Document:

EX-4.2

Table of Contents

 Exhibit 4.2 

CLOVIS ONCOLOGY, INC. 

and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., as Trustee 
 INDENTURE 

Dated as of [                    ], 2018

Table of Contents

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
			
	 SECTION 1.01.
	 	Definitions	  	 	1	 
	 SECTION 1.02.
	 	Incorporation by Reference of Trust Indenture Act	  	 	3	 
	 SECTION 1.03.
	 	Rules of Construction	  	 	4	 
			
	 ARTICLE II
	 	THE SECURITIES	  	 	4	 
			
	 SECTION 2.01.
	 	Form and Dating	  	 	4	 
	 SECTION 2.02.
	 	Amount Unlimited; Issuable in Series	  	 	5	 
	 SECTION 2.03.
	 	Denominations	  	 	6	 
	 SECTION 2.04.
	 	Execution and Authentication	  	 	6	 
	 SECTION 2.05.
	 	Registrar and Paying Agent	  	 	6	 
	 SECTION 2.06.
	 	Paying Agent to Hold Money in Trust	  	 	7	 
	 SECTION 2.07.
	 	Securityholder Lists	  	 	7	 
	 SECTION 2.08.
	 	Transfer and Exchange	  	 	7	 
	 SECTION 2.09.
	 	Replacement Securities	  	 	8	 
	 SECTION 2.10.
	 	Outstanding Securities	  	 	8	 
	 SECTION 2.11.
	 	Temporary Securities	  	 	8	 
	 SECTION 2.12.
	 	Cancellation	  	 	9	 
	 SECTION 2.13.
	 	Defaulted Interest	  	 	9	 
	 SECTION 2.14.
	 	CUSIP Numbers	  	 	9	 
			
	 ARTICLE III
	 	REDEMPTION	  	 	9	 
			
	 SECTION 3.01.
	 	Company’s Option to Redeem	  	 	9	 
	 SECTION 3.02.
	 	Notices to Trustee	  	 	9	 
	 SECTION 3.03.
	 	Selection of Securities to Be Redeemed	  	 	10	 
	 SECTION 3.04.
	 	Notice of Redemption at the Company’s Option	  	 	10	 
	 SECTION 3.05.
	 	Effect of Notice of Redemption	  	 	11	 
	 SECTION 3.06.
	 	Deposit of Redemption Price	  	 	11	 
	 SECTION 3.07.
	 	Holder’s Right to Require Redemption	  	 	11	 
	 SECTION 3.08.
	 	Procedure for Requiring Redemption	  	 	11	 
	 SECTION 3.09.
	 	Securities Redeemed in Part	  	 	11	 
			
	 ARTICLE IV
	 	COVENANTS	  	 	12	 
			
	 SECTION 4.01.
	 	Payment of Securities	  	 	12	 
	 SECTION 4.02.
	 	Reporting	  	 	12	 
	 SECTION 4.03.
	 	Corporate Existence	  	 	12	 
	 SECTION 4.04.
	 	Compliance Certificate	  	 	12	 
	 SECTION 4.05.
	 	Further Instruments and Acts	  	 	12	 
			
	 ARTICLE V
	 	SUCCESSOR CORPORATION	  	 	13	 
			
	 SECTION 5.01.
	 	Company May Consolidate, etc., Only on Certain Terms	  	 	13	 
	 SECTION 5.02.
	 	Successor Corporation Substituted	  	 	13	 
			
	 ARTICLE VI
	 	DEFAULTS AND REMEDIES	  	 	13	 
			
	 SECTION 6.01.
	 	Events of Default	  	 	13	 

  
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Table of Contents

							
	 SECTION 6.02.
	 	Acceleration	  	 	15	 
	 SECTION 6.03.
	 	Other Remedies	  	 	15	 
	 SECTION 6.04.
	 	Waiver of Existing Defaults	  	 	15	 
	 SECTION 6.05.
	 	Control by Majority	  	 	16	 
	 SECTION 6.06.
	 	Payments of Securities on Default; Suit Therefor	  	 	16	 
	 SECTION 6.07.
	 	Limitation on Suits	  	 	16	 
	 SECTION 6.08.
	 	Rights of Holders to Receive Payment and to Demand Conversion	  	 	17	 
	 SECTION 6.09.
	 	Collection Suit by Trustee	  	 	17	 
	 SECTION 6.10.
	 	Trustee May File Proofs of Claim	  	 	17	 
	 SECTION 6.11.
	 	Restoration of Positions	  	 	17	 
	 SECTION 6.12.
	 	Priorities	  	 	18	 
	 SECTION 6.13.
	 	Undertaking for Costs	  	 	18	 
	 SECTION 6.14.
	 	Stay, Extension or Usury Laws	  	 	18	 
	 SECTION 6.15.
	 	Liability of Stockholders, Officers, Directors and Incorporators	  	 	19	 
			
	 ARTICLE VII
	 	TRUSTEE	  	 	19	 
			
	 SECTION 7.01.
	 	Duties of Trustee	  	 	19	 
	 SECTION 7.02.
	 	Rights of Trustee	  	 	21	 
	 SECTION 7.03.
	 	Individual Rights of Trustee	  	 	22	 
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	22	 
	 SECTION 7.05.
	 	Notice of Defaults	  	 	22	 
	 SECTION 7.06.
	 	Reports by Trustee	  	 	23	 
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	23	 
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	24	 
	 SECTION 7.09.
	 	Successor Trustee by Merger, etc.	  	 	25	 
	 SECTION 7.10.
	 	Eligibility; Disqualification	  	 	25	 
	 SECTION 7.11.
	 	Preferential Collection of Claims	  	 	25	 
			
	 ARTICLE VIII
	 	DISCHARGE OF INDENTURE	  	 	25	 
			
	 SECTION 8.01.
	 	Termination of the Company’s Obligations	  	 	25	 
	 SECTION 8.02.
	 	Application of Trust Money	  	 	26	 
	 SECTION 8.03.
	 	Repayment to the Company	  	 	26	 
	 SECTION 8.04.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust	  	 	26	 
			
	 ARTICLE IX
	 	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	 	27	 
			
	 SECTION 9.01.
	 	Without Consent of Holders	  	 	27	 
	 SECTION 9.02.
	 	With Consent of Holders	  	 	27	 
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act	  	 	29	 
	 SECTION 9.04.
	 	Revocation and Effect of Consents	  	 	29	 
	 SECTION 9.05.
	 	Notation on or Exchange of Securities	  	 	29	 
	 SECTION 9.06.
	 	Trustee to Sign Amendments, etc.	  	 	29	 
			
	 ARTICLE X
	 	CONVERSION OR EXCHANGE OF SECURITIES	  	 	29	 
			
	 SECTION 10.01.
	 	Provisions Relating to Conversion or Exchange of Securities	  	 	29	 
			
	 ARTICLE XI
	 	SINKING OR PURCHASE FUNDS	  	 	30	 

  
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Table of Contents

							
			
	 SECTION 11.01.
	 	Provisions Relating to Sinking or Purchase Funds	  	 	30	 
			
	 ARTICLE XII
	 	CONCERNING THE HOLDERS	  	 	30	 
			
	 SECTION 12.01.
	 	Action by Holders	  	 	30	 
	 SECTION 12.02.
	 	Proof of Execution by Holders	  	 	30	 
	 SECTION 12.03.
	 	Who Are Deemed Absolute Owners	  	 	30	 
	 SECTION 12.04.
	 	Revocation of Consents; Future Holders Bound	  	 	31	 
			
	 ARTICLE XIII
	 	MISCELLANEOUS	  	 	31	 
			
	 SECTION 13.01.
	 	Trust Indenture Act Controls	  	 	31	 
	 SECTION 13.02.
	 	Supplemental Indentures Contract	  	 	31	 
	 SECTION 13.03.
	 	Notices	  	 	31	 
	 SECTION 13.04.
	 	Communication by Holders with Other Holders	  	 	32	 
	 SECTION 13.05.
	 	Certificate and Opinion as to Conditions Precedent	  	 	33	 
	 SECTION 13.06.
	 	When Treasury Securities Disregarded	  	 	33	 
	 SECTION 13.07.
	 	Rules by Trustee, Paying Agent, Registrar	  	 	33	 
	 SECTION 13.08.
	 	Legal Holidays	  	 	34	 
	 SECTION 13.09.
	 	Governing Law and Submission to Jurisdiction	  	 	34	 
	 SECTION 13.10.
	 	Actions by the Company	  	 	34	 
	 SECTION 13.11.
	 	No Adverse Interpretation of Other Agreements	  	 	34	 
	 SECTION 13.12.
	 	Successors	  	 	34	 
	 SECTION 13.13.
	 	Duplicate Originals	  	 	34	 
	 SECTION 13.14.
	 	Table of Contents, Headings, etc.	  	 	34	 
	 SECTION 13.15.
	 	Authenticating Agent	  	 	35	 
	 SECTION 13.16.
	 	Execution in Counterparts	  	 	36	 
	 SECTION 13.17.
	 	Severability	  	 	36	 
	 SECTION 13.18.
	 	Waiver of Jury Trial	  	 	36	 
	 SECTION 13.19.
	 	Force Majeure	  	 	36	 
	 SECTION 13.20.
	 	FATCA	  	 	36	 

  
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Table of Contents

 CROSS REFERENCE TABLE 

 

			
	TIA Section	  	Indenture Section
	 310(a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	N.A.
	 (b)
	  	7.08; 7.10
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 312(a)
	  	2.07
	 (b)
	  	13.04
	 (c)
	  	13.04
	 313(a)
	  	7.06
	 (b)(1)
	  	7.06
	 (b)(2)
	  	7.06
	 (c)
	  	7.06
	 (d)
	  	7.06
	 314(a)(1)
	  	4.02
	 (a)(2)
	  	4.02
	 (a)(4)
	  	4.04
	 (b)
	  	N.A.
	 (c)
	  	2.04; 7.02(b); 8.01
	 (c)(1)
	  	13.05
	 (c)(2)
	  	13.05
	 (c)(3)
	  	13.05
	 (d)
	  	N.A.
	 (e)
	  	4.04; 13.05
	 (f)
	  	13.05
	 315(a)(1)
	  	6.05; 7.01(b)(i)
	 (a)(2)
	  	7.01(b)(ii)
	 (b)
	  	7.05; 13.03
	 (c)
	  	7.01(a)
	 (d)(1)
	  	7.01(b)
	 (d)(2)
	  	7.01(c)
	 (d)(3)
	  	6.05; 7.01(d)
	 (e)
	  	6.13
	 316(a)(last sentence)
	  	13.06
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.08
	 (c)
	  	9.02; 13.03
	 317(a)(1)
	  	6.09
	 (a)(2)
	  	6.10
	 (b)
	  	2.06
	 318(a)
	  	1.02; 13.01

 N.A. means Not Applicable. 

