Document:

Exhibit 10.4

 

ABL SECURITY AGREEMENT

 

This ABL SECURITY
AGREEMENT (this “Agreement”), dated as of September 23, 2020, by and among the Persons listed on the
signature pages hereof as “Grantors” and those additional entities that hereafter become parties hereto by executing
the form of Joinder attached hereto as Annex 1 (each, a “Grantor” and collectively, the “Grantors”),
and CITIZENS BANK, N.A., in its capacities as administrative agent and collateral agent for the Secured Parties (in such
capacities, together with its successors and permitted assigns in such capacities, “Administrative Agent”).

 

W I T N E S S E
T H:

 

WHEREAS, pursuant
to that certain ABL Credit Agreement, dated as of September 23, 2020 (as amended, restated, amended and restated, supplemented,
or otherwise modified from time to time, the “Credit Agreement”), by and among FRANCHISE GROUP INTERMEDIATE
HOLDCO, LLC, a Delaware limited liability company (“Lead Borrower”), as a Borrower, certain Subsidiaries
of Lead Borrower from time to time party thereto as Borrowers (collectively with Lead Borrower, the “Borrowers”),
FRANCHISE GROUP NEW HOLDCO, LLC, a Delaware limited liability company (“Global Parent”), as a Guarantor,
certain Subsidiaries of Lead Borrower from time to time party thereto as Guarantors, the lenders from time to time party thereto
(each of such lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”)
and the Administrative Agent, the Lenders have agreed to make certain financial accommodations available to Borrowers from time
to time pursuant to the terms and conditions thereof;

 

WHEREAS, the
Administrative Agent has agreed to act as agent for the benefit of the Secured Parties in connection with the transactions contemplated
by the Credit Agreement and this Agreement;

 

WHEREAS, in
order to induce Administrative Agent and the Lenders to enter into the Credit Agreement and the other Loan Documents and to make
Credit Extensions thereunder, (a) each Grantor (other than each Borrower with respect to its own Obligations) has agreed to
guaranty the Guaranteed Obligations, and (b) each Grantor has agreed to grant to Administrative Agent, for the benefit of
the Secured Parties, a continuing security interest in and to the Collateral in order to secure the prompt and complete payment,
observance and performance of the Secured Obligations; and

 

WHEREAS, each
Grantor (other than each Parent Company and each Borrower) is an Affiliate or a Subsidiary of Borrowers and, as such, will benefit
by virtue of the Credit Extensions made to Borrowers by Administrative Agent and the Lenders.

 

NOW, THEREFORE,
for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                  
Definitions; Construction.

 

      (a)      All
initially capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings
ascribed thereto in the Credit Agreement. Any terms (whether capitalized or lower case) used in this Agreement that are defined
in the Code (including, without limitation, Account Debtor, Chattel Paper, Deposit Account, Drafts, Documents, Farm Products,
Fixtures, Inventory, Instruments, Letters of Credit, Letter-of-Credit Rights, Promissory Notes, Securities Account and Supporting
Obligations) shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Credit Agreement;
provided, that to the extent that the Code is used to define any term used herein and if such term is defined differently
in different Articles of the Code, the definition of such term contained in Article 9 of the Code shall govern. In addition
to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the following definitions:

 

     

     

    

(i)                       
“Administrative Agent” has the meaning specified therefor in the recitals to this Agreement.

 

(ii)                       “Agreement”
has the meaning specified therefor in the preamble to this Agreement.

 

(iii)                      “Books”
means books and records (including each Grantor’s Records indicating, summarizing, or evidencing such Grantor’s assets
(including the Collateral) or liabilities, each Grantor’s Records relating to such Grantor’s business operations or
financial condition, and each Grantor’s goods or General Intangibles related to such information).

 

(iv)                      “Borrower” and “Borrowers” have the respective meanings specified therefor in the
recitals to this Agreement.

 

(v)                       “Code” means the New York Uniform Commercial Code, as in effect from time to time; provided, that
in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with
respect to Administrative Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect
in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted
and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection,
priority, or remedies.

 

(vi)                      “Collateral” has the meaning specified therefor in Section 2 hereof.

 

(vii)                     “Commercial
Tort Claims” means commercial tort claims (as that term is defined in the Code), except that it refers only to such
claims that have been asserted in judicial proceedings or are subject to mediation, arbitration or any other proceeding and includes
those commercial tort claims listed on Schedule 1.

 

(viii)                    “Copyright
Security Agreement” means each Copyright Security Agreement executed and delivered by Grantors, or any of them, and
Administrative Agent, in substantially the form of Exhibit A.

 

(ix)                       “Copyrights” means any and all rights in any works of authorship, including (A) copyrights and moral
rights, (B) copyright registrations and recordings thereof and all applications in connection therewith including those listed
on Schedule 2, (C) income, license fees, royalties, damages, and payments now and hereafter due or payable under
and with respect thereto, including payments under all licenses entered into in connection therewith and damages and payments for
past, present, or future infringements thereof, (D) the right to sue for past, present, and future infringements thereof,
and (E) all of each Grantor’s rights corresponding thereto throughout the world.

 

(x)                        “Credit Agreement” has the meaning specified therefor in the recitals to this Agreement.

 

(xi)                       “De
Minimis Amount” means $100,000.

 

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(xii)                     “Discharge of Term Priority Obligations” has the meaning specified therefor in the Intercreditor Agreement.

 

(xiii)                    “Equipment” means equipment (as that term is defined in the Code).

 

(xiv)                    “Excluded Assets” has the meaning specified therefor in Section 2 hereof.

 

(xv)                     “General Intangibles” means general intangibles (as that term is defined in the Code), and includes payment
intangibles, software, contract rights (including, without limitation, rights under all sale, service, performance, equipment or
warranty contracts and under all franchise agreements), rights to payment (including, without limitation, rights under all sale,
service, performance, equipment or warranty contracts and under all franchise agreements), warranty claims, all know-how and warranties,
rights arising under common law, statutes, or regulations, choses or things in action, goodwill, Intellectual Property, Intellectual
Property Licenses, purchase orders, rights to payment and other rights under any royalty or licensing agreements, including Intellectual
Property Licenses and all rights to bring any causes of action for past, present and future infringement, dilution, misappropriation,
violation, misuse or breach with respect to Intellectual Property, monies due or recoverable from pension funds, pension plan refunds,
pension plan refund claims, insurance premium rebates, tax refunds, and tax refund claims, interests in a partnership or limited
liability company which do not constitute a security under Article 8 of the Code, and any other personal property other than
Commercial Tort Claims, money, Accounts, Chattel Paper, Deposit Accounts, goods, Investment Property, Negotiable Collateral, and
oil, gas, or other minerals before extraction.

 

(xvi)                    “Global
Parent” has the meaning specified therefor in the recitals to this Agreement.

 

(xvii)                   “Grantor” and “Grantors” have the respective meanings specified therefor in the preamble
to this Agreement.

 

(xviii)                  “Intellectual Property” means any and all Patents, Copyrights, Trademarks, trade secrets, know-how, inventions
(whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs,
industrial designs, blueprints, drawings, data, customer lists, supplier and vendor lists, customer data and all other information
related to customers, route lists, supplier and vendor data and all other information related to suppliers and vendors, pricing
and cost information, product lines, supply chain information, URLs and domain names, all recorded data of any kind or nature (regardless
of the medium of recording), specifications, documentations, business and marketing plans and proposals, reports, catalogs, literature,
and any other forms of, and any other rights in, technology or proprietary or confidential information of any kind, including all
rights therein, goodwill and enterprise value with respect thereto, and all applications for registration or registrations thereof.

 

(xix)                     “Intellectual Property Licenses” means, with respect to any Grantor, (A) any licenses or other similar
rights provided to such Grantor in or with respect to Intellectual Property owned or controlled by any other Person, and (B) any
licenses or other similar rights provided to any other Person in or with respect to Intellectual Property owned or controlled by
such Grantor, in each case, including (w) any agreements relating to the Licensed Trademarks, (x) any software license
agreements (other than license agreements for commercially available off-the-shelf software that is generally available to the
public which have been licensed to a Grantor pursuant to end-user licenses), (y) the license agreements listed on Schedule 3
as required by Section 5(g), and (z) the right to use any of the licenses or other similar rights described in
this definition in connection with the enforcement of the Secured Parties’ rights under the Loan Documents.

 

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(xx)                      “Investment Property” means (A) any and all investment property, and (B) any and all of the
following (regardless of whether classified as investment property under the Code): all Pledged Interests, Pledged Operating Agreements,
and Pledged Partnership Agreements.

 

(xxi)                     “Joinder” means each Joinder to this Agreement executed and delivered by Administrative Agent and each
of the other parties listed on the signature pages thereto, in substantially the form of Annex 1.

 

(xxii)                    “Lead Borrower” has the meaning specified therefor in the recitals to this Agreement.

 

(xxiii)                   “Lender”
has the meaning specified therefor in the recitals to this Agreement.

 

(xxiv)                  “Material ABL IP Rights” means such rights with respect to Intellectual Property (i) that is owned
by or licensed to a Grantor and material to the conduct of any Grantor’s business or material to the marketing, sale or other
disposition of the ABL Priority Collateral, (ii) that is reasonably necessary to permit the Administrative Agent to enforce
its rights and remedies under the Loan Documents with respect to the ABL Priority Collateral, or (iii) the disposition of
which would otherwise materially adversely affect the Net Orderly Liquidation Value of the ABL Priority Collateral.

 

(xxv)                   “Negotiable
Collateral” means Letters of Credit, Letter-of-Credit Rights, Instruments, Promissory Notes, Drafts and Documents.

 

(xxvi)                   “Patents”
means patents and patent applications, including (A) the patents and patent applications listed on Schedule 4,
(B) all continuations, divisionals, continuations-in-part, re-examinations, reissues, and renewals thereof and improvements
thereon, (C) all income, royalties, damages and payments now and hereafter due or payable under and with respect thereto,
including payments under all licenses entered into in connection therewith and damages and payments for past, present, or future
infringements thereof, (D) the right to sue for past, present, and future infringements thereof, and (E) all of each
Grantor’s rights corresponding thereto throughout the world.

 

(xxvii)                  “Patent
Security Agreement” means each Patent Security Agreement executed and delivered by Grantors, or any of them, and Administrative
Agent, in substantially the form of Exhibit B.

 

(xxviii)                 “Pledged Companies” means each Person listed on Schedule 5 as a “Pledged Company”,
together with each other Person, all or a portion of whose Capital Stock are acquired or otherwise owned by a Grantor after the
Closing Date and is required to be pledged pursuant to Section 5.10 of the Credit Agreement.

 

(xxix)                   “Pledged
Interests” means all of each Grantor’s right, title and interest in and to all of the Capital Stock now owned
or hereafter acquired by such Grantor, regardless of class or designation, including in each of the Pledged Companies, and all
substitutions therefor and replacements thereof, all proceeds thereof and all rights relating thereto, also including any certificates
representing the Capital Stock, the right to receive any certificates representing any of the Capital Stock, all warrants, options,
share appreciation rights and other rights, contractual or otherwise, in respect thereof and the right to receive all dividends,
distributions of income, profits, surplus, or other compensation by way of income or liquidating distributions, in cash or in
kind, and all cash, instruments, and other property from time to time received, receivable, or otherwise distributed in respect
of or in addition to, in substitution of, on account of, or in exchange for any or all of the foregoing; provided, that
in no event shall any Excluded Assets constitute Pledged Interests.

 

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(xxx)                    “Pledged Interests Addendum” means a Pledged Interests Addendum substantially in the form of Exhibit C.

 

(xxxi)                   “Pledged
Notes” means those certain promissory notes described on Schedule 10 attached hereto, consisting of the
promissory notes required to be endorsed and delivered as of the Closing Date pursuant to Section 6(a) hereof.

 

(xxxii)                  “Pledged Operating Agreements” means all of each Grantor’s rights, powers, and remedies under the
limited liability company operating agreements of each of the Pledged Companies that are limited liability companies.

 

(xxxiii)                 “Pledged Partnership Agreements” means all of each Grantor’s rights, powers, and remedies under
the partnership agreements of each of the Pledged Companies that are partnerships.

 

(xxxiv)                 “Proceeds” has the meaning specified therefor in Section 2(r) hereof.

 

(xxxv)                  “PTO” means the United States Patent and Trademark Office.

 

(xxxvi)                 “Real
Property” means any estates or interests in real property now owned or hereafter acquired by any Grantor and the improvements
thereto.

 

(xxxvii)                “Record”
means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form.

 

(xxxviii)               “Secured Obligations” means, collectively, (A) the Obligations (including the Guaranteed Obligations),
(B) the Secured Cash Management Obligations and (C) the Secured Swap Agreement Obligations.

 

(xxxix)                  “Security Interest” has the meaning specified therefor in Section 2 hereof.

 

(xl)                       “Supporting Obligations” means supporting obligations (as such term is defined in the Code), and includes
letters of credit and guaranties issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment
Property.

 

(xli)                      “Term
Collateral Agent” has the meaning specified therefor in the Intercreditor Agreement.

 

(xlii)                     “Term Priority Collateral” has the meaning specified therefor in the Intercreditor Agreement.

 

(xliii)                    “Trademarks”
means any and all trademarks, trade names, registered trademarks, trademark applications, service marks, registered service marks
and service mark applications, including (A) the trade names, registered trademarks, trademark applications, registered service
marks and service mark applications listed on Schedule 6, (B) all renewals thereof, (C) all income, royalties,
damages and payments now and hereafter due or payable under and with respect thereto, including payments under all licenses entered
into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (D) the right
to sue for past, present and future infringements and dilutions thereof, (E) the goodwill of each Grantor’s business
symbolized by the foregoing or connected therewith, and (F) all of each Grantor’s rights corresponding thereto throughout
the world.

 

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(xliv)                   “Trademark
Security Agreement” means each Trademark Security Agreement executed and delivered by Grantors, or any of them, and
Administrative Agent, in substantially the form of Exhibit D.

 

(xlv)                    “URL”
means “uniform resource locator,” an internet web address.

 

      (b)          This
Agreement shall be subject to the rules of construction set forth in Section 1.03 of the Credit Agreement, and such rules
of construction are incorporated herein by this reference, mutatis mutandis.

 

      (c)          All of the schedules and exhibits attached to this Agreement shall be deemed incorporated herein by reference.

 

2.                  
Grant of Security. Each Grantor hereby unconditionally grants, assigns, and pledges to Administrative Agent, for
the benefit of each of the Secured Parties, to secure the Secured Obligations (whether now existing or hereafter arising), a continuing
security interest (hereinafter referred to as the “Security Interest”) in all of such Grantor’s right,
title, and interest in and to the following, whether now owned or hereafter acquired or arising and wherever located (the “Collateral”):

 

      (a)          all
of such Grantor’s Accounts;

 

      (b)          all
of such Grantor’s Books;

 

      (c)          all
of such Grantor’s Chattel Paper;

 

      (d)          all
of such Grantor’s Commercial Tort Claims listed on Schedule 1;

 

      (e)          all
of such Grantor’s Deposit Accounts;

 

      (f)           all
of such Grantor’s Equipment;

 

      (g)          all
of such Grantor’s Farm Products;

 

      (h)          all
of such Grantor’s Fixtures;

 

      (i)           all
of such Grantor’s General Intangibles;

 

      (j)           all
of such Grantor’s Inventory;

 

      (k)          all
of such Grantor’s Investment Property;

 

      (l)           all
of such Grantor’s Intellectual Property and Intellectual Property Licenses;

 

      (m)         all
of such Grantor’s Negotiable Collateral (including any Pledged Notes);

 

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      (n)          all
of such Grantor’s Pledged Interests (including all of such Grantor’s Pledged Operating Agreements and Pledged Partnership
Agreements);

 

      (o)          all
of such Grantor’s Securities Accounts;

 

      (p)          all
of such Grantor’s Supporting Obligations;

 

      (q)          all
of such Grantor’s money, Cash Equivalents, or other assets of such Grantor that now or hereafter come into the possession,
custody, or control of Administrative Agent (or its agent or designee) or any other Secured Party; and

 

      (r)            all of the proceeds and products, whether tangible or intangible, of any of the foregoing, including proceeds of insurance
or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel Paper,
Deposit Accounts, Equipment, Farm Products, Fixtures, General Intangibles, Inventory, Investment Property, Intellectual Property,
Negotiable Collateral, Pledged Interests, Securities Accounts, Supporting Obligations, money, or other tangible or intangible property
resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, the proceeds of any
award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all proceeds
of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, and all proceeds of any loss of, damage
to, or destruction of the above, whether insured or not insured, and, to the extent not otherwise included, any indemnity, warranty,
or guaranty payable by reason of loss or damage to, or otherwise with respect to any of the foregoing (the “Proceeds”).
Without limiting the generality of the foregoing, the term “Proceeds” includes whatever is receivable or received when
Investment Property or proceeds are sold, exchanged, collected, or otherwise disposed of, whether such disposition is voluntary
or involuntary, and includes proceeds of any indemnity or guaranty payable to any Grantor or any Secured Party from time to time
with respect to any of the Investment Property.

 

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Notwithstanding anything
contained in this Agreement to the contrary, the term “Collateral” shall not include the following (collectively, the
“Excluded Assets”): (i) motor vehicles and other assets subject to certificates of title (except to the
extent a security interest therein can be perfected by the filing of Uniform Commercial Code financing statements); (ii) any
rights or interest in any Real Estate Asset that is not a Material Real Estate Asset; (iii) any United States intent-to-use
trademark applications to the extent that, and solely during the period in which, the grant of a security interest therein would
impair the validity or enforceability of such intent-to-use trademark or service mark applications under applicable federal law;
provided, that upon submission and acceptance by the PTO of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a)
(or any successor provision), such intent-to-use trademark application shall be considered Collateral; (iv) Capital Stock
in any Person, other than any wholly-owned Subsidiary of a Grantor, to the extent a security interest therein is not permitted
by the terms of such Person’s organizational documents or joint venture documents (in each case, as in effect on the date
such Capital Stock was acquired), solely to the extent that (1) such joint venture or other investment is permitted under
Section 6.07 of the Credit Agreement and (2) such restriction was not created or entered into in contemplation of the
acquisition of such Capital Stock; provided that the exclusion in this clause (iv) shall in no way be construed to
apply to the extent that any described prohibition is ineffective under Sections 9-406, 9-407, 9-408, or 9-409 of the Code
(or any successor provision or provisions) or other applicable law (including the Bankruptcy Code) or applicable principles of
equity; provided further, that immediately upon the ineffectiveness (and for so long as it remains ineffective), lapse or
termination of any such restriction, the Collateral shall include, and such Grantor shall be deemed to have granted a security
interest in, all such Capital Stock as if such restriction had never been in effect (it being understood that no Capital Stock
constitutes an Excluded Asset under this clause (iv) as of the Closing Date); (v) any lease, license or other agreement
to which a Grantor is a party, or any property subject to a purchase money security interest, Capital Lease or similar arrangement,
in each case, to the extent that a grant of a security interest therein in favor of Administrative Agent would constitute a default
or forfeiture under, or violate or invalidate, such lease, license or other agreement, or such purchase money security interest,
Capital Lease or similar arrangement, or create a right of termination in favor of any other party thereto (other than a Grantor
or a Subsidiary of a Grantor), solely to the extent that (1) such lease, license or other agreement, or such purchase money
security interest, Capital Lease or similar arrangement is permitted under the Loan Documents and (2) such default, forfeiture,
prohibition, invalidation or right of termination (as applicable) was not created in contemplation of this Agreement or any other
Loan Document; provided that the exclusion in this clause (v) shall in no way be construed to apply to the extent that
any described default, forfeiture, restriction, prohibition, invalidation or right of termination (as applicable) is ineffective
under Sections 9-406, 9-407, 9-408, or 9-409 of the Code (or any successor provision or provisions) or other applicable law
(including the Bankruptcy Code) or applicable principles of equity; provided further, that immediately upon the ineffectiveness
(and for so long as it remains ineffective), lapse or termination of any such default, forfeiture, prohibition, restriction, invalidation
or right of termination, the Collateral shall include, and such Grantor shall be deemed to have granted a security interest in,
all such lease, license or other agreement, or such property subject to purchase money security interest, Capital Lease or similar
arrangement as if such default, forfeiture, prohibition, restriction, invalidation or right of termination had never been in effect;
(vi) any property or assets with respect to which the granting of security interests in such assets would (1) be prohibited
by applicable law, rule or regulation, (2) be prohibited under the terms of any contractual obligation binding on the applicable
Grantor at the time the applicable property or asset was acquired (so long as such prohibition was not entered into in contemplation
of such acquisition), or (3) require the consent, approval, license or authorization of any Person (including any Governmental
Authority) (other than a Grantor or a Subsidiary of a Grantor) (so long as such consent, approval, license or authorization right
(as applicable) was not created in contemplation of this Agreement or any other Loan Document); provided that the exclusion
in this clause (vi) shall in no way be construed to apply to the extent that any described restriction, prohibition, or requirement
of consent, approval, license or authorization is ineffective under Sections 9-406, 9-407, 9-408, or 9-409 of the Code (or
any successor provision or provisions) or other applicable law (including the Bankruptcy Code) or applicable principles of equity;
provided further, that immediately upon the ineffectiveness (and for so long as it remains ineffective), lapse or termination
of any such law, rule, regulation, term, prohibition, condition or requirement, the Collateral shall include, and such Grantor
shall be deemed to have granted a security interest in, all such property or assets as if such law, rule, regulation, term, prohibition,
condition or requirement had never been in effect; (vii) assets located outside the United States to the extent a security
interest in such assets could reasonably be expected to result in material adverse tax consequences to the Grantors, as determined
in good faith by the Lead Borrower in consultation with the Administrative Agent; (viii) the Excluded Accounts described in
clauses (1), (4) and (5) of the definition thereof in the Credit Agreement; (ix) any Margin Stock (including any Margin
Stock held through a Securities Account); (x) Capital Stock of any Excluded Entities to the extent a pledge thereof is prohibited
by the terms of such Person’s third party Indebtedness (so long as such prohibition was not created in contemplation of this
Agreement or any other Loan Document); provided further, that immediately upon any Subsidiary ceasing to be an Excluded
Entity, or upon the ineffectiveness (and for so long as it remains ineffective), lapse or termination of any such prohibition,
the Collateral shall include, and such Grantor shall be deemed to have granted a security interest in, all Capital Stock of such
Subsidiary as if such Subsidiary had never been an Excluded Entity or as if such prohibition had never been in effect; (xi) those
assets as to which Lead Borrower and Administrative Agent mutually agree in writing that the cost and/or burden of obtaining a
grant of a Lien on such assets to secure the Secured Obligations outweighs the benefit to the Secured Parties; (xii) (I) Letter
of Credit Rights, which individually have a value or face amount of less than or equal to the De Minimis Amount (except to the
extent a security interest therein can be perfected by the filing of Uniform Commercial Code financing statements) and (II) Letter
of Credit Rights which individually have a value or face amount of greater than the De Minimis Amount, which in the aggregate at
any one time for all such Letter of Credit Rights, have an aggregate value or face amount of $500,000 or less (except to the extent
a security interest therein can be perfected by the filing of Uniform Commercial Code financing statements); and (xiii) (I) any
commercial tort claims, which individually have an aggregate amount claimed that is less than or equal to the De Minimis Amount
and (II) commercial tort claims which individually have an aggregate amount claimed that is greater than the De Minimis Amount,
which in the aggregate at any one time for all such commercial tort claims, have an aggregate amount claimed that is not in excess
of $500,000; provided, that (A) Excluded Assets shall not include, and the foregoing exclusions shall in no way be
construed to limit, impair, or otherwise affect any of Administrative Agent’s continuing security interests in and liens
upon any rights or interests of any Grantor in or to, (1) monies due or to become due, or any income stream, receivables,
payment intangibles or proceeds arising, under or in connection with any of the property or assets described in the foregoing clauses (i)
through (xiii), or (2) any proceeds from the sale, license, lease, or other disposition of any such property or assets, in
each case, other than to the extent such monies, income stream, receivables, payment intangibles or proceeds otherwise qualify
as Excluded Assets, (B) the Proceeds of any Excluded Assets shall not constitute Excluded Assets (unless such Proceeds otherwise
qualify as Excluded Assets), and (C) the Grantors shall from time to time at the reasonable request of Administrative Agent,
give written notice to Administrative Agent identifying in reasonable detail the Excluded Assets and shall provide to Administrative
Agent such other information regarding the Excluded Assets as Administrative Agent may reasonably request.

