of Fractional Shares. If Combination Settlement applies to the conversion of any Note and the number of shares of Common Stock
deliverable pursuant to Section 5.03(B)(i) upon such conversion is not a whole number, then such number will be rounded
down to the nearest whole number and the Company will deliver, in addition to the other consideration due upon such conversion, cash in
lieu of the related fractional share in an amount equal to the product of (1) such fraction and (2) the Daily VWAP on the last
VWAP Trading Day of the Observation Period for such conversion.

 

(iii)           Conversion
of Multiple Notes by a Single Holder. If a Holder converts more than one (1) Note on a single Conversion Date, then the Conversion
Consideration due in respect of such conversion will (in the case of any Global Note, to the extent permitted by, and practicable under,
the Depositary Procedures) be computed based on the total principal amount of Notes converted on such Conversion Date by such Holder.

 

(iv)          Notice
of Calculation of Conversion Consideration. If any Note is to be converted, then the Company will determine the Conversion Consideration
due thereupon promptly following the last VWAP Trading Day of the applicable Observation Period and will promptly thereafter send notice
to the Trustee and the Conversion Agent of the same and the calculation thereof in reasonable detail. Neither the Trustee nor the Conversion
Agent will have any duty to make any such determination.

 

(C)           Delivery
of the Conversion Consideration. Except as set forth in Sections 5.05(D) and 5.09, the Company will pay or deliver,
as applicable, the Conversion Consideration due upon the conversion of any Note to the Holder on the second (2nd) Business Day immediately
after the last VWAP Trading Day of the Observation Period for such conversion.

 

(D)          Deemed
Payment of Principal and Interest; Settlement of Accrued Interest Notwithstanding Conversion. If a Holder converts a Note, then the
Company will not adjust the Conversion Rate to account for any accrued and unpaid interest on such Note, and, except as provided in Section 5.02(D),
the Company’s delivery of the Conversion Consideration due in respect of such conversion will be deemed to fully satisfy and discharge
the Company’s obligation to pay the principal of, and accrued and unpaid interest, if any, on, such Note to, but excluding the Conversion
Date. As a result, except as provided in Section 5.02(D), any accrued and unpaid interest on a converted Note will be deemed
to be paid in full rather than cancelled, extinguished or forfeited. In addition, subject to Section 5.02(D), if the Conversion
Consideration for a Note consists of both cash and shares of Common Stock, then accrued and unpaid interest that is deemed to be paid
therewith will be deemed to be paid first out of such cash.

 

    - 45 -

    

    

 

Section 5.04.     Reserve
and Status of Common Stock Issued Upon Conversion.

 

(A)          Stock
Reserve. At all times when any Notes are outstanding, the Company will reserve (out of its authorized and not outstanding but unissued
shares of Common Stock that are not reserved for other purposes) a number of shares of Common Stock equal to the product of (i) the
aggregate principal amount (expressed in thousands) of all then-outstanding Notes (assuming the Initial Purchasers exercise the Shoe Option
in full); and (ii) the Conversion Rate for the Notes (assuming, for these purposes, that the Conversion Rate is increased by the
maximum amount pursuant to which the Conversion Rate may be increased pursuant to Section 5.07) . To the extent the Company
delivers shares of Common Stock held in its treasury in settlement of the conversion of any Notes, each reference in this Indenture or
the Notes to the issuance of shares of Common Stock in connection therewith will be deemed to include such delivery, mutatis mutandis.

 

(B)           Status
of Conversion Shares; Listing. Each Conversion Share, if any, delivered upon conversion of any Note will be a newly issued or treasury
share (except that any Conversion Share delivered by a designated financial institution pursuant to Section 5.08 need not
be a newly issued or treasury share) and will be duly authorized, validly issued, fully paid, non-assessable, free from preemptive rights
and free of any lien or adverse claim (except to the extent of any lien or adverse claim created by the action or inaction of the Holder
of such Note or the Person to whom such Conversion Share will be delivered). If the Common Stock is then listed on any securities exchange,
or quoted on any inter-dealer quotation system, then the Company will use commercially reasonable efforts to cause each Conversion Share,
when delivered upon conversion of any Note, to be admitted for listing on such exchange or quotation on such system.

 

Section 5.05.     Adjustments
to the Conversion Rate.

 

(A)          Events
Requiring an Adjustment to the Conversion Rate. The Conversion Rate will be adjusted from time to time as follows:

 

(i)            Stock
Dividends, Splits and Combinations. If the Company issues solely shares of Common Stock as a dividend or distribution on all or substantially
all shares of the Common Stock, or if the Company effects a stock split or a stock combination of the Common Stock (in each case excluding
an issuance solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply), then the Conversion Rate
will be adjusted based on the following formula:

 

    - 46 -

    

    

 

 

where:

 

	 	CR0	=	the Conversion Rate in effect immediately before the Open of Business on the Ex-Dividend Date for such dividend or distribution,
or immediately before the Open of Business on the effective date of such stock split or stock 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 before the Open of Business on such Ex-Dividend Date or effective date, as applicable,
without giving effect to such dividend, distribution, stock split or stock combination; and
	 	 	 	 
	 	OS1	=	the number
of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, stock split or stock combination.

 

If any dividend, distribution, stock
split or stock combination of the type described in this Section 5.05(A)(i) is declared or announced, but not so paid
or made, then the Conversion Rate will be readjusted, effective as of the date the Board of Directors determines not to pay such dividend
or distribution or to effect such stock split or stock combination, to the Conversion Rate that would then be in effect had such dividend,
distribution, stock split or stock combination not been declared or announced.

 

(ii)           Rights,
Options and Warrants. If the Company distributes, to all or substantially all holders of Common Stock, rights, options or warrants
(other than rights issued or otherwise distributed pursuant to a stockholder rights plan, as to which Sections 5.05(A)(iii)(1) and
5.05(F) will apply) entitling such holders, for a period of not more than sixty (60) calendar days after the record date of
such distribution, 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 per share of Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day
immediately before the date such distribution is announced, then the Conversion Rate will be increased based on the following formula:

 

 

where:

 

	 	CR0	=	the Conversion
Rate in effect immediately before 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;

 

    - 47 -

    

    

 

		OS	=	the number of shares of Common Stock outstanding immediately before 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	=	a number of shares of Common Stock obtained by dividing (x) the aggregate price payable to exercise such rights, options or
warrants by (y) the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading
Days ending on, and including, the Trading Day immediately before the date such distribution is announced.

 

To the extent such rights, options or
warrants are not so distributed, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the increase
to the Conversion Rate for such distribution been made on the basis of only the rights, options or warrants, if any, actually distributed.
In addition, to the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants (including
as a result of such rights, options or warrants not being exercised), the Conversion Rate will be readjusted to the Conversion Rate that
would then be in effect had the increase to the Conversion Rate for such distribution been made on the basis of delivery of only the number
of shares of Common Stock actually delivered upon exercise of such rights, option or warrants.

 

For purposes of this Section 5.05(A)(ii) and
Section 5.01(C)(i)(3)(a)(I), in determining whether any rights, options or warrants entitle holders of Common Stock 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 per share of
Common Stock for the ten (10) consecutive Trading Days ending on, and including, the Trading Day immediately before the date the
distribution of such rights, options or warrants is announced, and in determining the aggregate price payable to exercise such rights,
options or warrants, there will be taken into account any consideration the Company receives for such rights, options or warrants and
any amount payable on exercise thereof, with the value of such consideration, if not cash, to be determined by the Company in good faith
and in a commercially reasonable manner.

 

(iii)          Spin-Offs
and Other Distributed Property.

 

(1)            Distributions
Other than Spin-Offs. If the Company distributes shares of its Capital Stock, evidences of its indebtedness or other assets or property
of the Company, or rights, options or warrants to acquire Capital Stock of the Company or other securities, to all or substantially all
holders of the Common Stock, excluding:

 

(u)           dividends,
distributions, rights, options or warrants for which an adjustment to the Conversion Rate is required (or would be required without regard
to Section 5.05(C)) pursuant to Section 5.05(A)(i) or 5.05(A)(ii);

 

    - 48 -

    

    

 

(v)           dividends
or distributions paid exclusively in cash for which an adjustment to the Conversion Rate is required (or would be required without regard
to Section 5.05(C)) pursuant to Section 5.05(A)(iv);

 

(w)           rights
issued or otherwise distributed pursuant to a stockholder rights plan, except to the extent provided in Section 5.05(F);

 

(x)            Spin-Offs
for which an adjustment to the Conversion Rate is required (or would be required without regard to Section 5.05(C)) pursuant
to Section 5.05(A)(iii)(2);

 

(y)           a
distribution solely pursuant to a tender offer or exchange offer for shares of Common Stock, as to which Section 5.05(A)(v) will
apply; and

 

(z)            a
distribution solely pursuant to a Common Stock Change Event, as to which Section 5.09 will apply,

 

then the Conversion Rate will be increased
based on the following formula:

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before 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;

 

		SP	=	the average of the Last Reported Sale Prices per share of Common Stock for the ten (10) consecutive Trading Days ending on, and
including, the Trading Day immediately before such Ex-Dividend Date; and

 

		FMV	=	the fair market value (as determined by the Company in good faith and in a commercially reasonable manner), as of such Ex-Dividend Date,
of the shares of Capital Stock, evidences of indebtedness, assets, property, rights, options or warrants distributed per share of Common
Stock pursuant to such distribution;

 

provided, however, that
if FMV is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such distribution, at the same time and
on the same terms as holders of Common Stock, and without having to convert its Notes, the amount and kind of shares of Capital Stock,
evidences of indebtedness, assets, property, rights, options or warrants that such Holder would have received if such Holder had owned,
on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect on such record date.

 

    - 49 -

    

    

 

To the extent such distribution is not
so paid or made, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made
on the basis of only the distribution, if any, actually made or paid.

 

(2)             Spin-Offs.
If the Company distributes or dividends shares of Capital Stock of any class or series, or similar equity interests, of or relating to
an Affiliate, a Subsidiary or other business unit of the Company to all or substantially all holders of the Common Stock (other than solely
pursuant to (x) a Common Stock Change Event, as to which Section 5.09 will apply; or (y) a tender offer or exchange
offer for shares of Common Stock, as to which Section 5.05(A)(v) will apply), and such Capital Stock or equity interests
are listed or quoted (or will be listed or quoted upon the consummation of the transaction) on a U.S. national securities exchange (a
 “Spin-Off”), then the Conversion Rate will be increased based on the following formula:

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Spin-Off Valuation Period for
such Spin-Off;

 

		CR1	=	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Spin-Off Valuation Period;

 

		FMV	=	the product of (x) the average of the Last Reported Sale Prices per share or unit of the Capital Stock or equity interests distributed
in such Spin-Off over the ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”) beginning
on, and including, the Ex-Dividend Date for such Spin-Off (such average to be determined as if references to Common Stock in the definitions
of Last Reported Sale Price, Trading Day and Market Disruption Event were instead references to such Capital Stock or equity interests);
and (y) the number of shares or units of such Capital Stock or equity interests distributed per share of Common Stock in such Spin-Off;
and

 

		SP	=	the average of the Last Reported Sale Prices per share of Common Stock for each Trading Day in the Spin-Off Valuation Period.

 

    - 50 -

    

    

 

Notwithstanding anything to the contrary
in this Section 5.05(A)(iii)(2), if any VWAP Trading Day of the Observation Period for a Note to be converted occurs during
the Spin-Off Valuation Period for such Spin-Off, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day
for such conversion, such Spin-Off Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including,
the Ex-Dividend Date for such Spin-Off to, and including, such VWAP Trading Day.