Note: This cross-reference table shall not, for any purpose, be deemed to be a part of the Indenture. 

  
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 INDENTURE, dated as of
[                ], 2018 between Clovis Oncology, Inc. (the “Company”), a Delaware corporation having its principal office at 5500 Flatiron Parkway,
Suite 100, Boulder, Colorado 80301, and The Bank of New York Mellon Trust Company, N.A. with its principal office at 400 South Hope Street, Los Angeles, California 90071 (the “Trustee”). Each party agrees as follows for the benefit
of each other party and for the equal and ratable benefit of the Holders of the Company’s debentures, notes or other evidences of unsecured indebtedness to be issued in one or more series (“Securities”): 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Definitions. 

“Bankruptcy Law” has the meaning provided in Section 6.01. 

“Board Resolution” means a resolution by the Board of Directors of the Company certified by its Secretary or an Assistant
Secretary as being duly adopted and in full force and effect. 
 “Business Day” means any day other than a Saturday, a
Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

“Capital Stock” 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. 
 “Common Stock” means the
common stock, par value $.001 per share, of the Company, as that stock may be reconstituted from time to time. 
 “Company”
means the Person named as such in this Indenture until a successor replaces it and after that means the successor. 
 “Company
Order” means a written order of the Company, signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer, President or any Executive 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. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business is
principally administered (which at the date of this Indenture is at the location set forth in the first paragraph of this Indenture), Attention: Corporate Trust, or such other address as the Trustee may designate from time to time by notice to
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). 

“Corporation” includes corporations, associations, companies and business trusts. 

  
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 “Custodian” has the meaning provided in Section 6.01. 

“Default” means any event that, upon the giving of notice or passage of time, or both, would be an Event of Default. 

“Depositary” means The Depository Trust Company, its nominees and their respective successors and assigns. 

“$” means the lawful currency of the United States. 

“Event of Default” has the meaning provided in Section 6.01. 

“Global Security” has the meaning provided in Section 12.03. 

“Holder” or “Securityholder” means a Person in whose name a Security is registered on the Registrar’s
books. 
 “Indenture” means this Indenture as amended or supplemented from time to time and will include the form and terms
of the Securities of each series established as contemplated by Section 2.01. 
 “Interest Payment Date” means the
date on which an installment of interest on the Securities is due and payable. 
 “Maturity Date” means the date the
principal of Securities is due and payable. 
 “Officer” means, with respect to the Company, the President, the Chief
Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary or any Executive Vice President. 
 “Officer’s
Certificate” when used with respect to the Company means a certificate signed by an Officer, and delivered to the Trustee. Each such certificate will comply with Section 314 of the TIA and include the statements described in
Section 13.05. 
 “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of
or counsel to the Company, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each such opinion will include the statements described in Section 13.05 if and
to the extent required by that Section. 
 “Paying Agent” has the meaning provided in Section 2.05. 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, joint-stock company,
trust, unincorporated organization or government or any government agency or political subdivision. 
 “Registrar” has the
meaning provided in Section 2.05. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” has the meaning set forth in the first paragraph of this Indenture. 

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

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

“State” means any state of the United States or the District of Columbia. 

“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. 

“Supplemental Indenture” means an indenture between the Company and the Trustee which supplements this Indenture. 

“TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this Indenture, except to the extent
that the Trust Indenture Act or any amendment thereto expressly provides for application of the Trust Indenture Act as in effect on another date. 

“Trustee” means the Person named as such in this Indenture and, subject to the provisions of Article VII, any successor to
that person. 
 “Trust Officer” means, when used with respect to the Trustee, any officer assigned to the corporate trust
department of the Trustee, who shall have direct responsibility for the administration of this Indenture, and for the purposes of Section 7.01(c) and Section 7.05 shall also include any other officer of the Trustee to whom any corporate
trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “United
States” means the United States of America. 
 “U.S. Government Obligations” means: 

 

	 	(1)	direct obligations of the United States for the payment of which its full faith and credit is pledged; or 

(2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States. 
 SECTION 1.02.
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. In addition, the provisions of Sections 310 to and
including 317 of the TIA that impose duties on any person are incorporated by reference in, and form a part of, this Indenture. The following TIA terms mean the following when used in this Indenture: 

  
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 “Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture securityholder” means a Holder or Securityholder; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the indenture securities means the Company. 

All other TIA terms used in this Indenture that are defined in the TIA, defined in the TIA by reference to another statute or defined by SEC
rule have the meanings assigned to them. 
 SECTION 1.03. Rules of Construction. Unless the context
otherwise requires: 
  

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

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the United States; 

 

	 	(3)	“or” is not exclusive; 

  

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

  

	 	(5)	words importing any gender include the other genders; 

  

	 	(6)	references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; 

  

	 	(7)	the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation”; and 

 

	 	(8)	words in the singular include the plural, and in the plural include the singular. 

 
ARTICLE II 
 THE SECURITIES 

SECTION 2.01. Form and Dating. (a) The Securities of each series will be substantially in the form
established by a Supplemental Indenture relating to the Securities of that series. The Securities may have notations, legends or endorsements required by law, stock exchange rules or usage. The Company will approve the form of the Securities and any
notation, legend or endorsement on them. Each Security will be dated the date of its authentication. 

  
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Table of Contents

 (b) The Trustee’s certificate of authentication will be substantially in the form of Exhibit
A. 
 SECTION 2.02. Amount Unlimited; Issuable in Series. The aggregate principal amount of the
Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. Prior to the issuance of Securities of a series, the Company and the Trustee will execute a Supplemental
Indenture that will set forth as to the Securities of that series, to the extent applicable: 
  

	 	(1)	the title of the Securities; 

  

	 	(2)	any limit upon the aggregate principal amount of Securities which may be issued; 

  

	 	(3)	the date or dates on which the Securities will mature and the amounts to be paid upon maturity of the Securities; 

  

	 	(4)	the rate or rates (which may be fixed or variable) at which the Securities will bear interest, if any, or contingent interest, if any, the dates from which interest will accrue, the dates on which interest will be
payable and the record date for the interest payable on any interest payment date; 

  

	 	(5)	the currency or currencies in which principal, premium, if any, and interest, if any, will be payable; 

  

	 	(6)	the place or places where principal of, premium, if any, and interest, if any, on the Securities will be payable; 

  

	 	(7)	any provisions regarding the right of the Company to redeem or repurchase Securities or of holders to require the Company to redeem or repurchase Securities; 

 

	 	(8)	whether the Securities are senior or subordinated debt securities, and if subordinated debt securities, the terms of such subordination; 

 

	 	(9)	the right, if any, of holders of the Securities to convert them into common stock or other securities of the Company, including any contingent conversion provisions and any provisions intended to prevent dilution of
those conversion rights; 

  

	 	(10)	any provisions by which the Company will be required or permitted to make payments to a sinking fund which will be used to redeem Securities or a purchase fund which will be used to purchase Securities;

  

	 	(11)	any index or formula used to determine the required payments of principal, premium, if any, or interest, if any; 

  

	 	(12)	the percentage of the principal amount of the Securities that is payable if maturity of the Securities is accelerated because of a default; 

  
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	 	(13)	any special or modified events of default or covenants with respect to the Securities; 

  

	 	(14)	any other terms of the Securities, which may be different from the terms set forth in this Indenture. 

SECTION 2.03. Denominations. Unless otherwise provided in the Supplemental Indenture relating to a series
of Securities, the Securities of each series will be issuable in registered form without coupons in denominations of $1,000 and multiples of $1,000. 

SECTION 2.04. Execution and Authentication. The Securities of each series 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 Vice Presidents. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by the
Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such Company Order shall authenticate and deliver such Securities. A Security will
not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature will be conclusive evidence that the Security has been authenticated under this Indenture. 

In case any Officer of the Company who shall have signed any of the Securities shall cease to be such Officer before the Securities so signed
shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Securities had not ceased to be such
Officer of the Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Security, shall be the Officers of the Company, although at the date of the execution of this Indenture
any such Person was not such an Officer. 
 SECTION 2.05. Registrar and Paying Agent. The Company will
maintain an office or agency where Securities of each series may be presented for conversion, registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities of each series may be presented for
payment (“Paying Agent”). The Registrar will keep a register of the Securities of each series and of their transfer and exchange. The Company may have one or more co-registrars and one or more
additional paying agents. The term “Paying Agent” includes any additional paying agent. 
 The Company will enter into an
appropriate agency agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture that will incorporate the terms of the TIA. The agreement will implement the provisions of this
Indenture that relate to that agent. The Company will notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee will act as such. The Company or any Subsidiary may act as
Paying Agent, Registrar, co-registrar or transfer agent. 

  
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 The Company initially appoints the Trustee to act as Registrar and Paying Agent in connection
with the Securities of each series, except in instances in which the Supplemental Indenture relating to a series of Securities appoints a different Registrar or Paying Agent. 

SECTION 2.06. Paying Agent to Hold Money in Trust. Prior to each due date of the principal of, premium, if
any, or interest, if any, on any Security, the Company will deposit with the Paying Agent a sum sufficient to pay that principal, premium or interest when due. The Paying Agent will hold in trust for the benefit of the Holders of the Securities of a
series, and if the Paying Agent is not the Trustee, in trust for the benefit of the Trustee, all sums held by the Paying Agent for the payment of principal, premium or interest on the Securities of that series and, in the case of a Paying Agent
other than the Trustee, the Paying Agent will give the Trustee notice of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it will segregate the money held by it as Paying Agent and hold it
as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent will have no
further liability for the money. 
 SECTION 2.07. Securityholder Lists. The Trustee will preserve in as
current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders of the Securities of each series. If the Trustee is not the Registrar, in accordance with Section 312(a) of the TIA, the
Company will furnish to the Trustee in writing at least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request all
information in the possession or control of the Company or its Paying Agent as to the names and addresses of Holders of the Securities of a series. 