 

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3.                  
Security for Secured Obligations. The Security Interest created hereby secures the payment and performance of the
Secured Obligations, whether now existing or arising hereafter. Without limiting the generality of the foregoing, this Agreement
secures the payment of all amounts which constitute part of the Secured Obligations and would be owed by Grantors, or any of them,
to the Secured Parties, or any of them, but for the fact that they are unenforceable or not allowable (in whole or in part) as
a claim in an Insolvency Proceeding involving any Grantor due to the existence of such Insolvency Proceeding. Further, the Security
Interest created hereby encumbers each Grantor’s right, title, and interest in all Collateral, whether now owned by such
Grantor or hereafter acquired, obtained, developed, or created by such Grantor and wherever located.

 

4.                  
Grantors Remain Liable. Anything herein to the contrary notwithstanding, (a) each of the Grantors shall remain
liable under the contracts and agreements included in the Collateral, including the Pledged Operating Agreements and the Pledged
Partnership Agreements, to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not
been executed, (b) the exercise by Administrative Agent or any other Secured Party of any of the rights hereunder shall not
release any Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) none
of the Secured Parties shall have any obligation or liability under such contracts and agreements included in the Collateral by
reason of this Agreement, nor shall any of the Secured Parties be obligated to perform any of the obligations or duties of any
Grantors thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default
shall occur and be continuing, except as otherwise provided in this Agreement, the Credit Agreement, or any other Loan Document,
Grantors shall have the right to possession and enjoyment of the Collateral for the purpose of conducting their respective businesses,
subject to and upon the terms hereof and of the Credit Agreement and the other Loan Documents. Without limiting the generality
of the foregoing, it is the intention of the parties hereto that record and beneficial ownership of the Pledged Interests, including
all voting, consensual, dividend, and distribution rights, shall remain in the applicable Grantor until (i) the occurrence
and continuance of an Event of Default, and (ii) Administrative Agent has notified the applicable Grantor of Administrative
Agent’s election to exercise such rights with respect to the Pledged Interests pursuant to Section 15.

 

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5.                  
Representations and Warranties. In order to induce Administrative Agent to enter into this Agreement for the benefit
of the Secured Parties, each Grantor makes the following representations and warranties to Administrative Agent and the other Secured
Parties which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not
be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof),
as of the Closing Date, and shall be true, correct, and complete, in all material respects (except that such materiality qualifier
shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof), as of the date of the making of each Credit Extension made thereafter, as though made on and as of the date of such Credit
Extension (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations
and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) as of such earlier
date) and such representations and warranties shall survive the execution and delivery of this Agreement:

 

      (a)          The
name (within the meaning of Section 9-503 of the Code) and jurisdiction of organization of each Grantor is set forth on Schedule 7
(as such Schedule may be updated from time to time to reflect changes permitted under the Loan Documents).

 

      (b)          The
chief executive office of each Grantor is located at the address indicated on Schedule 7 (as such Schedule may be
updated from time to time to reflect changes permitted under the Loan Documents).

 

      (c)          Each Grantor’s tax identification numbers are identified on Schedule 7 (as such Schedule may be updated
from time to time to reflect changes permitted under the Loan Documents).

 

      (d)          As
of the Closing Date, no Grantor holds any Commercial Tort Claim with an amount claimed that exceeds $250,000 individually for
such Commercial Tort Claims, except as set forth on Schedule 1.

 

      (e)          [Reserved].

 

      (f)           Schedule 8 sets forth all Real Property that is a Material Real Estate Asset owned by any of the Grantors as
of the Closing Date.

 

      (g)          As
of the Closing Date: (i) Schedule 2 provides a complete and correct list of all registered Copyrights and applications
for registration of Copyrights owned by any Grantor, (ii) Schedule 3 provides a complete and correct list of
all exclusive Intellectual Property Licenses with respect to registered Intellectual Property entered into by any Grantor pursuant
to which (A) any Grantor has provided any license or other rights in registered Intellectual Property owned or controlled
by such Grantor to any other Person, or (B) any Person has granted to any Grantor any license or other rights in registered
Intellectual Property owned or controlled by such Person that is material to the business of such Grantor, including any such
Intellectual Property that is incorporated in any Inventory, software, or other product marketed, sold, licensed, or distributed
by such Grantor (collectively, “Exclusive IP Licenses”), (iii) Schedule 4 provides a complete
and correct list of all Patents owned by any Grantor and all applications for Patents owned by any Grantor, and (iv) Schedule 6
provides a complete and correct list of all registered Trademarks owned by any Grantor, and all applications for registration
of Trademarks owned by any Grantor.

 

    	 	10	 

     

    

      (h)          (i)
                  (A) Each Grantor owns, or holds licenses in, or otherwise has the right to use all Material Intellectual Property that
is used in the conduct of its business as currently conducted, and (B) all employees and contractors of each Grantor who
were involved in the creation or development of any Material Intellectual Property for such Grantor that is used in the
conduct of the business of such Grantor as currently conducted have signed agreements containing assignment of Intellectual
Property rights to such Grantor and obligations of confidentiality;

 

 (ii)                  to
each Grantor’s knowledge, no Person has infringed or misappropriated or is currently infringing or misappropriating any
Intellectual Property rights owned by such Grantor, in each case, that either individually or in the aggregate could reasonably
be expected to result in a Material Adverse Effect;

 

 (iii)                 to
each Grantor’s knowledge, all registered and issued Material Intellectual Property that is owned by such Grantor is valid,
subsisting and enforceable and in compliance with all legal requirements, filings, and payments and other actions that are required
to maintain such Intellectual Property in full force and effect; and

 

 (iv)                 each
Grantor has taken reasonable steps to maintain the confidentiality of and otherwise protect and enforce its rights in all trade
secrets constituting Material Intellectual Property owned by such Grantor.

 

      (i)           This
Agreement creates a valid security interest in the Collateral of each Grantor, to the extent a security interest therein can be
created under the Code, securing the payment of the Secured Obligations. Except to the extent a security interest in the Collateral
cannot be perfected by the filing of a financing statement under the Code, all filings to perfect such security interest have
been duly taken or will have been taken upon the filing of financing statements listing each applicable Grantor, as a debtor,
and Administrative Agent, as secured party, in the jurisdictions listed next to such Grantor’s name on Schedule 9.
Upon the making of such filings, Administrative Agent shall have a First Priority perfected security interest in the Collateral
of each Grantor to the extent such security interest can be perfected by the filing of a financing statement under the Code. Upon
filing of any Copyright Security Agreement with the United States Copyright Office, filing of any Patent Security Agreement and
any Trademark Security Agreement with the PTO, and the filing of appropriate financing statements in the jurisdictions listed
on Schedule 9, all action necessary to perfect and to the extent required by this Agreement and the other Loan Documents,
protect the Security Interest in and on each Grantor’s United States issued Patents, registered Trademarks, or registered
Copyrights has been taken and such perfected Security Interest is enforceable as such as against any and all creditors of and
purchasers from any Grantor of such Intellectual Property. All action by any Grantor required by this Agreement and the other
Loan Documents, to protect and perfect such security interest on each item of Collateral has been duly taken.

 

      (j)           (i) Except for the Security Interest created hereby, each Grantor is and will at all times be the sole holder of record
and the legal and beneficial owner, free and clear of all Liens other than Permitted Liens, of the Pledged Interests indicated
on Schedule 5 as being owned by such Grantor and, when acquired by such Grantor, any Pledged Interests acquired after
the Closing Date, (ii) all of the Pledged Interests are duly authorized, validly issued, fully paid and non-assessable and
the Pledged Interests constitute or will constitute the percentage of the issued and outstanding Capital Stock of the Pledged Companies
of such Grantor identified on Schedule 5 as supplemented or modified by any Pledged Interests Addendum or any Joinder
to this Agreement, (iii) such Grantor has the right and requisite authority to pledge, the Investment Property pledged by
such Grantor to Administrative Agent as provided herein, (iv) all actions necessary to perfect and establish a First Priority
Lien, or to the extent otherwise required by this Agreement and the other Loan Documents, to otherwise protect, Administrative
Agent’s Liens in the Investment Property, and the proceeds thereof, have been duly taken, upon (A) the execution and
delivery of this Agreement, (B) the taking of possession by Administrative Agent (or its agent or designee) of any certificates
representing the Pledged Interests, to the extent such Pledged Interests are represented by certificates, together with undated
powers (or other documents of transfer acceptable to Administrative Agent) endorsed in blank by the applicable Grantor, (C) the
filing of financing statements in the applicable jurisdiction set forth on Schedule 9 for such Grantor with respect
to the Pledged Interests of such Grantor that are not represented by certificates, and (D) with respect to any Securities
Accounts (other than Excluded Accounts), the delivery of Control Agreements with respect thereto, and (v) each Grantor has
delivered to and deposited with Administrative Agent all certificates representing the Pledged Interests owned by such Grantor
to the extent such Pledged Interests are represented by certificates, and undated powers (or other documents of transfer acceptable
to Administrative Agent) endorsed in blank with respect to such certificates. None of the Pledged Interests owned or held by such
Grantor has been issued or transferred in violation of any securities registration, securities disclosure, or similar laws of any
jurisdiction to which such issuance or transfer may be subject.

 

    	 	11	 

     

    

      (k)          No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any Governmental
Authority or any other Person is required (i) for the grant of a Security Interest by such Grantor in and to the Collateral
pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by such Grantor or (ii) for the
exercise by Administrative Agent of the voting or other rights provided for in this Agreement with respect to the Investment Property
or the remedies in respect of the Collateral pursuant to this Agreement, except (A) as may be required in connection with
such disposition of Investment Property by laws affecting the offering and sale of securities generally, (B) for consents,
approvals, authorizations, or other orders or actions that have already been obtained or given (as applicable) and that are still
in force, and (C) the filing of financing statements and other filings necessary to perfect the Security Interests granted
hereby. No Intellectual Property License of any Grantor relating to any Licensed Trademarks constituting Material ABL IP Rights
requires any consent of any other Person that has not been obtained in order for Administrative Agent to enforce any of its remedies
under the Loan Documents with respect to ABL Priority Collateral.

 

      (l)           As
to all limited liability company or partnership interests, issued under any Pledged Operating Agreement or Pledged Partnership
Agreement, each Grantor hereby represents and warrants that the Pledged Interests issued pursuant to such agreement (i) are
not dealt in or traded on securities exchanges or in securities markets, (ii) do not constitute investment company securities,
and (iii) are not held by such Grantor in a Securities Account. In addition, none of the Pledged Operating Agreements, the
Pledged Partnership Agreements, or any other agreements governing any of the Pledged Interests issued under any Pledged Operating
Agreement or Pledged Partnership Agreement, provides that such Pledged Interests are securities governed by Article 8 of
the Uniform Commercial Code as in effect in any relevant jurisdiction.

 

      (m)         As
to any Credit Card Receivables, (i) no amount payable to any Grantor under or in connection with any Credit Card Receivable
is evidenced by any Instrument or Chattel Paper which has not been delivered to Administrative Agent to the extent required pursuant
to this Agreement, (ii) none of the obligors on any Credit Card Receivable is a Governmental Authority, and (iii) except
as would not be reasonably expected to result in a Material Adverse Effect, there are no facts, events or occurrences which would
impair the validity of any Credit Card Receivable, or tend to reduce the amount payable thereunder from the face amount of the
claim or invoice or statements delivered to Administrative Agent with respect thereto (other than arising in the ordinary course
of business).

 

    	 	12	 

     

    

6.                  
Covenants. Each Grantor, jointly and severally, covenants and agrees with Administrative Agent that from and after
the date of this Agreement and until the date of termination of this Agreement in accordance with Section 22:

 

      (a)          Possession of Collateral. In the event that any Collateral, including Proceeds, is evidenced by or consists of Drafts,
Documents, Certificated Securities, Promissory Notes, or tangible Chattel Paper having at any one time an aggregate value of $1,500,000
or more for all such Drafts, Documents, Certificated Securities, Promissory Notes, or tangible Chattel Paper, the Grantors shall
promptly (and in any event within thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) after
acquisition thereof), notify Administrative Agent thereof, and if and to the extent that perfection or priority of Administrative
Agent’s Security Interest is dependent on or enhanced by possession, the applicable Grantor, promptly (and in any event within
five (5) Business Days (or such longer period as agreed to in writing by Administrative Agent)) after request by Administrative
Agent, shall execute such other documents and instruments as shall be requested by Administrative Agent or, if applicable, endorse
and deliver physical possession of such Drafts, Documents, Certificated Securities, Promissory Notes, or tangible Chattel Paper
to Administrative Agent, together with such undated powers (or other relevant document of transfer acceptable to Administrative
Agent) endorsed in blank as shall be requested by Administrative Agent, and shall do such other acts or things, reasonably deemed
necessary or desirable by Administrative Agent to protect Administrative Agent’s Security Interest therein, to the extent
otherwise required by this Agreement and the other Loan Documents; provided that (x) no Grantor shall be required to
notify the Administrative Agent or endorse and/or deliver physical possession of any Draft, Document, Certificated Security, Promissory
Note or tangible Chattel Paper to the extent the individual value thereof is less than $250,000 and (y) the Administrative
Agent, in its sole discretion, may agree that delivery of physical possession of any such Drafts, Documents, Certificated Securities,
Promissory Notes, or tangible Chattel Paper (and related documents and instruments and endorsements, if applicable) shall not be
required.

 

      (b)          Chattel
Paper.

 

  (i)                    Promptly
(and in any event within five (5) Business Days (or such longer period as agreed to in writing by Administrative Agent)) after
request by Administrative Agent, each Grantor shall take all steps reasonably necessary to grant Administrative Agent control
of all electronic Chattel Paper, which individually has a value or face amount greater than the De Minimis Amount, in accordance
with the Code and all “transferable records” as that term is defined in Section 16 of the Uniform Electronic
Transaction Act and Section 201 of the federal Electronic Signatures in Global and National Commerce Act as in effect in
any relevant jurisdiction, but only to the extent that the aggregate value or face amount of all such electronic Chattel Paper
equals or exceeds at any one time, $500,000; and

 

  (ii)                   if any Grantor retains possession of any tangible Chattel Paper or Instruments (which retention of possession shall be subject
to the extent permitted hereby and by the Credit Agreement), promptly upon the request of Administrative Agent, such tangible Chattel
Paper and Instruments shall be marked with the following legend (or a similar legend as agreed to by Administrative Agent): “This
writing and the obligations evidenced or secured hereby are subject to the Security Interest of Citizens Bank, N.A., as Administrative
Agent for the benefit of the Secured Parties”.

 

      (c)          [Reserved].

 

      (d)          Letter-of-Credit
Rights. If the Grantors (or any of them) are or become the beneficiary of any letters of credit which individually have undrawn
amounts thereon greater than the De Minimis Amount, then the applicable Grantor or Grantors shall promptly (and in any event within
thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) after becoming a beneficiary), notify
Administrative Agent thereof and, promptly (and in any event within thirty (30) days (or such longer period as agreed to in writing
by Administrative Agent)) after request by Administrative Agent, enter into a tri-party agreement with Administrative Agent and
the issuer or confirming bank with respect to such Letter-of-Credit Rights assigning such Letter-of-Credit Rights to Administrative
Agent and directing all payments thereunder to the Deposit Account specified by Administrative Agent, all in form and substance
reasonably satisfactory to Administrative Agent, but only to the extent that the aggregate value or face amount of all such letters
of credit equals or exceeds at any one time, $500,000.

 

    	 	13	 

     

    

      (e)          Commercial Tort Claims. If the Grantors (or any of them) obtain any Commercial Tort Claims which individually have
a value, or involve an asserted claim, in excess of the De Minimis Amount, then the applicable Grantor or Grantors shall promptly
(and in any event within thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) of obtaining
such Commercial Tort Claims), notify Administrative Agent upon incurring or otherwise obtaining such Commercial Tort Claims and,
promptly (and in any event within five (5) Business Days (or such longer period as agreed to in writing by Administrative Agent))
after request by Administrative Agent, amend Schedule 1 to describe such Commercial Tort Claims in a manner that reasonably
identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to Administrative Agent, and hereby authorizes
the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims,
and agrees to do such other acts or things reasonably deemed necessary or desirable by Administrative Agent to give Administrative
Agent a First Priority perfected security interest in any such Commercial Tort Claims, but only to the extent that the aggregate
value, or asserted claims, of all such Commercial Tort Claims exceeds at any one time, $500,000.

 

      (f)           Government
Contracts. Other than Accounts and Chattel Paper the aggregate value of which does not at any one time exceed $2,500,000 in
the aggregate for all such Accounts and Chattel Paper, if any Account or Chattel Paper arises out of a contract or contracts with
the United States of America or any department, agency, or instrumentality thereof, Grantors shall promptly (and in any event
within thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) of the creation thereof) notify
Administrative Agent thereof and, promptly (and in any event within sixty (60) days (or such longer period as agreed to in writing
by Administrative Agent)) after request by Administrative Agent, execute any instruments or take any steps reasonably required
by Administrative Agent in order that all moneys due or to become due under such contract or contracts shall be assigned to Administrative
Agent, for the benefit of the Secured Parties, and shall provide written notice thereof under the Assignment of Claims Act or
other applicable law.

 

      (g)          Intellectual Property.