 

To the extent any dividend or distribution
of the type set forth in this Section 5.05(A)(iii)(2) is declared but not made or paid, the Conversion Rate will be readjusted
to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only the dividend or distribution, if
any, actually made or paid.

 

(iv)          Cash
Dividends or Distributions. If any cash dividend or distribution is made to all or substantially all holders of Common Stock, then
the Conversion Rate will be increased based on the following formula:

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before 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 such Ex-Dividend Date;

 

		SP	=	the Last Reported Sale Price per share of Common Stock on the Trading Day immediately before such Ex-Dividend Date; and

 

		D	=	the cash amount distributed per share of Common Stock in such dividend or distribution;

 

provided, however, that
if D is equal to or greater than SP, then, in lieu of the foregoing adjustment to the Conversion Rate, each Holder will
receive, for each $1,000 principal amount of Notes held by such Holder on the record date for such dividend or distribution, at the same
time and on the same terms as holders of Common Stock, and without having to convert its Notes, the amount of cash that such Holder would
have received if such Holder had owned, on such record date, a number of shares of Common Stock equal to the Conversion Rate in effect
on such record date.

 

To the extent such dividend or distribution
is declared but not made or paid, the Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment
been made on the basis of only the dividend or distribution, if any, actually made or paid.

 

    - 51 -

    

    

 

(v)           Tender
Offers or Exchange Offers. If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer
for shares of Common Stock (other than solely pursuant to an odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange
Act), and the value (determined as of the Expiration Time by the Company in good faith and in a commercially reasonable manner) of the
cash and other consideration paid per share of Common Stock in such tender or exchange offer exceeds the Last Reported Sale Price per
share of Common Stock on the Trading Day immediately after the last date (the “Expiration Date”) on which tenders or
exchanges may be made pursuant to such tender or exchange offer (as it may be amended), then the Conversion Rate will be increased based
on the following formula:

 

 

where:

 

		CR0	=	the Conversion Rate in effect immediately before the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation
Period for such tender or exchange offer;

 

		CR1	=	the Conversion Rate in effect immediately after the Close of Business on the last Trading Day of the Tender/Exchange Offer Valuation
Period;

 

		AC	=	the aggregate value (determined as of the time (the “Expiration Time”) such tender or exchange offer expires by the
Company in good faith and in a commercially reasonable manner) of all cash and other consideration paid for shares of Common Stock purchased
or exchanged in such tender or exchange offer;

 

		OS0	=	the number of shares of Common Stock outstanding immediately before the Expiration Time (including all shares of Common Stock accepted
for purchase or exchange in such tender or exchange offer);

 

		OS1	=	the number of shares of Common Stock outstanding immediately after the Expiration Time (excluding all shares of Common Stock accepted
for purchase or exchange in such tender or exchange offer); and

 

		SP	=	the average of the Last Reported Sale Prices per share of Common Stock over the ten (10) consecutive Trading Day period (the “Tender/Exchange
Offer Valuation Period”) beginning on, and including, the Trading Day immediately after the Expiration Date;

 

    - 52 -

    

    

 

provided, however, that
the Conversion Rate will in no event be adjusted down pursuant to this Section 5.05(A)(v), except to the extent provided in
the immediately following paragraph. Notwithstanding anything to the contrary in this Section 5.05(A)(v), if any VWAP Trading
Day of the Observation Period for a Note to be converted occurs during the Tender/Exchange Offer Valuation Period for such tender or exchange
offer, then, solely for purposes of determining the Conversion Rate for such VWAP Trading Day for such conversion, such Tender/Exchange
Offer Valuation Period will be deemed to consist of the Trading Days occurring in the period from, and including, the Trading Day immediately
after the Expiration Date for such tender or exchange offer to, and including, such VWAP Trading Day.

 

To the extent such tender or exchange
offer is announced but not consummated (including as a result of the Company being precluded from consummating such tender or exchange
offer under applicable law), or any purchases or exchanges of shares of Common Stock in such tender or exchange offer are rescinded, the
Conversion Rate will be readjusted to the Conversion Rate that would then be in effect had the adjustment been made on the basis of only
the purchases or exchanges of shares of Common Stock, if any, actually made, and not rescinded, in such tender or exchange offer.

 

(B)           No
Adjustments in Certain Cases.

 

(i)            Where
Holders Participate in the Transaction or Event Without Conversion. Notwithstanding anything to the contrary in Section 5.05(A),
the Company will not be obligated to adjust the Conversion Rate on account of a transaction or other event otherwise requiring an adjustment
pursuant to Section 5.05(A) (other than a stock split or combination of the type set forth in Section 5.05(A)(i) or
a tender or exchange offer of the type set forth in Section 5.05(A)(v)) if each Holder participates, at the same time and
on the same terms as holders of Common Stock, and solely by virtue of being a Holder of Notes, in such transaction or event without having
to convert such Holder’s Notes and as if such Holder held a number of shares of Common Stock equal to the product of (i) the
Conversion Rate in effect on the related record date; and (ii) the aggregate principal amount (expressed in thousands) of Notes held
by such Holder on such date.

 

(ii)            Certain
Events. The Company will not be required to adjust the Conversion Rate except as provided in Section 5.05 or Section 5.07.
Without limiting the foregoing, the Company will not be obligated to adjust the Conversion Rate on account of:

 

(1)             except
as otherwise provided in Section 5.05, the sale of shares of Common Stock for a purchase price that is less than the market
price per share of Common Stock or less than the Conversion Price;

 

(2)             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 such plan;

 

(3)             the
issuance of any shares of Common Stock or options or rights to purchase shares of Common Stock 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;

 

    - 53 -

    

    

 

(4)             the
issuance of any shares of Common Stock pursuant to any option, warrant, right or convertible or exchangeable security of the Company outstanding
as of the Issue Date;

 

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

 

(6)             accrued
and unpaid interest on the Notes.

 

(C)          Adjustment
Deferral. If an adjustment to the Conversion Rate otherwise required by this Article 5 would result in a change of less
than one percent (1%) to the Conversion Rate, then, notwithstanding anything to the contrary in this Article 5, the Company
may, at its election, defer such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest
of the following: (i) when all such deferred adjustments would result in a change of at least one percent (1%) to the Conversion
Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the date a Fundamental
Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls any Notes for Redemption; and (v) November 15,
2026.

 

(D)          Adjustments
Not Yet Effective. Notwithstanding anything to the contrary in this Indenture or the Notes, if:

 

(i)             a
Note is to be converted pursuant to Combination Settlement;

 

(ii)            the
record date, effective date or Expiration Time for any event that requires an adjustment to the Conversion Rate pursuant to Section 5.05(A) has
occurred on or before any VWAP Trading Day in the Observation Period for such conversion, but an adjustment to the Conversion Rate for
such event has not yet become effective as of such VWAP Trading Day;

 

(iii)           the
Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock; and

 

(iv)          such
shares are not entitled to participate in such event (because they were not held on the related record date or otherwise),

 

then, solely for purposes of such conversion,
the Company will, without duplication, give effect to such adjustment on such VWAP Trading Day. In such case, if the date on which the
Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of such
adjustment can be determined, then the Company will delay the settlement of such conversion until the second (2nd) Business Day after
such first date.

 

(E)           Conversion
Rate Adjustments where Converting Holders Participate in the Relevant Transaction or Event. Notwithstanding anything to the contrary
in this Indenture or the Notes, if:

 

    - 54 -

    

    

 

(i)             a
Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to Section 5.05(A);

 

(ii)            a
Note is to be converted pursuant to Combination Settlement;

 

(iii)           any
VWAP Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related record
date;

 

(iv)          the
Conversion Consideration due in respect of such VWAP Trading Day includes any whole or fractional shares of Common Stock based on a Conversion
Rate that is adjusted for such dividend or distribution; and

 

(v)           such
shares would be entitled to participate in such dividend or distribution (including pursuant to Section 5.02(C)),

 

then, the Conversion Rate adjustment relating
to such Ex-Dividend Date will be made for such conversion in respect of such VWAP Trading Day, but the shares of Common Stock issuable
with respect to such VWAP Trading Day based on such adjusted Conversion Rate will not be entitled to participate in such dividend or distribution.

 

(F)           Stockholder
Rights Plans. If any shares of Common Stock are to be issued upon conversion of any Note and, at the time of such conversion, the
Company has in effect any stockholder rights plan, then the Holder of such Note will be entitled to receive, in addition to, and concurrently
with the delivery of, the Conversion Consideration otherwise payable under this Indenture upon such conversion, the rights set forth in
such stockholder rights plan, unless such rights have separated from the Common Stock at such time, in which case, and only in such case,
the Conversion Rate will be adjusted pursuant to Section 5.05(A)(iii)(1) on account of such separation as if, at the
time of such separation, the Company had made a distribution of the type referred to in such Section to all holders of the Common
Stock, subject to potential readjustment in accordance with the last paragraph of Section 5.05(A)(iii)(1).

 

(G)          Limitation
on Effecting Transactions Resulting in Certain Adjustments. The Company will not engage in or be a party to any transaction or event
that would require the Conversion Rate to be adjusted pursuant to Section 5.05(A) or Section 5.07 to an amount
that would result in the Conversion Price per share of Common Stock being less than the par value per share of Common Stock.

 

(H)          Equitable
Adjustments to Prices. Whenever any provision of this Indenture requires the Company to calculate the average of the Last Reported
Sale Prices, or any function thereof, over a period of multiple days (including to calculate the Stock Price or an adjustment to the Conversion
Rate), or to calculate the Daily VWAPs, the Daily Conversion Values, the Daily Cash Amounts or the Daily Share Amounts over an Observation
Period, the Company will, if appropriate, make proportionate adjustments to such calculations to account for any adjustment to the Conversion
Rate that becomes effective, or any event requiring such an adjustment to the Conversion Rate where the Ex-Dividend Date, effective date
or Expiration Date, as applicable, of such event occurs, at any time during such period or Observation Period, as applicable.

 

    - 55 -

    

    

 

(I)            Calculation
of Number of Outstanding Shares of Common Stock. For purposes of Section 5.05(A), the number of shares of Common Stock
outstanding at any time will (i) include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of
Common Stock; and (ii) exclude shares of Common Stock held in the Company’s treasury (unless the Company pays any dividend
or makes any distribution on shares of Common Stock held in its treasury).

 

(J)            Calculations.
All calculations with respect to the Conversion Rate and adjustments thereto will be made to the nearest 1/10,000th of a share of Common
Stock (with 5/100,000ths rounded upward).

 

(K)           Notice
of Conversion Rate Adjustments. Upon the effectiveness of any adjustment to the Conversion Rate pursuant to Section 5.05(A),
the Company will promptly send notice to the Holders, the Trustee and the Conversion Agent containing (i) a brief description of
the transaction or other event on account of which such adjustment was made; (ii) the Conversion Rate in effect immediately after
such adjustment; and (iii) the effective time of such adjustment.

 

Section 5.06.     Voluntary
Adjustments.

 

(A)          Generally.
To the extent permitted by law and applicable stock exchange rules, the Company, from time to time, may (but is not required to) increase
the Conversion Rate by any amount if (i) the Board of Directors determines that such increase is either (x) in the best interest
of the Company; or (y) advisable to avoid or diminish any income tax imposed on holders of Common Stock or rights to purchase Common
Stock as a result of any dividend or distribution of shares (or rights to acquire shares) of Common Stock or any similar event; (ii) such
increase is in effect for a period of at least twenty (20) Business Days; and (iii) such increase is irrevocable during such period.