SECTION 2.08. Transfer and Exchange. Unless otherwise provided in the Supplemental Indenture relating to
Securities of a series, Securities which are issued in registered form will be transferred only upon the surrender of the Securities for registration of transfer. When a Security is presented to the Registrar or a
co-registrar with a request to register a transfer, the Registrar will register the transfer as requested if the requirements of Article 8 of the New York Uniform Commercial Code are met. When Securities are
presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Securities of the same series of other denominations, the Registrar will make the exchange as
requested if the same requirements are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate Securities at the Registrar’s or
co-registrar’s request. The Company will not charge a fee for transfers or exchanges, but the Company may require payment from the applicable Securityholder of a sum sufficient to cover any tax or other
governmental charge and any other expenses (including fees and expenses of the Trustee) that may be imposed in connection with any registration of transfer or exchange of the Securities, other than exchanges pursuant to Sections 2.11, 3.09 and 9.05
not involving any transfer. 
 The Company will not be required to make, and the Registrar need not register, transfers or exchanges of
(i) Securities selected for redemption (except, in the case of Securities to be redeemed in part, transfers or exchanges of the portion of the Securities not to be redeemed) or (ii) any Securities of a series for a period of 15 days before
the first mailing of a notice of the Securities of that series which are to be redeemed. 

  
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 Prior to the due presentation for registration or transfer of any Security which was issued in
registered form, the Company, the Trustee, the Paying Agent, any authenticating agent, the Registrar or any co-registrar may deem and treat the person in whose name the Security is registered as the absolute
owner of the Security for all purposes, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar will be affected by notice to the contrary. 

SECTION 2.09. Replacement Securities. If a mutilated Security which had been issued in registered form is
surrendered to the Registrar or if the Holder presents evidence to the satisfaction of the Company and the Trustee that a Security which had been issued in registered form has been lost or destroyed, the Company will issue and the Trustee or an
authenticating agent appointed by the Trustee will authenticate a replacement Security of the same series if the requirements of Section 8-405 of the New York Uniform Commercial Code are met and the
Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, the replacement Security will not be issued until the Holder furnishes an indemnity bond sufficient in the judgment of the Company and the
Trustee to protect the Company, the Trustee, and if applicable, the authenticating agent, the Paying Agent and the Registrar or any co-registrar from any loss which any of them may suffer if the Security is
replaced. The Company may charge the Holder for its expenses in replacing a Security. 
 Every replacement Security will be an obligation of
the Company, even if the replaced Security is subsequently found. 
 SECTION 2.10. Outstanding
Securities. The Securities outstanding at any time will be all the Securities authenticated by the Trustee, except those cancelled by it, those delivered to it for cancellation and those described in this Section as not outstanding. A Security
does not cease to be outstanding because the Company or its affiliate holds the Security. 
 If a Security is replaced pursuant to
Section 2.09, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser (in which case the replaced Security will be treated as outstanding to
the extent permitted by Section 8-210 of the New York Uniform Commercial Code). 
 If the
Paying Agent (other than the Company or a Subsidiary) segregates and holds in trust, in accordance with this Indenture, on a redemption date or Maturity Date money sufficient to pay all principal, premium, if any, and interest, if any, payable on
that date with respect to the Securities to be redeemed or maturing, as the case may be, then on that date those Securities will cease to be outstanding and interest on them will cease to accrue. 

SECTION 2.11. Temporary Securities. Until definitive Securities of a series are ready for delivery, the
Company may prepare and the Trustee or an authenticating agent appointed by the Trustee will authenticate temporary Securities of that series. Temporary Securities will be substantially in the form of definitive Securities but may have variations
that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company will prepare and the Trustee or an authenticating agent appointed by the Trustee will authenticate definitive Securities and deliver them in
exchange for temporary Securities. 

  
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 SECTION 2.12. Cancellation. The Company at any time may
deliver Securities of a series to the Trustee for cancellation and the Trustee will reduce accordingly the aggregate amount of the Securities of that series which are outstanding. The Registrar and the Paying Agent will forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange, payment, or conversion. The Trustee and no one else will cancel and dispose of all Securities surrendered for registration of transfer, exchange, payment, conversion or
cancellation in accordance with its procedures for the disposition of cancelled securities and deliver certificates of such disposition to the Company unless the Company directs the Trustee to deliver the cancelled Securities to the Company. Subject
to Section 2.09, the Company may not issue new Securities of a series to replace Securities of the series it has redeemed, paid, converted or delivered to the Trustee for cancellation. 

SECTION 2.13. Defaulted Interest. If the Company defaults in a payment of interest on the Securities of a
series, it will pay defaulted interest (plus interest on such defaulted interest to the extent lawful) to the persons who are Holders of the Securities of that series on a subsequent special record date, which date will be at least five Business
Days prior to the payment date. The Company will fix the special record date and payment date, and, at least 15 days before the special record date, the Company will mail to each Holder of Securities of that series a notice that states the special
record date, the payment date and the amount of defaulted interest and any interest on that defaulted interest which is to be paid. Notwithstanding the foregoing, the Company may pay defaulted interest in any other lawful manner. 

SECTION 2.14. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,”
“ISIN” or other similar numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP,” “ISIN” or other similar numbers, as the case may be, in notices of redemption or exchange as a convenience to
Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the “CUSIP,”
“ISIN” or other similar numbers. 
 ARTICLE III 

REDEMPTION 
 
SECTION 3.01. Company’s Option to Redeem. The Company will have the option to redeem Securities of a series only to the extent, if any, and only on the terms, set forth in the Supplemental Indenture relating to the
Securities of that series. If the Company has the option to redeem Securities of a series, unless otherwise provided in the Supplemental Indenture relating to the series, the terms of the redemption will include those set forth in Sections 3.02
through 3.06 and 3.08. 
 SECTION 3.02. Notices to Trustee. If the Company elects to redeem Securities
of a series, it will notify the Trustee of the redemption date and the principal amount and series of Securities to be redeemed. The Company will give each notice provided for in this Section not less than 35 days before the redemption date (or such
shorter period of time as may be acceptable to the Trustee). If fewer than all the Securities of a series are to be redeemed, the record date for determining which Securities of the series are to be redeemed will be selected by the Company, which
will give notice of the record date to the Trustee at least 15 days before the record date. 

  
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 SECTION 3.03. Selection of Securities to Be Redeemed. If
fewer than all the Securities of a series are to be redeemed at the Company’s option, such Securities or portions thereof shall be selected in accordance with the procedures of the Depositary in the case of global Securities, and in the case of
Securities in definitive form the Trustee will select the Securities of that series to be redeemed by lot. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The
Trustee will notify the Company promptly of the Securities or portions of Securities to be redeemed. 
 SECTION
3.04. Notice of Redemption at the Company’s Option. At least 30 days and not more than 60 days before a date set for redemption at the Company’s option, the Company will deliver a notice of redemption to each Holder of
Securities to be redeemed in whole or in part. The notice will identify the principal amount and series of each Security to be redeemed and will state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price plus accrued interest, if any; 

  

	 	(3)	the name and address of the Paying Agent; 

  

	 	(4)	that Securities called for redemption in whole or in part must be surrendered to the Paying Agent to collect the redemption price plus accrued interest, if any; 

 

	 	(5)	that, unless the Company defaults in making the redemption payment, interest on Securities (or portions of Securities) called for redemption will cease to accrue on the redemption date and, if applicable, that those
Securities (or the portions of then called for redemption) will cease on the redemption date (or such other date as is provided in the Supplemental Indenture relating to the Securities) to be convertible into, or exchangeable for, other securities
or assets; 

  

	 	(6)	if applicable, the current conversion or exchange price; and 

  

	 	(7)	the CUSIP, ISIN or other similar numbers, if any, assigned to such Securities. 

 At the
Company’s request delivered at least five (5) days prior to the date such notice of redemption is to be given (unless a shorter period shall be acceptable to the Trustee), the Trustee will give the notice of redemption in the
Company’s name and at the Company’s expense. In such event, the Company will provide the Trustee with the information required by clauses (1) through (3), (6) and (7). 

  
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 SECTION 3.05. Effect of Notice of Redemption. Once notice of
redemption is sent, Securities, or portions of Securities called for redemption will become due and payable on the redemption date and at the redemption price. Upon surrender to the Paying Agent, those Securities will be paid at the redemption
price, plus accrued and unpaid interest to the redemption date. On and after the date fixed for redemption (unless the Company defaults in the payment of the redemption price, together with interest accrued to the redemption date) interest on the
Securities, or portions of them, which are redeemed will cease to accrue and any right to convert those Securities into, or exchange them for, other securities or assets will terminate and those Securities will cease to be convertible or
exchangeable. Failure to give notice or any defect in the notice to any Holder will not affect the validity of the notice to any other Holder. 

SECTION 3.06. Deposit of Redemption Price. No later than the Business Day prior to the redemption date
specified in a notice of redemption, the Company will deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, segregate and hold in trust) money sufficient to redeem on the redemption date all the Securities called for
redemption on that redemption date at the appropriate redemption price, together with accrued interest to the redemption date, other than Securities or portions of Securities called for redemption which have been delivered by the Company to the
Trustee for cancellation or Securities which have been surrendered for conversion or exchange. If any Securities called for redemption are converted or exchanged, any money deposited with the Paying Agent for redemption of those Securities will be
paid to the Company upon its request, or, if the money is held in trust by the Company or a Subsidiary as Paying Agent, the money will be discharged from the trust. 

SECTION 3.07. Holder’s Right to Require Redemption. Holders of Securities of a series
will have the right to require the Company to redeem those Securities only to the extent, and only on the terms, set forth in the Supplemental Indenture relating to the Securities of that series. If Holders of Securities of a series have the right
to require the Company to redeem those Securities, unless otherwise provided in the Supplemental Indenture relating to the Securities of that series, the terms of the redemption will include those set forth in Section 3.08. 

SECTION 3.08. Procedure for Requiring Redemption. If a Holder has the right to require the Company to
redeem Securities, to exercise that right, the Holder must deliver the Securities to the Paying Agent, endorsed for transfer and with the form on the reverse side entitled “Option to Require Redemption” completed. Delivery of Securities to
the Paying Agent as provided in this Section will constitute an irrevocable election to cause the specified principal amount of Securities to be redeemed. When Securities are delivered to the Paying Agent as provided in this Section, unless the
Company fails to make the payments due as a result of the redemption within 20 days after the Securities are delivered to the Paying Agent as provided in this Section interest on the Securities will cease to accrue and, if the Securities are
convertible or exchangeable, the Holder’s right to convert or exchange the Securities will terminate. 
 The Company’s
determination of all questions regarding the validity, eligibility (including time of receipt of Securities delivered by the Holders) and acceptance of any Security for redemption will be final and binding. 

SECTION 3.09. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the
Company will execute and the Trustee will authenticate and deliver to the Holder (at the Company’s expense) a new Security equal of the same series in principal amount equal to the unredeemed portion of the Security which was surrendered. 