 

 (i)                   
Upon the request of Administrative Agent, in order to facilitate filings with the PTO and the United States Copyright Office,
each Grantor shall execute and deliver to Administrative Agent one or more Copyright Security Agreements, Trademark Security Agreements,
or Patent Security Agreements to further evidence Administrative Agent’s Lien on such Grantor’s United States issued
and registered Patents, Trademarks, or Copyrights;

 

    	 	14	 

     

    

 (ii)                  
Each Grantor shall take such steps, in such Grantor’s reasonable business judgment, to protect, enforce and
defend, at such Grantor’s expense, such Grantor’s Material Intellectual Property, including, as applicable, (A) to
enforce and defend, including, if determined to be appropriate in such Grantor’s reasonable business judgment, promptly suing
for any infringement, misappropriation, or dilution that could reasonably be expected to materially impact the value of any of
such Grantor’s Intellectual Property and to recover any and all damages for such infringement, misappropriation, or dilution,
and filing for opposition, interference, and cancellation against conflicting Intellectual Property rights of any Person, (B) to
reasonably prosecute any trademark application or service mark application that is part of the Trademarks pending as of the Closing
Date or hereafter until the termination of this Agreement, (C) to reasonably prosecute any patent application that is part
of the Patents pending as of the Closing Date or hereafter until the termination of this Agreement, (D) to take commercially
reasonable actions to preserve and maintain all of such Grantor’s Trademarks, Patents, Copyrights, Intellectual Property
Licenses, and its rights therein, including paying maintenance fees with respect thereto and filing of applications for renewal,
affidavits of use, and affidavits of noncontestability, and (E) to require all employees, consultants, and contractors of
each Grantor who were involved in the creation or development of such Intellectual Property to sign agreements containing assignment
of Intellectual Property rights and obligations of confidentiality, except, in each case, as could not reasonably be expected to
be material and adverse to the business of the Grantors as a whole. Except, in each case, as could not reasonably be expected to
be material and adverse to the business of the Grantors as a whole, each Grantor further agrees not to abandon any Material Intellectual
Property or Intellectual Property License that is necessary in or material to the conduct of such Grantor’s business. Each
Grantor hereby agrees to take the steps described in this Section 6(g)(ii) with respect to all new or acquired Material
Intellectual Property to which it or any of its Subsidiaries is now or later becomes entitled (except
for non-exclusive licenses of Patents, Trademarks, and other Intellectual Property rights granted by any Grantor in the ordinary
course of business and not interfering in any respect with the ordinary conduct of the business of such Grantor);

 

 (iii)                   Grantors
acknowledge and agree that the Secured Parties shall have no duties with respect to any Intellectual Property or Intellectual
Property Licenses of any Grantor. Without limiting the generality of this Section 6(g)(iii), Grantors acknowledge
and agree that no Secured Party shall be under any obligation to take any steps necessary to preserve rights in the Collateral
consisting of Intellectual Property or Intellectual Property Licenses against any other Person, any Secured Party may do so at
its option from and after the occurrence and during the continuance of an Event of Default, and all expenses incurred in connection
therewith (including reasonable fees and expenses of attorneys and other professionals) shall be for the sole account of Borrowers
and shall be chargeable to the Loan Account;

 

 (iv)                  On
each date on which a Compliance Certificate is required to be delivered pursuant to Section 5.01(d) of the Credit Agreement
(or, if an Event of Default has occurred and is continuing, more frequently if requested by Administrative Agent), each Grantor
shall provide Administrative Agent with a written report of all new Patents, Trademarks or Copyrights that are registered or the
subject of pending applications for registrations, and all Exclusive IP Licenses that are material to the conduct of such Grantor’s
business, in each case, which were acquired, registered, or for which applications for registration were filed by any Grantor
during the prior period and any statement of use or amendment to allege use with respect to intent-to-use trademark applications.
In the case of such registrations or applications therefor, which were acquired by any Grantor, each such Grantor shall file the
necessary documents with the United States Copyright Office, the PTO or the successor offices of the United States Copyright Office
or the PTO, as appropriate, identifying the applicable Grantor as the owner (or as a co-owner thereof, if such is the case) of
such Intellectual Property. In each of the foregoing cases, the applicable Grantor shall promptly cause to be prepared, executed,
and delivered to Administrative Agent supplemental schedules to the applicable Patent Security Agreement, Trademark Security Agreement
and Copyright Security Agreement to identify such Patent, Trademark and Copyright registrations and applications therefor (with
the exception of Trademark applications filed on an intent-to-use basis for which no statement of use or amendment to allege use
has been filed) and Exclusive IP Licenses (limited to Exclusive IP Licenses relating to registered U.S. Copyrights and applications
therefor) as being subject to the security interests created thereunder;

 

    	 	15	 

     

    

 (v)                   Anything
to the contrary in this Agreement notwithstanding, in no event shall any Grantor, either itself or through any agent, employee,
licensee, or designee, file an application for the registration of any Copyright with the United States Copyright Office or any
similar office or agency in another country without giving Administrative Agent written notice thereof at least ten (10) days
(or such shorter period as agreed to in writing by Administrative Agent) prior to such filing and complying with Section 6(g)(i),
and if available, each such application for registration shall be filed on an “expedited basis”. Upon receipt from
the United States Copyright Office of notice of registration of any Copyright, each Grantor shall promptly (but in no event later
than thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) following such receipt) notify (but
without duplication of any notice required by Section 6(g)(iv)) Administrative Agent of such registration by delivering,
or causing to be delivered, to Administrative Agent, documentation sufficient for Administrative Agent to perfect Administrative
Agent’s Liens on such Copyright. If any Grantor acquires from any Person any Copyright registered with the United States
Copyright Office or an application to register any Copyright with the United States Copyright Office, such Grantor shall promptly
(but in no event later than thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) following
such acquisition) notify Administrative Agent of such acquisition and deliver, or cause to be delivered, to Administrative Agent,
documentation sufficient for Administrative Agent to perfect Administrative Agent’s Liens on such Copyright. In the case
of such Copyright registrations or applications therefor which were acquired by any Grantor, each such Grantor shall promptly
(but in no event later than thirty (30) days (or such longer period as agreed to in writing by Administrative Agent) following
such acquisition) file the necessary documents with the United States Copyright Office identifying the applicable Grantor as the
owner (or as a co-owner thereof, if such is the case) of such Copyrights;

 

 (vi)                  Except
as could not reasonably be expected to be material and adverse to the business of the Grantors as a whole, each Grantor shall
take reasonable steps to maintain the confidentiality of, and otherwise protect and enforce its rights in its Material Intellectual
Property, including, as applicable (A) protecting the secrecy and confidentiality of its confidential information and trade
secrets by having and enforcing a reasonable policy requiring all current employees, consultants, licensees, vendors and contractors
who would reasonably be expected to have access to such information to execute appropriate confidentiality agreements, (B) taking
actions that would reasonably be expected to ensure that no trade secret falls into the public domain, and (C) protecting
the secrecy and confidentiality of the source code of all proprietary software programs and applications that are not publicly
available and of which it is the owner or licensee by having and enforcing a reasonable policy requiring any licensees (or sublicensees)
of such source code to enter into license agreements with commercially reasonable use and non-disclosure restrictions; and

 

 (vii)                 No Grantor shall enter into any Intellectual Property License that the Grantor reasonably believes would constitute or contain
Material ABL IP Rights unless such Grantor has used commercially reasonable efforts to permit the assignment of such Intellectual
Property License (and all rights of Grantor thereunder) to Administrative Agent (and any transferees of Administrative Agent);
provided (A) that the Grantor shall use commercially reasonable efforts to ensure that no such Intellectual Property
License shall restrict or prohibit Administrative Agent from enforcing any of its remedies under the Loan Documents with respect
to any of the Collateral and (B) in all events, all Material ABL IP Rights shall be subject to the Administrative Agent’s
right to use such Material ABL IP Rights pursuant to the license granted in Section 16(b) hereof.

 

      (h)          Investment
Property.

 

 (i)                     If any Grantor shall acquire, obtain, receive or become entitled to receive any Pledged Interests after the Closing
Date, it shall promptly (and in any event within thirty (30) days (or such longer period as agreed to in writing by Administrative
Agent) of acquiring or obtaining such Collateral) deliver to Administrative Agent a duly executed Pledged Interests Addendum identifying
such Pledged Interests;

 

    	 	16	 

     

    

 (ii)                    Upon
the occurrence and during the continuance of an Event of Default, following the request of Administrative Agent, all sums of money
and property paid or distributed in respect of the Pledged Interests that are received by any Grantor shall be held by the Grantors
in trust for the benefit of Administrative Agent segregated from such Grantor’s other property, and such Grantor shall deliver
it forthwith to Administrative Agent in the exact form received;

 

 (iii)                   Each
Grantor shall promptly deliver to Administrative Agent a copy of each material notice or other material communication received
by it in respect of any Pledged Interests;

 

 (iv)                   No
Grantor shall make or consent to any amendment or other modification or waiver with respect to any Pledged Interests, Pledged
Operating Agreement, or Pledged Partnership Agreement, or enter into any agreement or permit to exist any restriction with respect
to any Pledged Interests, in each case, if the same is prohibited pursuant to the Loan Documents;

 

 (v)                  
Each Grantor agrees that it will cooperate with Administrative Agent in obtaining all necessary approvals and making all
necessary filings under federal, state, local, or foreign law to effect the perfection of the Security Interest on the Investment
Property or to effect any sale or transfer thereof, in each case subject to Section 5.10 of the Credit Agreement with respect
to perfection actions (A) in any jurisdiction outside of the United States or any state thereof and (B) under any security
agreement or pledge governed by the laws of any jurisdiction other than the United States or any state thereof;

 

 (vi)                  As
to all limited liability company or partnership interests owned by such Grantor and issued under any Pledged Operating Agreement
or Pledged Partnership Agreement, each Grantor hereby covenants that the Pledged Interests issued pursuant to such agreement (A) are
not and shall not be dealt in or traded on securities exchanges or in securities markets, (B) do not and will not constitute
investment company securities, and (C) are not and will not be held by such Grantor in a securities account. In addition,
none of the Pledged Operating Agreements, the Pledged Partnership Agreements, or any other agreements governing any of the Pledged
Interests issued under any Pledged Operating Agreement or Pledged Partnership Agreement, provides or shall provide that such Pledged
Interests are securities governed by Article 8 of the Uniform Commercial Code as in effect in any relevant jurisdiction;
and

 

 (vii)                 With
regard to any Pledged Interests that are not certificated, to the extent any Grantor is an issuer of such non-certificated Pledged
Interests, such Grantor in its capacity as an issuer (i) agrees promptly to note on its books the security interests granted
to Administrative Agent and confirmed under this Agreement, (ii) agrees that after the occurrence and during the continuation
of an Event of Default, it will comply with instructions of Administrative Agent or its nominee with respect to the applicable
Pledged Interests without further consent by the applicable Grantor, (iii) to the extent permitted by law, agrees that the
“issuer’s jurisdiction” (as defined in Section 8-110 of the Code) is the State of New York, (iv) agrees
to notify Administrative Agent upon obtaining knowledge of any interest in favor of any person in the applicable Pledged Interests
that is materially adverse to the interest of Administrative Agent therein, other than any Permitted Liens and (v) waives
any right or requirement at any time hereafter to receive a copy of this Agreement in connection with the registration of any
Pledged Interests hereunder in the name of Administrative Agent or its nominee or the exercise of voting rights by Administrative
Agent or its nominee.

 

    	 	17	 

     

    

      (i)           Pledged Note. Grantors, without the prior written consent of Administrative Agent, will not (i) waive or release
the payment obligations on the maturity date of the Pledged Note of any Person obligated under the Pledged Note or (ii) release
any material portion of the collateral securing the obligations under the Pledged Note.

 

      (j)           Transfers
and Other Liens. Grantors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant
any option with respect to, any of the Collateral, except as permitted by the Credit Agreement, or (ii) create or permit
to exist any Lien upon or with respect to any of the Collateral of any Grantor, except for Permitted Liens. The inclusion of Proceeds
in the Collateral shall not be deemed to constitute Administrative Agent’s consent to any sale or other disposition of any
of the Collateral except as expressly permitted in this Agreement or the other Loan Documents.

 

      (k)          Motor
Vehicles. Promptly (and in any event within twenty (20) Business Days) after request by Administrative Agent (or such longer
period as agreed to in writing by Administrative Agent) with respect to all motor vehicles covered by a certificate of title owned
by any Grantor with an aggregate fair market value in excess of $7,500,000, such Grantor shall deliver to Administrative Agent
or Administrative Agent’s designee, the certificates of title for all such motor vehicles (other than certificates with
respect to any motor vehicles that are subject to Permitted Liens that are senior to the Administrative Agent’s security
interest hereunder) and promptly (and in any event within sixty (60) Business Days) after request by Administrative Agent (or
such longer period as agreed to in writing by Administrative Agent), such Grantor shall take all actions necessary to cause such
certificates (other than certificates with respect to any motor vehicles that are subject to Permitted Liens that are senior to
the Administrative Agent’s security interest hereunder) to be filed (with the Administrative Agent’s Lien noted thereon)
in the appropriate state motor vehicle filing office.

 

      (l)           Name,
Etc. No Grantor will change its name, chief executive office, jurisdiction of organization or organizational identity without
providing Administrative Agent written notice thereof promptly (and in any event within thirty (30) days (or such longer period
as agreed to in writing by Administrative Agent) after such change or, in the case of a change in jurisdiction of organization,
at least ten (10) days (or such shorter period as agreed to in writing by Administrative Agent) prior to such change).

 

      (m)         Credit Card Receivables.

 

 (i)                    Each
Grantor shall keep and maintain at its own cost and expense complete records of each Credit Card Receivable, in a manner consistent
with prudent business practice, including, without limitation, records of all payments received, all credits granted thereon,
all merchandise returned and all other documentation relating thereto. Each Grantor shall, at such Grantor’s sole cost and
expense, upon Administrative Agent’s demand made at any time after the occurrence and during the continuance of any Event
of Default, deliver all tangible evidence of all Credit Card Receivables, including, without limitation, all documents evidencing
such Credit Card Receivables and any books and records relating thereto to Administrative Agent or to its representatives (copies
of which evidence and books and records may be retained by such Grantor). Upon the occurrence and during the continuance of any
Event of Default, Administrative Agent may transfer a full and complete copy of any Grantor’s books, records, credit information,
reports, memoranda and all other writings relating to the Credit Card Receivables to and for the use by any Person that has acquired
or is contemplating acquisition of an interest in the Credit Card Receivables or Administrative Agent’s security interest
therein in accordance with applicable Requirements of Law without the consent of any Grantor.

 

 (ii)                   No
Grantor shall rescind or cancel any indebtedness evidenced by any Credit Card Receivable or modify any term thereof or make any
adjustment with respect thereto except in the ordinary course of business consistent with prudent business practice, or extend
or renew any such indebtedness except in the ordinary course of business consistent with prudent business practice or compromise
or settle any dispute, claim, suit or legal proceeding relating thereto or sell any Credit Card Receivable or interest therein
except in the ordinary course of business consistent with prudent business practice or in accordance with the Credit Agreement
without the prior written consent of Administrative Agent.

    	 	18	 

     

    

 

7.                  
Relation to Other Security Documents. The provisions of this Agreement shall be read and construed with the other
Loan Documents referred to below in the manner so indicated.

 

      (a)          Credit
Agreement. In the event of any conflict between any provision in this Agreement and a provision in the Credit Agreement, such
provision of the Credit Agreement shall control.

 

      (b)          Patent,
Trademark, Copyright Security Agreements. The provisions of the Copyright Security Agreements, Trademark Security Agreements,
and Patent Security Agreements are supplemental to the provisions of this Agreement, and nothing contained in any Copyright Security
Agreement, Trademark Security Agreement or Patent Security Agreement shall limit any of the rights or remedies of Administrative
Agent hereunder. In the event of any conflict between any provision in this Agreement and a provision in a Copyright Security
Agreement, Trademark Security Agreement or Patent Security Agreement, such provision of this Agreement shall control.

 

      (c)          Intercreditor Agreement.

 

 (i)                    Notwithstanding
anything herein to the contrary, the priority of the Lien and Security Interest granted to Administrative Agent and/or the other
Secured Parties pursuant to this Agreement and the exercise of the rights and remedies of Administrative Agent and/or the other
Secured Parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any direct conflict between
the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern
and control, except with respect to the scope of the assets included in Section 2 hereof.

 

 (ii)                   Notwithstanding
anything contained in this Agreement or any other Collateral Document, to the extent that the provisions of this Agreement (or
any other Collateral Document) require the delivery of, or granting of control over, or giving notice with respect to, any Term
Priority Collateral to Administrative Agent, then prior to the Discharge of Term Priority Obligations, delivery of such Collateral
(or control or notice with respect thereto) may instead be made to Term Collateral Agent, to be held in accordance with the GACP
Facility Loan Documents and the Intercreditor Agreement, and any Grantor’s obligations hereunder with respect to such delivery,
control or notice shall be deemed satisfied by such delivery to the Term Collateral Agent. Furthermore, at all times prior to
the Discharge of Term Priority Obligations, Administrative Agent is authorized by the parties hereto to effect transfers of such
Term Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to such
Collateral) to the Term Collateral Agent in accordance with the Intercreditor Agreement.

 

8.                  
Further Assurances.

 

      (a)           Each Grantor agrees that from time to time, at its own expense, such Grantor will promptly execute and deliver all further
instruments and documents, and take all further action, that Administrative Agent may reasonably request, in order to perfect and
protect the Security Interest granted hereby, to create, perfect or protect the Security Interest purported to be granted hereby
or to enable Administrative Agent to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral.

 

    	 	19	 

     

    

     (b)          Each
Grantor authorizes the filing by Administrative Agent of financing or continuation statements, or amendments thereto, and such
Grantor will execute and deliver to Administrative Agent such other instruments or notices, as Administrative Agent may reasonably
request, in order to perfect and preserve the Security Interest granted or purported to be granted hereby, to the extent required
by this Agreement or any other Loan Document.

 

     (c)           Each
Grantor authorizes Administrative Agent at any time and from time to time to file, transmit, or communicate, as applicable, financing
statements and amendments (i) describing the Collateral as “all personal property of debtor” or “all assets
of debtor” or words of similar effect, (ii) describing the Collateral as being of equal or lesser scope or with greater
detail, or (iii) that contain any information required by part 5 of Article 9 of the Code for the sufficiency or
filing office acceptance. Each Grantor also hereby ratifies any and all financing statements or amendments previously filed by
Administrative Agent in any jurisdiction.

 

     (d)           Each
Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect
to any financing statement filed in connection with this Agreement without the prior written consent of Administrative Agent,
subject to such Grantor’s rights under Section 9-509(d)(2) of the Code.

 

9.                  
Administrative Agent’s Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and during the
continuance of an Event of Default, Administrative Agent (or its designee) (a) may, to the extent permitted by law, proceed
to perform any and all of the obligations of any Grantor contained in any contract, lease, or other agreement constituting Collateral
and exercise any and all rights of any Grantor therein contained as fully as such Grantor itself could, (b) shall, to the
extent permitted by law, have the right (subject to Section 16(b)) to use any Grantor’s rights under Intellectual
Property Licenses in connection with the enforcement of Administrative Agent’s rights hereunder, including the right to prepare
for sale and sell any and all Inventory and Equipment now or hereafter owned by any Grantor and now or hereafter covered by such
licenses, and (c) shall have the right to request that any Capital Stock that are pledged hereunder be registered in the name
of Administrative Agent or any of its nominees.

 

10.                 Administrative
Agent Appointed Attorney-in-Fact. Each Grantor hereby irrevocably appoints Administrative Agent its attorney-in-fact, with
full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, at such time as an Event of
Default has occurred and is continuing under the Credit Agreement, to take any action and to execute any instrument which Administrative
Agent may reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:

 

     (a)           to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become
due under or in connection with the Accounts or any other Collateral of such Grantor;

 

     (b)          to
receive, indorse, and collect any drafts or other instruments, documents, Negotiable Collateral or Chattel Paper;

 

     (c)           to
file any claims or take any action or institute any proceedings which Administrative Agent may reasonably deem necessary or desirable
for the collection of any of the Collateral of such Grantor or otherwise to enforce the rights of Administrative Agent with respect
to any of the Collateral;

 

    	 	20	 

     

    

     (d)           to repair, alter, or supply goods, if any, necessary to fulfill in whole or in part the purchase order of any Person obligated
to such Grantor in respect of any Account of such Grantor;

 

     (e)           to
use, subject to the license granted in Section 16(b) hereof, any Intellectual Property or Intellectual Property Licenses
of such Grantor, including but not limited to any labels, Patents, Trademarks, trade names, URLs, domain names, industrial designs,
Copyrights, or advertising matter, in preparing for sale, advertising for sale, or selling Inventory or other Collateral and to
collect any amounts due under Accounts, contracts or Negotiable Collateral of such Grantor; and

 

     (f)            Administrative
Agent, on behalf of the Secured Parties, shall have the right, but shall not be obligated, to bring suit in its own name to enforce
the Intellectual Property and Intellectual Property Licenses and, if Administrative Agent shall commence any such suit, the appropriate
Grantor shall, at the request of Administrative Agent, do any and all lawful acts and execute any and all proper documents reasonably
required by Administrative Agent in aid of such enforcement.

 

To the extent permitted
by law, each Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This
power of attorney is coupled with an interest and shall be irrevocable until this Agreement is terminated.

 

11.                 Administrative
Agent May Perform. If any Grantor fails to perform any agreement contained herein, Administrative Agent may itself perform,
or cause performance of, such agreement, and the reasonable expenses of Administrative Agent incurred in connection therewith
shall be payable, jointly and severally, by Grantors in accordance with the terms of the Credit Agreement.

 

12.                 Administrative
Agent’s Duties. The powers conferred on Administrative Agent hereunder are solely to protect Administrative Agent’s
interest in the Collateral, for the benefit of the Secured Parties, and shall not impose any duty upon Administrative Agent to
exercise any such powers. Except for the safe custody of any Collateral in its actual possession and the accounting for moneys
actually received by it hereunder, Administrative Agent shall have no duty as to any Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to any Collateral. Administrative Agent shall be
deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral
is accorded treatment substantially equal to that which Administrative Agent accords its own property.

 

13.                 Collection
of Accounts, General Intangibles and Negotiable Collateral. At any time upon the occurrence and during the continuance of
an Event of Default, Administrative Agent or Administrative Agent’s designee may (a) make direct verification from
Account Debtors with respect to any or all Accounts that are part of the Collateral, (b) notify Account Debtors of any Grantor
that the Accounts, General Intangibles, Chattel Paper or Negotiable Collateral of such Grantor have been assigned to Administrative
Agent, for the benefit of the Secured Parties, or that Administrative Agent has a security interest therein, or (c) collect
the Accounts, General Intangibles and Negotiable Collateral of any Grantor directly, and any reasonable collection costs and expenses
shall constitute part of such Grantor’s Secured Obligations under the Loan Documents.

 

14.                 Disposition
of Pledged Interests by Administrative Agent. None of the Pledged Interests existing as of the Closing Date are, and other
than to the extent hereafter disclosed, none of the Pledged Interests hereafter acquired on the date of acquisition thereof will
be, registered or qualified under the various federal or state securities laws of the United States and to the extent not so registered
or qualified, disposition thereof after an Event of Default has occurred and is continuing may be restricted to one or more private
(instead of public) sales in view of the lack of such registration. Each Grantor understands that in connection with such disposition,
Administrative Agent may approach only a restricted number of potential purchasers and further understands that a sale under such
circumstances may yield a lower price for the Pledged Interests than if the Pledged Interests were registered and qualified pursuant
to federal and state securities laws and sold on the open market. Each Grantor, therefore, agrees that: (a) if Administrative
Agent shall, pursuant to the terms of this Agreement, sell or cause the Pledged Interests or any portion thereof to be sold at
a private sale, Administrative Agent shall have the right to rely upon the advice and opinion of any nationally recognized brokerage
or investment firm (but shall not be obligated to seek such advice and the failure to do so shall not be considered in determining
the commercial reasonableness of such action) as to the best manner in which to offer the Pledged Interest or any portion thereof
for sale and as to the best price reasonably obtainable at the private sale thereof, and (b) such reliance shall be conclusive
evidence that Administrative Agent has handled the disposition in a commercially reasonable manner.