 

(B)           Notice
of Voluntary Increases. If the Board of Directors determines to increase the Conversion Rate pursuant to Section 5.06(A),
then, no later than the first Business Day of the related twenty (20) Business Day period referred to in Section 5.06(A),
the Company will send notice to each Holder, the Trustee and the Conversion Agent of such increase, the amount thereof and the period
during which such increase will be in effect.

 

Section 5.07.     Adjustments
to the Conversion Rate in Connection with a Make-Whole Fundamental Change.

 

(A)          Generally.
If a Make-Whole Fundamental Change occurs and the Conversion Date for the conversion of a Note occurs during the related Make-Whole Fundamental
Change Conversion Period, then, subject to this Section 5.07, the Conversion Rate applicable to such conversion will be increased
by a number of shares (the “Additional Shares”) set forth in the table below corresponding (after interpolation as
provided in, and subject to, the provisions below) to the Make-Whole Fundamental Change Effective Date and the Stock Price of such Make-Whole
Fundamental Change:

 

	 	 	Stock
    Price	 
	Make-Whole
    Fundamental Change Effective Date	 	 	$1.33	 	 	 	$1.50	 	 	 	$1.66	 	 	 	$1.90	 	 	 	$2.16	 	 	 	$2.75	 	 	 	$3.00	 	 	 	$3.25	 	 	 	$3.50	 	 	 	$3.75	 	 	 	$4.00	 	 	 	$4.50	 
	May 13,
    2022	 	 	150.3758	 	 	 	109.3667	 	 	 	81.3976	 	 	 	52.1632	 	 	 	31.5972	 	 	 	7.9345	 	 	 	3.3067	 	 	 	0.7077	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	May 15,
    2023	 	 	150.3758	 	 	 	107.6000	 	 	 	78.9699	 	 	 	49.5263	 	 	 	29.2500	 	 	 	6.7236	 	 	 	2.5700	 	 	 	0.4154	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	May 15,
    2024	 	 	150.3758	 	 	 	106.6400	 	 	 	76.6867	 	 	 	46.6263	 	 	 	26.5926	 	 	 	5.4073	 	 	 	1.7833	 	 	 	0.1323	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	May 15,
    2025	 	 	150.3758	 	 	 	101.8800	 	 	 	70.3373	 	 	 	40.1053	 	 	 	21.2361	 	 	 	3.2291	 	 	 	0.6533	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	May 15,
    2026	 	 	150.3758	 	 	 	90.4200	 	 	 	56.2530	 	 	 	27.0211	 	 	 	11.7778	 	 	 	0.7527	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	May 15,
    2027	 	 	150.3758	 	 	 	65.1600	 	 	 	0.9036	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

    - 56 -

    

    

 

 

If such Make-Whole Fundamental
Change Effective Date or Stock Price is not set forth in the table above, then:

 

(i)            if
such Stock Price is between two Stock Prices in the table above or the Make-Whole Fundamental Change Effective Date is between two dates
in the table above, then the number of Additional Shares will be determined by straight-line interpolation between the numbers of Additional
Shares set forth for the higher and lower Stock Prices in the table above or the earlier and later dates in the table above, based on
a 365- or 366-day year, as applicable; and

 

(ii)            if
the Stock Price is greater than $4.50 (subject to adjustment in the same manner as the Stock Prices set forth in the column headings of
the table above are adjusted pursuant to Section 5.07(B)), or less than $1.33 (subject to adjustment in the same manner),
per share, then no Additional Shares will be added to the Conversion Rate.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes, in no event will the Conversion Rate be increased to an amount that exceeds 751.8796 shares
of Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time
and for the same events for which, the Conversion Rate is required to be adjusted pursuant to Section 5.05(A).

 

For the avoidance of doubt,
but subject to Section 4.03(J), (x) the sending of a Redemption Notice will constitute a Make-Whole Fundamental Change
only with respect to the Notes called (or deemed called) for Redemption pursuant to such Redemption Notice, and not with respect to any
other Notes; and (y) the Conversion Rate applicable to the Notes not so called for Redemption will not be subject to increase pursuant
to this Section 5.07 on account of such Redemption Notice.

 

(B)            Adjustment
of Stock Prices and Number of Additional Shares. The Stock Prices in the first row (i.e., the column headers) of the table
set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same events for
which, the Conversion Price is adjusted as a result of the operation of Section 5.05(A). The numbers of Additional Shares
in the table set forth in Section 5.07(A) will be adjusted in the same manner as, and at the same time and for the same
events for which, the Conversion Rate is adjusted pursuant to Section 5.05(A).

 

(C)            Notice
of the Occurrence of a Make-Whole Fundamental Change. The Company will notify the Holders, the Trustee and the Conversion Agent of
each Make-Whole Fundamental Change (i) occurring pursuant to clause (A) of the definition thereof in accordance with
Section 5.01(C)(i)(3)(b); and (ii) occurring pursuant to clause (B) of the definition thereof in accordance
with Section 4.03(G).

 

    - 57 -

    

    

 

Section 5.08.      Exchange
in Lieu of Conversion.

 

Notwithstanding anything to
the contrary in this Article 5, and subject to the terms of this Section 5.08, if a Note is submitted for conversion,
the Company may elect to arrange to have such Note exchanged in lieu of conversion by a financial institution designated by the Company.
To make such election, the Company must send notice of such election to the Holder of such Note, the Trustee and the Conversion Agent
before the Close of Business on the Business Day immediately following the Conversion Date for such Note. If the Company has made such
election, then:

 

(A)            no
later than the Business Day immediately following such Conversion Date, the Company must deliver (or cause the Conversion Agent to deliver)
such Note, together with delivery instructions for the Conversion Consideration due upon such conversion (including wire instructions,
if applicable), to a financial institution designated by the Company that has agreed to deliver such Conversion Consideration in the manner
and at the time the Company would have had to deliver the same pursuant to this Article 5;

 

(B)            if
such Note is a Global Note, then (i) such designated institution will send written confirmation to the Conversion Agent promptly
after wiring the cash Conversion Consideration, if any, and delivering any other Conversion Consideration, due upon such conversion to
the Holder of such Note; and (ii) the Conversion Agent will as soon as reasonably practicable thereafter contact such Holder’s
custodian with the Depositary to confirm receipt of the same; and

 

(C)            such
Note will not cease to be outstanding by reason of such exchange in lieu of conversion;

 

provided, however, that if such
financial institution does not accept such Note or fails to timely deliver such Conversion Consideration, then the Company will be responsible
for delivering such Conversion Consideration in the manner and at the time provided in this Article 5 as if the Company had
not elected to make an exchange in lieu of conversion.

 

Section 5.09.      Effect
of Common Stock Change Event.

 

(A)           Generally.
If there occurs any:

 

(i)            recapitalization,
reclassification or change of the Common Stock (other than (x) changes solely resulting from a subdivision or combination of the
Common Stock, (y) a change only in par value or from par value to no par value or no par value to par value and (z) stock splits
and stock combinations that do not involve the issuance of any other series or class of securities);

 

(ii)           consolidation,
merger, combination or binding or statutory share exchange involving the Company;

 

(iii)          sale,
lease or other transfer of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person;
or

 

    - 58 -

    

    

 

(iv)          other
similar event,

 

and, as a result of which, the Common Stock is
converted into, or is exchanged for, or represents solely the right to receive, other securities, cash or other property, or any combination
of the foregoing (such an event, a “Common Stock Change Event,” and such other securities, cash or property, the “Reference
Property,” and the amount and kind of Reference Property that a holder of one (1) share of Common Stock would be entitled
to receive on account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional
portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary
in this Indenture or the Notes,

 

(1)            from
and after the effective time of such Common Stock Change Event, (I) the Conversion Consideration due upon conversion of any Note,
and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common
Stock in this Article 5 (or in any related definitions) were instead a reference to the same number of Reference Property
Units; (II) for purposes of Section 4.03, each reference to any number of shares of Common Stock in such Section (or
in any related definitions) will instead be deemed to be a reference to the same number of Reference Property Units; and (III) for
purposes of the definitions of “Fundamental Change” and “Make-Whole Fundamental Change,” references to “Common
Stock” and the Company’s “common equity” will be deemed to refer to the common equity (including depositary receipts
representing common equity), if any, forming part of such Reference Property;

 

(2)            if
such Reference Property Unit consists entirely of cash, then (I) each conversion of any Note with a Conversion Date that occurs on
or after the effective date of such Common Stock Change Event will be settled entirely in cash in an amount, per $1,000 principal amount
of such Note being converted, equal to the product of (x) the Conversion Rate in effect on such Conversion Date (including, for the
avoidance of doubt, any increase to such Conversion Rate pursuant to Section 5.07, if applicable); and (y) the amount
of cash constituting such Reference Property Unit; and (II) the Company will settle each such conversion no later than the tenth
(10th) Business Day after the relevant Conversion Date; and

 

(3)            for
these purposes, (I) the Daily VWAP of any Reference Property Unit or portion thereof that consists of a class of common equity securities
will be determined by reference to the definition of “Daily VWAP,” substituting, if applicable, the Bloomberg page for
such class of securities in such definition; and (II) the Daily VWAP of any Reference Property Unit or portion thereof that does
not consist of a class of common equity securities, and the Last Reported Sale Price of any Reference Property Unit or portion thereof
that does not consist of a class of securities, will be the fair value of such Reference Property Unit or portion thereof, as applicable,
determined in good faith and in a commercially reasonable manner by the Company (or, in the case of cash denominated in U.S. dollars,
the face amount thereof).

 

    - 59 -

    

    

 

If the Reference Property
consists of more than a single type of consideration to be determined based in part upon any form of stockholder election, then the composition
of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received,
per share of Common Stock, by the holders of Common Stock. The Company will notify Holders, the Trustee and the Conversion Agent of such
weighted average as soon as practicable after such determination is made.

 

At or before the effective
time of such Common Stock Change Event, the Company and the resulting, surviving or transferee Person (if not the Company) of such Common
Stock Change Event (the “Successor Person”) will execute and deliver to the Trustee a supplemental indenture pursuant
to Section 8.01(F), which supplemental indenture will (x) provide for subsequent conversions of Notes in the manner set
forth in this Section 5.09; (y) provide for subsequent adjustments to the Conversion Rate pursuant to Section 5.05(A) in
a manner consistent with this Section 5.09; and (z) contain such other provisions, if any, that the Company reasonably
determines are appropriate to preserve the economic interests of the Holders and to give effect to the provisions of this Section 5.09(A).
If the Reference Property includes shares of stock or other securities or assets (other than cash) of a Person other than the Successor
Person, then such other Person will also execute such supplemental indenture and such supplemental indenture will contain such additional
provisions, if any, that the Company reasonably determines are appropriate to preserve the economic interests of the Holders.

 

(B)            Notice
of Common Stock Change Events. The Company will provide notice of each Common Stock Change Event in the manner provided in Section 5.01(C)(i)(3)(b).

 

(C)            Compliance
Covenant. The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09.

 

Article 6.     Successors

 

Section 6.01.      When
the Company May Merge, Etc.

 

(A)            Generally.
The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell,
lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and
its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless:

 

(i)            the
resulting, surviving or transferee Person either (x) is the Company or (y) if not the Company, is a Qualified Successor Entity
duly organized and existing under the laws of the United States of America, any State thereof or the District of Columbia that expressly
assumes (by executing and delivering to the Trustee, at or before the effective time of such Business Combination Event, a supplemental
indenture pursuant to Section 8.01(E)) all of the Company’s obligations under this Indenture and the Notes; and

 

(ii)           immediately
after giving effect to such Business Combination Event, no Default or Event of Default will have occurred and be continuing.