  
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 ARTICLE IV 

COVENANTS 
 
SECTION 4.01. Payment of Securities. The Company will promptly pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of the Securities of a series at the places and time and in the manner provided in the
Securities and in the Supplemental Indenture relating to the series. An installment of principal, premium or interest will be considered paid on the date it is due if the Trustee or Paying Agent holds on that date in accordance with this Indenture
or the applicable Supplemental Indenture money designated for and sufficient to pay the installment then due. 
 The Company will pay or
cause to be paid interest on overdue principal at the rate specified in the Securities; it will also pay interest on overdue installments of interest at the same rate (or such other rate as is provided in the applicable Supplemental Indenture), to
the extent lawful. 
 SECTION 4.02. Reporting. The Company will file with the Trustee within 15 days
after filing with the SEC, copies of its annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to file
with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be
deemed to be filed with the Trustee for purposes of this Section 4.02 at the time such documents are filed via the EDGAR system. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on an Officer’s Certificate). 
 SECTION 4.03. Corporate Existence.
Subject to Article V, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

SECTION 4.04. Compliance Certificate. The Company will deliver to the Trustee within 120 days after the
end of each year an Officer’s Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any default by the Company and whether or not the signers
know of any default that occurred during such year. If they do, the certificate will describe the default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also will comply with TIA
Section 314(a)(4). 
 SECTION 4.05. 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 purpose of this Indenture. 

  
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 ARTICLE V 

SUCCESSOR CORPORATION 
 
SECTION 5.01. Company May Consolidate, etc., Only on Certain Terms. The Company will not consolidate with or merge into any other corporation or convey, transfer or lease all or substantially all of its properties and assets to another
Person, unless: 
  

	 	(1)	the corporation formed by the consolidation or into which the Company is merged or the person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an
entirety will be a corporation organized and existing under the laws of the United States of America, a State of the United States of America or the District of Columbia and expressly assumes, by one or more supplemental indentures, executed and
delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest, if any, on all the Securities of each series and the performance of every covenant of this Indenture and
of all Supplemental Indentures to be performed or observed by the Company; 

  

	 	(2)	with regard to each series of Securities, immediately after giving effect to the transaction, no Event of Default with respect to that series of Securities, and no event which, after notice or lapse of time or both,
would become an Event of Default with respect to that series of Securities, will have occurred and be continuing; and 

  

	 	(3)	the Company has delivered to the Trustee an Officer’s Certificate, and an Opinion of Counsel, each stating that the consolidation, merger, conveyance, transfer or lease and the supplemental indenture (or the
supplemental indentures together) comply with this Article and that all the conditions precedent relating to the transaction set forth in this Section have been fulfilled. 

SECTION 5.02. Successor Corporation Substituted. Upon any event described in Section 5.01, the
successor corporation will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture and all the Supplemental Indentures relating to outstanding series of Securities, and the predecessor
corporation will be relieved of all obligations and covenants under this Indenture and each of those Supplemental Indentures. 
 
ARTICLE VI 
 DEFAULTS AND REMEDIES 

SECTION 6.01. Events of Default. An “Event of Default” occurs if: 

 

	 	(1)	The Company defaults in the payment of interest on any Security of any series when it becomes due and payable and the default continues for a period of 30 days (or such other period, which may be no period as is
specified in the Supplemental Indenture relating to the series); 

  
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	 	(2)	The Company defaults in the payment of the principal of, or premium, if any, on any Security of any series as and when it becomes due and payable at its stated maturity or upon redemption, acceleration or otherwise and,
if provided in the Supplemental Indenture relating to a series, the default continues for a period specified in the Supplemental Indenture; 

  

	 	(3)	The Company fails to comply with any of its other covenants or agreements with regard to Securities of a series or this Indenture (other than a covenant or agreement, a default in whose performance or whose breach is
dealt with specifically elsewhere in this Section) and that failure continues for a period of 90 days after the date of the notice specified below; 

  

	 	(4)	the Company, pursuant to any Bankruptcy Law applicable to the Company: 

 (A)
commences a voluntary case; 
 (B) consents to the entry of an order for relief against it in an involuntary case; 

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

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

 

	 	(5)	a court of competent jurisdiction enters an order or decree under any applicable Bankruptcy Law: 

(A) for relief in an involuntary case; 

(B) appointing a Custodian of the Company or for any substantial part of its property; or 

(C) ordering its winding up or liquidation; and the order or decree remains unstayed and in effect for 90 days. 

Each of the occurrences described in clauses (1) through (5) will constitute an Event of Default whatever the reason for the occurrence
and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11 of the United States Code or any similar United States Federal or State law for the
relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

  
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 A Default under clause (3) of this Section is not an Event of Default until the Trustee
notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding Securities of a series with regard to which the Company has failed to comply with a covenant or agreement notify the Company and the Trustee, of the
Default and the Company does not cure the Default within 90 days after the giving of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

A Default under clause (1), (2) or (3) with regard to Securities of a series will not constitute a Default with regard to Securities of
any other series except to the extent, if any, provided in the Supplemental Indenture relating to the other series. 
 
SECTION 6.02. Acceleration. If an Event of Default as to the Securities of a series occurs and is continuing, unless the principal of all of the Securities of the series has already become due and payable, the Trustee by notice to the
Company, or the Holders of at least 25% in aggregate principal amount of the Securities of the series then outstanding by notice to the Company and the Trustee, may declare the principal of and accrued interest, if any, on all the Securities of the
series to be due and payable. Upon such a declaration, that principal and interest will be due and payable immediately. If an Event of Default specified in Section 6.01(4) or (5) occurs, the principal of, premium, if any, and accrued
interest, if any, on all the Securities will automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the
Securities of a series then outstanding, on behalf of the Holders of all the Securities of the series, by notice to the Trustee may rescind an acceleration and its consequences if all existing Events of Default have been cured or waived except
nonpayment of principal, premium, if any, or interest, if any, that has become due solely because of acceleration, and if the rescission would not conflict with any judgment or decree. No such rescission will affect any subsequent default or impair
any consequent right. 
 SECTION 6.03. Other Remedies. If an Event of Default as to a series occurs and
is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, and interest, if any, on the Securities of the series or to enforce the performance of any provision under this Indenture or any
applicable Supplemental Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default will not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION
6.04. Waiver of Existing Defaults. The Holders of a majority in aggregate principal amount of the Securities of a series then outstanding, on behalf of the Holders of all the Securities of that series, by notice to the Trustee may consent to
the waiver of any past Default with regard to Securities of the series and its consequences except (i) a default in the payment of interest or premium, if any, on, or the principal of, Securities of the series, or (ii) a default in respect
of a covenant or a provision that under Section 9.02 cannot be modified or amended without the consent of the Holders of all Securities of the series then outstanding. The defaults described in clauses (i) and (ii) in the previous sentence
may be waived with the consent of the Holders of all Securities of the series then outstanding. When a Default or Event of Default is waived, it is deemed cured and not continuing, but no waiver will extend to any subsequent or other Default or
impair any consequent right. 

  
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 SECTION 6.05. Control by Majority. The Holders of a majority
in principal amount of the Securities of a series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee with regard to the Securities of that series or of exercising any trust or
power conferred on the Trustee with regard to the Securities of that series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly
prejudicial to the rights of other Securityholders or that would involve the Trustee in personal liability provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior
to taking any action as a result of a direction given under this Section, the Trustee will be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking that action. 

SECTION 6.06. Payments of Securities on Default; Suit Therefor. The Company covenants that upon the
occurrence of an Event of Default described in Section 6.01(1) or (2), then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities in all series, the whole amount that will then have
become due and payable on all such Securities for principal, premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) on the
overdue installments of interest at the rate borne by the Securities in all series; and, in addition, such further amount as will be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its
agents, attorneys and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than through its gross negligence or willful misconduct. Until such demand by the Trustee, the Company may pay the principal of and premium, if
any, and interest on the Securities of all series to the registered Holders, whether or not the Securities in that series are overdue. 
 
SECTION 6.07. Limitation on Suits. A Securityholder may not pursue any remedy with respect to this Indenture, unless: 
  

	 	(1)	the Holder gives to the Trustee written notice stating that an Event of Default as to a series is continuing; 

  

	 	(2)	the Holders of at least 25% in principal amount of the Securities of the series then outstanding make a written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

  

	 	(3)	such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

 

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity, and the Event of Default has not been waived; and 

  
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	 	(5)	the Trustee has received no contrary direction from the Holders of a majority in principal amount of the Securities of the series then outstanding during such 60-day period.

 A Securityholder may not use this Indenture to prejudice the rights of another Holder of the same series of Securities or to
obtain a preference or priority over another Holder of the same series of Securities. 
 SECTION 6.08.
Rights of Holders to Receive Payment and to Demand Conversion. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of any series to receive payment of principal of, premium, if any, and interest, if
any, on the Security (and interest on overdue principal and interest on overdue installments of interest, if any, as provided in Section 4.01), on or after the respective due dates expressed in the Security or, in the case of redemption, on or
after the redemption date, or in the case of conversion or exchange, to receive the security issuable upon conversion or exchange or to institute suit for the enforcement of any such payment, conversion or exchange on or after the applicable due
date, redemption date or conversion or exchange date, as the case may be, against the Company, will not be impaired or affected without the consent of the Holder. 

SECTION 6.09. Collection Suit by Trustee. If an Event of Default in payment of principal, premium, if any,
or interest, if any, specified in clause (1) or (2) of Section 6.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal,
premium, if any, and interest remaining unpaid (together with interest on that unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

SECTION 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders of the Securities of any or all series allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless
prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each
Holder to make payments to the Trustee and, if the Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.11.
Restoration of Positions. If a judicial proceeding by the Trustee or a Securityholder to enforce any right or remedy under this Indenture or any Supplemental Indenture is dismissed or decided favorably to the Company, except as otherwise
provided in the judicial proceeding, the Company, the Trustee and the Securityholders will be restored to the positions they would have been in if the judicial proceeding had not been instituted. 

  
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 SECTION 6.12. Priorities. If the Trustee collects any money
pursuant to this Article VI with respect to Securities of a series, subject to Article XI, or, after an Event of Default set forth in Section 6.01(4) or (5), any money or other property distributable in respect of the Company’s obligations
under this Indenture, it will pay out the money or property in the following order: 
  

			
	FIRST:	  	to the Trustee (including any predecessor trustee) for amounts due under Section 7.07;
		
	SECOND:	  	to Securityholders for amounts due and unpaid on the Securities of the series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities of the series
for principal and interest, respectively; and
		
	THIRD:	  	to the Company.

 The Trustee may fix a record date and payment date for any payment to Holders of Securities of a series
pursuant to this Section. At least 15 days before the record date, the Company will mail to each Holder of Securities of the series and the Trustee a notice that states the record date, the payment date and the amount to be paid. 