 

    	 	21	 

     

    

15.                 Voting
and Other Rights in Respect of Pledged Interests.

 

     (a)           Upon
the occurrence and during the continuation of an Event of Default, (i) Administrative Agent may, at its option, and in addition
to all rights and remedies available to Administrative Agent under any other agreement, at law, in equity, or otherwise, exercise
all voting rights, or any other ownership or consensual rights (including any dividend or distribution rights) in respect of the
Pledged Interests owned by such Grantor, but under no circumstances is Administrative Agent obligated by the terms of this Agreement
to exercise such rights, and (ii) if Administrative Agent duly exercises its right to vote any of such Pledged Interests,
each Grantor hereby appoints Administrative Agent, such Grantor’s true and lawful attorney-in-fact and IRREVOCABLE PROXY
to vote such Pledged Interests in any manner Administrative Agent deems advisable for or against all matters submitted or which
may be submitted to a vote of shareholders, partners or members, as the case may be. The power-of-attorney and proxy granted hereby
is coupled with an interest and shall be irrevocable.

 

     (b)           For
so long as any Grantor shall have the right to vote the Pledged Interests owned by it, such Grantor covenants and agrees that
it will not, without the prior written consent of Administrative Agent, vote or take any consensual action with respect to such
Pledged Interests in violation of this Agreement or any other Loan Document.

 

16.                
Remedies.

 

     (a)           Upon
the occurrence and during the continuance of an Event of Default, Administrative Agent may, and, at the instruction of the Required
Lenders, shall exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other
Loan Documents, or otherwise available to it, all the rights and remedies of a secured party on default under the Code or any
other applicable law. Without limiting the generality of the foregoing, each Grantor expressly agrees that, in any such event,
Administrative Agent without demand of performance or other demand, advertisement or notice of any kind (except a notice specified
below of time and place of public or private sale) to or upon any Grantor or any other Person (all and each of which demands,
advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code or any other applicable law),
may take immediate possession of all or any portion of the Collateral and (i) require Grantors to, and each Grantor hereby
agrees that it will at its own expense and upon request of Administrative Agent forthwith, assemble all or part of the Collateral
as directed by Administrative Agent and make it available to Administrative Agent at one or more locations where such Grantor
regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof
in one or more parcels at public or private sale, at any of Administrative Agent’s offices or elsewhere, for cash, on credit,
and upon such other terms as Administrative Agent may deem commercially reasonable. Each Grantor agrees that, to the extent notification
of sale shall be required by law, at least ten (10) days’ notification by mail to the applicable Grantor of the time and
place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification and specifically
such notification shall constitute a reasonable “authenticated notification of disposition” within the meaning of
Section 9-611 of the Code. Administrative Agent shall not be obligated to make any sale of Collateral regardless of notification
of sale having been given. Administrative Agent may adjourn any public sale from time to time by announcement at the time and
place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each
Grantor agrees that (A) the internet shall constitute a “place” for purposes of Section 9-610(b) of the
Code, and (B) to the extent notification of sale shall be required by law, notification by mail of the URL where a sale will
occur and the time when a sale will commence at least ten days prior to the sale shall constitute a reasonable notification for
purposes of Section 9-611(b) of the Code. Each Grantor agrees that any sale of Collateral to a licensor pursuant to the terms
of a license agreement between such licensor and a Grantor is sufficient to constitute a commercially reasonable sale (including
as to method, terms, manner, and time) within the meaning of Section 9-610 of the Code.

 

    	 	22	 

     

    

     (b)           Solely
for the purpose of enabling the Administrative Agent to exercise rights and remedies under this Section 16, at such time
as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants, to the
extent it has the right to grant, to the Administrative Agent an irrevocable (solely during the time in which the license under
this Section 16(b) is effective), nonexclusive license (exercisable only upon the occurrence and during the continuance
of an Event of Default and without payment of royalty or other compensation to such Grantor) to use, license or sublicense any
of the Intellectual Property now owned or hereafter acquired by such Grantor (regardless of whether such Intellectual Property
constitutes Collateral), and wherever the same may be located, and including in such license reasonable access to all media in
which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or
printout thereof; provided, that such license (i) shall not violate the express terms of any agreement between a Grantor
and any unaffiliated third party governing the applicable Grantor’s use of any of the foregoing Intellectual Property, or
give such third party any right of acceleration, modification or cancellation therein, (ii) is not prohibited by any applicable
Requirements of Law, and (iii) shall be subject, in the case of Trademarks, to sufficient rights of quality control and inspection
in favor of such Grantor to avoid the risk of invalidation of such Trademarks. The use of such license by the Administrative Agent
shall be exercised, at the option of the Administrative Agent, upon the occurrence and during the continuation of an Event of
Default; provided that any license, sublicense or other transaction entered into by the Administrative Agent in accordance
herewith shall be binding upon such Grantor notwithstanding any subsequent cure of an Event of Default. Any royalties and other
payments received by the Administrative Agent shall be applied in accordance with Section 16(d) hereof.

 

     (c)           Upon
the occurrence and during the continuance of an Event of Default, Administrative Agent may, in addition to other rights and remedies
provided for herein, in the other Loan Documents, or otherwise available to it under applicable law and without the requirement
of notice to or upon any Grantor or any other Person (which notice is hereby expressly waived to the maximum extent permitted
by the Code or any other applicable law), (i) with respect to any Grantor’s Deposit Accounts in which Administrative
Agent’s Liens are perfected by control under Section 9-104 of the Code, instruct the bank maintaining such Deposit
Account for the applicable Grantor to pay the balance of such Deposit Account to or for the benefit of Administrative Agent, and
(ii) with respect to any Grantor’s Securities Accounts in which Administrative Agent’s Liens are perfected by
control under Section 9-106 of the Code, instruct the securities intermediary maintaining such Securities Account for the
applicable Grantor to (A) transfer any cash in such Securities Account to or for the benefit of Administrative Agent, or
(B) liquidate any financial assets in such Securities Account that are customarily sold on a recognized market and transfer
the cash proceeds thereof to or for the benefit of Administrative Agent.

 

    	 	23	 

     

    

     (d)           Upon
the occurrence and during the continuance of an Event of Default, any cash held by Administrative Agent as Collateral and all
cash proceeds received by Administrative Agent in respect of any sale of, collection from, or other realization upon all or any
part of the Collateral shall be applied against the Secured Obligations in the order set forth in the Credit Agreement. In the
event the proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, each Grantor shall remain
jointly and severally liable for any such deficiency.

 

     (e)           Each
Grantor hereby acknowledges that the Secured Obligations arise out of a commercial transaction, and agrees that if an Event of
Default shall occur and be continuing Administrative Agent shall have the right to an immediate writ of possession without notice
of a hearing. Administrative Agent shall have the right to the appointment of a receiver for the properties and assets of each
Grantor, and each Grantor hereby consents to such rights and such appointment and hereby waives any objection such Grantor may
have thereto or the right to have a bond or other security posted by Administrative Agent.

 

17.                 Remedies Cumulative. Each right, power, and remedy of Administrative Agent or any Lender, as provided for in this
Agreement or the other Loan Documents now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative
and concurrent and shall be in addition to every other right, power, or remedy provided for in this Agreement or the other Loan
Documents now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise
by Administrative Agent, any Lender, of any one or more of such rights, powers, or remedies shall not preclude the simultaneous
or later exercise by Administrative Agent, such Lender of any or all such other rights, powers, or remedies.

 

18.                
Marshaling. Administrative Agent shall not be required to marshal any present or future collateral security (including
but not limited to the Collateral) for, or other assurances of payment of, the Secured Obligations or any of them or to resort
to such collateral security or other assurances of payment in any particular order, and all of its rights and remedies hereunder
and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights
and remedies, however existing or arising. To the extent that it lawfully may, each Grantor hereby agrees that it will not invoke
any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Administrative Agent’s
rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or
under which any of the Secured Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof
is otherwise assured, and, to the extent that it lawfully may, each Grantor hereby irrevocably waives the benefits of all such
laws.

 

19.                 Indemnity.
Each Grantor agrees to indemnify Administrative Agent and the Lenders from and against all claims, lawsuits and liabilities (including
reasonable attorneys’ fees) arising out of or resulting from this Agreement (including enforcement of this Agreement) in
accordance with and to the extent set forth in Section 10.03 of the Credit Agreement. This provision shall survive the termination
of this Agreement and the Credit Agreement and the repayment of the Secured Obligations.

 

20.                 Merger,
Amendments; Etc. THIS AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS
BETWEEN THE PARTIES. No waiver of any provision of this Agreement, and no consent to any departure by any Grantor herefrom, shall
in any event be effective unless the same shall be in writing and signed by Administrative Agent, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given. No amendment of any provision of
this Agreement shall be effective unless the same shall be in writing and signed by Administrative Agent and each Grantor to which
such amendment applies.

 

    	 	24	 

     

    

21.                 Addresses
for Notices. All notices and other communications provided for hereunder shall be given in the form and manner and delivered
to Administrative Agent at its address specified in the Credit Agreement, and to any of the Grantors at the notice address specified
for Lead Borrower in the Credit Agreement, or as to any party, at such other address as shall be designated by such party in a
written notice to the other party.

 

22.                
Continuing Security Interest: Assignments under Credit Agreement.

 

     (a)           This
Agreement shall create a continuing security interest in the Collateral and shall (i) remain in full force and effect until
the Termination Date, (ii) be binding upon each Grantor, and their respective successors and assigns, and (iii) inure
to the benefit of, and be enforceable by, Administrative Agent, and its successors, permitted transferees and permitted assigns.
Without limiting the generality of the foregoing clause (iii), any Lender may, solely in accordance with the provisions of
the Credit Agreement, assign or otherwise transfer all or any portion of its rights and obligations under the Credit Agreement
to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such
Lender herein or otherwise. Upon the occurrence of the Termination Date, the Security Interest granted hereby shall terminate
and all rights to the Collateral shall revert to Grantors or any other Person entitled thereto. At such time, upon Lead Borrower’s
request, Administrative Agent will (i) authorize the filing of appropriate termination statements to terminate such Security
Interest, (ii) terminate all control agreements entered into pursuant to this Agreement or any other Loan Document and (iii) return
to Lead Borrower, all Collateral in Administrative Agent’s or its agent’s possession. No transfer or renewal, extension,
assignment, or termination of this Agreement or of the Credit Agreement, any other Loan Document, or any other instrument or document
executed and delivered by any Grantor to Administrative Agent nor any additional loans made by any Lender to any Borrower, nor
the taking of further security, nor the retaking or re-delivery of the Collateral to Grantors, or any of them, by Administrative
Agent, nor any other act of the Secured Parties, or any of them, shall release any Grantor from any obligation, except a release
or discharge effected in accordance with the provisions of the Credit Agreement. Administrative Agent shall not by any act, delay,
omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and
signed by Administrative Agent and then only to the extent therein set forth. A waiver by Administrative Agent of any right or
remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which Administrative Agent
would otherwise have had on any other occasion.

 

     (b)           If
any Secured Party repays, refunds, restores, or returns in whole or in part, any payment or property (including any proceeds of
Collateral) previously paid or transferred to such Secured Party in full or partial satisfaction of any Secured Obligation or
on account of any other obligation of any Loan Party under any Loan Document, because the payment, transfer, or the incurrence
of the obligation so satisfied is asserted or declared to be void, voidable, or otherwise recoverable under any law relating to
creditors’ rights, including provisions of the Bankruptcy Code relating to fraudulent transfers, preferences, or other voidable
or recoverable obligations or transfers (each, a “Voidable Transfer”), or because such Secured Party elects
to do so on the reasonable advice of its counsel in connection with a claim that the payment, transfer, or incurrence is or may
be a Voidable Transfer, then, as to any such Voidable Transfer, or the amount thereof that such Secured Party elects
to repay, restore, or return (including pursuant to a settlement of any claim in respect thereof), and as to all reasonable costs,
expenses, and external attorneys’ fees of such Secured Party related thereto, (i) the liability of the Loan Parties with
respect to the amount or property paid, refunded, restored, or returned will automatically and immediately be revived, reinstated,
and restored and will exist, and (ii) Administrative Agent’s Liens securing such liability shall be effective, revived,
and remain in full force and effect, in each case, as fully as if such Voidable Transfer had never been made. If, prior to any
of the foregoing, (A) Administrative Agent’s Liens shall have been released or terminated, or (B) any provision
of this Agreement shall have been terminated or cancelled, Administrative Agent’s Liens, or such provision of this Agreement,
shall be reinstated in full force and effect and such prior release, termination, cancellation or surrender shall not diminish,
release, discharge, impair or otherwise affect the obligation of any Loan Party in respect of such liability or any Collateral
securing such liability.

 

    	 	25	 

     

    

23.                 Survival. All representations and warranties made by the Grantors in this Agreement and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the making of any loans, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that Administrative Agent or any Lender may have had notice or
knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended under the
Credit Agreement, and shall continue in full force and effect as long as the principal of or any accrued interest on any loan or
any fee or any other amount payable under the Credit Agreement is outstanding and unpaid and so long as the Commitments have not
expired or terminated.

 

24.                 APPLICABLE LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

 

     (a)           THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF.

 

     (b)           (I) ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY GRANTOR ARISING OUT OF OR RELATING HERETO, OR ANY OF THE SECURED OBLIGATIONS, MAY BE
BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING
THIS AGREEMENT, EACH GRANTOR, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (W) ACCEPTS GENERALLY AND UNCONDITIONALLY
THE NON-EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (X) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (Y) AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO THE APPLICABLE GRANTOR AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.01 OF THE CREDIT AGREEMENT, WHICH
IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE GRANTOR IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE
CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (Z) AGREES THAT THE SECURED PARTIES RETAIN THE RIGHT TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY GRANTOR IN THE COURTS OF ANY OTHER JURISDICTION.

 

     (II) EACH GRANTOR
HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS
SPECIFIED IN SECTION 10.01 OF THE CREDIT AGREEMENT. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION,
SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST ANY GRANTOR IF GIVEN BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR
BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE.

 

    	 	26	 

     

    

     (c)           EACH
OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER
RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT
MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT
TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH
WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT
HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION
WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY
A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 24 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO . IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

25.                 New Subsidiaries. Pursuant to Section 5.10 of the Credit Agreement, certain Subsidiaries (whether by acquisition
or creation or otherwise) of Global Parent are required to enter into this Agreement by executing and delivering in favor of Administrative
Agent a Joinder to this Agreement in substantially the form of Annex 1. Upon the execution and delivery of Annex 1
by any such new Subsidiary, such Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named
as a Grantor herein. The execution and delivery of any instrument adding an additional Grantor as a party to this Agreement shall
not require the consent of any Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force
and effect notwithstanding the addition of any new Grantor hereunder.

 

26.                 Administrative
Agent. Each reference herein to any right granted to, benefit conferred upon or power exercisable by the “Administrative
Agent” shall be a reference to Administrative Agent, for the benefit of each Secured Party.

 

27.                
Miscellaneous.

 

     (a)           This
Agreement is a Loan Document. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by telefacsimile or other
electronic method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement.
Any party delivering an executed counterpart of this Agreement by telefacsimile or other electronic method of transmission also
shall, if requested by Administrative Agent, deliver an original executed counterpart of this Agreement, but the failure to deliver
an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. The foregoing
shall apply to each other Loan Document mutatis mutandis.

 

    	 	27	 

     

    

     (b)           Any
provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such
provision in any other jurisdiction. Each provision of this Agreement shall be severable from every other provision of this Agreement
for the purpose of determining the legal enforceability of any specific provision.

 

     (c)           Headings
and numbers have been set forth herein for convenience only. Unless the contrary is compelled by the context, everything contained
in each Section applies equally to this entire Agreement.

 

     (d)           Neither
this Agreement nor any uncertainty or ambiguity herein shall be construed against any Secured Party, or any Grantor, whether under
any rule of construction or otherwise. This Agreement has been reviewed by all parties and shall be construed and interpreted
according to the ordinary meaning of the words used so as to accomplish fairly the purposes and intentions of all parties hereto.

 

[Remainder of Page Intentionally
Left Blank; Signature Pages Follow]

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	28	 

     

    

 

IN WITNESS WHEREOF,
the undersigned parties hereto have caused this Agreement to be executed and delivered as of the day and year first above written.

 

	GRANTORS:

                                                               
	 
	
        FRANCHISE GROUP NEWCO INTERMEDIATE AF,
        LLC, a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         
	
        FRANCHISE GROUP INTERMEDIATE HOLDCO, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         

	
        FRANCHISE GROUP INTERMEDIATE B, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         
	
        FRANCHISE GROUP INTERMEDIATE S, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         

	
        FRANCHISE GROUP NEWCO S, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ Ron Allender

        Name: Ron Allender

        Title: Executive Vice President

         
	
        AMERICAN FREIGHT DISCOUNT OUTLET FRANCHISING,
        LLC, a Delaware limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: Executive Vice President

         

	
        AMERICAN FREIGHT OUTLET STORES, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: President

         
	
        OUTLET MERCHANDISE, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: President

         

	
        BUDDY’S NEWCO, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ Michael Bennett

        Name: Michael Bennett

        Title: Chief Executive Officer

         
	
        BUDDY’S FRANCHISING AND LICENSING
        LLC, a Florida limited liability company

         

         

         

        By: /s/ Michael Bennett

        Name: Michael Bennett

        Title: Chief Executive Officer

         

 

    	[Signature Page to ABL Security Agreement]

     

    

	
        AMERICAN FREIGHT GROUP, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: Executive Vice President

         
	
        AMERICAN FREIGHT HOLDINGS, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: Executive Vice President

         

	
        AMERICAN FREIGHT, LLC, a Delaware limited
        liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: Executive Vice President

         
	
        AMERICAN FREIGHT MANAGEMENT COMPANY, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ William Powell

        Name: William Powell

        Title: Executive Vice President

         

	
        FRANCHISE GROUP INTERMEDIATE V, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         
	
        FRANCHISE GROUP NEWCO V, LLC, a Delaware
        limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         

	
        FRANCHISE GROUP NEW HOLDCO, LLC, a
        Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         
	
        FRANCHISE GROUP INTERMEDIATE L, LLC,
        a Delaware limited liability company

         

         

         

        By: /s/ Brian Kahn

        Name: Brian Kahn

        Title: President and Chief Executive Officer

         

	 	 

 

 

 

 

 

    	[Signature Page to ABL Security Agreement]

     

    

 

 

 

ADMINISTRATIVE AGENT:

 

CITIZENS BANK, N.A.

 

 

 

By: /s/ Brian Kennedy

Name: Brian Kennedy

Title: Senior Vice President

 

 

 

 

 

 

 

 

 

[Signature Page to ABL Security Agreement]Exhibit 4.1

 

Execution Version

 

 

THE MARCUS CORPORATION

 

AND

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of September 22, 2020

 

5.00% Convertible Senior Notes due 2025

 

 

     

     

    

 

TABLE OF CONTENTS 

 

Page

	Article
                                         1

                                                                                Definitions

	 
	Section 1.01. 	Definitions	1
	Section 1.02.	 References to Interest	12
	 	 	 
	Article 2 

    Issue, Description, Execution, Registration and Exchange of Notes
	 
	Section 2.01.	 Designation and Amount	13
	Section 2.02.	 Form of Notes	13
	Section 2.03.	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	14
	Section 2.04.	 Execution, Authentication and Delivery of Notes	15
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	16
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	22
	Section 2.07.	 Temporary Notes	23
	Section 2.08.	Cancellation of Notes Paid, Converted, Etc	23
	Section 2.09.	 CUSIP Numbers	23
	Section 2.10.	 Additional Notes; Repurchases	23
	 	 	 
	Article 3 

    Satisfaction and Discharge
	 
	Section 3.01.	Satisfaction and Discharge	24
	 	 	 
	Article 4 

    Particular Covenants of the Company
	 
	Section 4.01.	Payment of Principal and Interest	24
	Section 4.02.	 Maintenance of Office or Agency	24
	Section 4.03.	Appointments to Fill Vacancies in Trustee’s Office	25
	Section 4.04.	 Provisions as to Paying Agent	25
	Section 4.05.	 Existence	26
	Section 4.06.	Rule 144A Information Requirement and Annual Reports	26
	Section 4.07.	 Stay, Extension and Usury Laws	28
	Section 4.08.	 Compliance Certificate; Statements as to Defaults	28
	Section 4.09. 	Further Instruments and Acts	29

 

    i

     

    

 

	Article 5 

    Lists of Holders and Reports by the Company and the Trustee
	 
	Section 5.01.	 Lists of Holders	29
	Section 5.02.	Preservation and Disclosure of Lists	29
	 	 	 
	Article 6 

    Defaults and Remedies
	 
	Section 6.01.	Events of Default	29
	Section 6.02.	Acceleration; Rescission and Annulment	31
	Section 6.03.	Additional Interest	32
	Section 6.04.	Payments of Notes on Default; Suit Therefor	33
	Section 6.05.	Application of Monies Collected by Trustee	34
	Section 6.06.	Proceedings by Holders	35
	Section 6.07.	Proceedings by Trustee	36
	Section 6.08.	Remedies Cumulative and Continuing	36
	Section 6.09.	Direction of Proceedings and Waiver of Defaults by Majority of Holders	36
	Section 6.10.	Notice of Defaults	37
	Section 6.11.	 Undertaking to Pay Costs	37
	 	 	 
	Article 7 

    Concerning the Trustee
	 
	Section 7.01.	 Duties and Responsibilities of Trustee	38
	Section 7.02.	Reliance on Documents, Opinions, Etc	39
	Section 7.03.	No Responsibility for Recitals, Etc	40
	Section 7.04.	 Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	40
	Section 7.05.	 Monies and Shares of Common Stock to Be Held in Trust	41
	Section 7.06.	 Compensation and Expenses of Trustee	41
	Section 7.07.	 Officers’ Certificate as Evidence	42
	Section 7.08.	Eligibility of Trustee	42
	Section 7.09.	 Resignation or Removal of Trustee	42
	Section 7.10.	Acceptance by Successor Trustee	43
	Section 7.11.	 Succession by Merger, Etc	44
	Section 7.12.	Trustee’s Application for Instructions from the Company	44
	 	 	 
	Article 8

    Concerning the Holders
	 
	Section 8.01.	Action
by Holders	44
	Section 8.02.	Proof of Execution by Holders	45
	Section 8.03.	 Who Are Deemed Absolute Owners	45
	Section 8.04.	 Company-Owned Notes Disregarded	45
	Section 8.05.	Revocation of Consents; Future Holders Bound	46

 

    ii

     

    

 