 

    - 60 -

    

    

 

(B)            Delivery
of Officer’s Certificate and Opinion of Counsel to the Trustee. Before the effective time of any Business Combination Event,
the Company will deliver to the Trustee an Officer’s Certificate and Opinion of Counsel, each stating that (i) such Business
Combination Event (and, if applicable, the related supplemental indenture) comply with Section 6.01(A); and (ii) all
conditions precedent to such Business Combination Event provided in this Indenture have been satisfied.

 

Section 6.02.      Qualified
Successor Entity Substituted.

 

At the effective time of any
Business Combination Event that complies with Section 6.01, the Qualified Successor Entity (if not the Company) will succeed
to, and may exercise every right and power of, the Company under this Indenture and the Notes with the same effect as if such Qualified
Successor Entity had been named as the Company in this Indenture and the Notes, and, except in the case of a lease, the predecessor Company
will be discharged from its obligations under this Indenture and the Notes.

 

Section 6.03.      Exclusion
for Asset Transfers with Wholly Owned Subsidiaries.

 

Notwithstanding anything to
the contrary in this Article 6, this Article 6 will not apply to any transfer of assets between or among the Company
and any one or more of its Wholly Owned Subsidiaries not effected by merger or consolidation.

 

Article 7.     Defaults
and Remedies

 

Section 7.01.      Events
of Default.

 

(A)            Definition
of Events of Default. “Event of Default” means the occurrence of any of the following:

 

(i)            a
default in the payment when due (whether at maturity, upon Redemption or Repurchase Upon Fundamental Change or otherwise) of the principal
of, or the Redemption Price or Fundamental Change Repurchase Price for, any Note;

 

(ii)           a
default for thirty (30) consecutive days in the payment when due of interest on any Note;

 

(iii)          the
Company’s failure to deliver, when required by this Indenture, a Fundamental Change Notice, or a notice pursuant to Section 5.01(C)(i)(3),
if (in the case of any notice other than a notice pursuant to Section 5.01(C)(i)(3)(a)) such failure is not cured within
three (3) Business Days after its occurrence;

 

(iv)          a
default in the Company’s obligation to convert a Note in accordance with Article 5 upon the exercise of the conversion
right with respect thereto, if such default is not cured within three (3) Business Days after its occurrence;

 

(v)           a
default in the Company’s obligations under Article 6;

 

    - 61 -

    

    

 

(vi)          a
default in any of the Company’s obligations or agreements under this Indenture or the Notes (other than a default set forth in
clause (i), (ii), (iii), (iv) or (v) of this Section 7.01(A)) where such default
is not cured or waived within sixty (60) days after notice to the Company by the Trustee, or to the Company and the Trustee by Holders
of at least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding, which notice must specify such default,
demand that it be remedied and state that such notice is a “Notice of Default”;

 

(vii)         a
default by the Company or any of the Company’s Subsidiaries with respect to any one or more mortgages, agreements or other instruments
under which there is outstanding, or by which there is secured or evidenced, any indebtedness for money borrowed of at least twenty-five
million dollars ($25,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Subsidiaries,
whether such indebtedness exists as of the Issue Date or is thereafter created, where such default:

 

(1)            constitutes
a failure to pay the principal of such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration
of acceleration or otherwise, in each case after the expiration of any applicable grace period; or

 

(2)            results
in such indebtedness becoming or being declared due and payable before its stated maturity,

 

in each case where such default is not
cured or waived within thirty (30) days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at
least twenty five percent (25%) of the aggregate principal amount of Notes then outstanding;

 

(viii)        the
Company or any of its Significant Subsidiaries, pursuant to or within the meaning of any Bankruptcy Law, either:

 

(1)            commences
a voluntary case or proceeding;

 

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

 

(3)            consents
to the appointment of a custodian of it or for any substantial part of its property;

 

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

 

(5)            takes
any comparable action under any foreign Bankruptcy Law; or

 

(6)            generally
is not paying its debts as they become due; or

 

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

 

(1)            is
for relief against the Company or any of its Significant Subsidiaries in an involuntary case or proceeding;

 

    - 62 -

    

    

 

(2)            appoints
a custodian of the Company or any of its Significant Subsidiaries, or for any substantial part of the property of the Company or any of
its Significant Subsidiaries;

 

(3)            orders
the winding up or liquidation of the Company or any of its Significant Subsidiaries; or

 

(4)            grants
any similar relief under any foreign Bankruptcy Law,

 

and, in each case under this Section 7.01(A)(ix),
such order or decree remains unstayed and in effect for at least sixty (60) days.

 

(B)            Cause
Irrelevant. Each of the events set forth in Section 7.01(A) will constitute an Event of Default regardless of the
cause thereof or whether voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental body.

 

Section 7.02.      Acceleration.

 

(A)            Automatic
Acceleration in Certain Circumstances. If an Event of Default set forth in Section 7.01(A)(viii) or 7.01(A)(ix) occurs
with respect to the Company (and not solely with respect to a Significant Subsidiary of the Company), then the principal amount of, and
all accrued and unpaid interest on, all of the Notes then outstanding will immediately become due and payable without any further action
or notice by any Person.

 

(B)            Optional
Acceleration. Subject to Section 7.03, if an Event of Default (other than an Event of Default set forth in Section 7.01(A)(viii) or
7.01(A)(ix) with respect to the Company and not solely with respect to a Significant Subsidiary of the Company) occurs and
is continuing, then the Trustee, by notice to the Company, or Holders of at least twenty five percent (25%) of the aggregate principal
amount of Notes then outstanding, by notice to the Company and the Trustee, may declare the principal amount of, and all accrued and unpaid
interest on, all of the Notes then outstanding to become due and payable immediately.

 

(C)            Rescission
of Acceleration. Notwithstanding anything to the contrary in this Indenture or the Notes, the Holders of a majority in aggregate principal
amount of the Notes then outstanding, by notice to the Company and the Trustee, may, on behalf of all Holders, rescind any acceleration
of the Notes and its consequences if (i) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction;
and (ii) all existing Events of Default (except the non-payment of principal of, or interest on, the Notes that has become due solely
because of such acceleration) have been cured or waived. No such rescission will affect any subsequent Default or impair any right consequent
thereto.

 

    - 63 -

    

    

 

Section 7.03.      Sole
Remedy for a Failure to Report.

 

(A)           Generally.
Notwithstanding anything to the contrary in this Indenture or the Notes, the Company may elect that the sole remedy for any Event of
Default (a “Reporting Event of Default”) pursuant to Section 7.01(A)(vi) arising from the Company’s
failure to comply with Section 3.02 will, for each of the first one hundred and eighty (180) calendar days on which a Reporting
Event of Default has occurred and is continuing, consist exclusively of the accrual of Special Interest on the Notes. If the Company
has made such an election, then (i) the Notes will be subject to acceleration pursuant to Section 7.02 on account of
the relevant Reporting Event of Default from, and including, the one hundred and eighty first (181st) calendar day on which a Reporting
Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and
(ii) Special Interest will cease to accrue on any Notes from, and including, such one hundred and eighty first (181st) calendar
day (it being understood that interest on any defaulted Special Interest will nonetheless accrue pursuant to Section 2.05(B)).

 

(B)            Amount
and Payment of Special Interest. Any Special Interest that accrues on a Note pursuant to Section 7.03(A) will be
payable on the same dates and in the same manner as the Stated Interest on such Note and will accrue at a rate per annum equal to one
half of one percent (0.50%) of the principal amount thereof; provided, however, that in no event will Special Interest,
together with any Additional Interest that accrues pursuant to Section 3.04(A), accrue on any day on a Note at a combined
rate per annum that exceeds one percent (1.00%). For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition
to the Stated Interest that accrues on such Note and, subject to the proviso of the immediately preceding sentence, in addition to any
Additional Interest that accrues on such Note.

 

(C)            Notice
of Election. To make the election set forth in Section 7.03(A), the Company must send to the Holders, the Trustee and
the Paying Agent, before the date on which each Reporting Event of Default first occurs, a notice that (i) briefly describes the
report(s) that the Company failed to file with the SEC; (ii) states that the Company is electing that the sole remedy for such
Reporting Event of Default consist of the accrual of Special Interest; and (iii) briefly describes the periods during which and rate
at which Special Interest will accrue and the circumstances under which the Notes will be subject to acceleration on account of such Reporting
Event of Default.

 

(D)            Notice
to Trustee and Paying Agent; Trustee’s Disclaimer. If Special Interest accrues on any Note, then, no later than five (5) Business
Days before each date on which such Special Interest is to be paid, the Company will deliver an Officer’s Certificate to the Trustee
and the Paying Agent stating (i) that the Company is obligated to pay Special Interest on such Note on such date of payment; and
(ii) the amount of such Special Interest that is payable on such date of payment. The Trustee will have no duty to determine whether
any Special Interest is payable or the amount thereof.

 

(E)            No
Effect on Other Events of Default. No election pursuant to this Section 7.03 with respect to a Reporting Event of Default
will affect the rights of any Holder with respect to any other Event of Default, including with respect to any other Reporting Event of
Default.

 

Section 7.04.      Other
Remedies.

 

(A)            Trustee
May Pursue All Remedies. If an Event of Default occurs and is continuing, then the Trustee may pursue any available remedy to
collect the payment of any amounts due with respect to the Notes or to enforce the performance of any provision of this Indenture or the
Notes.

 

    - 64 -

    

    

 

(B)            Procedural
Matters. The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in such
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy following an Event of Default will not
impair the right or remedy or constitute a waiver of, or acquiescence in, such Event of Default. All remedies will be cumulative to the
extent permitted by law.

 

Section 7.05.      Waiver
of Past Defaults.

 

An Event of Default pursuant
to clause (i), (ii), (iv) or (vi) of Section 7.01(A) (that, in the case of clause
(vi) only, results from a Default under any covenant that cannot be amended without the consent of each affected Holder), and
a Default that could lead to such an Event of Default, can be waived only with the consent of each affected Holder. Each other Default
or Event of Default may be waived, on behalf of all Holders, by the Holders of a majority in aggregate principal amount of the Notes then
outstanding. If an Event of Default is so waived, then it will cease to exist. If a Default is so waived, then it will be deemed to be
cured and any Event of Default arising therefrom will be deemed not to occur. However, no such waiver will extend to any subsequent or
other Default or Event of Default or impair any right arising therefrom.

 

Section 7.06.      Control
by Majority.

 

Holders of a majority in aggregate
principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that
conflicts with law, this Indenture or the Notes, or that, subject to Section 10.01, the Trustee determines may be unduly prejudicial
to the rights of other Holders or may involve the Trustee in liability, unless the Trustee is offered security and indemnity satisfactory
to the Trustee against any loss, liability or expense to the Trustee that may result from the Trustee’s following such direction.

 

Section 7.07.      Limitation
on Suits.