SECTION 6.13. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this
Indenture or any Supplemental Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses (whether incurred before trial, at trial or on appeal or in any bankruptcy, arbitration or other administrative
proceeding), against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.13 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07, or a suit by Holders of in aggregate more than 10% in principal amount of the Securities of a series then outstanding, or to any suit instituted by any Holder for the enforcement of the payment of the principal of, premium, if
any, or interest on any Security held by that Holder on or after the due date provided in the Security or to any suit for the enforcement of the right to convert or exchange any Security in accordance with the provisions of a Supplemental Indenture
applicable to that Security. 
 SECTION 6.14. Stay, Extension or Usury Laws. The Company agrees (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim, and will resist any and all efforts to be compelled to take the benefit or advantage of, any stay or extension law or any usury
or other law, wherever enacted, now or at any subsequent time in force, which would prohibit or forgive the Company from paying all or any portion of the principal of, premium, if any, and/or interest on any of the Securities as contemplated in this
Indenture or a Supplemental Indenture, or which may affect the covenants or performance of this Indenture, and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and agrees that it
will not hinder, delay or impede the execution of any power granted to the Trustee in this Indenture or any Supplemental Indenture, but (to the extent that it may lawfully do so) will suffer and permit the execution of any such power as though no
such law had been enacted. 

  
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 SECTION 6.15. Liability of Stockholders, Officers, Directors and
Incorporators. No stockholder, officer, director or incorporator, as such, past, present or future, of the Company, or any of its successor corporations, will have any personal liability in respect of the Company’s obligations under this
Indenture or any Securities by reason of his or its status as such stockholder, officer, director or incorporator; provided, however, that nothing in this Indenture or in the Securities will prevent recourse to and enforcement of the liability of
any stockholder or subscriber to Capital Stock which have not been fully paid up. 
 ARTICLE VII 

TRUSTEE 
 
SECTION 7.01. Duties of Trustee. 
 (a) 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 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: 
 (b) 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, willful misconduct or gross
negligence 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). 

  
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 (c) the Trustee shall not be liable for any error of judgment made in good faith by a Trust
Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (d) 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 written direction of the Holders of not less than a majority (or in the case of Section 6.02, not less than 25%) of the aggregate principal
amount of the series of Securities then outstanding 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; 

(e) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject
to the provisions of this Section 7.01 and to the provisions of the TIA; 
 (f) 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 Registrar with respect to the Securities; 

(g) 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 Trust Officer had actual knowledge of such event; 

(h) 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 

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

  
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 SECTION 7.02. Rights of Trustee. 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) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate which conforms to Section 13.05. The
Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such an Officer’s Certificate. 
 (c)
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder. 
 (d) The Trustee will not be liable for any action it takes, suffers or omits to take in
good faith which it believes to be authorized or within its rights or powers, except conduct which constitutes willful misconduct or gross negligence. 

(e) The Trustee may consult with counsel of its selection and any advice of such 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. 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture 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 for any reasonable
expenses incurred and shall incur no liability of any kind by reason of such inquiry or investigation. 
 (g) Any request or direction of the
Company mentioned herein shall be sufficiently evidenced by a Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution. 

(h) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate. 

(i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction. In no event shall the Trustee be required to risk or expend its own funds in the performance of its obligations under this Indenture. 

  
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 (j) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(k) The Trustee shall not be deemed to have notice of any Default or Event of Default except any Default or Event of Default occurring pursuant
to clause (1) or (2) of Section 6.01 if, at the time of the occurrence of such Default or Event of Default, the Trustee is the Paying Agent, unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default and which shall have been given to a Trust Officer of the Trustee at the Corporate Trust Office of the Trustee. 

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

(m) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any of its affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee (i) is not responsible for and
makes no representation as to the validity, sufficiency or adequacy of this Indenture or any Securities, (ii) will not be responsible for and will not make any representation as to the validity, sufficiency or adequacy of any Supplemental
Indenture, (iii) will not be accountable for the Company’s use of the proceeds from the Securities of any series, and (iv) will not be responsible for any recital or statement of the Company in this Indenture, any Supplemental
Indenture or any Securities, other than the Trustee’s certificate of authentication, or in any prospectus used in the sale of any of the Securities, other than statements, if any, provided in writing or approved by the Trustee for use in such a
prospectus. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture. 
 
SECTION 7.05. Notice of Defaults. The Trustee will give to the Holders of the Securities of a series notice of any Default with regard to the Securities of that series known to the Trustee (upon receipt in writing by a Trust Officer),
within 90 days after it occurs; provided, that, except in the case of a Default in the payment of the principal of, or premium, if any, or interest on any Security, the Trustee will be protected in withholding notice of the Default if and so long as
a committee of its Trust Officers in good faith determines that the withholding of the notice is in the interests of the Holders of the Securities of the series. 

  
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 SECTION 7.06. Reports by Trustee. Within 60 days after each
May 15 beginning with the May 15 following the date of this Indenture, the Trustee will deliver to the Depositary (in the case of global Securities) or to each Securityholder (in the case of definitive Securities), at the name and address
which appears on the registration books of the Company, and to each Securityholder who has, within the two years preceding the mailing, filed that person’s name and address with the Trustee for that purpose and each Securityholder whose name
and address have been furnished to the Trustee pursuant to Section 2.07, a brief report dated as of that May 15 which complies with TIA Section 313(a). The Trustee also will comply with TIA Section 313(b). 

A copy of each report will at the time of its delivery to the Depositary or the Securityholders be filed with each stock exchange on which
Securities are listed and also with the SEC. The Company will promptly notify the Trustee when the Securities of any series are listed on any stock exchange and of any delisting of Securities of any series. 

SECTION 7.07. Compensation and Indemnity. The Company will pay to the Trustee from time to time such
compensation for its services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the
Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services.
Those expenses will include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company will indemnify the Trustee and its officers, directors, employees and agents
against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in connection with the administration of the trust created by this Indenture or any Supplemental Indenture and the performance of
its duties under this Indenture or any Supplemental Indenture, including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations under this Section. The Company will defend the claim and the Trustee may have separate counsel and the Company will pay the fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent. The Company need not reimburse any expense or indemnify against any loss, expense or liability incurred by the Trustee to the extent it is due to the Trustee’s own willful misconduct or gross negligence.

 To secure the Company’s obligation to make payments to the Trustee under this Section 7.07, the Trustee will have a lien prior
to the Securities on all money or property held or collected by the Trustee, other than money or property held in trust to pay principal or interest on particular Securities. Those obligations of the Company will survive the satisfaction and
discharge of this Indenture, the termination for any reason of this Indenture and the resignation or removal of the Trustee. 
 When the
Trustee incurs expenses or renders services after an Event of Default specified in clause (4) or (5) of Section 6.01 occurs, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services
of the Trustee are intended to constitute expenses of administration under any Bankruptcy Law. 

  
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 For purposes of this Section 7.07, “Trustee” will include any predecessor
Trustee, but the willful misconduct, negligence or bad faith of any Trustee will not affect the rights of any other Trustee under this Section 7.07. 

SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by giving written notice of such
resignation to the Company. The Holders of a majority in aggregate principal amount of the Securities of all series then outstanding may remove the Trustee by so notifying the Trustee and the Company and may appoint a successor Trustee. The Company
may remove the Trustee if: 
  

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

  

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

 

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

  

	 	(4)	the Trustee becomes incapable of acting. 

 If the Trustee resigns or is removed or if a vacancy
exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of Securities of all series then
outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 No removal or appointment of a
Trustee will be valid if that removal or appointment would conflict with any law applicable to the Company. 
 A successor Trustee will
deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee will, provided all sums owing to the retiring Trustee hereunder have been paid and subject to the lien provided
for in Section 7.07, transfer all property held by it as a Trustee to the successor Trustee, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture and all Supplemental Indentures. A successor Trustee will mail notice of its succession to each Securityholder. 

If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the
Company’s expense, the Company or the Holders of a majority in aggregate principal amount of Securities of all series then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

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

  
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 Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s
obligations under Section 7.07 will continue for the benefit of the retiring Trustee. 
 SECTION 7.09.
Successor Trustee 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 7.10. 
 If at the
time a successor by merger, conversion or consolidation to the Trustee succeeds to the trusts created by this Indenture any of the Securities have been authenticated but not delivered, the successor to the Trustee may adopt the certificate of
authentication of the predecessor Trustee, and deliver the Securities which were authenticated by the predecessor Trustee; and if at that time any of the Securities have not been authenticated, the successor to the Trustee may authenticate those
Securities either in the name of the predecessor or in its own name as the successor to the Trustee; and in either case the certificates of authentication will have the full force provided in this Indenture for certificates of authentication. 

SECTION 7.10. Eligibility; Disqualification. The Trustee will at all times satisfy the requirements of TIA
Section 310(a). The Trustee will at all times have a combined capital and surplus of at least $50,000,000 as set forth in its most recently published annual report of condition, which will be deemed for this paragraph to be its combined capital
and surplus. The Trustee will comply with TIA Section 310(b), including the optional provision permitted by the second sentence of TIA Section 310(b)(9); provided, however, that there shall be excluded from the operation of TIA
Section 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA
Section 310(b)(1) are met, other than the fact that such indentures are not described herein. 
 SECTION
7.11. Preferential Collection of Claims. The Trustee will comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed will be subject to TIA
Section 311(a) to the extent indicated. 
 ARTICLE VIII 

DISCHARGE OF INDENTURE 
 
SECTION 8.01. Termination of the Company’s Obligations. When (i) the Company delivers to the Trustee all outstanding Securities of all series (other than Securities replaced pursuant to Section 2.09) for
cancellation or (ii) all outstanding Securities of all series have become due and payable, or are due and payable within one year or are to be called for redemption within one year, under arrangements satisfactory to the Trustee for giving the
notice of redemption, and the Company irrevocably deposits in trust with the Trustee (subject to Article 

  
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XI) money or U.S. Government Obligations without reinvestment sufficient to pay the principal, premium, if any, and interest, if any, on the Securities of all series to maturity or redemption, as
the case may be, and if, in the case of either (i) or (ii) above the Company also pays or causes to be paid all other sums payable by the Company under this Indenture, then this Indenture will cease to be of further effect. 

Notwithstanding the foregoing, the Company’s obligations to pay principal, premium, if any, and interest, if any, on the Securities and
the Company’s obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article X will survive until all the Securities of all series are no longer outstanding. Thereafter, the Company’s obligations in Section 7.07 will
survive. 
 Before or after a deposit the Company may make arrangements satisfactory to the Trustee for the redemption of Securities of a
series at a future date to the extent the Securities are redeemable in accordance with Article III and the applicable Supplemental Indenture. 