	Article
                                         9

                                                                                Holders’ Meetings

	 
	Section 9.01.	 Purpose of Meetings	46
	Section 9.02.	 Call of Meetings by Trustee	47
	Section 9.03.	Call of Meetings by Company or Holders	47
	Section 9.04.	Qualifications for Voting	47
	Section 9.05.	 Regulations	47
	Section 9.06.	Voting	48
	Section 9.07.	No Delay of Rights by Meeting	48
	 	 	 
	Article
                                         10

                                                                                Supplemental Indentures

	 
	Section 10.01.	Supplemental Indentures Without Consent of Holders	48
	Section 10.02.	 Supplemental Indentures with Consent of Holders	50
	Section 10.03.	 Effect of Supplemental Indentures	50
	Section 10.04.	Notation on Notes	51
	Section 10.05.	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	51
	 	 	 
	Article
                                         11

                                                                                Consolidation, Merger, Sale, Conveyance and Lease

	 
	Section 11.01.	Company May Consolidate, Etc. on Certain Terms	51
	Section 11.02.	 Successor Corporation to Be Substituted	52
	Section 11.03.	 Opinion of Counsel to Be Given to Trustee	52
	 	 	 
	Article
                                         12

                                                                                Immunity of Incorporators, Shareholders, Officers and Directors

	 
	Section 12.01.	 Indenture and Notes Solely Corporate Obligations	52
	 	 	 
	Article
                                         13

                                                                                [Intentionally Omitted]

	 
	Article
                                         14

                                                                                Conversion of Notes

	 
	Section 14.01.	 Conversion Privilege	53
	Section 14.02.	 Conversion Procedure; Settlement Upon Conversion.	56
	Section 14.03.	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	60
	Section 14.04.	 Adjustment of Conversion Rate	62
	Section 14.05. 	Adjustments of Prices	71
	Section 14.06.	 Shares to Be Fully Paid	71

 

    iii

     

    

 

	Section 14.07.	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	71
	Section 14.08.	 Certain Covenants	73
	Section 14.09.	Responsibility of Trustee	74
	Section 14.10.	Notice to Holders Prior to Certain Actions	74
	Section 14.11.	 Shareholder Rights Plans	75
	Section 14.12.	 Exchange in Lieu of Conversion	75
	 	 	 
	Article
                                         15

                                                                                Repurchase of Notes at Option of Holders

	 
	Section 15.01.	 [Intentionally Omitted]	76
	Section 15.02.	Repurchase at Option of Holders Upon a Fundamental Change	76
	Section 15.03.	Withdrawal of Fundamental Change Repurchase Notice	78
	Section 15.04.	Deposit of  Fundamental Change Repurchase Price	79
	Section 15.05.	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes	79
	 	 	 
	Article 16 

    No Redemption
	 
	Section 16.01.	 No Redemption	80
	 	 	 
	Article 17 

    Miscellaneous Provisions
	 
	Section 17.01.	Provisions Binding on Company’s Successors	80
	Section 17.02.	Official Acts by Successor Corporation	80
	Section 17.03.	 Addresses for Notices, Etc	80
	Section 17.04.	Governing Law; Jurisdiction	81
	Section 17.05.	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	82
	Section 17.06.	 Legal Holidays	82
	Section 17.07.	No Security Interest Created	82
	Section 17.08.	Benefits of Indenture	82
	Section 17.09.	 Table of Contents, Headings, Etc	82
	Section 17.10.	 Authenticating Agent	82
	Section 17.11.	Execution in Counterparts	84
	Section 17.12.	Severability	84
	Section 17.13.	 Waiver of Jury Trial	84
	Section 17.14.	 Force Majeure	84
	Section 17.15.	 Calculations	84
	Section 17.16.	 USA PATRIOT Act	84

 

EXHIBIT

 

	Exhibit A	 Form of Note	A-1

 

    iv

     

    

 

INDENTURE dated as of September 22, 2020
between THE MARCUS CORPORATION, a Wisconsin corporation, as issuer (the “Company,” as more fully set forth in
 ‎Section 1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,”
as more fully set forth in ‎Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2025 (the “Notes”), initially
in an aggregate principal amount not to exceed $100,050,000, and in order to provide the terms and conditions upon which the Notes
are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and

 

WHEREAS, all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement
according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes
have in all respects been duly authorized.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:

 

Article
1

Definitions

 

Section 1.01. Definitions. The terms
defined in this ‎Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for
all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this ‎Section
1.01. The words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural
as well as the singular.

 

     

     

    

 

“Additional Interest”
means all amounts, if any, payable pursuant to ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03, as applicable.

 

“Additional Shares” shall
have the meaning specified in ‎Section 14.03(a).

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person
means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person
is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time
such determination is made or required to be made, as the case may be, hereunder.

 

“Bid Solicitation Agent”
means the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with
 ‎Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent.

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

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

 

“Business Day” means,
with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

“Capital Stock” means,
for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that entity.

 

“Cash Settlement” shall
have the meaning specified in ‎Section 14.02(a).

 

“Class B Common Stock”
means the class B common stock of the Company, par value $1.00 per share, at the date of this Indenture.

 

“Clause A Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

“Clause B Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

“Clause C Distribution”
shall have the meaning specified in ‎Section 14.04(c).

 

“close of business” means
5:00 p.m. (New York City time).

 

    2

     

    

 

“Combination Settlement”
shall have the meaning specified in ‎Section 14.02(a).

 

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

 

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

 

“Common Stock” means
the common stock of the Company, par value $1.00 per share, at the date of this Indenture, subject to ‎Section 14.07.

 

“Company” shall have
the meaning specified in the first paragraph of this Indenture, and subject to the provisions of ‎Article 11, shall include
its successors and assigns.

 

“Company Order” means
a written order of the Company, signed by (a) the Company’s Chief Executive Officer, President, Chief Financial Officer,
Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added
before or after the title “Vice President”) and (b) any such other Officer designated in clause (a) of this definition
or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee.

 

“Conversion Agent” shall
have the meaning specified in ‎Section 4.02.

 

“Conversion Consideration”
shall have the meaning specified in ‎Section 14.12(a).

 

“Conversion Date” shall
have the meaning specified in ‎Section 14.02(c).

 

“Conversion Obligation”
shall have the meaning specified in ‎Section 14.01(a).

 

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

 

“Conversion Rate” shall
have the meaning specified in ‎Section 14.01(a).

 

“Corporate Trust Office”
means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at 1555 North RiverCenter Drive, Suite 203, Milwaukee, Wisconsin 53212, Attention: Steven F. Posto,
or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal
corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time
by notice to the Holders and the Company).

 

“Custodian” means the
Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.

 

    3

     

    

 

“Daily Conversion Value”
means, for each of the 50 consecutive Trading Days during the Observation Period, 2.0% of the product of (a) the Conversion Rate
on such Trading Day and (b) the Daily VWAP for such Trading Day.

 

“Daily Measurement Value”
means the Specified Dollar Amount (if any), divided by 50.

 

“Daily Settlement Amount,”
for each of the 50 consecutive Trading Days during the relevant Observation Period, shall consist of:

 

(a)       cash
in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and

 

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

 

“Daily VWAP” means, for
each of the 50 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “MCS <equity> AQR” (or its equivalent
successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close
of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market
value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally
recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall
be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

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

 

“Defaulted Amounts” means
any amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, principal and interest) that are
payable but are not punctually paid or duly provided for.

 

“Depositary” means, with
respect to each Global Note, the Person specified in ‎Section 2.05(c) as the Depositary with respect to such Notes, until
a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter,
 “Depositary” shall mean or include such successor.

 

“Designated Financial Institution”
shall have the meaning specified in Section 14.12(a).

 

“Distributed Property”
shall have the meaning specified in ‎Section 14.04(c).

 

“Effective Date” shall
have the meaning specified in ‎Section 14.03(c), except that, as
used in ‎Section 14.04 and ‎Section
14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange
or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.

 

    4

     

    

 

“Event of Default” shall
have the meaning specified in ‎Section 6.01.

 

“Ex-Dividend Date” means
the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without
the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of
Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

 

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

 

“Exchange Election” shall
have the meaning specified in ‎Section 14.12(a).

 

“Form of Assignment and Transfer”
means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached hereto as Exhibit
A.

 

“Form of Fundamental Change Repurchase
Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of
Note attached hereto as Exhibit A.

 

“Form of Note” means
the “Form of Note” attached hereto as Exhibit A.

 

“Form of Notice of Conversion”
means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.

 

“Fundamental Change”
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a)       a
 “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company,
its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has become the
direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s
Common Equity representing more than 50% of the voting power of all of the Company’s then-outstanding Common Equity; provided,
that, for so long as the Marcus Family Members continue to be the direct or indirect “beneficial owners,” as
defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting
power of all of the Company’s then-outstanding Common Equity, a Fundamental Change shall not occur under this clause
(a) unless the voting power of the Company’s Common Equity directly or indirectly “beneficially owned,” as
defined in Rule 13d-3 under the Exchange Act, in the aggregate by the Marcus Family Members or a “group” (that
includes any Marcus Family Member) represents more than 85% of the voting power of all of the Company’s
then-outstanding Common Equity; provided, further, that the voting power of the Company’s Common Equity
directly or indirectly “beneficially owned,” as defined in Rule 13d-3 under the Exchange Act, by Marcus Family
Members or a “group” (that includes any Marcus Family Member) will exclude any shares of Common Stock directly or
indirectly beneficially owned by a Marcus Family Member as a result of the receipt by them of equity grants (or the exercise
or conversion thereof) outstanding on the date of the Purchase Agreement or subsequently granted, in each case, made under
the Company’s equity incentive plans;

 

    5

     

    

 

(b)       the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination or change in par value or the automatic conversion of the Class B Common Stock into Common Stock pursuant to the
terms of the Company’s Restated Articles of Incorporation) as a result of which the Common Stock would be converted into,
or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease
or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Wholly Owned Subsidiaries;
provided, however, that a transaction described in clause (B) (whether or not also constituting a transaction described
in clause (A)) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own,
directly or indirectly, more than 50% of the voting power of all classes of Common Equity of the continuing or surviving entity
or other transferee or the direct or indirect parent thereof immediately after such transaction in substantially the same proportions
as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

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

 

(d)       the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

 

provided, however, that a transaction or
transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the
consideration received or to be received by the common shareholders of the Company, excluding cash payments for fractional
shares and cash payments made in respect of dissenters’ statutory appraisal rights, in connection with such transaction
or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The
NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or
quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or
transactions the Notes become convertible into such consideration (excluding cash payments for fractional shares and cash
payments made in respect of dissenters’ statutory appraisal rights) (subject to the provisions of ‎Section
14.02(a)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following
completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a
Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this
definition, following the effective date of such transaction) references to the Company in this definition shall instead be
references to such other entity.

 

    6

     

    

 

“Fundamental Change Company Notice”
shall have the meaning specified in ‎Section 15.02(c).

 

“Fundamental Change Repurchase
Date” shall have the meaning specified in ‎Section 15.02(a).

 

“Fundamental Change Repurchase
Notice” shall have the meaning specified in ‎Section 15.02(b)(i).

 

“Fundamental Change Repurchase
Price” shall have the meaning specified in ‎Section 15.02(a).

 

“Global Note” shall have
the meaning specified in ‎Section 2.05(b).

 

“Holder,” as applied
to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at
the time a particular Note is registered on the Note Register.

 

“Indenture” means this
instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., Fifth Third
Securities, Inc., B. Riley Securities, Inc., Barrington Research Associates, Inc. and The Benchmark Company, LLC.

 

“Interest Payment Date”
means each March 15 and September 15 of each year, beginning on March 15, 2021.

 

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

 

    7

     

    

 

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

 

“Make-Whole Fundamental Change
Period” shall have the meaning specified in ‎Section 14.03(a).

 

“Marcus Family Member”
means each of Stephen H. Marcus, Diane Marcus Gershowitz and Gregory S. Marcus, together with (i) their respective spouses; (ii)
their and their spouse’s respective parents and any lineal descendants (including any adopted child); (iii) any trustee,
guardian or custodian for, or any executor, administrator or other legal representative of the estate of, any of the foregoing;
(iv) the trustee of a trust (including a voting trust) principally for the benefit of any Marcus Family Member; and (v) any corporation,
partnership or other entity if a majority of the “beneficial ownership” (as defined in Rule 13d-3 under the Exchange
Act) thereof is held by the any Marcus Family Member.

 

“Market Disruption Event”
means, for the purposes of determining amounts due upon conversion, (a) a failure by the primary U.S. national or regional securities
exchange or market on which the Common Stock is listed or admitted for trading to open for trading during its regular trading session
or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for
more than one half-hour period in the aggregate during regular trading hours of any suspension or limitation imposed on trading
(by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Common Stock or
in any options contracts or futures contracts relating to the Common Stock.

 

“Maturity Date” means
September 15, 2025.

 

“Measurement Period”
shall have the meaning specified in ‎Section 14.01(b)(i).

 

“Note” or “Notes”
shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Register” shall
have the meaning specified in ‎Section 2.05(a).

 

“Note Registrar” shall
have the meaning specified in ‎Section 2.05(a).

 

“Notice of Conversion”
shall have the meaning specified in ‎Section 14.02(b).

 

“Observation
Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date occurs prior
to March 15, 2025, the 50 consecutive Trading Day period beginning on, and including, the second Trading Day immediately
succeeding such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after March 15, 2025, the 50
consecutive Trading Days beginning on, and including, the 51st Scheduled Trading Day immediately preceding the Maturity
Date.

 

“Offering Memorandum”
means the preliminary offering memorandum dated September 17, 2020, as supplemented by the related pricing term sheet dated September
17, 2020, relating to the offering and sale of the Notes.

 

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

 

    8

     

    

 

“Officers’ Certificate,”
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by (a) two Officers
of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant
Secretary or the Controller of the Company. Each such certificate shall include the statements provided for in ‎Section 17.05
if and to the extent required by the provisions of such ‎Section 17.05.
One of the Officers giving an Officers’ Certificate pursuant to ‎Section 4.08 shall be the principal executive, financial
or accounting officer of the Company.

 

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

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel acceptable
to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in ‎Section
17.05 if and to the extent required by the provisions of such ‎Section 17.05.

 

“outstanding,” when used
with reference to Notes, shall, subject to the provisions of ‎Section 8.04, mean, as of any particular time, all Notes authenticated
and delivered by the Trustee under this Indenture, except:

 

(a)       Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b)       Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

(c)       Notes
that have been paid pursuant to ‎Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes
shall have been authenticated and delivered pursuant to the terms of ‎Section 2.06 unless proof satisfactory to the
Trustee is presented that any such Notes are held by protected purchasers in due course;

 

(d)       Notes
converted pursuant to ‎Article 14 and required to be cancelled pursuant
to ‎Section 2.08; and

 

(e)       Notes
repurchased by the Company pursuant to the penultimate sentence of ‎Section 2.10.

 

“Paying Agent” shall
have the meaning specified in ‎Section 4.02.

 

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

 

    9

     

    

 

“Physical Notes” means
permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples thereof.

 

“Physical Settlement”
shall have the meaning specified in ‎Section 14.02(a).

 

“Predecessor Note” of
any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under ‎Section 2.06 in lieu of or in
exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed
or stolen Note that it replaces.

 

“Purchase Agreement”
means that certain Purchase Agreement, dated as of September 17, 2020, among the Company and the Initial Purchasers.

 

“Record Date” means,
with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable
security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security)
is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders
of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is
fixed by the Board of Directors, by statute, by contract or otherwise).

 

“Reference Property”
shall have the meaning specified in ‎Section 14.07(a).

 

“Regular Record Date,”
with respect to any Interest Payment Date, means the March 1 or September 1 (whether or not such day is a Business Day) immediately
preceding the applicable March 15 or September 15 Interest Payment Date, respectively.

 

“Resale Restriction Termination
Date” shall have the meaning specified in ‎Section 2.05(c).

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of this Indenture.

 

“Restricted Securities”
shall have the meaning specified in ‎Section 2.05(c).

 

“Rule 144” means Rule
144 as promulgated under the Securities Act.

 

“Rule 144A” means Rule
144A as promulgated under the Securities Act.

 

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

 

    10

     

    

 

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

 

“Settlement Amount” shall
have the meaning specified in ‎Section 14.02(a)(iv).

 

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

 

“Settlement Notice” shall
have the meaning specified in ‎Section 14.02(a)(iii).

 

“Significant Subsidiary”
means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of
Regulation S-X under the Exchange Act.

 

“Specified Corporate Event”
shall have the meaning specified in ‎Section 14.07(a).

 

“Specified Dollar Amount”
means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified by the Company (or
deemed specified) in the Settlement Notice related to any converted Notes.

 

“Spin-Off” shall have
the meaning specified in ‎Section 14.04(c).

 

“Stock Price” shall have
the meaning specified in ‎Section 14.03(c).

 

“Subsidiary” means,
with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the
total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is
at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of
such Person; or (iii) one or more Subsidiaries of such Person.

 

“Successor Company” shall
have the meaning specified in ‎Section 11.01(a).

 

“Trading Day” means a
day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs
on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange,
on the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then
listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price
for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided
that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business
Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs
on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other
U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed
on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted
for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a
Business Day.

 

    11

     

    

 

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

 

“transfer” shall have
the meaning specified in ‎Section 2.05(c).

 

“Trigger Event” shall
have the meaning specified in ‎Section 14.04(c).

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture
Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee” means the Person
named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include
each Person who is then a Trustee hereunder.

 

“unit of Reference Property”
shall have the meaning specified in ‎Section 14.07(a).

 

“Valuation Period” shall
have the meaning specified in ‎Section 14.04(c).

 

“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference
to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.

 

Section 1.02. References to Interest.
Unless the context otherwise requires, any reference to interest on, or in respect of, any Note in this Indenture shall be deemed
to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of ‎Section
4.06(d), ‎Section 4.06(e) and ‎Section 6.03. Unless the context otherwise requires, any express mention of Additional
Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof where such
express mention is not made.

 

    12

     

    

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01. Designation and Amount.
The Notes shall be designated as the “5.00% Convertible Senior Notes due 2025.” The aggregate principal amount of Notes
that may be authenticated and delivered under this Indenture is initially limited to $100,050,000, subject to ‎Section 2.10
and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes
to the extent expressly permitted hereunder.

 

Section 2.02. Form of Notes. The
Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective
forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and
made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

 

Any Global Note may be endorsed with
or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or
any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon
which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to
indicate any special limitations or restrictions to which any particular Notes are subject.

 

Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or reduced to reflect repurchases, cancellations, conversions, transfers or exchanges
permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding
Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon
instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Fundamental
Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, a Global Note shall be made to the Holder of such
Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided
for herein.

 

    13

     

    

 

Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall
be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each
Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued
interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months,
on the basis of the number of days actually elapsed in a 30-day month.

 

(b)            The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any
Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office
or agency of the Company maintained by the Company for such purposes, which shall initially be the Corporate Trust Office and
(y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes
having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as
it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than
$5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Note Registrar not later than
the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the
United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the
contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its
nominee.

 

(c)           
Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest
per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such
relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election
in each case, as provided in clause (i) or (ii) below:

 

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

 

    14

     

    

 

(ii)           
The Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

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

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually
by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by ‎Section 17.10),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee
(or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at
the date of the execution of this Indenture any such person was not such an Officer.

 

    15

     

    

 

 

Section 2.05. Exchange and Registration
of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company
shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office
or agency of the Company designated pursuant to ‎Section 4.02, the
 “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide
for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable of being
converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar”
for the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars
in accordance with ‎Section 4.02.

 

Upon surrender for registration of
transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer
set forth in this ‎Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate
principal amount and bearing such restrictive legends as may be required by this Indenture.

 

Notes may be exchanged for other Notes of
any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to ‎Section 4.02. Whenever any Notes are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive, bearing registration numbers not contemporaneously outstanding.

 

All Notes presented or surrendered for registration
of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or
any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.

 

No service charge shall be imposed by the
Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration
of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.

 

None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes,
or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with ‎Article 15.

 

    16

     

    

 

All Notes issued upon any registration of
transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

(b)           
So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject
to the fourth paragraph from the end of ‎Section 2.05(c) all Notes shall be represented by one or more Notes in global form
(each, a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. The transfer
and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through
the Depositary (but not the Trustee or the Custodian) in accordance with this Indenture (including the restrictions on transfer
set forth herein) and the procedures of the Depositary therefor.

 

(c)            Every
Note that bears or is required under this ‎Section 2.05(c) to bear the legend set forth in this ‎Section 2.05(c)
(together with any Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in
 ‎Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to the restrictions on
transfer set forth in this ‎Section 2.05(c) (including the legend set forth below), unless such restrictions on
transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted
Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this
 ‎Section 2.05(c) and ‎Section 2.05(d), the term “transfer” encompasses any sale, pledge,
transfer or other disposition whatsoever of any Restricted Security.

 

Until the date (the “Resale Restriction
Termination Date”) that is the later of (1) the date that is one year after the last date of original issuance of the
Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto, and (2) such later date, if
any, as may be required by applicable law, any certificate evidencing such Note (and all securities issued in exchange therefor
or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth
in ‎Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless such Notes have been
transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar
provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to
the Trustee):

 

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

 

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

 

    17

     

    

 

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

 

(A)      TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

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

 

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

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS,
CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

No transfer of any Note prior to the Resale
Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer
has been checked.

 

Any Note (or security issued in exchange
or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii)
that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities
Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this ‎Section 2.05, be exchanged for a new Note
or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this ‎Section
2.05(c) and shall not be assigned a restricted CUSIP number. The Company
shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth
in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian
shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive
legend specified in this ‎Section 2.05(c) and shall not be
assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction
Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon
conversion of the Notes has been declared effective under the Securities Act.

 

    18

     

    

 

Notwithstanding any other provisions
of this Indenture (other than the provisions set forth in this ‎Section 2.05(c)), a Global Note may not be transferred
as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical
Notes in accordance with the second immediately succeeding paragraph.

 

The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary with respect
to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as
the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

If (i) the Depositary notifies the Company
at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a
successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is
continuing and a beneficial owner of any Note requests, subject to the procedures of the Depositary in effect at that time, that
its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of an Officers’
Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of
clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding
to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial
owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount
of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes
shall be canceled.