 

No Holder may pursue any remedy
with respect to this Indenture or the Notes (except to enforce (x) its rights to receive the principal of, or the Redemption Price
or Fundamental Change Repurchase Price for, or interest on, any Notes; or (y) the Company’s obligations to convert any Notes
pursuant to Article 5), unless:

 

(A)           such
Holder has previously delivered to the Trustee notice that an Event of Default is continuing;

 

(B)            Holders
of at least twenty five percent (25%) in aggregate principal amount of the Notes then outstanding deliver a written request to the Trustee
to pursue such remedy;

 

(C)            such
Holder or Holders offer and, if requested, provide to the Trustee security and indemnity satisfactory to the Trustee against any loss,
liability or expense to the Trustee that may result from the Trustee’s following such request;

 

(D)            the
Trustee does not comply with such request within sixty (60) calendar days after its receipt of such request and such offer of security
or indemnity; and

 

    - 65 -

    

    

 

(E)            during
such sixty (60) calendar day period, Holders of a majority in aggregate principal amount of the Notes then outstanding do not deliver
to the Trustee a direction that is inconsistent with such request.

 

A Holder of a Note may not
use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee will
have no duty to determine whether any Holder’s use of this Indenture complies with the preceding sentence.

 

Section 7.08.      Absolute
Right of Holders to Institute Suit for the Enforcement of the Right to Receive Payment and Conversion Consideration.

 

Notwithstanding anything to
the contrary in this Indenture or the Notes (but without limiting Section 8.01), the right of each Holder of a Note to bring
suit for the enforcement of any payment or delivery, as applicable, of the principal of, or the Redemption Price or Fundamental Change
Repurchase Price for, or any interest on, or the Conversion Consideration due pursuant to Article 5 upon conversion of, such
Note on or after the respective due dates therefor provided in this Indenture and the Notes, will not be impaired or affected without
the consent of such Holder.

 

Section 7.09.      Collection
Suit by Trustee.

 

The Trustee will have the
right, upon the occurrence and continuance of an Event of Default pursuant to clause (i), (ii) or (iv) of
Section 7.01(A), to recover judgment in its own name and as trustee of an express trust against the Company for the total
unpaid or undelivered principal of, or Redemption Price or Fundamental Change Repurchase Price for, or interest on, or Conversion Consideration
due pursuant to Article 5 upon conversion of, the Notes, as applicable, and, to the extent lawful, any Default Interest on
any Defaulted Amounts, and such further amounts sufficient to cover the costs and expenses of collection, including compensation provided
for in Section 10.06.

 

Section 7.10.      Trustee
May File Proofs of Claim.

 

The Trustee has the right
to (A) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes) or its creditors
or property and (B) collect, receive and distribute any money or other property payable or deliverable on any such claims. Each Holder
authorizes any custodian in such proceeding to make such payments to the Trustee, and, if the Trustee consents to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to the Trustee for the reasonable compensation, expenses, disbursements
and advances of the Trustee, and its agents and counsel, and any other amounts payable to the Trustee pursuant to Section 10.06.
To the extent that the payment of any such compensation, expenses, disbursements, advances and other amounts out of the estate in such
proceeding, is denied for any reason, payment of the same will be secured by a lien (senior to the rights of Holders) on, and will be
paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive
in such proceeding (whether in liquidation or under any plan of reorganization or arrangement or otherwise). Nothing in this Indenture
will be deemed to authorize the Trustee to authorize, consent to, accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

    - 66 -

    

    

 

Section 7.11.      Priorities.

 

The Trustee will pay or deliver
in the following order any money or other property that it collects pursuant to this Article 7:

 

First: to
the Trustee and its agents and attorneys for amounts due under Section 10.06, including payment of all fees, compensation,
expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

Second: to
Holders for unpaid amounts or other property due on the Notes, including the principal of, or the Redemption Price or Fundamental Change
Repurchase Price for, or any interest on, or any Conversion Consideration due upon conversion of, the Notes, ratably, and without preference
or priority of any kind, according to such amounts or other property due and payable on all of the Notes; and

 

Third: to
the Company or such other Person as a court of competent jurisdiction directs.

 

The Trustee may fix a record
date and payment date for any payment or delivery to the Holders pursuant to this Section 7.11, in which case the Trustee
will instruct the Company to, and the Company will, deliver, at least fifteen (15) calendar days before such record date, to each Holder
and the Trustee a notice stating such record date, such payment date and the amount of such payment or nature of such delivery, as applicable.

 

Section 7.12.      Undertaking
for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture or the Notes or in any suit against the Trustee for any action taken or omitted by it as Trustee,
a court, in its discretion, may (A) require the filing by any litigant party in such suit of an undertaking to pay the costs of such
suit; and (B) assess reasonable costs (including reasonable attorneys’ fees) against any litigant party in such suit, having
due regard to the merits and good faith of the claims or defenses made by such litigant party; provided, however, that this
Section 7.12 does not apply to any suit by the Trustee, any suit by a Holder pursuant to Section 7.08 or any suit
by one or more Holders of more than ten percent (10%) in aggregate principal amount of the Notes then outstanding.

 

Article 8.     Amendments,
Supplements and Waivers

 

Section 8.01.      Without
the Consent of Holders.

 

Notwithstanding anything to
the contrary in Section 8.02, the Company and the Trustee may amend or supplement this Indenture or the Notes without the
consent of any Holder to:

 

(A)           cure
any ambiguity or correct any omission, defect or inconsistency in this Indenture or the Notes;

 

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(B)            add
guarantees with respect to the Company’s obligations under this Indenture or the Notes;

 

(C)            secure
the Notes;

 

(D)            add
to the Company’s covenants or Events of Default for the benefit of the Holders or surrender any right or power conferred on the
Company;

 

(E)            provide
for the assumption of the Company’s obligations under this Indenture and the Notes pursuant to, and in compliance with, Article 6;

 

(F)            enter
into supplemental indentures pursuant to, and in accordance with, Section 5.09 in connection with a Common Stock Change Event;

 

(G)            irrevocably
elect or eliminate any Settlement Method or Specified Dollar Amount; provided, however, that (i) no such election or
elimination will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 5.03(A);
and (ii) such irrevocable election or elimination can in no event result in a Specified Dollar Amount of less than $1,000 per $1,000
principal amount of Notes applying to the conversion of any Note;

 

(H)            evidence
or provide for the acceptance of the appointment, under this Indenture, of a successor Trustee;

 

(I)          
   conform the provisions of this Indenture and the Notes to the “Description of
Notes” section of the Company’s preliminary offering memorandum, dated May 10, 2022, as supplemented by the related
pricing term sheet, dated May 10, 2022;

 

(J)         
    provide for or confirm the issuance of additional Notes pursuant to Section 2.03(B);

 

(K)            comply
with any requirement of the SEC in connection with any qualification of this Indenture or any supplemental indenture under the Trust Indenture
Act, as then in effect; or

 

(L)            make
any other change to this Indenture or the Notes that does not, individually or in the aggregate with all other such changes, adversely
affect the rights of the Holders, as such, in any material respect.

 

At the written request of
any Holder of a Note or owner of a beneficial interest in a Global Note, the Company will provide a copy of the “Description of
Notes” section and pricing term sheet referred to in Section 8.01(I).

 

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Section 8.02.     With
the Consent of Holders.

 

(A)            Generally.
Subject to Sections 8.01, 7.05 and 7.08 and the immediately following sentence, the Company and the Trustee may,
with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding, amend or supplement this Indenture
or the Notes or waive compliance with any provision of this Indenture or the Notes. Notwithstanding anything to the contrary in the foregoing
sentence, but subject to Section 8.01, without the consent of each affected Holder, no amendment or supplement to this Indenture
or the Notes, or waiver of any provision of this Indenture or the Notes, may:

 

(i)            reduce
the principal, or change the stated maturity, of any Note;

 

(ii)           reduce
the Redemption Price or Fundamental Change Repurchase Price for any Note or change the times at which, or the circumstances under which,
the Notes may or will be redeemed or repurchased by the Company;

 

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

 

(iv)          make
any change that adversely affects the conversion rights of any Note;

 

(v)           impair
the rights of any Holder set forth in Section 7.08 (as such section is in effect on the Issue Date);

 

(vi)          change
the ranking of the Notes;

 

(vii)         make
any Note payable in money, or at a place of payment, other than that stated in this Indenture or the Note;

 

(viii)        reduce
the amount of Notes whose Holders must consent to any amendment, supplement, waiver or other modification; or

 

(ix)           make
any direct or indirect change to any amendment, supplement, waiver or modification provision of this Indenture or the Notes that requires
the consent of each affected Holder.

 

For the avoidance of doubt,
pursuant to clauses (i), (ii), (iii) and (iv) of this Section 8.02(A), no amendment
or supplement to this Indenture or the Notes, or waiver of any provision of this Indenture or the Notes, may change the amount or type
of consideration due on any Note (whether on an Interest Payment Date, Redemption Date, Fundamental Change Repurchase Date or the Maturity
Date or upon conversion, or otherwise), or the date(s) or time(s) such consideration is payable or deliverable, as applicable,
without the consent of each affected Holder.

 

(B)            Holders
Need Not Approve the Particular Form of any Amendment. A consent of any Holder pursuant to this Section 8.02 need
approve only the substance, and not necessarily the particular form, of the proposed amendment, supplement or waiver.

 

Section 8.03.      Notice
of Amendments, Supplements and Waivers.

 

As soon as reasonably practicable
after any amendment, supplement or waiver pursuant to Section 8.01 or 8.02 becomes effective, the Company will send
to the Holders and the Trustee notice that (A) describes the substance of such amendment, supplement or waiver in reasonable detail
and (B) states the effective date thereof; provided, however, that the Company will not be required to provide such
notice to the Holders if such amendment, supplement or waiver is included in a periodic report filed by the Company with the SEC within
four (4) Business Days of its effectiveness. The failure to send, or the existence of any defect in, such notice will not impair
or affect the validity of such amendment, supplement or waiver.

 

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Section 8.04.      Revocation,
Effect and Solicitation of Consents; Special Record Dates; Etc.

 

(A)            Revocation
and Effect of Consents. The consent of a Holder of a Note to an amendment, supplement or waiver will bind (and constitute the consent
of) each subsequent Holder of any Note to the extent the same evidences any portion of the same indebtedness as the consenting Holder’s
Note, subject to the right of any Holder of a Note to revoke (if not prohibited pursuant to Section 8.04(B)) any such consent
with respect to such Note by delivering notice of revocation to the Trustee before the time such amendment, supplement or waiver becomes
effective.

 

(B)            Special
Record Dates. The Company may, but is not required to, fix a record date for the purpose of determining the Holders entitled to consent
or take any other action in connection with any amendment, supplement or waiver pursuant to this Article 8. If a record date
is fixed, then, notwithstanding anything to the contrary in Section 8.04(A), only Persons who are Holders as of such record
date (or their duly designated proxies) will be entitled to give such consent, to revoke any consent previously given or to take any such
action, regardless of whether such Persons continue to be Holders after such record date; provided, however, that no such
consent will be valid or effective for more than one hundred and twenty (120) calendar days after such record date.

 

(C)            Solicitation
of Consents. For the avoidance of doubt, each reference in this Indenture or the Notes to the consent of a Holder will be deemed to
include any such consent obtained in connection with a repurchase of, or tender or exchange offer for, any Notes.

 

(D)            Effectiveness
and Binding Effect. Each amendment, supplement or waiver pursuant to this Article 8 will become effective in accordance
with its terms and, when it becomes effective with respect to any Note (or any portion thereof), will thereafter bind every Holder of
such Note (or such portion).

 

Section 8.05.      Notations
and Exchanges.