After a deposit pursuant to this Section 8.01 or after all outstanding Securities of all series have been delivered to the Trustee for
cancellation, the Trustee upon request from the Company, accompanied by an Officer’s Certificate and an Opinion of Counsel which complies with Section 13.05, and at the cost of the Company, will acknowledge in writing the satisfaction and
discharge of the Company’s obligations under the Securities of all series and this Indenture except for those surviving obligations specified above. 

In order to have money available on payment dates to pay principal, premium, if any, or interest, if any, on the Securities of a series, the
U.S. Government Obligations will be payable as to principal, premium, if any, or interest on or before those payment dates in amounts sufficient to provide the necessary money. U.S. Government Obligations used for this purpose may not be callable at
the issuer’s option. 
 SECTION 8.02. Application of Trust Money. Subject to Article XI and
Section 8.03, the Trustee will hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.01. It will apply the deposited money and the money from the U.S. Government Obligations through the Paying Agent and
in accordance with this Indenture and any applicable Supplemental Indentures to the payment of principal of, premium, if any, and interest, if any, on the Securities with regard to which the money or U.S. Government Obligations were deposited. 

SECTION 8.03. Repayment to the Company. The Trustee and the Paying Agent will promptly pay to the Company
upon request any excess money or securities held by them at any time. The Trustee and the Paying Agent will pay to the Company upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two
years. After such payment, all liability of the Trustee and the Paying Agent with respect to that money will cease. 
 
SECTION 8.04. Deposited Money and U.S. Government Obligations to Be Held in Trust. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 8.01 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities. 

  
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 ARTICLE IX 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

SECTION 9.01. Without Consent of Holders. The Company and the Trustee may amend or supplement this
Indenture or the Securities without notice to or consent of any Securityholder: 
  

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

  

	 	(2)	to comply with Article V; 

  

	 	(3)	to establish the form and terms of the Securities of any series as contemplated in Article II of this Indenture; 

  

	 	(4)	to provide for uncertificated Securities in addition to or in place of certificated Securities; or 

  

	 	(5)	to amend, modify or supplement any of the provisions contained herein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the rights of any Securityholder,
and provided further that any amendment, modification or supplement that conforms this Indenture or any supplemental indenture, as applied to a series of Securities, to the terms described in the prospectus (including any prospectus supplement)
pursuant to which such Securities were initially sold shall be deemed not to adversely affect the rights of Securityholders. 

After an amendment under this Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the
amendment. The failure to give such notice to all Securityholders, or any defect in a notice, will not impair or affect the validity of an amendment under this Section. 

SECTION 9.02. With Consent of Holders. The Company and the Trustee may (i) amend or supplement this
Indenture or the Securities without notice to any Securityholder but with the written consent of the Holders of a majority in aggregate principal amount of the Securities of all series then outstanding or (ii) supplement this Indenture with
regard to a series of Securities, amend or supplement a Supplemental Indenture relating to a series of Securities, or amend the Securities of a series, without notice to any Securityholder but with the written consent of the Holders of a majority in
aggregate principal amount of the Securities of that series then outstanding. The Holders of a majority in principal amount of the Securities of all series then outstanding may waive compliance by the Company with any provision of this Indenture or
the Securities without notice to any Securityholder. The Holders of a majority in principal amount of the Securities of any series then outstanding may waive compliance with any provision of this Indenture, any Supplemental Indenture or the
Securities of that series with regard to the Securities of that series without notice to any Securityholder. However, without the consent of the Holder so affected, no amendment, supplement or waiver, including a waiver pursuant to
Section 6.04, may: 

  
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	 	(1)	extend the fixed maturity of any Security, reduce the rate or extend the time for payment of interest on any Security, reduce the principal amount of any Security or premium, if any, on any Security; 

 

	 	(2)	impair or affect the right of a Holder to institute suit for the payment of interest, if any, principal or premium, if any, on the Securities; 

 

	 	(3)	change the currency in which the Securities are payable from that specified in the Securities or in a Supplemental Indenture applicable to the Securities; 

 

	 	(4)	impair the right, if any, to convert the Securities into, or exchange the Securities for, other securities or assets; 

  

	 	(5)	reduce the percentage of Securities required to consent to an amendment, supplement or waiver; 

  

	 	(6)	reduce the amount payable upon the redemption of any Security or change the time at which any Security may or will be redeemed; 

  

	 	(7)	modify the provisions of any Supplemental Indenture with respect to subordination of the Securities of a series in a manner adverse to the Securityholders; or 

 

	 	(8)	make any change in Section 6.04 or 6.08 or the fifth sentence of this Section. 

 It will
not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment, supplement or waiver, but it will be sufficient if the consent approves the substance of the amendment, supplement or
waiver. 
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to consent
to any indenture supplemental hereto. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders
remain Holders after such record date; provided, that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously
given shall automatically and without further action by any Holder be cancelled and of no further effect. 
 After an amendment under this
Section becomes effective, the Company will mail to the Securityholders a notice briefly describing the amendment. The failure to give such notice to all Securityholders, or any defect in a notice, will not impair or affect the validity of an
amendment under this Section. 

  
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 SECTION 9.03. Compliance with Trust Indenture Act. Every
amendment or supplement to this Indenture, any Supplemental Indenture or the Securities will comply with the TIA as then in effect. 
 
SECTION 9.04. Revocation and Effect of Consents. A consent to an amendment, supplement or waiver by a Holder of a Security will bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent as to the Holder’s Security or portion of a Security. For a
revocation to be effective, the Trustee must receive notice of the revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective in accordance with its terms, it will
bind every Holder of every Security of every series to which it applies. 
 SECTION 9.05. Notation on or
Exchange of Securities. If an amendment changes the terms of a series of Securities, the Trustee may require the Holder of a Security of the series to deliver the Holder’s Security to the Trustee, who will place an appropriate notation
about the amendment, supplement or waiver on the Security and will return it to the Holder. Alternatively, the Company may, in exchange for the Security, issue, and the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to
Section 13.15) will authenticate, a new Security that reflects the amendment, supplement or waiver. 

SECTION 9.06. Trustee to Sign Amendments, etc. In executing, or accepting the additional trusts created
by, any supplemental indenture permitted by Article II or this Article IX or the modification thereby of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, an Opinion of Counsel
and an Officer’s Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee will sign any amendment, supplement or waiver authorized pursuant to Article II or this
Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does adversely affect those rights, duties, liabilities or immunities, the Trustee may but need not
sign it. The Company may not sign an amendment or supplement until the amendment or supplement is approved by an appropriate Board Resolution. 

ARTICLE X 

CONVERSION OR EXCHANGE OF SECURITIES 

SECTION 10.01. Provisions Relating to Conversion or Exchange of Securities. Any rights which Holders of
Securities of a series will have to convert those Securities into other securities of the Company or to exchange those Securities for securities of other Persons or other assets, including but not limited to the terms of the conversion or exchange
and the circumstances, if any, under which those terms will be adjusted to prevent dilution or otherwise, will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a Supplemental Indenture
relating to a series of Securities setting forth rights to convert or exchange the Securities of that series into or for other securities or assets, Holders of the Securities of that series will not have any such rights. 

  
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 ARTICLE XI 

SINKING OR PURCHASE FUNDS 
 
SECTION 11.01. Provisions Relating to Sinking or Purchase Funds. Any requirements that the Company make, or rights of the Company to make at its option, payments prior to maturity of the Securities of a series which will be used as a fund
with which to redeem or to purchase Securities of that series, including but not limited to provisions regarding the amount of the payments, when the Company will be required, or will have the option, to make the payments and when the payments will
be applied, will be set forth in a Supplemental Indenture relating to the series of Securities. In the absence of provisions in a Supplemental Indenture relating to a series of Securities setting forth requirements that the Company make, or rights
of the Company to make at its option, payments to be used as a fund with which to redeem or purchase Securities of the series, the Company will not be subject to any such requirements and will not have any such rights. However, unless otherwise
specifically provided in a Supplemental Indenture relating to a series of Securities, the Company will at all times have the right to purchase Securities from Holders in market transactions or otherwise. 

ARTICLE XII 
 
CONCERNING THE HOLDERS 
 SECTION 12.01. Action by Holders. Whenever in this Indenture it is
provided that the Holders of a specified percentage of the aggregate principal amount of the Securities may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other
action), the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in person or by
agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held or (c) by a combination of such instrument or instruments and any such record of such a meeting
of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders, the Company or the Trustee may fix, but shall not be required to, in advance of such solicitation, a date as the record date for determining Holders
entitled to take such action. The record date if one is selected shall be not more than 15 days prior to the date of commencement of solicitation of such action. 

SECTION 12.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01 and
Section 7.02, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee. The holding of Securities shall be proved by the Registrar’s books or by a certificate of the Registrar’s books. The record of any Holders’ meeting shall be proved in the manner determined by the Trustee
in accordance with Section 13.07. 
 SECTION 12.03. Who Are Deemed Absolute Owners. The Company,
the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Registrar may deem the Person in whose name a Security shall be registered upon the Registrar’s books to be, and may treat it as, the absolute owner of such
Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Registrar) for the purpose of receiving payment of or on account of the
principal of and accrued and unpaid interest on such Security, for conversion of such Security and for all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Registrar
shall be affected by any notice to the contrary. The sole registered holder of a Security in global form (a “Global Security”) shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder for the
time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such Security.
Notwithstanding anything to the contrary in this Indenture or the Securities, following an Event of Default, any owner of a beneficial interest in a Global Security may directly enforce against the Company, without the consent, solicitation, proxy,
authorization or any other action of the Depositary or any other Person, such owner’s right to exchange such beneficial interest for a Security in certificated form in accordance with the provisions of this Indenture. 

  
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 SECTION 12.04. Revocation of Consents; Future Holders Bound.
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 12.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Securities specified in this Indenture in
connection with such action, any Holder that is shown by the evidence to be included in the Securities the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of
holding as provided in Section 12.02, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the Holder shall be conclusive and binding upon such Holder and upon all future Holders and owners of such
Security and of any Securities issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Security or any Securities issued in exchange or
substitution therefor or upon registration of transfer thereof. 
 ARTICLE XIII 

MISCELLANEOUS 
 
SECTION 13.01. Trust Indenture Act Controls. If any provision of this Indenture or any Supplemental Indenture limits, qualifies or conflicts with the duties imposed by Section 310 through 317 of the TIA, the imposed duties will
control. 
 SECTION 13.02. Supplemental Indentures Contract. If any provision of a Supplemental
Indenture relating to a series of Securities is inconsistent with any provision of this Indenture, the provision of the Supplemental Indenture will control with regard to the Securities of the series to which it relates. 