 

Physical Notes issued in exchange for all
or a part of the Global Note pursuant to this ‎Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii)
of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication,
at the expense of the Company, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes
are so registered.

 

    19

     

    

 

At such time as all interests in a
Global Note have been converted, canceled, repurchased or transferred, such Global Note shall be, upon receipt thereof,
canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the
Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Physical Notes,
converted, canceled, repurchased or transferred to a transferee who receives Physical Notes therefor or any Physical Note is
exchanged or transferred for part of such Global Note, the principal amount of such Global Note shall, in accordance with the
standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or
increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the
direction of the Trustee, to reflect such reduction or increase.

 

None of the Company, the Trustee or any
agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

(d)           
Until the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of
a Note shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under
the Securities Act, or such Common Stock has been issued upon conversion of a Note that has transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under
the Securities Act, or unless otherwise agreed by the Company with written notice thereof to the Trustee and any transfer agent
for the Common Stock):

 

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

 

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

 

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

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

    20

     

    

 

(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

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

 

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

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT
TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE
THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION
IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

Any such Common Stock (i) as to which such
restrictions on transfer shall have expired in accordance with their terms, (ii) that has been transferred pursuant to a registration
statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, may, upon surrender of the certificates representing such shares of Common Stock for exchange
in accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates
for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this ‎Section
2.05(d).

 

(e)           
Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate
of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may
not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant
to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock,
as the case may be, no longer being a “restricted security” (as defined under Rule 144). The Company shall cause any
Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with ‎Section 2.08.

 

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Section 2.06. Mutilated, Destroyed,
Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its
discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall
authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and
substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss,
liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft,
the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to
their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require
a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith
as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that
became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered
for required repurchase or is about to be converted in accordance with ‎Article 14 shall become mutilated or be destroyed,
lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of
or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case
may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability,
cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory
to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.

 

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

 

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Section 2.07. Temporary Notes.
Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by
the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but
with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the
Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating
agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without
unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other
than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange
therefor, at each office or agency maintained by the Company pursuant to ‎Section 4.02 and the Trustee or such
authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount
of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations
under this Indenture as Physical Notes authenticated and delivered hereunder.

 

Section 2.08. Cancellation of Notes Paid,
Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer
or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries
or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly
by the Trustee. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted
by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee
for cancellation. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition,
shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company Order.

 

Section 2.09. CUSIP Numbers. The
Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
 “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Notes or on such notice
and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify
the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 2.10. Additional Notes;
Repurchases. The Company may, without the consent of, or notice to, the Holders and notwithstanding ‎Section 2.01,
reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other
than differences in the issue date, the issue price and interest accrued prior to the issue date of such additional Notes) in
an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes
initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number.
Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an
Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such
matters, in addition to those required by ‎Section 17.05, as the Trustee shall reasonably request. In addition, the
Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to
the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a
private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps
or other derivatives. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled
swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with ‎Section 2.08 and such
Notes shall no longer be considered outstanding under this Indenture upon their repurchase.

 

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Article
3

Satisfaction and Discharge

 

Section 3.01. Satisfaction and Discharge.
This Indenture shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect,
and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or
stolen and which have been replaced, paid or converted as provided in ‎Section 2.06)
have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to
Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase
Date, upon conversion or otherwise, cash or cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy
the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under
this Indenture by the Company; and (b) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Company to the Trustee under ‎Section 7.06 shall survive.

 

Article
4

Particular Covenants of the Company

 

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

 

Section 4.02. Maintenance of Office
or Agency. The Company will maintain in St. Paul, Minnesota, an office or agency where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for
conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the
Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office
or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office.

 

    24

     

    

 

The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in St. Paul, Minnesota, for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such
additional or other offices or agencies, as applicable.

 

The Company hereby initially designates
the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or
agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or
for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.

 

Section 4.03. Appointments to Fill Vacancies
in Trustee’s Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint,
in the manner provided in ‎Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder.

 

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

 

(i)           
that it will hold all sums held by it as such agent for the payment of the principal (including the Fundamental Change Repurchase
Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;

 

(ii)          
that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including
the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes when the same shall be
due and payable; and

 

(iii)         
that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust.

 

The Company shall, on or before each
due date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid
interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental
Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on
the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

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

 

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

 

(d)           
Any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest
on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including
the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable
shall be paid to the Company on request of the Company contained in an Officers’ Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and
shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of Common Stock remain unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money and shares of Common Stock then remaining will be repaid or delivered to the Company.

 

Section 4.05. Existence. Subject
to ‎Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
its corporate existence.

 

Section 4.06. Rule 144A Information
Requirement and Annual Reports. (a) At any time the Company is not subject
to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable
upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective
purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant
to Rule 144A. The Company shall take such further action as any Holder or beneficial owner of such Notes or such Common Stock
may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or
shares of Common Stock in accordance with Rule 144A, as such rule may be amended from time to time.

 

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(b)           
The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies
of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act (giving effect to any grace period provided by Rule 12b-25 or any successor rule under the Exchange Act). Any such document
or report that the Company files or furnishes with the Commission via the Commission’s EDGAR system (or any successor system
thereto) shall be deemed to be filed with the Trustee for purposes of this ‎Section 4.06(b) at the time such documents are
filed via the EDGAR system (or such successor system).

 

(c)           
Delivery of the reports and documents described in subsection ‎(b) above to the Trustee is for informational purposes
only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to conclusively rely on an Officers’ Certificate).

 

(d)            If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of
original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace
periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during
the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this
Indenture or the Notes, it being understood and agreed that the assignment of a restricted CUSIP number shall not constitute
a restriction pursuant to U.S. securities laws or the terms of this Indenture or the Notes for purposes of this Section
4.06(d)), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the
rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the
Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to
Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time
during within the prior three months (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or
the Notes, it being understood and agreed that the assignment of a restricted CUSIP number shall not constitute a restriction
pursuant to U.S. securities laws or the terms of this Indenture or the Notes for purposes of this Section 4.06(d)). As used
in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission
pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)           
If, and for so long as, the restrictive legend on the Notes specified in ‎Section 2.05(c) has not been removed, the
Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other
than the Company’s Affiliates or Holders that were the Company’s Affiliates within the prior three months (without
restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 370th day after the last date
of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of
the principal amount of Notes outstanding until the restrictive legend on the Notes has been removed in accordance with ‎Section
2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders
other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months
immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes).

 

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(f)            
Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular
interest on the Notes.

 

(g)           
The Additional Interest that is payable in accordance with Section 4.06‎(d) or Section 4.06‎(e) shall be in
addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant
to ‎Section 6.03; provided, however, that in no event shall any Additional Interest payable in accordance with Section
4.06(d) as a result of the Company’s failure to timely file any document or report as set forth therein, together with any
Additional Interest payable at the Company’s election pursuant to Section 6.03, accrue at a rate in excess of 0.50% per annum
on any Notes, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

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

 

Section 4.07. Stay, Extension and
Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law
that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as
contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such
law had been enacted.

 

Section 4.08. Compliance Certificate;
Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Company (beginning with the fiscal year ending on December 31, 2020) an Officers’ Certificate stating whether the signers
thereof have knowledge of any Default that occurred during the previous year.

 

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In addition, the Company shall deliver to
the Trustee, within 30 days after the occurrence of any Event of Default or Default, an Officers’ Certificate setting forth
the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect
thereof.

 

Section 4.09. Further Instruments and
Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

Section 4.10. No Rights as Shareholders.
Holders of Notes, as such, will not have any rights as shareholders of the Company (including voting rights and rights to receive
any dividends or other distributions on Common Stock).

 

Article
5

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days
after each March 1 and September 1 in each year beginning with March 1, 2021, and at such other times as the Trustee may request
in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably
request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee
may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the
Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except
that no such list need be furnished so long as the Trustee is acting as Note Registrar.

 

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

 

Article
6

Defaults and Remedies

 

Section 6.01. Events of Default.
Each of the following events shall be an “Event of Default” with respect to the Notes:

 

(a)           
default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;

 

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(b)           
default in the payment of principal of any Note when due and payable on the Maturity Date, upon any required repurchase,
upon declaration of acceleration or otherwise;

 

(c)            
failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise
of a Holder’s conversion right and such failure continues for a period of three Business Days;

 

(d)           
failure by the Company to issue a Fundamental Change Company Notice in accordance with ‎Section 15.02(c),
notice of a Make-Whole Fundamental Change in accordance with ‎Section
14.03(b) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or 14.01(b)(iii), in each case when due;

 

(e)           
failure by the Company to comply with its obligations under ‎Article 11;

 

(f)            
failure by the Company for 60 days after written notice from the Trustee to the Company or from the Holders of at least
25% in principal amount of the Notes then outstanding to the Company and the Trustee has been received to comply with any of its
other agreements contained in the Notes or this Indenture;

 

(g)           
default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under
which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of
$10,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness
now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii)
constituting a failure to pay the principal or interest of any such debt when due and payable (after the expiration of all applicable
grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in the cases
of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not
have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 30 days after written notice
to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes
then outstanding in accordance with this Indenture;

 

(h)           
 a final judgment or judgments for the payment of $10,000,000 (or its foreign currency equivalent) or more (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is
not discharged, bonded, paid, waived or stayed within 60 days after (i) the
date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii)
the date on which all rights to appeal have been extinguished;

 

(i)            
the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to
any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become
due; or

 

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(j)             
an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case
or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.

 

Section 6.02. Acceleration; Rescission
and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every
such case (other than an Event of Default specified in ‎Section 6.01(i) or ‎Section 6.01(j) with respect to the Company
or any of its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, either
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance
with ‎Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may (and the Trustee, at
the written request of such Holders, shall) declare 100% of the principal of, and accrued and unpaid interest on, all the Notes
to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due
and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified
in ‎Section 6.01(i) or ‎Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs and
is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically
be immediately due and payable.

 

The immediately preceding paragraph,
however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due
and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued
and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by
acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such
interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts
due to the Trustee pursuant to ‎Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a
court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the
nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such
acceleration, shall have been cured or waived pursuant to ‎Section 6.09, then and in every such case (except as
provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then
outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to
the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any
right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall
extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to
repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon
conversion of the Notes.

 

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Section 6.03. Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects,
the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth
in ‎Section 4.06(b) shall (i) for the first 90 days after the
occurrence of such an Event of Default (beginning on, and including the date on which such an Event of Default first occurs)
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the
principal amount of the Notes outstanding for each day during the 90-day period on which such Event of Default is continuing
and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including,
the 180th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional
Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day
during such additional 90-day period on which such Event of Default is continuing. Additional Interest payable pursuant to
this ‎Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to ‎Section
4.06(d) or ‎Section 4.06(e), subject to the second immediately succeeding paragraph. If the Company so elects, such
Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes and
will accrue on all outstanding Notes from, and including, the date on which the Event of Default relating to the
Company’s failure to file first occurs to, but not including, the 181st day thereafter (or such earlier date on which
such Event of Default is cured or waived by the Holders of a majority in principal amount of the outstanding Notes). On the
181st day after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured
or waived prior to such 181st day), such Additional Interest will cease to accrue and the Notes shall be immediately subject
to acceleration as provided in ‎Section 6.02. The provisions of this paragraph will not affect the rights of Holders of
Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its
obligations as set forth in ‎ ‎Section 4.06(b). In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this ‎Section 6.03 or the Company elected to make such
payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided
in ‎Section 6.02.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning
of such 180-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as
provided in ‎Section 6.02.

 

In no event shall any Additional Interest
payable at the Company’s election pursuant to this Section 6.03, together with any Additional Interest payable in accordance
with Section 4.06(d) as a result of the Company’s failure to timely file any document or report as set forth therein, accrue
at a rate in excess of 0.50% per annum on any Notes, regardless of the number of events or circumstances giving rise to the requirement
to pay such Additional Interest.

 

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Section 6.04. Payments of Notes on Default;
Suit Therefor. If an Event of Default described in clause ‎(a) or ‎(b) of ‎Section 6.01 shall have occurred,
the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any,
at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under ‎Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the
sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of
the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company
or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings
relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions
of this ‎Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and
prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes,
and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other
actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or
its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and
to distribute the same after the deduction of any amounts due to the Trustee under ‎Section 7.06; and any receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each
of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to
the Trustee under ‎Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of
reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for
any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

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Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.

 

All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.

 

In any proceedings brought by the Trustee
(and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party)
the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes
parties to any such proceedings.

 

In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of
any waiver pursuant to ‎Section 6.09 or any rescission and annulment pursuant to ‎Section 6.02 or for any other
reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the
Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and
rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no
such proceeding had been instituted.

 

Section 6.05. Application of Monies Collected
by Trustee. Any monies collected by the Trustee pursuant to this ‎Article 6 with respect to the Notes shall be applied
in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the
several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

 

First, to the payment of all amounts
due the Trustee under ‎Section 7.06;

 

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

 

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

 

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

 

Section 6.06. Proceedings by Holders.
Except to enforce the right to receive payment of principal (including, if applicable, the Fundamental Change Repurchase Price)
or interest when due, or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note
shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator,
custodian or other similar official, or for any other remedy hereunder, unless:

 

(a)           
 such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof,
as herein provided;

 

(b)           
Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

 

(c)           
such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss,
liability or expense to be incurred therein or thereby;

 

(d)           
the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected
or refused to institute any such action, suit or proceeding; and

 

(e)           
no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the
Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period
pursuant to ‎Section 6.09,

 

it being understood and intended, and being
expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more
Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders (except as otherwise provided herein). For the protection and enforcement of this ‎Section 6.06, each and
every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

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Notwithstanding any other provision of this
Indenture and any provision of any Note, each Holder shall have the right to receive payment or delivery, as the case may be, of
(x) the principal (including the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any,
on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for
in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be.

 

Section 6.07. Proceedings by Trustee.
In case of an Event of Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.08. Remedies Cumulative and
Continuing. Except as provided in the last paragraph of ‎Section 2.06, all powers and remedies given by this ‎Article
6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof
or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission
of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default
shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or any acquiescence
therein; and, subject to the provisions of ‎Section 6.06, every power and remedy given by this ‎Article 6 or by law
to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Holders.

 

Section 6.09. Direction of Proceedings
and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at
the time outstanding determined in accordance with ‎Section 8.04 shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Notes; provided, however, that (a) such
direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that
it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with ‎Section
8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences
except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change
Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of ‎Section 6.01, (ii) a failure
by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or(iii) a default in
respect of a covenant or provision hereof which under ‎Article 10 cannot be modified or amended without the consent of each
Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted
by this ‎Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed
to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon.

 

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Section 6.10. Notice of
Defaults. The Trustee shall, within 90 days after the occurrence and continuance of a Default of which a Responsible
Officer has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such
Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a
Default in the payment of the principal of (including the Fundamental Change Repurchase Price, if applicable), or accrued and
unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the
Trustee shall be protected in withholding such notice if and so long it in good faith determines that the withholding of such
notice is in the interests of the Holders.

 

Section 6.11. Undertaking to Pay Costs.
All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that
any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; provided that the provisions of this ‎Section 6.11 (to the extent
permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with ‎Section
8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest,
if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price, if applicable) on or after the due
date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the
consideration due upon conversion, in accordance with the provisions of ‎Article 14.

 

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Article
7

Concerning the Trustee

 

Section 7.01. Duties and Responsibilities
of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default
that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.
In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request
or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory
to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly negligent failure to act
or its own willful misconduct, except that:

 

(a)           
prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:

 

(i)           
 the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii)          
in the absence of bad faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that
by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine
the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of any mathematical calculations or other facts stated therein);

 

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

 

(c)           
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding
determined as provided in ‎Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

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(d)           
whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of,
or affording protection to, the Trustee shall be subject to the provisions of this Section 7.01(d);

 

(e)           
the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note
Registrar with respect to the Notes;

 

(f)            
if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event;

 

(g)            in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a
non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its
maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party
directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and

 

(h)           
in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation
Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this ‎Article 7 shall also
be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent.

 

None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers.

 

Section 7.02. Reliance on Documents,
Opinions, Etc. Except as otherwise provided in ‎Section 7.01:

 

(a)           
the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to
be genuine and to have been signed or presented by the proper party or parties;

 

(b)           
any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

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(c)           
the Trustee may consult with counsel of its selection and require an Opinion of Counsel and any advice of such counsel or
Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder
in good faith and in accordance with such advice or Opinion of Counsel;

 

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

 

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

 

(f)            
the permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

In no event shall the Trustee be liable
for any consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused
by the Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default
or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company
or by any Holder of the Notes.

 

Section 7.03. No Responsibility for Recitals,
Etc. The recitals contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be
taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee
makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable
for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee
in conformity with the provisions of this Indenture.

 

Section 7.04. Trustee, Paying Agents,
Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent,
Bid Solicitation Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in its individual or any other capacity,
may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion
Agent, Bid Solicitation Agent or Note Registrar.

 

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Section 7.05. Monies and Shares of Common
Stock to Be Held in Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock held by the Trustee
in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money or shares of Common Stock received by it hereunder except as may be agreed from time to time
by the Company and the Trustee.

 

Section 7.06. Compensation and
Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between
the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this
Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents
and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have
been caused by its gross negligence, willful misconduct or bad faith. The Company also covenants to indemnify the Trustee in
any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents
and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred
without gross negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or
employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance
or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending
themselves against any claim of liability in the premises. The obligations of the Company under this ‎Section 7.06 to
compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be
secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the
Trustee, except, subject to the effect of ‎Section 6.05, funds held in trust herewith for the benefit of the Holders of
particular Notes. The Trustee’s right to receive payment of any amounts due under this ‎Section 7.06 shall not be
subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this ‎Section
7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The
indemnification provided in this ‎Section 7.06 shall extend to the officers, directors, agents and employees of the
Trustee.

 

Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in ‎Section 6.01(i) or ‎Section
6.01(j) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration
under any bankruptcy, insolvency or similar laws.

 

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Section 7.07. Officers’ Certificate
as Evidence. Except as otherwise provided in ‎Section 7.01, whenever in the administration of the provisions of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed to be conclusively proved
and established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence
of gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.08. Eligibility of
Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust
Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of
at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements
of any supervising or examining authority, then for the purposes of this Section 7.08, the combined capital and surplus of
such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 7.08, it
shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 7.09. Resignation or Removal
of Trustee.(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering
notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee
by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 60 days after the giving of such notice of resignation to the Holders, the resigning Trustee may (at
the Company’s expense), upon ten Business Days’ notice to the Company and the Holders, petition any court of competent
jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for
at least six months (or since the date of this Indenture) may, subject to the provisions of ‎Section 6.11, on behalf of
himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such
court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

(i)           
the Trustee shall cease to be eligible in accordance with the provisions of ‎Section 7.08 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

 

(ii)           the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation,

 

then, in either case, the Company may by a Board Resolution remove
the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of ‎Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or
since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

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

 

(d)           
Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
 ‎Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in ‎Section
7.10.

 

Section 7.10. Acceptance by Successor
Trustee. Any successor trustee appointed as provided in ‎Section 7.09 shall execute, acknowledge and deliver to the Company
and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of
the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named
as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to
act shall, upon payment of any amounts then due it pursuant to the provisions of ‎Section 7.06, execute and deliver an instrument
transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor
trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to
such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which
the Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds held
in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of ‎Section
7.06.

 

No successor trustee shall accept appointment
as provided in this ‎Section 7.10 unless at the time of such acceptance such successor trustee shall be eligible under the
provisions of ‎Section 7.08.

 

Upon acceptance of appointment by a successor
trustee as provided in this ‎Section 7.10, each of the Company and the successor trustee, at the written direction and at
the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders.
If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be delivered at the expense of the Company.

 

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

 

In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent
appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate
of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor
trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger,
conversion or consolidation.

 

Section 7.12. Trustee’s Application
for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with
regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes
under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the
Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective.
The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application (which date shall not be less than three Business
Days after the date any officer that the Company has indicated to the Trustee should receive such application actually receives
such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such
action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance
with this Indenture in response to such application specifying the action to be taken or omitted.

 

Article
8

Concerning the Holders

 

Section 8.01. Action by
Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed
by Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof
at any meeting of Holders duly called and held in accordance with the provisions of ‎Article 9, or (c) by a combination
of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee
solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to,
fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The
record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such
action.

 

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Section 8.02. Proof of Execution by Holders.
Subject to the provisions of ‎Section 7.01, ‎Section 7.02
and ‎Section 9.05, proof of the execution of any instrument
by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the
Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner
provided in ‎Section 9.06.

 

Section 8.03. Who Are Deemed Absolute
Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may
deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner
of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon
made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal
(including any Fundamental Change Repurchase Price) of and (subject to ‎Section 2.03) accrued and unpaid interest on such
Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor
any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so
made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock
so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note.
Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial
interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or
any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note
in certificated form in accordance with the provisions of this Indenture.

 

Section 8.04. Company-Owned Notes
Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any Subsidiary
thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding
for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be
protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer knows are
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the
purposes of this ‎Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s
right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of
the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the
Trustee promptly an Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned
or held by or for the account of any of the above described Persons; and, subject to ‎Section 7.01, the Trustee shall
be entitled to accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact
that all Notes not listed therein are outstanding for the purpose of any such determination.

 

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Section 8.05. Revocation of Consents;
Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in ‎Section 8.01,
of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture
in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which
have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding
as provided in ‎Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken
by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note
and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether
any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration
of transfer thereof.

 

Article
9

Holders’ Meetings

 

Section 9.01. Purpose of Meetings.
A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this ‎Article 9 for any
of the following purposes:

 

(a)           
to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture,
or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and
its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of ‎Article
6;

 

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

 

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

 

(d)           
to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount
of the Notes under any other provision of this Indenture or under applicable law.

 

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Section 9.02. Call of Meetings by
Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in ‎Section 9.01, to be
held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the
time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment
of any record date pursuant to ‎Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be
delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for
the meeting.

 

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

 

Section 9.03. Call of Meetings by Company
or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate
principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the
notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and
the place for such meeting and may call such meeting to take any action authorized in ‎Section 9.01, by delivering notice
thereof as provided in ‎Section 9.02.