 

If any amendment, supplement
or waiver changes the terms of a Note, then the Trustee or the Company may, in its discretion, require the Holder of such Note to deliver
such Note to the Trustee so that the Trustee may place an appropriate notation prepared by the Company on such Note and return such Note
to such Holder. Alternatively, at its discretion, the Company may, in exchange for such Note, issue, execute and deliver, and the Trustee
will authenticate, in each case in accordance with Section 2.02, a new Note that reflects the changed terms. The failure to
make any appropriate notation or issue a new Note pursuant to this Section 8.05 will not impair or affect the validity of
such amendment, supplement or waiver.

 

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Section 8.06.      Trustee
to Execute Supplemental Indentures.

 

The Trustee will execute and
deliver any amendment or supplemental indenture authorized pursuant to this Article 8; provided, however, that
the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that
the Trustee concludes adversely affects the Trustee’s rights, duties, liabilities or immunities. In executing any amendment or supplemental
indenture, the Trustee will be entitled to receive, and (subject to Sections 10.01 and 10.02) will be fully protected in
relying on, an Officer’s Certificate and an Opinion of Counsel stating that (A) the execution and delivery of such amendment
or supplemental indenture is authorized or permitted by this Indenture; and (B) in the case of the Opinion of Counsel, such amendment
or supplemental indenture is valid, binding and enforceable against the Company in accordance with its terms.

 

Article 9.     Satisfaction
and Discharge

 

Section 9.01.      Termination
of Company’s Obligations.

 

This Indenture will be discharged,
and will cease to be of further effect as to all Notes issued under this Indenture, when:

 

(A)            all
Notes then outstanding (other than Notes replaced pursuant to Section 2.12) have (i) been delivered to the Trustee for
cancellation; or (ii) become due and payable (whether on a Redemption Date, a Fundamental Change Repurchase Date, the Maturity Date,
upon conversion or otherwise) for an amount of cash or Conversion Consideration, as applicable, that has been fixed;

 

(B)            the
Company has caused there to be irrevocably deposited with the Trustee, or with the Paying Agent (or, with respect to Conversion Consideration,
the Conversion Agent), in each case for the benefit of the Holders, or has otherwise caused there to be delivered to the Holders, cash
(or, with respect to Notes to be converted, Conversion Consideration) sufficient to satisfy all amounts or other property due on all Notes
then outstanding (other than Notes replaced pursuant to Section 2.12);

 

(C)            the
Company has paid all other amounts payable by it under this Indenture; and

 

(D)            the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the conditions precedent
to the discharge of this Indenture have been satisfied;

 

provided, however, that Section 2.10(E),
Article 10 and Section 11.01 will survive such discharge and, until no Notes remain outstanding, Section 2.14
and the obligations of the Trustee, the Paying Agent and the Conversion Agent with respect to money or other property deposited with them
will survive such discharge.

 

At the Company’s request,
the Trustee will acknowledge the satisfaction and discharge of this Indenture.

 

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Section 9.02.      Repayment
to Company.

 

Subject to applicable unclaimed
property law, the Trustee, the Paying Agent and the Conversion Agent will promptly notify the Company if there exists (and, at the Company’s
request, promptly deliver to the Company) any cash, Conversion Consideration or other property held by any of them for payment or delivery
on the Notes that remain unclaimed two (2) years after the date on which such payment or delivery was due. After such delivery to
the Company, the Trustee, the Paying Agent and the Conversion Agent will have no further liability to any Holder with respect to such
cash, Conversion Consideration or other property, and Holders entitled to the payment or delivery of such cash, Conversion Consideration
or other property must look to the Company for payment as a general creditor of the Company.

 

Section 9.03.      Reinstatement.

 

If the Trustee, the Paying
Agent or the Conversion Agent is unable to apply any cash or other property deposited with it pursuant to Section 9.01 because
of any legal proceeding or any order or judgment of any court or other governmental authority that enjoins, restrains or otherwise prohibits
such application, then the discharge of this Indenture pursuant to Section 9.01 will be rescinded; provided, however,
that if the Company thereafter pays or delivers any cash or other property due on the Notes to the Holders thereof, then the Company will
be subrogated to the rights of such Holders to receive such cash or other property from the cash or other property, if any, held by the
Trustee, the Paying Agent or the Conversion Agent, as applicable.

 

Article 10.     Trustee

 

Section 10.01.     Duties
of the Trustee.

 

(A)            If
an Event of Default has occurred and is continuing, the Trustee will 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 will 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 will be read into this Indenture
against the Trustee; and

 

(ii)            in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel that are provided to the Trustee
and conform to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether
or not they conform to the requirements of this Indenture.

 

(C)            The
Trustee may not be relieved from liabilities for its negligence, bad faith or willful misconduct, except that:

 

(i)            this
paragraph will not limit the effect of Section 10.01(B);

 

(ii)           the
Trustee will 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

 

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(iii)          the
Trustee will 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)            Each
provision of this Indenture that in any way relates to the Trustee is subject to clauses (A), (B) and (C) of
this Section 10.01, regardless of whether such provision so expressly provides.

 

(E)            No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability.

 

(F)            The
Trustee will 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.

 

(G)            Unless
a Responsible Officer of the Trustee has received notice from the Company that Additional Interest is owing on the Notes or that the Company
has elected to pay Special Interest on the Notes, the Trustee may assume no Additional Interest or Special Interest, as applicable, is
payable.

 

(H)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to,
and will be enforceable by, the Trustee in each of its capacities under this Indenture, including as Note Agent.

 

(I)          
   The Trustee will not be charged with knowledge of any document or agreement other than
this Indenture and the Notes.

 

Section 10.02.    Rights
of the Trustee.

 

(A)           The
Trustee may conclusively rely on any document that it believes to be genuine and signed or presented by the proper Person, and the Trustee
need not investigate any fact or matter stated in such document.

 

(B)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate, an Opinion of Counsel or both. The Trustee will
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
The Trustee may consult with counsel; and the written advice of such counsel, or any Opinion of Counsel, will constitute full and complete
authorization of the Trustee to take or omit to take any action in good faith in reliance thereon without liability.

 

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

 

(D)            The
Trustee will not be liable for any action it takes or omits to take in good faith and that it believes to be authorized or within the
rights or powers vested in it by this Indenture.

 

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(E)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed
by an Officer of the Company.

 

(F)            The
Trustee need not exercise any rights or powers vested in it by this Indenture at the request or direction of any Holder unless such Holder
has offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense that it may incur in
complying with such request or direction.

 

(G)            The
Trustee will not be responsible or liable for any punitive, special, indirect or consequential loss or damage (including lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(H)            The
permissive rights of the Trustee set forth in this Indenture will not be construed as duties imposed on the Trustee.

 

(I)            The
Trustee will not be required to give any bond or surety in respect of the execution or performance of this Indenture or otherwise.

 

Section 10.03.    Individual
Rights of the Trustee.

 

The Trustee, in its individual
or any other capacity, may become the owner or pledgee of any Note and may otherwise deal with the Company or any of its Affiliates with
the same rights that it would have if it were not Trustee; provided, however, that if the Trustee acquires a “conflicting
interest” (within the meaning of Section 310(b) of the Trust Indenture Act), then it must eliminate such conflict within
ninety (90) days or resign as Trustee. Each Note Agent will have the same rights and duties as the Trustee under this Section 10.03.

 

Section 10.04.    Trustee’s
Disclaimer.

 

The Trustee will not be (A) responsible
for, and makes no representation as to, the validity or adequacy of this Indenture or the Notes; (B) accountable for the Company’s
use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture; (C) responsible for the use or application of any money received by any Paying Agent other than the Trustee; and (D) responsible
for any statement or recital in this Indenture, the Notes or any other document relating to the sale of the Notes or this Indenture, other
than the Trustee’s certificate of authentication.

 

Section 10.05.    Notice
of Defaults.

 

If a Default or Event of Default
occurs and is continuing and is known to a Responsible Officer of the Trustee, then the Trustee will send Holders a notice of such Default
or Event of Default within ninety (90) days after it occurs or, if it is not known to a Responsible Officer of the Trustee at such time,
promptly (and in any event within ten (10) Business Days) after it becomes known to a Responsible Officer; provided, however,
that, except in the case of a Default or Event of Default in the payment of the principal of, or interest on, any Note, the Trustee may
withhold such notice if and for so long as it in good faith determines that withholding such notice is in the interests of the Holders.
The Trustee will not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice thereof
has been received by a Responsible Officer, and such notice references the Notes and this Indenture and states on its face that a Default
or Event of Default has occurred.

 

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Section 10.06.    Compensation
and Indemnity.

 

(A)            The
Company will, from time to time, pay the Trustee reasonable compensation for its acceptance of this Indenture and services under this
Indenture, as separately agreed by the Company and the Trustee. The Trustee’s compensation will not be limited by any law on compensation
of a trustee of an express trust. In addition to the compensation for the Trustee’s services, the Company will reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it under this Indenture, including the
reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

(B)            The
Company will indemnify the Trustee (in each of its capacities) and its directors, officers, employees and agents, in their capacities
as such, against any and all losses, liabilities or expenses incurred by it 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 10.06)
and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties under this Indenture, except to the extent any such loss, liability or expense
is attributable to its negligence, bad faith or willful misconduct, as determined by a final decision of a court of competent jurisdiction.
The Trustee will promptly notify the Company of any claim for which it may seek indemnity, but the Trustee’s failure to so notify
the Company will not relieve the Company of its obligations under this Section 10.06(B), except to the extent the Company
is materially prejudiced by such failure. The Company will defend such claim, and the Trustee will cooperate in such defense. If the Trustee
is advised by counsel that it may have defenses available to it that are in conflict with the defenses available to the Company, or that
there is an actual or potential conflict of interest, then the Trustee may retain separate counsel, and the Company will pay the reasonable
fees and expenses of such counsel (including the reasonable fees and expenses of counsel to the Trustee incurred in evaluating whether
such a conflict exists). The Company need not pay for any settlement of any such claim made without its consent, which consent will not
be unreasonably withheld.

 

(C)            The
obligations of the Company under this Section 10.06 will survive the resignation or removal of the Trustee and the discharge
of this Indenture.

 

(D)            To
secure the Company’s payment obligations in this Section 10.06, the Trustee will have a lien prior to the Notes on all
money or property held or collected by the Trustee, except that held in trust to pay principal of, or interest on, particular Notes, which
lien will survive the discharge of this Indenture.

 

(E)            If
the Trustee incurs expenses or renders services after an Event of Default pursuant to clause (viii) or (ix) of
Section 7.01(A) occurs, then such expenses and the compensation for such services (including the fees and expenses of
its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

 

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Section 10.07.    Replacement
of the Trustee.

 

(A)           Notwithstanding
anything to the contrary in this Section 10.07, a resignation or removal of the Trustee, and the appointment of a successor
Trustee, will become effective only upon such successor Trustee’s acceptance of appointment as provided in this Section 10.07.

 

(B)            The
Trustee may resign at any time and be discharged from the trust created by this Indenture by so notifying the Company. The Holders of
a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Company
in writing. The Company may remove the Trustee if:

 

(i)            the
Trustee fails to comply with Section 10.09;

 

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

 

(iii)          a
custodian or public officer takes charge of the Trustee or its property; or

 

(iv)          the
Trustee becomes incapable of acting.

 

(C)            If
the Trustee resigns or is removed, or if a vacancy exists in the office of the Trustee for any reason, then (i) the Company will
promptly appoint a successor Trustee; and (ii) at any time within one (1) year after the successor Trustee takes office, the
Holders of a majority in aggregate principal amount of the Notes then outstanding may appoint a successor Trustee to replace such successor
Trustee appointed by the Company.