SECTION 13.03. Notices. Any notice or communication under or relating to this Indenture or any
Supplemental Indenture will be sufficiently given if made upon, given or furnished to, or filed with the applicable party, in writing and delivered by facsimile transmission, in person or mailed by first-class mail, certified or registered, return
receipt requested, addressed as follows: 
  

			
	if to the Company:	  	Clovis Oncology, Inc.
		
		  	5500 Flatiron Parkway, Suite 100
		  	Boulder, Colorado 80301
		  	Attention: General Counsel
		  	Facsimile: (303) 245-0361
	
	with a copy (which shall not constitute notice and shall not be required to be delivered in satisfaction of any requirement hereof) to:
		
		  	Willkie Farr & Gallagher LLP
		  	787 Seventh Avenue
		  	New York, New York 10019
		  	Attention: Thomas Mark
		  	Facsimile: (212) 728-9667
		
	if to the Trustee:	  	The Bank of New York Mellon Trust Company, N.A.
		  	400 South Hope Street
		  	Mellon Bank Center
		  	Los Angeles, CA 90071
		  	Attn: Corporate Trust

  
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 Either the Company or the Trustee by a notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication sent to a Securityholder will be sent to the
Securityholder at the Securityholder’s address as it appears on the registration books of the Registrar and will be sufficiently given to the Securityholder if so sent within the time prescribed. 

Failure to send a notice or communication to a Securityholder or any defect in it will not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

If by reason of the suspension of regular mail service, or by reason of any other cause, it is impossible to send any notice as required by
this Indenture or any Supplemental Indenture, then any method of notification which is approved by the Trustee will constitute a sufficient sending of the notice. 

The Company may set a record date for purposes of determining the identity of Securityholders entitled to vote or consent to any action by
vote or consent authorized or permitted by Sections 6.04 and 6.05. The record date will be the later of 30 days prior to the first solicitation of consents or the date of the most recent list of Holders furnished to the Trustee pursuant to
Section 2.07 prior to the solicitation. 
 The Trustee shall have the right, but shall not be required, to rely upon and comply with
notices, instructions, directions or other communications sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and
directions on behalf of the Company. The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the
Company; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such notices, instructions, directions or other communications.
The Company agrees to assume all risks arising out of the use of such electronic methods to submit notices, instructions, directions or other 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. The Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee pursuant to this
Indenture are complete and correct. Any such notices, instructions, directions or other communications shall be conclusively deemed to be valid instructions from the Company to the Trustee for the purposes of this Indenture. 

SECTION 13.04. Communication by Holders with Other Holders. Securityholders may communicate pursuant to
TIA Section 312(b) with other Securityholders with respect to their rights under this Indenture or the Securities. Each of the Company, the Trustee, the Registrar and anyone else will have the protection of TIA Section 312(c). 

  
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 SECTION 13.05. Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture or any Supplemental Indenture, the Company will furnish to the Trustee: 

 

	 	(1)	an Officer’s Certificate stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action have been complied
with; 

  

	 	(2)	an Opinion of Counsel stating that, in the opinion of such counsel, all those conditions precedent, if any, provided for in this Indenture or any Supplemental Indenture relating to the proposed action have been complied
with; and 

  

	 	(3)	such other opinions and certificates as may be required by applicable provisions of this Indenture or the Supplemental Indenture. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture or a Supplemental Indenture
will include: 
 (i) a statement that each person signing the certificate or opinion has read such covenant or condition and
the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in the certificate or opinion are based; 
 (iii) a statement
that, in the opinion of the person giving the certificate or opinion, that person has made such examination or investigation as is necessary to enable that person to express an informed opinion as to whether or not the covenant or condition has been
complied with; and 
 (iv) a statement as to whether or not, in the opinion of that person, the condition or covenant has
been complied with. 
 Nothing in this Section 13.05 will be construed as requiring that the Company furnish to the Trustee any
evidence of compliance with the conditions and covenants provided for in this Indenture or any Supplemental Indenture other than the evidence specified in this Section 13.05 except as may be required by any other provision of this Indenture.

 SECTION 13.06. When Treasury Securities Disregarded. In determining whether the Holders of the
required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company, or anyone under direct or indirect control or under direct or indirect common control with the Company will be disregarded
and deemed not to be outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Securities which a Trust Officer of the Trustee actually knows are so owned
will be so disregarded. Securities so owned which have been pledged in good faith will not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act with respect to the Securities and that the
pledgee is not the Company or a person directly or indirectly controlling or controlled by, or under common control with, the Company. Nothing in this Section 13.06 will be construed as requiring that the Company furnish to the Trustee any
evidence of compliance with the conditions and covenants provided for in the Indenture other than the evidence specified in this Section 13.06. 

SECTION 13.07. Rules by Trustee, Paying Agent, Registrar. The Trustee may make reasonable rules for action
by or at a meeting of Securityholders. The Paying Agent or Registrar may make reasonable rules for its functions. 

  
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 SECTION 13.08. Legal Holidays. If a payment date or Maturity
Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in
respect of any payment that would otherwise need to be made on such date on account of the delay. 
 SECTION
13.09. Governing Law and Submission to Jurisdiction. The laws of the State of New York will govern this Indenture, each Supplemental Indenture and the Securities, and any dispute, case or controversy arising thereunder or relating thereto.
The Company submits to the jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, The City of New York, and of the United States District Court for the Southern District of New York, in any action or proceeding to
enforce any of its obligations under this Indenture or any Supplemental Indenture or with regard to the Securities, and agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the forum or otherwise (but the
Company will not be prevented from removing any such action or proceeding from a state court to the United States District Court for the Southern District of New York). The Company agrees that process in any such action or proceeding may be served
upon it by registered mail or in any other manner permitted by the rules of the court in which the action or proceeding is brought. 
 
SECTION 13.10. Actions by the Company. Any action or proceeding brought by the Company to enforce any right, assert any claim or obtain any relief in connection with this Indenture, any Supplemental Indenture or the Securities will be
brought by the Company exclusively in the courts of the State of New York sitting in the Borough of Manhattan, The City of New York or in the United States District Court for the Southern District of New York. 

SECTION 13.11. No Adverse Interpretation of Other Agreements. Neither this Indenture nor any Supplemental
Indenture may be used to interpret another indenture, loan or debt agreement of the Company or any Subsidiary. No such indenture, loan or debt agreement may be used to interpret this Indenture or any Supplemental Indenture. 

SECTION 13.12. Successors. All agreements of the Company in this Indenture, any Supplemental Indentures
and the Securities will bind its successors. All agreements of the Trustee in this Indenture and any Supplemental Indentures will bind its successors. 

SECTION 13.13. Duplicate Originals. The parties may sign any number of copies of this Indenture or any
Supplemental Indenture. Each signed copy will be an original, but all of them together will represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or
“tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 
 
SECTION 13.14. Table of Contents, Headings, etc. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only. They are not to be considered
a part of this Indenture, and will in no way modify or restrict any of the terms or provisions of this Indenture. 

  
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 SECTION 13.15. 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 Securities in connection with the original issuance thereof and transfers and exchanges of Securities hereunder,
including under Section 2.04, Section 2.05, Section 2.09, Section 2.11 and Section 9.05 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 Securities. For all purposes of this Indenture, the authentication and delivery of Securities by the authenticating agent shall be deemed to be authentication and delivery of such Securities “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 Securities 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 7.10. 
 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 13.15, without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 

Any authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at
any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall mail or transmit notice
of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register. 
 The Company agrees to pay to
the authenticating agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 

The provisions of Section 2.08, Section 7.02, Section 7.03 and Section 7.04 and this Section 13.15 shall be
applicable to any authenticating agent. 
 If an authenticating agent is appointed pursuant to this Section 13.15, the Securities 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 Securities described in the within-named Indenture. 
  

			
	By:	 	
                     
        

	Authorized Officer

  
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 SECTION 13.16. 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 13.17. Severability. In the event
any provision of this Indenture or in the Securities 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 13.18. Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 13.19. 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 best efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 13.20. FATCA. In order to comply with Sections 1471 through 1474 of the U.S. Internal Revenue
Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”), a foreign financial institution, issuer, collateral agent, paying agent, holder or other institution is or has
agreed to be subject to related to this Indenture, the Company and the Securityholders agree (i) to provide to the Trustee upon its request information in the Company’s possession about holders or other applicable parties and/or
transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has tax related obligations under the Applicable Law and (ii) that the Trustee shall be entitled to make any withholding or
deduction from payments under this Indenture to the extent necessary to comply with the Applicable Law for which the Trustee shall not have any liability for its withholding or deduction from payment under this Indenture to the extent necessary to
comply with Applicable Law. The terms of this section shall survive the termination of this Indenture. 
 IN WITNESS WHEREOF, the parties to
this Indenture have caused it to be duly executed as of the day and year first above written. 
  

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	              

		 	Name:
		 	Title:
	
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	      

		 	Name:
		 	Title:

  
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 EXHIBIT A 

(Form of Face of Security) 

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN ACCORDANCE WITH THE TERMS HEREOF AND OF
THE INDENTURE (AS DEFINED BELOW), THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.]* 
  

	*	Insert in Global Security only. 

 CLOVIS ONCOLOGY, INC. 

% [SENIOR/SUBORDINATED] NOTE DUE 
  

	
	  

CUSIP:

	 ISIN:

	 Common Code:

 Clovis Oncology, Inc., a Delaware corporation, promises to pay to [Cede & Co.]*
[    ], or registered assigns, the principal sum of Dollars on 
 Interest Payment Dates: and 

Record Dates: and 
 Additional
provisions of this Security are set forth on the reverse hereof. 
  

	*	Insert in Global Security only. 

  
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 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized officer. 
  

			
	CLOVIS ONCOLOGY, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

THE BANK OF NEW YORK MELLON TRUST 
  

									
	 COMPANY, N.A. as Trustee,
 certifies
that this is one of the
 Notes described in the
 within-named
Indenture.
	 		 	
					
	By:	 	 	 		 	Dated:	 	 
		 	Authorized Signatory	 		 		 	

  
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 (Form of Reverse of Security) 

CLOVIS ONCOLOGY, INC. 

%[SENIOR/SUBORDINATED] NOTE DUE 

1. Interest. Clovis Oncology, Inc., a Delaware corporation (such corporation, and its successors and assigns under the Indenture
referred to below, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the interest rate per annum shown above. The Company will pay interest semiannually on and of each year.
Interest on the Securities of this series will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from . Interest will be computed [on the basis of a 360-day year consisting of twelve 30-day months] [as set forth in the Officer’s Certificate or supplemental indenture delivered pursuant to the Indenture]. 