 

Section 9.04. Qualifications for Voting.
To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder
of one or more Notes on the record date pertaining to such meeting or (b) be
a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such
meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled
to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

 

Section 9.05. Regulations. Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall think fit.

 

The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided
in ‎Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders
of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of
 ‎Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000
principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be
not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or
instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of ‎Section 9.02 or ‎Section 9.03 may be adjourned from time to
time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

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Section 9.06. Voting. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the
Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented by
them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate
of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the
secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote
by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice
of the meeting and showing that said notice was delivered as provided in ‎Section 9.02. The record shall show the aggregate
principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits
of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other
to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

Any record so signed and verified shall
be conclusive evidence of the matters therein stated.

 

Section 9.07. No Delay of Rights by Meeting.
Nothing contained in this ‎Article 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting
of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of
any right or rights conferred upon or reserved to the Trustee or to the Holders under any of the provisions of this Indenture or
of the Notes.

 

Article
10

Supplemental Indentures

 

Section 10.01. Supplemental Indentures
Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the
Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one
or more of the following purposes:

 

(a)           
to cure any ambiguity, omission, defect or inconsistency;

 

(b)           
to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture and the Notes
pursuant to ‎Article 11;

 

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(c)           
 to add guarantees with respect to the Notes;

 

(d)           
to secure the Notes;

 

(e)           
to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power
conferred upon the Company;

 

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

 

(g)           
in connection with any Specified Corporate Event, to provide that the Notes are convertible into Reference Property, subject
to the provisions of ‎Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required
by ‎Section 14.07;

 

(h)           
to increase the Conversion Rate as provided in this Indenture;

 

(i)            
to provide for the acceptance of appointment by a successor Trustee, security registrar, Paying Agent, Bid Solicitation
Agent or Conversion Agent or facilitate the administration of the trusts under this Indenture by more than one trustee;

 

(j)            
to irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company's right to elect a Settlement
Method; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected
(or deemed to be elected) with respect to any Note pursuant to the provisions of Article 14;

 

(k)           
to comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act, as then amended and in effect; or

 

(l)            
to conform the provisions of this Indenture or the Notes to any provision of the “Description of notes” section
of the Offering Memorandum as evidenced in an Officers’ Certificate.

 

Upon the written request of the Company,
the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

 

Any supplemental indenture authorized by
the provisions of this ‎Section 10.01 may be executed by the Company and the Trustee without prior notice to or the consent
of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of ‎Section 10.02.

 

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Section 10.02. Supplemental
Indentures with Consent of Holders. With the consent (evidenced as provided in ‎Article 8) of the Holders of at
least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with
 ‎Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the
Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that,
without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:

 

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

 

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

 

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

 

(d)           
except as expressly permitted under this Indenture, make any change that adversely affects the conversion rights of any
Note;

 

(e)           
reduce the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;

 

(f)            
make any Note payable in a currency, or at a place of payment, other than that stated in the Note;

 

(g)           
change the ranking of the Notes; or

 

(h)           
make any change in this ‎Article 10 that requires each Holder’s consent or in the waiver provisions in ‎Section
6.02 or ‎Section 6.09.

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to ‎Section 10.05, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such supplemental indenture.

 

Holders do not need under this ‎Section
10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the
substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly
describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice,
will not impair or affect the validity of the supplemental indenture.

 

Section 10.03. Effect of
Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this
 ‎Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company
and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be
part of the terms and conditions of this Indenture for any and all purposes.

 

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Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this ‎Article
10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the
Trustee pursuant to ‎Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes
then outstanding.

 

Section 10.05. Evidence of Compliance
of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by ‎Section 17.05, the Trustee
shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant hereto complies with the requirements of this ‎Article 10, is permitted or authorized by this Indenture and is valid,
binding and enforceable against the Company in accordance with its terms, subject to customary exceptions and qualifications.

 

Article
11

Consolidation, Merger, Sale, Conveyance and Lease

 

Section 11.01. Company May Consolidate,
Etc. on Certain Terms. Subject to the provisions of ‎Section 11.02, the Company shall not consolidate with or merge with
or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless:

 

(a)           
the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be
a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the
Company under the Notes and this Indenture; and

 

(b)           
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture.

 

For purposes of this ‎Section
11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more
Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis,
shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the
Company to another Person.

 

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Section 11.02. Successor Corporation
to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by
the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery
or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all
of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall
succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be
substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and, except in
the case of a lease of all or substantially all of the Company’s properties and assets, the Company shall be discharged from
all of its obligations under the Notes and the Indenture. Such Successor Company thereupon may cause to be signed, and may issue
either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver,
or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the
Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes
had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer
(but not in the case of a lease), upon compliance with this ‎Article 11 the Person named as the “Company” in
the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this
 ‎Article 11) may be dissolved, wound up and liquidated at
any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker
of the Notes and from its obligations under this Indenture and the Notes.

 

In case of any such consolidation, merger,
sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.

 

Section 11.03. Opinion of Counsel to
Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee
shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture, complies with the provisions of this ‎Article 11.

 

Article
12

Immunity
of Incorporators, Shareholders, Officers and Directors

 

Section 12.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for
any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director or Subsidiary, as
such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

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Article
13

[Intentionally Omitted]

 

Article
14

Conversion of Notes

 

Section 14.01. Conversion Privilege.
(a) Subject to and upon compliance with the provisions of this ‎Article
14, each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to
be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in ‎Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding March
15, 2025, under the circumstances and during the periods set forth in ‎Section 14.01(b), and (ii) regardless of the conditions
described in ‎Section 14.01(b), on or after March 15, 2025 and prior to the close of business on the second Scheduled Trading
Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 90.8038 shares of Common Stock (subject
to adjustment as provided in this ‎Article
14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with,
the settlement provisions of ‎Section 14.02, the “Conversion Obligation”).

 

(b)            (i)
Prior to the close of business on the Business Day immediately preceding March 15, 2025, a Holder may surrender all or any
portion of its Notes for conversion at any time during the five Business Day period immediately after any five consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of
Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day
of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock on each such
Trading Day and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation
Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall
provide written notice to the Bid Solicitation Agent (if other than the Company) of the three independent nationally
recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate
contact information for each. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine
the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination, and the Company
shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have
no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder provides the Company with
reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of
the product of the Last Reported Sale Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading
Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the
Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of
Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal
amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the
Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid
Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated as provided in the
preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent
fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such
determination when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000
principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common
Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been
met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If, at any
time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes
is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate
for such Trading Day, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other
than the Trustee).

 

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(ii)           If, prior to the close of business on the Business Day immediately preceding March 15, 2025, the Company elects to:

 

(A)           
issue to all or substantially all holders of the Common Stock any rights, options or warrants entitling them, for a period
of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common
Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or

 

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

 

then, in either case, the Company shall notify all Holders of
the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 55 Scheduled Trading Days prior to the Ex-Dividend
Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its
Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take
place, in each case, even if the Notes are not otherwise convertible at such time; provided that Holders may not convert
their Notes pursuant to this subsection (b)(ii) if they participate, at the same time and upon the same terms as holders of Common
Stock and solely as a result of holding the Notes, in any of the transactions described in clause (A) or (B) of this subsection
(b)(ii) without having to convert their Notes as if they held a number of shares of Common Stock equal to the Conversion Rate,
multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.

 

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(iii)         
If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close
of business on the Business Day immediately preceding March 15, 2025, regardless of whether a Holder has the right to require the
Company to repurchase the Notes pursuant to ‎Section 15.02, or if the Company is a party to a consolidation, merger, binding
share exchange, or transfer or lease of all or substantially all of its assets that occurs prior to the close of business on the
Business Day immediately preceding March 15, 2025, in each case, pursuant to which the Common Stock would be converted into cash,
securities or other assets, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or
after the date that is 30 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the
earlier of (x) the Business Day after the Company gives notice of such transaction and (y) the actual effective date of such transaction)
until 35 Trading Days after the effective date of such transaction or, if such transaction also constitutes a Fundamental Change,
until the related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if
other than the Trustee) of the effective date of any such transaction (A) as promptly as practicable following the date of the
Company’s public announcement of such transaction but in no event less than 30 Scheduled Trading Days prior to the anticipated
effective date of such transaction; or (B) if the Company does not have knowledge of such transaction at least 30 Scheduled Trading
Days prior to the anticipated effective date of such transaction, within one Business Day of the date upon which the Company receives
notice, or otherwise becomes aware, of such transaction, but in no event later than the actual effective date of such transaction.

 

(iv)        
 Prior to the close of business on the Business Day immediately preceding March 15, 2025, a Holder may surrender all or
any portion of its Notes for conversion at any time during any fiscal quarter commencing after the fiscal quarter ending on December
31, 2020 (and only during such fiscal quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days
(whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of
the immediately preceding fiscal quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day.
The Company shall determine at the beginning of each fiscal quarter commencing after December 31, 2020 whether the Notes may be
surrendered for conversion in accordance with this clause ‎(iv).

 

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Section 14.02. Conversion Procedure;
Settlement Upon Conversion.

 

(a)           
Subject to this ‎Section 14.02, ‎Section 14.03(b) and ‎Section 14.07(a), upon conversion of any Note,
the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes
being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu
of delivering any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02 (“Physical
Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering
any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02 (“Combination
Settlement”), at its election, as set forth in this ‎Section 14.02.

 

(i)           
All conversions for which the relevant Conversion Date occurs on or after March 15, 2025 shall be settled using the same
Settlement Method.

 

(ii)           
Except for any conversions for which the relevant Conversion Date occurs on or after March 15, 2025, the Company shall use
the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have any obligation to
use the same Settlement Method with respect to conversions with different Conversion Dates.

 

(iii)            If,
in respect of any Conversion Date (or the period described in the third immediately succeeding set of parentheses, as the
case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement
Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee, shall
deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day immediately
following the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs on
or after March 15, 2025, no later than March 15, 2025). If the Company does not elect a Settlement Method prior to the
deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement
or Physical Settlement with respect to the relevant Conversion Date and the Company shall be deemed to have elected
Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount
of Notes shall be equal to $1,000. Such Settlement Notice shall specify the relevant Settlement Method and in the case of an
election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000
principal amount of Notes. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its
Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement
Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.

 

(iv)           
The cash, shares of Common Stock or combination of cash and shares of Common Stock in respect of any conversion of Notes
(the “Settlement Amount”) shall be computed as follows:

 

(A)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company
shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of
Common Stock equal to the Conversion Rate in effect on the Conversion Date;

 

    56

     

    

 

(B)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company
shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal
to the sum of the Daily Conversion Values for each of the 50 consecutive Trading Days during the related Observation Period; and

 

(C)            
if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion
by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of
Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 50 consecutive Trading
Days during the related Observation Period.

 

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

 

(b)            Subject
to ‎Section 14.02(e), before any Holder of a Note shall
be entitled to convert a Note as set forth above, such Holder shall (i)
in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds
equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
 ‎Section 14.02(h) and (ii) in the case of a Physical Note (1)
complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and
state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the
Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied
by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish
appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in ‎Section 14.02(h). The Trustee (and if different, the
Conversion Agent) shall notify the Company of any conversion pursuant to this ‎Article 14 on the Conversion Date for
such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has
also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn
such Fundamental Change Repurchase Notice in accordance with ‎Section 15.03.

 

    57

     

    

 

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

 

(c)           
A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection ‎(b) above. Except as set forth
in ‎‎Section 14.03(b) and ‎Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration
due in respect of the Conversion Obligation no later than the second Business Day immediately following the relevant Conversion
Date, if the Company elects Physical Settlement, or no later than the second Business Day immediately following the last Trading
Day of the Observation Period, in the case of Cash Settlement or Combination Settlement. If any shares of Common Stock are due
to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the converting Holder, or
such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall be entitled, in book-entry
format through the Depositary, in satisfaction of the Company’s Conversion Obligation.

 

(d)            In
case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate and
deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations
in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service
charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any
documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from
the name of the Holder of the old Notes surrendered for such conversion.

 

(e)           
If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax
due on the issuance of any shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares
to be issued in a name other than the Holder’s name, in which case the Holder shall pay that tax. The Conversion Agent may
refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s
name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.

 

(f)           
Except as provided in ‎Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued
upon the conversion of any Note as provided in this Article 14.

 

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

 

    58

     

    

 

(h)            Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth
below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to
pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion
Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed
to be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash
and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such
conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date,
Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest
payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for
conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately
following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so
converted on the corresponding Interest Payment Date (regardless of whether the converting Holder was the shareholder of
record on the corresponding Regular Record Date); provided that no such payment shall be required (1) for conversions
following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental
Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the
corresponding Interest Payment Date; or (3) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the
time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular
Record Date immediately preceding the Maturity Date and any Fundamental Change Repurchase Date described in (2) of this
 ‎Section 14.02(h) shall receive the full interest payment due on the Maturity Date or other applicable Interest Payment
Date regardless of whether their Notes have been converted following such Regular Record Date.

 

(i)           
The Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a shareholder
of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion
Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy
the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall
no longer be a Holder of such Notes surrendered for conversion.

 

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

 

    59

     

    

 

Section 14.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. (a)
If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes
in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional
Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with”
such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including,
the Effective Date of the Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately
preceding the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been
a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following
the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).

 

(b)            Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to ‎Section
14.01(b)(iii), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash
Settlement or Combination Settlement in accordance with ‎Section 14.02; provided, however, that if, at
the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes
following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based
solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of
converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such
Stock Price. In such event, the Conversion Obligation shall be paid to Holders in cash on the second Business Day following
the Conversion Date. The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change
and issue a press release through customary channels announcing such Effective Date no later than five Business Days after
such Effective Date.

 

(c)           
The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference
to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (“Effective
Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock
in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in
a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash
amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over
the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole
Fundamental Change. The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination,
to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion
Rate where the Ex-Dividend Date, Effective Date (as such term is used in ‎Section 14.04) or expiration date of the event
occurs during such ten consecutive Trading Day period.

 

    60

     

    

 

(d)           
The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion
Rate of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to
such adjustment, multiplied by a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment
giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional
Shares set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth
in ‎Section 14.04.

 

(e)           
The following table sets forth the number of Additional Shares of Common Stock by which the Conversion Rate shall be increased
per $1,000 principal amount of Notes pursuant to this ‎Section 14.03 for each Stock Price and Effective Date set forth below:

 

	Stock
    Price
	Effective
    Date	 	$	8.99	 	 	$	10.00	 	 	$	11.01	 	 	$	12.00	 	 	$	14.00	 	 	$	16.00	 	 	$	20.00	 	 	$	25.00	 	 	$	30.00	 	 	$	40.00	 	 	$	50.00	 	 	$	75.00	 
	September 22, 2020	 	 	20.4309	 	 	 	17.0080	 	 	 	14.4478	 	 	 	12.5117	 	 	 	9.7064	 	 	 	7.8031	 	 	 	5.3840	 	 	 	3.6184	 	 	 	2.5177	 	 	 	1.2533	 	 	 	0.5988	 	 	 	0.0173	 
	September 15, 2021	 	 	20.4309	 	 	 	16.0010	 	 	 	13.3569	 	 	 	11.4108	 	 	 	8.6936	 	 	 	6.9238	 	 	 	4.7555	 	 	 	3.2100	 	 	 	2.2490	 	 	 	1.1343	 	 	 	0.5474	 	 	 	0.0109	 
	September 15, 2022	 	 	20.4309	 	 	 	14.7780	 	 	 	11.9728	 	 	 	9.9892	 	 	 	7.3679	 	 	 	5.7725	 	 	 	3.9335	 	 	 	2.6716	 	 	 	1.8893	 	 	 	0.9695	 	 	 	0.4742	 	 	 	0.0040	 
	September 15, 2023	 	 	20.4309	 	 	 	13.2940	 	 	 	10.1744	 	 	 	8.1000	 	 	 	5.6071	 	 	 	4.2663	 	 	 	2.8785	 	 	 	1.9764	 	 	 	1.4157	 	 	 	0.7425	 	 	 	0.3696	 	 	 	0.0000	 
	September 15, 2024	 	 	20.4309	 	 	 	11.4140	 	 	 	7.6158	 	 	 	5.3758	 	 	 	3.1964	 	 	 	2.3169	 	 	 	1.5705	 	 	 	1.1020	 	 	 	0.8027	 	 	 	0.4338	 	 	 	0.2220	 	 	 	0.0000	 
	September 15, 2025	 	 	20.4309	 	 	 	9.1960	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

The
exact Stock Price and Effective Date may not be set forth in the table above, in which case:

 

(i)           
if the Stock Price is between two Stock Prices in the table above or the Effective Date is between two Effective Dates in
the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional
Shares set forth for the higher and lower Stock Prices and the earlier and later Effective Dates, as applicable, based on a 365-day
year;

 

(ii)           
if the Stock Price is greater than $75.00 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion
Rate; and

 

(iii)           
if the Stock Price is less than $8.99 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion
Rate.

 

Notwithstanding the foregoing, in no event
shall the Conversion Rate per $1,000 principal amount of Notes exceed 111.2347 shares of Common Stock, subject to adjustment in
the same manner as the Conversion Rate pursuant to ‎Section 14.04.

 

(f)           
Nothing in this ‎Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to ‎Section 14.04
in respect of a Make-Whole Fundamental Change.

 

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Section 14.04. Adjustment of Conversion
Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except
that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case
of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders
of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this ‎Section 14.04,
without having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied
by the principal amount (expressed in thousands) of Notes held by such Holder.

 

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

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend
                                                                                Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split
                                                                                or share combination, as applicable;

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on
                                                                                            such Ex-Dividend Date or Effective Date, as applicable (before giving effect to any such dividend, distribution, share split
                                                                                            or share combination); and

 

	OS'	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or
share combination.

 

Any adjustment made under this ‎Section 14.04(a) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately
after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this ‎Section 14.04(a) is declared but not so paid or made, the Conversion Rate shall be immediately
readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion
Rate that would then be in effect if such dividend or distribution had not been declared.

 

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

 

    62

     

    

 

 

 

where,

 

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

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;

 

	X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

 

	Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided
by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this ‎Section 14.04(b) shall be
made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open
of business on the Ex-Dividend Date for such issuance. To the extent that shares of the Common Stock are not delivered after the
expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be
in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery
of only the number of shares of Common Stock actually delivered. To the extent such rights, options or warrants are not so issued,
the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such
dividend or distribution, to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not
occurred.

 

For purposes of this ‎Section 14.04(b)
and for the purpose of ‎Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders
of the Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale
Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there
shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable
on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

 

    63

     

    

 

(c)           
If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common
Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to ‎Section 14.04(a)
or ‎Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in ‎Section
14.04(d) shall apply, (iii) any dividends or distributions of Reference Property in a transaction described in ‎‎Section
14.07, and (iv) Spin-Offs as to which the provisions set forth below in this ‎Section 14.04(c) shall apply (any of such shares
of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or
other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following
formula:

 

 

 

where,

 

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

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	SP0	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

 

	FMV	=	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share
of the Common Stock on the Ex-Dividend Date for such distribution.

 

Any increase made under the portion of this
 ‎Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution.
If such distribution is not so paid or made, the Conversion Rate shall be decreased, effective as of the date the Board of Directors
determines not to pay or make such distribution, to the Conversion Rate that would then be in effect if such distribution had not
been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal
amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount
and kind of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal
to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV”
(as defined above) of any distribution for purposes of this ‎Section 14.04(c) by reference to the actual or when-issued trading
market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the Ex-Dividend Date for such distribution.

 

    64

     

    

 

With respect to an adjustment pursuant to
this ‎Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of
Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the
Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;

 

	CR'	=	the Conversion Rate in effect immediately after the end of the Valuation Period;

 

	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest
                                                    distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the
                                                    definition of Last Reported Sale Price as set forth in ‎Section 1.01 as if references therein to Common Stock were to
                                                    such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the
                                                    Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and

 

	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 

The increase to the Conversion Rate under
the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that
(x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during
the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Conversion
Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination
Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within
the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading
Day in determining the Conversion Rate as of such Trading Day. If any dividend or distribution that constitutes a Spin-Off is declared
but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of the date the Board of Directors determines
not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared or announced.

 

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For purposes of this ‎Section
14.04(c) (and subject in all respect to ‎Section 14.11),
rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or
purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger
Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii)
are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes
of this ‎Section 14.04(c) (and no adjustment to the Conversion Rate under this ‎Section 14.04(c) will be
required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to
have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this
 ‎Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants
distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or
warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new
rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to
terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type
described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this ‎Section 14.04(c) was made, (1) in the
case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders
thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or
warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share
redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants
(assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of
such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and
warrants had not been issued.

 

For purposes of ‎Section 14.04(a),
 ‎Section 14.04(b) and this ‎Section 14.04(c), if any
dividend or distribution to which this ‎Section 14.04(c) is applicable also includes one or both of:

 

(A)       a
dividend or distribution of shares of Common Stock to which ‎Section 14.04(a) is applicable (the “Clause A Distribution”);
or

 

(B)       a
dividend or distribution of rights, options or warrants to which ‎Section 14.04(b) is applicable (the “Clause B
Distribution”),

 

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then, in either case, (1) such dividend
or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or
distribution to which this ‎Section 14.04(c) is applicable (the “Clause C Distribution”) and any
Conversion Rate adjustment required by this ‎Section 14.04(c) with respect to such Clause C Distribution shall then be
made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C
Distribution and any Conversion Rate adjustment required by ‎Section 14.04(a) and ‎Section 14.04(b) with respect
thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A
Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II)
any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be
 “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the
meaning of ‎Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend
Date” within the meaning of ‎Section 14.04(b).

 

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

 

 

 

where,

 

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

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

 

	SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend
or distribution; and

 

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

 

Any increase pursuant to this ‎Section 14.04(d) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines
not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of
Notes, at the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior
to the open of business on the Ex-Dividend Date for such cash dividend or distribution.