 

(D)            If
a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, then the retiring Trustee,
the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the Notes then outstanding may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

(E)            If
the Trustee, after written request by a Holder of at least six (6) months, fails to comply with Section 10.09, then such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

(F)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company, upon which notice the
resignation or removal of the retiring Trustee will become effective and the successor Trustee will have all the rights, powers and duties
of the Trustee under this Indenture. The successor Trustee will send notice of its succession to Holders. The retiring Trustee will, upon
payment of all amounts due to it under this Indenture, promptly transfer all property held by it as Trustee to the successor Trustee,
which property will, for the avoidance of doubt, be subject to the lien provided for in Section 10.06(D).

 

Section 10.08.    Successor
Trustee by Merger, Etc.

 

Any organization or entity
into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity
shall be otherwise qualified and eligible under this Article 10, without the execution or filing of any paper or any further act
on the part of any of the parties hereto.

 

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Section 10.09.    Eligibility;
Disqualification.

 

There will at all times be
a Trustee under this Indenture that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof, that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent
published annual report of condition.

 

Article 11.     Miscellaneous

 

Section 11.01.    Notices.

 

Any notice or communication
by the Company or the Trustee to the other will be deemed to have been duly given if in writing and delivered in person or by first class
mail (registered or certified, return receipt requested), facsimile transmission, electronic transmission or other similar means of unsecured
electronic communication or overnight air courier guaranteeing next day delivery, or to the other’s address, which initially is
as follows:

 

If to the Company:

 

Desktop Metal, Inc.

63 3rd Street, Burlington, Massachusetts
01803

Attention: Chief Financial Officer

 

with a copy (which will not constitute
notice) to:

Desktop Metal, Inc.

63 3rd Street, Burlington, Massachusetts
01803

Attention: General Counsel

Email: megbroderick@desktopmetal.com

 

If to the Trustee:

 

U.S. Bank Trust Company, National Association

West Side Flats

60 Livingston Avenue

Saint Paul, MN 55107

EP-MN-WS3C

Attention: Joshua Hahn

Email: joshua.hahn@usbank.com

 

The Company or the Trustee,
by notice to the other, may designate additional or different addresses (including facsimile numbers and electronic addresses) for subsequent
notices or communications.

 

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All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered;
(B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged,
if transmitted by facsimile, electronic transmission or other similar means of unsecured electronic communication; and (D) the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

The Trustee shall not have
any duty to confirm that the person sending any notice, instruction or other communication by electronic transmission (including by e-mail,
facsimile transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed
by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten signatures and
digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be
deemed original signatures for all purposes. Each other party assumes all risks arising out of the use of electronic signatures and electronic
methods to send communications to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized communication,
and the risk of interception or misuse by third parties. Notwithstanding the foregoing, the Trustee may in any instance and in its sole
discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any
such electronic communication.

 

All notices or communications
required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing
if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery,
to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global Note may,
but need not, instead be sent pursuant to the Depositary Procedures (in which case, such notice will be deemed to be duly sent or given
in writing). The failure to send a notice or communication to a Holder, or any defect in such notice or communication, will not affect
its sufficiency with respect to any other Holder.

 

If the Trustee is then acting
as the Depositary’s custodian for the Notes, then, at the reasonable request of the Company to the Trustee, the Trustee will cause
any notice prepared by the Company to be sent to any Holder(s) pursuant to the Depositary Procedures, provided such request
is evidenced in a Company Order delivered, together with the text of such notice, to the Trustee at least two (2) Business Days before
the date such notice is to be so sent. For the avoidance of doubt, such Company Order need not be accompanied by an Officer’s Certificate
or Opinion of Counsel. The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant
to any such Company Order.

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not the
addressee receives it.

 

    - 78 -

    

    

 

 

Notwithstanding anything to
the contrary in this Indenture or the Notes, (A) whenever any provision of this Indenture requires a party to send notice to another
party, no such notice need be sent if the sending party and the recipient are the same Person acting in different capacities; and (B) whenever
any provision of this Indenture requires a party to send notice to more than one receiving party, and each receiving party is the same
Person acting in different capacities, then only one such notice need be sent to such Person.

 

Section 11.02.    Delivery
of Officer’s Certificate and Opinion of Counsel as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture (other than the initial authentication of Notes under this Indenture),
the Company will furnish to the Trustee:

 

(A)            an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03
and states that, in the opinion of the signatory thereto, all conditions precedent and covenants, if any, provided for in this Indenture
relating to such action have been satisfied; and

 

(B)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee that complies with Section 11.03 and states
that, in the opinion of such counsel, all such conditions precedent and covenants, if any, have been satisfied.

 

Section 11.03.    Statements
Required in Officer’s Certificate and Opinion of Counsel.

 

Each Officer’s Certificate
(other than an Officer’s Certificate pursuant to Section 3.05) or Opinion of Counsel with respect to compliance with
a covenant or condition provided for in this Indenture will include:

 

(A)            a
statement that the signatory thereto has read such covenant or condition;

 

(B)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained therein
are based;

 

(C)            a
statement that, in the opinion of such signatory, he, she or it has made such examination or investigation as is necessary to enable him,
her or it to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(D)            a
statement as to whether, in the opinion of such signatory, such covenant or condition has been satisfied.

 

Section 11.04.    Rules by
the Trustee, the Registrar, the Paying Agent and the Conversion Agent.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar, Paying Agent and Conversion Agent each may make reasonable rules and
set reasonable requirements for its functions.

 

    - 79 -

    

    

 

Section 11.05.    No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No past, present or future
director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company
under this Indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting
any Note, each Holder waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of
the Notes.

 

Section 11.06.    Governing
Law; Waiver of Jury Trial.

 

THIS INDENTURE AND THE NOTES,
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR THE NOTES, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED BY THIS INDENTURE OR THE NOTES.

 

Section 11.07.    Submission
to Jurisdiction.

 

Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated by this Indenture may be instituted in the federal
courts of the United States of America located in the City of New York or the courts of the State of New York, in each case located in
the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive
jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth in Section 11.01
will be effective service of process for any such suit, action or proceeding brought in any such court. Each of the Company, the Trustee
and each Holder (by its acceptance of any Note) irrevocably and unconditionally waives any objection to the laying of venue of any suit,
action or other proceeding in the Specified Courts and irrevocably and unconditionally waives and agrees not to plead or claim any such
suit, action or other proceeding has been brought in an inconvenient forum.

 

Section 11.08.    No
Adverse Interpretation of Other Agreements.

 

Neither this Indenture nor
the Notes may be used to interpret any other indenture, note, loan or debt agreement of the Company or its Subsidiaries or of any other
Person, and no such indenture, note, loan or debt agreement may be used to interpret this Indenture or the Notes.

 

Section 11.09.    Successors.

 

All agreements of the Company
in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.

 

    - 80 -

    

    

 

Section 11.10.    Force
Majeure.

 

The Trustee and each Note
Agent will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under this Indenture
or the Notes by reason of any occurrence beyond its control (including any act or provision of any present or future law or regulation
or governmental authority, act of God or war, civil unrest, local or national disturbance or disaster, act of terrorism or unavailability
of the Federal Reserve Bank wire or facsimile or other wire or communication facility).

 

Section 11.11.    U.S.A.
PATRIOT Act.

 

The Company acknowledges that,
in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions, in order to help fight the
funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the Trustee. The Company agrees to provide the Trustee with such information
as it may request to enable the Trustee to comply with the U.S.A. PATRIOT Act.

 

Section 11.12.    Calculations.

 

The Company will be responsible
for making all calculations called for under this Indenture or the Notes, including determinations of the Last Reported Sale Price, the
Daily Conversion Value, the Daily Cash Amount, the Daily Share Amount, accrued interest on the Notes, including any Additional Interest
or Special Interest and the Conversion Rate.

 

The Company will make all
calculations in good faith, and, absent manifest error, its calculations will be final and binding on all Holders. The Company will provide
a schedule of its calculations to the Trustee and the Conversion Agent, and each of the Trustee and the Conversion Agent may rely conclusively
on the accuracy of the Company’s calculations without independent verification. The Trustee will promptly forward a copy of each
such schedule to a Holder upon its written request therefor. The Trustee will not be responsible for verifying such calculations.

 

Section 11.13.    Severability.

 

If any provision of this Indenture
or the Notes is invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions of this
Indenture or the Notes will not in any way be affected or impaired thereby.

 

Section 11.14.    Counterparts.

 

The parties may sign any number
of copies of this Indenture. Each signed copy will be an original, and all of them together represent the same agreement. Delivery of
an executed counterpart of this Indenture by facsimile, electronically in portable document format or in any other format will be effective
as delivery of a manually executed counterpart.

 

    - 81 -

    

    

 

Section 11.15.    Table
of Contents, Headings, Etc.

 

The table of contents and
the headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and will in no way modify or restrict any of the terms or provisions of this Indenture.

 

Section 11.16.    Withholding
Taxes.

 

Each Holder of a Note agrees,
and each beneficial owner of an interest in a Global Note, by its acquisition of such interest, is deemed to agree, that if the Company
or other applicable withholding agent pays withholding taxes or backup withholding on behalf of such Holder or beneficial owner as a result
of an adjustment or the non-occurrence of an adjustment to the Conversion Rate, then the Company or such withholding agent, as applicable,
may, at its option, withhold from or set off such payments against payments of cash or the delivery of other Conversion Consideration
on such Note, any payments on the Common Stock or sales proceeds received by, or other funds or assets of, such Holder or the beneficial
owner of such Note.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

    - 82 -

    

    

 

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

 

	 	DESKTOP METAL, INC.
	 	 
	 	By:	/s/ Ric Fulop
	 	 	Name: Ric Fulop
	 	 	Title: Chief Executive Officer
	 	 
	 	U.S. Bank TRUST COMPANY, National Association
	 	 
	 	By:	/s/ Joshua A. Hahn
	 	 	Name: Joshua A. Hahn
	 	 	Title:Vice President

 

[Signature
Page to Indenture]

 

      

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

[Insert Global Note Legend, if applicable]

 

[Insert Restricted Note Legend, if applicable]

 

[Insert Non-Affiliate Legend]

 

Desktop
Metal, Inc.

 

6.0% Convertible Senior Note due 2027

 

	CUSIP No.:	 [___]	Certificate No. [___]
	 
	ISIN No.:	 [___]

 

Desktop Metal, Inc.,
a Delaware corporation, for value received, promises to pay to Cede & Co., or its registered assigns, the principal sum of [___]
dollars ($[___]) [(as revised by the attached Schedule of Exchanges of Interests in the Global Note)][2]
on May 15, 2027 and to pay interest thereon, as provided in the Indenture referred to below, until the principal and all accrued
and unpaid interest are paid or duly provided for.

 

	Interest Payment Dates:	May 15 and November 15 of each year, commencing on November 15, 2022.

 

	Regular Record Dates:	May 1 and November 1.

 

Additional provisions of this
Note are set forth on the other side of this Note.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Page Follows]

 

 

* Insert bracketed language for Global Notes only.

 

    A-1  

     

    

 

IN WITNESS WHEREOF,
Desktop Metal, Inc. has caused this instrument to be duly executed as of the date set forth below.

  

	 	 	Desktop
Metal, Inc.
	 	 	 
	Date:	       	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    A-2  

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. Bank Trust Company, National Association,
as Trustee, certifies that this is one of the Notes referred to in the within-mentioned Indenture.

 

	Date:	 	 	By:	 
	 	 	Authorized Signatory

 

    A-3  

     

    

 

Desktop
Metal, Inc.

 

6.0% Convertible Senior Note due 2027

 

This Note is one of a duly
authorized issue of notes of Desktop Metal, Inc., a Delaware corporation (the “Company”), designated as its 6.0%
Convertible Senior Notes due 2027 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of May 13,
2022 (as the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company,
National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them
in the Indenture.

 

The Indenture sets forth the
rights and obligations of the Company, the Trustee and the Holders and the terms of the Notes. Notwithstanding anything to the contrary
in this Note, to the extent that any provision of this Note conflicts with the provisions of the Indenture, the provisions of the Indenture
will control.

 

1.         
    Interest. This Note will accrue interest at a rate and in the manner set
forth in Section 2.05 of the Indenture. Stated Interest on this Note will begin to accrue from, and including, May 13,
2022.

 

2.        
     Maturity. This Note will mature on May 15, 2027, unless
earlier repurchased, redeemed or converted.

 

3.         
    Method of Payment. Cash amounts due on this Note will be paid in the
manner set forth in Section 2.04 of the Indenture.

 

4.        
     Persons Deemed Owners. The Holder of this Note will be treated as
the owner of this Note for all purposes.

 

5.           
  Denominations; Transfers and Exchanges. All Notes will be in registered form, without
coupons, in principal amounts equal to any Authorized Denominations. Subject to the terms of the Indenture, the Holder of this Note
may transfer or exchange this Note by presenting it to the Registrar and delivering any required documentation or other
materials.

 

6.        
     Right of Holders to Require the Company to Repurchase Notes Upon a
Fundamental Change. If a Fundamental Change occurs, then each Holder will have the right to require the Company to repurchase
such Holder’s Notes (or any portion thereof in an Authorized Denomination) for cash in the manner, and subject to the terms,
set forth in Section 4.02 of the Indenture.

 

7.      
       Right of the Company to Redeem the Notes. The Company
will have the right to redeem the Notes for cash in the manner, and subject to the terms, set forth in Section 4.03 of the
Indenture.

 

8.         
    Conversion. The Holder of this Note may convert this Note into Conversion
Consideration in the manner, and subject to the terms, set forth in Article 5 of the Indenture.

 

    A-4  

     

    

 

9.          
   When the Company May Merge, Etc. Article 6 of the Indenture places
limited restrictions on the Company’s ability to be a party to a Business Combination Event.

 

10.           Defaults
and Remedies. If an Event of Default occurs, then the principal amount of, and all accrued and unpaid interest on, all of the Notes
then outstanding may (and, in certain circumstances, will automatically) become due and payable in the manner, and subject to the terms,
set forth in Article 7 of the Indenture.

 

11.           Amendments,
Supplements and Waivers. The Company and the Trustee may amend or supplement the Indenture or the Notes or waive compliance with any
provision of the Indenture or the Notes in the manner, and subject to the terms, set forth in Section 7.05 and Article 8 of
the Indenture.

 

12.           No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee, incorporator
or stockholder of the Company, as such, will have any liability for any obligations of the Company under the Indenture or the Notes or
for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each Holder waives
and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes.

 

13.           Authentication.
No Note will be valid until it is authenticated by the Trustee. A Note will be deemed to be duly authenticated only when an authorized
signatory of the Trustee (or a duly appointed authenticating agent) manually signs the certificate of authentication of such Note.

 

14.           Abbreviations.
Customary abbreviations may be used in the name of a Holder or its assignee, such as TEN COM (tenants in common), TEN ENT (tenants by
the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (custodian), and U/G/M/A (Uniform
Gift to Minors Act).

 

15.           Governing
Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

* * *

 

To request a copy of the Indenture,
which the Company will provide to any Holder at no charge, please send a written request to the following address:

 

Desktop Metal, Inc.

63 3rd Street

Burlington, Massachusetts 01803

Attention: Chief Financial Officer

 

    A-5  

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
NOTE3

 

INITIAL PRINCIPAL AMOUNT OF THIS GLOBAL NOTE: $[___]

 

The following exchanges, transfers or cancellations
of this Global Note have been made:

 

	
    Date
	 	
    Amount of
    Increase 

(Decrease) in 

Principal Amount of 

this Global Note
	 	
    Principal
    Amount of 

this Global Note 

After Such Increase

 (Decrease)
	 	
    Signature
    of 

Authorized 

Signatory of Trustee

	
	 	
	 	
	 	

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

	
 

	 	
 

	 	
 

	 	
 

	
	 	
	 	
	 	

 

 

* Insert for Global Notes only.

 

    A-6  

     

    

 

CONVERSION NOTICE

 

Desktop
Metal, Inc.

 

6.0% Convertible Senior Notes due 2027

 

Subject to the terms of the Indenture, by executing
and delivering this Conversion Notice, the undersigned Holder of the Note identified below directs the Company to convert (check one):

 

		 ̈	the entire principal amount of

 

		 ̈	$                     *
aggregate principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

The undersigned acknowledges that if the Conversion
Date of a Note to be converted is after a Regular Record Date and before the next Interest Payment Date, then such Note, when surrendered
for conversion, must, in certain circumstances, be accompanied with an amount of cash equal to the interest that would have accrued on
such Note to, but excluding, such Interest Payment Date.

 

	Date:	 	 	 
	 	(Legal Name of Holder)
	 
	 	By: _________________________________________________________
	 	        Name:
	 	         Title:
	 
	 	Signature Guaranteed:
	 
	 	 	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program
	 
	 	By: _________________________________________________________
	 	Authorized Signatory

 

 

* Must be an Authorized Denomination.

 

    A-7  

     

    

 

FUNDAMENTAL CHANGE REPURCHASE NOTICE

 

Desktop
Metal, Inc.

 

6.0% Convertible Senior Notes due 2027

 

Subject to the terms of the Indenture, by executing
and delivering this Fundamental Change Repurchase Notice, the undersigned Holder of the Note identified below is exercising its Fundamental
Change Repurchase Right with respect to (check one):

 

		 ̈	the entire principal amount of

 

		 ̈	$                     *
aggregate principal amount of

 

the Note identified by CUSIP No.                      
and Certificate No.                      .

 

The undersigned acknowledges that this Note, duly
endorsed for transfer, must be delivered to the Paying Agent before the Fundamental Change Repurchase Price will be paid.

 

	Date:	 	 	 
	 	(Legal Name of Holder)
	 
	 	By: _________________________________________________________
	 	        Name:
	 	         Title:
	 
	 	Signature Guaranteed:
	 
	 	 	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program
	 
	 	By: _________________________________________________________
	 	Authorized Signatory

 

 

* Must be an Authorized Denomination.

 

    A-8  

     

    

 

ASSIGNMENT FORM

 

Desktop
Metal, Inc.

 

6.0% Convertible Senior Notes due 2027

 

Subject to the terms of the Indenture, the undersigned
Holder of the Notes identified below assigns (check one):

 

		 ̈	the entire principal amount of

 

		 ̈	$                     *
aggregate principal amount of

 

the Notes identified by CUSIP No.                      
and Certificate No.                      ,
and all rights thereunder, to:

 

	Name:	 
	 
	Address:	 
	 
	Social security or tax id. #:	 
	 
	and irrevocably appoints:	 

 

as agent to transfer the within Note on the books
of the Company. The agent may substitute another to act for him/her.

 

	Date:	 	 	 
	 	(Legal Name of Holder)
	 
	 	By: _________________________________________________________
	 	        Name:
	 	         Title:
	 
	 	Signature Guaranteed:
	 
	 	 	 	 
	 	Participant in a Recognized Signature
	 	Guarantee Medallion Program
	 
	 	By: _________________________________________________________
	 	Authorized Signatory

 

 

* Must be an Authorized Denomination.

 

    A-9  

     

    

 

TRANSFEROR ACKNOWLEDGMENT

 

If the within Note bears a Restricted Note Legend,
the undersigned further certifies that (check one):

 

		1.	 ̈	Such Transfer is being made to the Company or a Subsidiary of the Company.

 

		2.	 ̈	Such Transfer is being made pursuant to, and in accordance with, a registration statement that is effective under the Securities Act
at the time of the Transfer.

 

		3.	 ̈	Such Transfer is being made pursuant to, and in accordance with, Rule 144A under the Securities Act, and, accordingly, the undersigned
further certifies that the within Note is being transferred to a Person that the undersigned reasonably believes is purchasing the within
Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities
Act in a transaction meeting the requirements of Rule 144A. If this item is checked, then the transferee must complete and execute
the acknowledgment contained on the next page.

 

		4.	 ̈	Such Transfer is being made pursuant to, and in accordance with, 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).

 

	Dated:	 	 
	 	 
	 	 
	(Legal Name of Holder)	 
	 

 

	By:	 	 
	 	Name:
	 	Title:
	 
	Signature Guaranteed:
	 	 
	 	 
	(Participant in a Recognized Signature	 
	Guarantee Medallion Program)	 

 

	By:	 	 
	Authorized Signatory	 

 

    A-10  

     

    

 

TRANSFEREE ACKNOWLEDGMENT

 

The undersigned represents that it is purchasing
the within Note for its own account, or for one or more accounts with respect to which the undersigned exercises sole investment discretion,
and that and the undersigned and each such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act. The undersigned acknowledges that the transferor is relying, in transferring the within Note on the exemption
from the registration and prospectus-delivery requirements of the Securities Act of 1933, as amended, provided by Rule 144A and that
the undersigned has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A.

 

	Dated:	 	 
	 	 
	 	 
	(Name of Transferee)	 
	 
	By:	 	 
	 	Name:
	 	Title:

 

    A-11  

     

    

 

EXHIBIT B-1

 

FORM OF RESTRICTED NOTE LEGEND

 

THE OFFER AND SALE OF THIS NOTE AND THE SHARES
OF COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD 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 THE COMPANY THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE OR
ANY BENEFICIAL INTEREST HEREIN, EXCEPT ONLY:

 

		(A)	TO THE COMPANY OR ANY SUBSIDIARY THEREOF;

 

		(B)	PURSUANT TO A REGISTRATION STATEMENT THAT IS EFFECTIVE UNDER THE SECURITIES ACT;

 

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

 

		(D)	PURSUANT TO RULE 144 UNDER THE SECURITIES ACT; OR

 

		(E)	PURSUANT TO ANY OTHER EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT.

 

BEFORE THE REGISTRATION OF ANY SALE OR
TRANSFER IN ACCORDANCE WITH (2)(D) OR (E) ABOVE, THE COMPANY, THE TRUSTEE AND THE REGISTRAR RESERVE THE RIGHT TO REQUIRE
THE DELIVERY OF SUCH CERTIFICATES OR OTHER DOCUMENTATION OR EVIDENCE AS THEY MAY REASONABLY REQUIRE IN ORDER TO DETERMINE THAT
THE PROPOSED SALE OR TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.

 

    B1 -1

     

    

 

EXHIBIT B-2

 

FORM OF GLOBAL NOTE LEGEND

 

THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED
BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE WILL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC, OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS
OF PORTIONS OF THIS GLOBAL NOTE WILL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE 2 OF THE
INDENTURE HEREINAFTER REFERRED TO.

 

     B2-1

     

    

 

EXHIBIT B-3

 

FORM OF NON-AFFILIATE LEGEND

 

NO AFFILIATE (AS DEFINED IN RULE 144 UNDER
THE SECURITIES ACT OF 1933, AS AMENDED) OF THE COMPANY MAY PURCHASE OR OTHERWISE ACQUIRE THIS NOTE OR ANY BENEFICIAL INTEREST
HEREIN.

 

     B3-1

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