 

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(e)           
If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock that
is subject to the then applicable tender offer rules under the Exchange Act, other than any odd lot tender offer, to the extent
that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of
the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the
Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer,
the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;

 

	CR'	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;

 

	AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares
of Common Stock purchased in such tender or exchange offer;

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to
giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

 

	OS'	=	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving
effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

 

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

 

The increase to the Conversion Rate
under this ‎Section 14.04(e) shall occur at the close
of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such
tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical
Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and
including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to
 “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the date that such tender or exchange offer expires
to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for
which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation
Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next
succeeding the expiration date of any tender or exchange offer, references to
 “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the expiration date of such tender or exchange
offer to, and including, such Trading Day in determining the Conversion Rate as of such Trading Day.

 

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In the event that the Company or one of
its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange offer described
in this ‎‎Section 14.04(e), but the Company or such Subsidiary is permanently prevented by applicable law from effecting
any such purchase, or all such purchases are rescinded, then the Conversion Rate shall be readjusted to be the Conversion Rate
that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases
that have been consummated.

 

(f)           
Notwithstanding this ‎Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment
becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or
prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related Conversion
Date as described under ‎Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding
the Conversion Rate adjustment provisions in this ‎Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend
Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner
of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving
rise to such adjustment.

 

(g)           
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock
or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common
Stock or such convertible or exchangeable securities.

 

(h)           
In addition to those adjustments required by clauses ‎(a), ‎(b), ‎(c), ‎(d) and ‎(e) of this
 ‎Section 14.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which
any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount
for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s
best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any exchange on which
any of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to
avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or
distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion
Rate is increased pursuant to either of the preceding two sentences, the Company shall deliver to the Holder of each Note a notice
of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect.

 

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(i)           
Notwithstanding anything to the contrary in this ‎Article 14, the Conversion Rate shall not be adjusted:

 

(i)           
 upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of
dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of
Common Stock under any plan;

 

(ii)           
upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or
future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries;

 

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

 

(iv)           
for ordinary course of business stock repurchases that are not tender offers referred to in ‎Section 14.04(e), including
structured or derivative transactions or pursuant to a stock repurchase program approved by the Board of Directors;

 

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

 

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

 

(j)           
All calculations and other determinations under this ‎Article 14 shall be made by the Company and shall be made to
the nearest one-ten thousandth (1/10,000th) of a share. Notwithstanding anything in this ‎Article 14 to the contrary, if
an adjustment to the Conversion Rate otherwise required by ‎Section 14.04 would result in a change of less than 1% to the
Conversion Rate, then the Company may, at its election, defer and carry forward such adjustment, except that all such deferred
adjustments must be given effect immediately upon the earliest to occur of the following: (i) when all such deferred adjustments
would result in an aggregate change of at least 1% to the Conversion Rate; (ii) on the Conversion Date for any Notes (in the case
of Physical Settlement); (iii) on each Trading Day of any Observation Period related to any conversion of Notes (in the case of
Cash Settlement or Combination Settlement); (iv) March 15, 2025; and (iv) on the effective date of any Fundamental Change and/or
Make-Whole Fundamental Change, in each case, unless the adjustment has already been made.

 

(k)            Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion
Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting
forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall
have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the
Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect.
Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate
setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such
notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment.

 

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(l)           
For purposes of this ‎Section 14.04, the number of shares of Common Stock at any time outstanding shall not include
shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution
on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of
scrip certificates issued in lieu of fractions of shares of Common Stock.

 

Section 14.05. Adjustments of Prices.
Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs,
the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation
Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Board of Directors
shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any
event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case
may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion
Values or the Daily Settlement Amounts are to be calculated.

 

Section 14.06. Shares to Be Fully Paid.
The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient
shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming
delivery of the maximum number of Additional Shares pursuant to ‎Section 14.03 and that at the time of computation of such
number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable).

 

Section 14.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock.

 

(a)           
In the case of:

 

(i)           
any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or
combination, a change in the par value of the Common Stock or Class B Common Stock or the automatic conversion of the Class B Common
Stock into Common Stock pursuant to the terms of the Company’s Restated Articles of Incorporation),

 

(ii)           
any consolidation, merger, combination or similar transaction involving the Company,

 

(iii)           
any sale, lease or other transfer or disposition to a third party of all or substantially all of the consolidated assets
of the Company and the Company’s Subsidiaries, taken as a whole or

 

(iv)           
 any statutory share exchange,

 

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in each case, as a result of which the Common
Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination
thereof) (any such event, a “Specified Corporate Event”), then, at and after the effective time of such Specified
Corporate Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal
amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any
combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such
Specified Corporate Event would have owned or been entitled to receive (the “Reference Property,” with each
 “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share of
Common Stock is entitled to receive) upon such Specified Corporate Event and, prior to or at the effective time of such Specified
Corporate Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee, without
the consent of the Holders, a supplemental indenture permitted under ‎Section 10.01(g) providing for such change in the right
to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the
Specified Corporate Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or
delivered, as the case may be, upon conversion of Notes in accordance with ‎Section 14.02 and (B) (I) any amount payable
in cash upon conversion of the Notes in accordance with ‎Section 14.02 shall continue to be payable in cash, (II) any shares
of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with ‎Section
14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common
Stock would have been entitled to receive in such Specified Corporate Event and (III) the Daily VWAP shall be calculated based
on the value of a unit of Reference Property.

 

If the Specified Corporate Event causes
the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of shareholder election), then (i) the Reference Property into which the Notes will be convertible
shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of Common
Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration
referred to in clause (i) attributable to one share of Common Stock. If the holders of the Common Stock receive only cash in such
Specified Corporate Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such
Specified Corporate Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash
in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant
to ‎Section 14.03), multiplied by the price paid per share of Common Stock in such Specified Corporate Event and (B)
the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the second Business Day immediately
following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the
Trustee) of such weighted average as soon as practicable after such determination is made.

 

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Such
supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments
that shall be as nearly equivalent as is possible to the adjustments provided for in this ‎Article 14. If, in the case of
any Specified Corporate Event, the Reference Property includes shares of stock, other securities or other property or assets (including
cash or any combination thereof) of a Person other than the successor or purchasing Person, as the case may be, in such Specified
Corporate Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional
provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by
reason of the foregoing, including the provisions providing for the purchase rights set forth in ‎Article 15.

 

(b)           
When the Company executes a supplemental indenture pursuant to subsection ‎(a) of this ‎Section 14.07, the Company
shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of
cash, securities or property or asset that will comprise a unit of Reference Property after any such Specified Corporate Event,
any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver
notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to
each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture.

 

(c)           
The Company shall not become a party to any Specified Corporate Event unless its terms are consistent with this ‎Section
14.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common
Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in ‎Section 14.01 and ‎Section
14.02 prior to the effective date of such Specified Corporate Event.

 

(d)           
The above provisions of this Section 14.07 shall similarly apply to successive Specified Corporate Events. For the avoidance
of doubt, the conversion of any or all of the Class B Common Stock into Common Stock in one or more transactions pursuant to the
Company’s Restated Articles of Incorporation will not constitute a Specified Corporate Event.

 

Section 14.08. Certain Covenants.
(a) The Company covenants that all shares of Common Stock issued upon conversion
of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue
thereof.

 

(b)           
The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such shares of Common
Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be.

 

(c)            The
Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or
automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes.

 

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Section 14.09. Responsibility of Trustee.
The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine
the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase)
of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect
to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and
any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares
of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any
Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any
Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or
stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply
with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality
of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to ‎Section 14.07 relating either to the kind
or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes
after any event referred to in such ‎Section 14.07 or to any adjustment to be made with respect thereto, but, subject to
the provisions of ‎Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor
the Conversion Agent shall be responsible for determining whether any event contemplated by ‎Section 14.01(b) has occurred
that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and
the Conversion Agent the notices referred to in ‎Section 14.01(b) with respect to the commencement or termination of such
conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver
such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times
as shall be provided for in ‎Section 14.01(b).

 

Section 14.10. Notice to Holders Prior
to Certain Actions. In case of any:

 

(a)           
action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to ‎Section
14.04 or ‎Section
14.11;

 

(b)           
Specified Corporate Event; or

 

(c)           
voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion
Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days
prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose
of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of
Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii)
the date on which such Specified Corporate Event, dissolution, liquidation or winding-up is expected to become effective or occur,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock
for securities or other property deliverable upon such Specified Corporate Event, dissolution, liquidation or winding-up. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its
Subsidiaries, Specified Corporate Event, dissolution, liquidation or winding-up.

 

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Section 14.11. Shareholder Rights Plans.
If the Company has a shareholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued
upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the
Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such
shareholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights
have separated from the shares of Common Stock in accordance with the provisions of the applicable shareholder rights plan, the
Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of
the Common Stock Distributed Property as provided in ‎Section 14.04(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights.

 

Section 14.12. Exchange In Lieu Of Conversion.
(a) When a Holder surrenders its Notes for conversion, the Company
may, at its election (an “Exchange Election”), direct the Conversion Agent to surrender, on or prior to the
Business Day immediately following the Conversion Date, such Notes to one or more financial institutions designated by the Company
(each, a “Designated Financial Institution”) for exchange in lieu of conversion. In order to accept any Notes
surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay and/or deliver, as the case may be,
in exchange for such Notes, the amount of cash, number of shares of Common Stock or any combination thereof, at the Company’s
election, that would otherwise be due upon conversion pursuant to ‎Section 14.02 (the “Conversion Consideration”).
If the Company makes an Exchange Election, the Company shall, by the close of business on the Business Day immediately following
the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering
its Notes for conversion that the Company has made the Exchange Election and the Company shall notify the Designated Financial
Institution(s) of the relevant Settlement Method and the relevant deadline for payment and/or delivery of the Conversion Consideration.

 

(b)            Any
Notes exchanged by the Designated Financial Institution(s) shall remain outstanding and such exchange shall be subject to
applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange
but does not timely pay and/or deliver, as the case may be, the related Conversion Consideration, or if such Designated
Financial Institution does not accept the Notes for exchange, the Company shall pay and/or deliver, as the case may be, the
relevant Conversion Consideration as if the Company had not made the Exchange Election

 

(c)           
The Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange
does not require such Designated Financial Institution(s) to accept any Notes.

 

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Article
15

Repurchase of Notes at Option of Holders

 

Section 15.01. [Intentionally Omitted].

 

Section 15.02. Repurchase at Option of
Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at
any time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of
such Holder’s Notes, or any portion thereof that is equal to $1,000 or a multiple of $1,000, on the date (the “Fundamental
Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days
following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof,
plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental
Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or
prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full
amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase
Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this ‎Article 15.

 

(b)           
Repurchases of Notes under this ‎Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

(i)           
delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”)
in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in
compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in
each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date;
and

 

(ii)            delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change
Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent,
or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in
each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

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

 

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

 

(ii)           
the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and

 

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(iii)          
that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.

 

Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this ‎Section 15.02 shall
have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal
to the Paying Agent in accordance with ‎Section 15.03.

 

The Paying Agent shall promptly notify the
Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.

 

(c)           
On or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall
provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice
(the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change
and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice
shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable
procedures of the Depositary. Simultaneously with providing such notice, the Company shall issue a press release containing the
information set forth in the Fundamental Change Company Notice and publish such information on the Company’s website or through
such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify:

 

(i)            
the events causing the Fundamental Change;

 

(ii)           
the date of the Fundamental Change;

 

(iii)          
the last date on which a Holder may exercise the repurchase right pursuant to this ‎Article 15;

 

(iv)          
 the Fundamental Change Repurchase Price;

 

(v)           
the Fundamental Change Repurchase Date;

 

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

 

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

 

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

 

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(ix)           
the procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the
repurchase of the Notes pursuant to this ‎Section 15.02.

 

At the Company’s request, the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in
all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

(d)           
Notwithstanding anything to the contrary in this Article 15, the Company shall not be required to repurchase, or to make
an offer to repurchase, the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same
time and otherwise in compliance with the requirements for an offer made by the Company as set forth in this Article 15 and such
third party purchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same
time and otherwise in compliance with the requirements for an offer made by the Company as set forth above.

 

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

 

Section 15.03. Withdrawal of Fundamental
Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may
be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying
Agent in accordance with this ‎Section 15.03 at any time prior to the close of business on the Business Day immediately preceding
the Fundamental Change Repurchase Date, specifying:

 

(i)            
the principal amount of the Notes with respect to which such notice of withdrawal is being submitted,

 

(ii)           
if Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is
being submitted, and

 

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(iii)          
the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which
portion must be in principal amounts of $1,000 or an integral multiple of $1,000;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary.

 

Section 15.04. Deposit of Fundamental
Change Repurchase Price. (a) The Company will deposit with the Trustee
(or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and
hold in trust as provided in ‎Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase
Date an amount of money, in immediately available funds, sufficient to repurchase all of the Notes to be repurchased at the appropriate
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by
the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase
Date (provided the Holder has satisfied the conditions in ‎Section 15.02) and (ii) the time of book-entry transfer
or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner
required by ‎Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they
shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer
of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment
and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

(b)           
If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such
Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have
not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether
or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii)
all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase
Price and, if applicable, accrued and unpaid interest).

 

(c)           
Upon surrender of a Note that is to be repurchased in part pursuant to ‎Section 15.02, the Company shall execute and
the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to
the unrepurchased portion of the Note surrendered.

 

Section 15.05. Covenant to Comply with
Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a)           
comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act;

 

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(b)           
file a Schedule TO or any other required schedule under the Exchange Act; and

 

(c)           
otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the
Notes;

 

in each case, so as to permit the rights and
obligations under this ‎Article 15 to be exercised in the time and in the manner specified in this ‎Article 15.

 

Article
16

No Redemption

 

Section 16.01. No Redemption. The
Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the Notes.

 

Article
17

Miscellaneous Provisions

 

Section 17.01. Provisions Binding on
Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture
shall bind its successors and assigns whether so expressed or not.

 

Section 17.02. Official Acts by Successor
Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any
board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee
or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

 

Section 17.03. Addresses for Notices,
Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served
by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address
is filed by the Company with the Trustee) to The Marcus Corporation, 100 East Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin
53202-4125, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered
or certified mail in a post office letter box addressed to the Corporate Trust Office.

 

The Trustee, by notice to the Company, may
designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication delivered or
to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it
appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the
Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

 

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Failure to mail or deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives
it.

 

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

 

All notices, approvals, consents, requests
and any communications under this Indenture must be in writing (provided that any communication sent to the Trustee must be in
the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature
provider as specified in writing to the Trustee by the Company)), in English. The party using digital signatures and electronic
methods agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

Section 17.04. Governing Law;
Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

 

The Company irrevocably consents and agrees,
for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against
it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes
may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New
York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents
and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect
to any action, suit or proceeding for itself in respect of its properties, assets and revenues.

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any
of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the
State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.

 

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Section 17.05. Evidence of Compliance
with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish
to the Trustee an Officers’ Certificate stating that such action is permitted by the terms of this Indenture.

 

Each Officers’ Certificate provided
for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture
(other than the Officers’ Certificates provided for in ‎Section 4.08) shall include (a) a statement that the person
signing such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and
scope of the examination or investigation upon which the statement contained in such certificate is based; (c)
a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement
as to whether or not, in the judgment of such person, such action is permitted by this Indenture.

 

Notwithstanding anything to the contrary
in this ‎Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an
Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled
to, or entitled to request, such Opinion of Counsel.

 

Section 17.06. Legal Holidays.
In any case where any Interest Payment Date, any Fundamental Change Repurchase Date or the Maturity Date is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the
delay.

 

Section 17.07. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the
Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 17.08. Benefits of Indenture.
Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties
hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 17.09. Table of Contents, Headings,
Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms
or provisions hereof.

 

Section 17.10. Authenticating Agent.
The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the
authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder,
including under ‎Section 2.04, ‎Section 2.05, ‎Section 2.06, ‎Section 2.07, ‎Section 10.04 and ‎Section
15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and
those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes
by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a
certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement
hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be
a Person eligible to serve as trustee hereunder pursuant to ‎Section 7.08.

 

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Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder,
if such successor corporation or other entity is otherwise eligible under this ‎Section 17.10, without the execution or filing
of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or
other entity.

 

Any authenticating agent may at any
time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate
the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating
agent shall cease to be eligible under this ‎Section 17.10, the Trustee may appoint a successor authenticating agent
(which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such
appointment to all Holders.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if
it determines such agent’s fees to be unreasonable.

 

The provisions of ‎Section 7.02, ‎Section
7.03, ‎Section 7.04, ‎Section 8.03 and this ‎Section 17.10 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed
pursuant to this ‎Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

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Section 17.11. Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

Section 17.12. Severability. In the
event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13. Waiver of Jury Trial.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 17.14. Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 17.15. Calculations. Except
as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes. These calculations
include, but are not limited to, determinations of the Stock Price, the Last Reported Sale Prices of the Common Stock, the Daily
VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes and the Conversion Rate
of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations
shall be final and binding on Holders of Notes, the Trustee and the Conversion Agent. The Company shall provide a schedule of its
calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely
conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the
Company’s calculations to any Holder of Notes upon the request in writing of that Holder at the sole cost and expense of
the Company.

 

Section 17.16. USA PATRIOT Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy
the requirements of the USA PATRIOT Act.

 

[Remainder of page
intentionally left blank]

 

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

 

	 	THE MARCUS CORPORATION
	 	 
	 	By:	/s/ Douglas A. Neis
	 	 	Name: Douglas A. Neis
	 	 	Title:   Chief Financial Officer

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Steven F. Posto
	 	 	Name: Steven F. Posto
	 	 	Title:   Vice President

 

     

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

 

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

 

[INCLUDE FOLLOWING LEGEND
IF A RESTRICTED SECURITY]

 

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

 

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

 

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

 

(A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

    A-1

     

    

 

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

 

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

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF
SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER
IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY
OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

 

    A-2

     

    

 

THE MARCUS CORPORATION

 

5.00% Convertible Senior Note due 2025

 

	No. [_____]	[Initially]1 $[_________]

 

CUSIP No. 566330 AA42

ISIN
No. US566330AA412

 

The Marcus Corporation, a corporation duly
organized and validly existing under the laws of the State of Wisconsin (the “Company,” which term includes
any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE & CO.]3 [_______]4,
or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5
[of $[_______]]6, which
amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture,
exceed $100,050,000, in accordance with the rules and procedures of the Depositary, on September 15, 2025, and interest thereon
as set forth below.

 

This Note shall bear interest at the rate
of 5.00% per year from September 22, 2020, or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date until September 15, 2025. Interest is payable semi-annually in arrears on each
March 15 and September 15, commencing on March 15, 2021, to Holders of record at the close of business on the preceding March 1
and September 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in
 ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03 of the within-mentioned Indenture, and any reference to
interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional
Interest is, was or would be payable pursuant to any of such ‎Section 4.06(d), ‎Section 4.06(e) or ‎Section 6.03,
and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional
Interest in those provisions thereof where such express mention is not made.

 

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

 

The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company
for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes
and its agency in St. Paul, Minnesota, as a place where Notes may be presented for payment or for registration of transfer and
exchange.

 

 

1
Include if a global note.

2
This Note will be deemed to be identified by CUSIP No. 566330 AB2 and ISIN No. US566330AB24 from and after such time when (i) the
Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence
of the Resale Restriction Termination Date and the removal of the restrictive legend affixed to this Note and (ii) this Note is
identified by such CUSIP number in accordance with the applicable procedures of the Depositary.

3
Include if a global note.

4 Include if a physical note.

 

6 Include if a physical note.

 

    A-3

     

    

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the
terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York without regard to the conflicts of laws principles thereof (except for Sections 5-1401 and 5-1402 of the New York General
Obligations Law).

 

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

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized
authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    A-4

     

    

 

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

 

	 	THE MARCUS CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	 	Authorized Officer	 

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

THE MARCUS CORPORATION

5.00% Convertible Senior Note due 2025

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2025 (the “Notes”), limited to
the aggregate principal amount of $100,050,000 all issued or to be issued under and pursuant to an Indenture dated as of September
22, 2020 (the “Indenture”), between the Company and U.S. Bank National Association (the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes
may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized
terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.

 

In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to
a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States
that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.

 

Each Holder shall have the right to receive
payment or delivery, as the case may be, of (x) the principal (including the Fundamental Change Repurchase Price, if applicable)
of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion of, this Note at the place, at the
respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed.

 

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

 

    A-6

     

    

 

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

 

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

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into at the Company’s election cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in the Indenture, at the
Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

    A-7

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations:

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants in common

 

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

 

    A-8

     

    

 

SCHEDULE A7

 

SCHEDULE OF EXCHANGES OF NOTES

 

THE MARCUS CORPORATION

5.00% Convertible Senior Notes due 2025

 

The initial principal amount of this Global
Note is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been made:

 

	Date of exchange	 	Amount of

 decrease in

 principal amount

 of this Global Note	 	Amount of

 increase in

 principal amount

 of this Global Note	 	Principal amount

 of this Global Note

 following such

 decrease or

 increase	 	Signature of

 authorized

 signatory of

 Trustee or

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

7 Include if a global note.

 

    A-9

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: U.S. Bank National Association

111 East Fillmore Avenue E

St. Paul, MN 55107

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into, at the Company’s election, cash, shares of Common Stock or a combination of cash and shares
of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash
payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional
share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof
unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to
be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue
or transfer taxes, if any in accordance with ‎Section 14.02(d) and ‎Section 14.02(e) of the Indenture. Any amount required
to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

	Dated:	 	 	 

 

	 	 
	 	Signature(s)
	 	 

	 	 	 
	Signature Guarantee	 	 

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

    1

     

    

 

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

 

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

 

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

 

    2

     

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: U.S. Bank National Association

111 East Fillmore Avenue E

St. Paul, MN 55107

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from The Marcus Corporation (the “Company”) as to the occurrence
of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs
the Company to pay to the registered holder hereof in accordance with ‎Section 15.02 of the Indenture referred to in this
Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding,
such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

In the case of Physical Notes, the certificate
numbers of the Notes to be repurchased are as set forth below:

 

Dated: _____________________

 

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

 

    1

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

 

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

 

	 ̈	To The Marcus Corporation or a subsidiary thereof; or

 

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

 

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

 

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

 

    1

     

    

 

Dated: ________________________

 

	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	Signature Guarantee	 

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.

 

NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    2

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