2. Method of Payment. The Company will pay interest on the Securities of this series (except defaulted interest) to the persons who are
registered Holders of Securities of this series at the close of business on the record date next preceding the interest payment date even though such Securities are canceled after the record date and on or before the interest payment date. Holders
must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, the
Company may pay principal and interest by check payable in such money. It may mail an interest check to a Holder’s registered address. 

3. Paying Agent, Registrar. Initially, [    ] (the “Trustee”), will act as Paying Agent and
Registrar. The Company may change any Paying Agent, Registrar or co-registrar without notice. The Company may act as Paying Agent, Registrar or co-registrar. 

4. Indenture. The Company issued the Securities of this series under an Indenture dated as of [ ] (the “Indenture”)
between the Company and the Trustee. The Securities are unsecured general obligations of the Company issued and to be issued in one or more series under the Indenture and may be issued in an unlimited principal amount. The terms of the Securities
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) (the “TIA”).    Capitalized terms used herein but
not defined herein are used as defined in the Indenture. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of such terms. 

5. Redemption. [Set forth redemption provision, if any.] 

6. Denominations; Transfer; Exchange. The Securities of this series are in registered form without coupons in denominations of $1,000
and any integral multiple thereof [or as otherwise set forth in the Security]. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Company shall not be required (a) 

  
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to issue, register the transfer of or exchange any Securities of a series during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of
any such Securities selected for redemption under Section 3.03 of the Indenture and ending at the close of business on the day of such mailing or (b) to register the transfer of or exchange any Security so selected for redemption in whole
or in part, except the unredeemed portion of any Security being redeemed in part. 
 7. Defeasance. Subject to certain conditions and
unless otherwise provided in the terms of the Securities of this series, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money for the payment of
principal and interest on the Securities to maturity. 
 8. Persons Deemed Owners. The registered Holder of a Security may be treated
as its owner for all purposes, except that interest (other than defaulted interest) will be paid to the person that was the registered Holder on the relevant record date for such payment of interest. 

9. Amendments and Waivers. Subject to certain exceptions, (i) the Indenture or the Securities may be amended or supplemented with
the consent of the Holders of a majority in principal amount of the Securities of each series affected; and (ii) any existing default with respect to the Securities of this series may be waived with the consent of the Holders of a majority in
principal amount of the Securities of such series. Without the consent of any Securityholder, the Indenture or the Securities may be amended or supplemented to, among other things, cure any ambiguity, omission, defect, error or inconsistency, to
provide for assumption of Company obligations by a successor to provide for uncertificated Securities in addition to or in place of certificated Securities, to provide for guarantees with respect to, or security for, the Securities, or to comply
with the TIA or to add additional covenants or surrender Company rights. 
 10. Remedies. If an Event of Default with respect to the
Securities of this series occurs and is continuing, the Trustee or Holders of at least 25% in principal amount of the Securities of this series may declare all the Securities of this series to be due and payable immediately. Securityholders may not
enforce the Indenture or the Securities of this series except as provided in the Indenture. The Trustee may require an indemnity before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal
amount of the Securities of a series may direct the Trustee in its exercise of any trust or power with respect to such series. The Trustee may withhold from Securityholders notice of any continuing default (except a Default in payment of principal
or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate to the Trustee. 

11. Subordination. [Set forth subordination provision, if any.] 

12. Trustee Dealings with Company. Subject to the provisions of the TIA, the Trustee under the Indenture, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee. The Trustee will initially be
[    ]. 

  
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 13. No Recourse Against Others. A director, officer, incorporator, employee or
stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each
Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

14. Authentication. This Security shall not be valid until authenticated by the manual signature of an authorized signatory of the
Trustee or an authenticating agent. 
 15. Abbreviations. Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Securities. No representation is made as to the accuracy of such numbers (or as to the accuracy of ISIN numbers, Common Code numbers or similar numbers) as printed on the Securities and reliance may be placed only on the other
identification numbers placed thereon. 
 THE COMPANY WILL FURNISH TO ANY SECURITYHOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF
THE INDENTURE, WHICH HAS IN IT THE TEXT OF THIS SECURITY, IN TWELVE-POINT TYPE. REQUESTS MAY BE MADE TO: INVESTOR RELATIONS, CLOVIS ONCOLOGY, INC., 5500 FLATIRON PARKWAY, SUITE 100, BOULDER, COLORADO 80301, TELEPHONE: (303) 625-5000. 

  
 - 5 - 

Table of Contents

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 

I or we assign and transfer this Security to 

(Insert assignee’s soc. sec or tax I.D. no.) 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for
him. 
  

									
	Dated:	 	  
	 		 	Signed:	 	  

		 		 		 		 	(Sign exactly as your name appears on the other side of this Security

 Signature Guarantee: 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 - 6 -Exhibit 4.1

NEITHER THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.  THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

COMMON STOCK PURCHASE WARRANT

DPW HOLDINGS, INC.

Warrant Shares: 993,590

Date of Issuance:  April 16, 2018 (“Issuance Date”)

This COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received (in connection with the funding of the purchase price of $1,550,000.00 for the $1,722,222.22 secured convertible promissory note issued to the Holder (as defined below) by the Company (as defined below) on the Issuance Date (the “Note”), ________________ (including any permitted and registered assigns, the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from DPW Holdings, Inc., a Delaware corporation (the “Company”), up to 993,590 shares of Common Stock (as defined below) (the “Warrant Shares”) (whereby such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant) at the Exercise Price per share then in effect.  This Warrant is issued by the Company as of the date hereof in connection with that certain securities purchase agreement dated April 16, 2018, by and between the Company and the Holder (the “Purchase Agreement”).

Capitalized terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of this Warrant or in Section 12 below.  For purposes of this Warrant, the term “Exercise Price” shall mean $1.30, subject to adjustment as provided herein (including but not limited to cashless exercise), and the term “Exercise Period” shall mean the period commencing on the Issuance Date and ending on 5:00 p.m. eastern standard time on the five-year anniversary thereof.

1.             EXERCISE OF WARRANT.

(a)          Mechanics of Exercise.  Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant.  The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.  Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  On or before the third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company of payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash or by wire transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise Price provided), the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.  Upon receipt of the Exercise Delivery Documents by the Company, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares.  If this Warrant is submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than five Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

 

If the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and such failure shall be deemed an event of default under the Note.

If the Market Price of one share of Common Stock is greater than the Exercise Price, the Holder may elect to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant determined in the manner described below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a Notice of Exercise, in which event the Company shall issue to Holder a number of Common Stock computed using the following formula:

X = Y (A-B)

 

A

 

	Where   	
X =

	
the number of Shares to be issued to Holder.

 

		Y =	
the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).

 

		
A =

	
the Market Price (at the date of such calculation).

 

		
B =

	
Exercise Price (as adjusted to the date of such calculation).

 

             If, at any time the Company should so determine, (i) the Warrant Shares are registered for resale by the Holder at prevailing market prices under an effective non-stale registration statement of the Company or Rule 144 is available for the Holder’s resale of such Warrant Shares, (ii) the Company is current in its reporting obligations with respect to the SEC, (iii) the closing price of the Company’s common stock exceeds 200% of the Exercise Price in effect at that time for the immediately preceding five (5) consecutive Trading Days, and (iv) the average daily volume for the Company’ common stock for the immediately preceding five (5) consecutive Trading Days exceeds 200% of the amount of the Warrant Shares, then the Company may require the Holder to effectuate an exercise with respect to the remaining Warrant Shares hereunder so long as such exercise complies with the beneficial ownership limitations provided in this Warrant.

 

2

 

(b)          No Fractional Shares.  No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto.  All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share.  If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market value of a Warrant Share by such fraction.

(c)          Holder’s Exercise Limitations.  The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation, as defined below.  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the preceding sentence, for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.

For purposes of this paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding.  Upon the request of a Holder, the Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  Upon no fewer than 61 days’ prior notice to the Company, a Holder may increase or decrease the Beneficial Ownership Limitation provisions of this paragraph, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this paragraph shall continue to apply.  Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company and shall only apply to such Holder and no other Holder.  The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.  Notwithstanding anything in this Note to the contrary, and in addition to the beneficial ownership limitations provided herein, the total number of shares of Common Stock that may be issued under this Warrant, shall be limited to 19.99% of the Company’s outstanding shares of Common Stock as of the date hereof or such earlier date that the NYSE American may require be used (the “Exchange Cap”), unless stockholder approval is obtained to issue more than the Exchange Cap.  The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction. Unless the Company has previously obtained the stockholder approval to issue more than the Exchange Cap, the Company shall include a proposal seeking approval of the transactions contemplated by the Agreement and this Warrant (the “Proposal”) in its proxy statement related to its annual meeting for its fiscal year ended December 31, 2017 (the “Meeting”). The Company shall file the preliminary proxy statement relating thereto no later than sixty (60) days from the date that it receives notice that its Annual Report on Form 10-K for such fiscal year either was not reviewed by the SEC or such review has concluded, and will use its reasonable best efforts to file the definitive proxy statement as promptly as such proxy statement has been cleared by the SEC but in no event later than ten (10) days after becoming aware that the SEC no further comments on such definitive proxy statement. The Company will use its reasonable best efforts to obtain approval for the Proposal at the Meeting.

 

3

2.             ADJUSTMENTS.  The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

(a)          Distribution of Assets.  If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

(i)          any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and

(ii)          the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i).

(b)          Anti-Dilution Adjustments to Exercise Price.  If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities entitling any person or entity to acquire shares of Common Stock (upon conversion, exercise or otherwise) (including but not limited to under the Note), at an effective price per share less than the then Exercise Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price, and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment.  Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents are issued.  The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this Section 2(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(b), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.  Notwithstanding anything to the contrary provided in this Section 2(b), this Section 2(b) shall only apply on or after the date that an Event of Default (as defined in the Note) occurs under the Note,  provided, however, that this Section 2(b) shall encompass all applicable issuances that occurred on or after the Issuance Date, provided, further, that this Section 2(b) shall not apply under any circumstances to the unexercised portion of this Warrant remaining as of the date that the Note has been satisfied in full.

 

4

3.             FUNDAMENTAL TRANSACTIONS.  If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

4.             NON-CIRCUMVENTION.  The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder.  Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved, free from preemptive rights, three (3) times the number of shares of Common Stock into which the Warrants are then exercisable into to provide for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5

5.             WARRANT HOLDER NOT DEEMED A STOCKHOLDER.  Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company.  In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

6.             REISSUANCE.

(a)          Lost, Stolen or Mutilated Warrant.  If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

(b)          Issuance of New Warrants.  Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date.

7.             TRANSFER.

(a)          Notice of Transfer.  The Holder agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer.  Promptly upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel.  If the proposed transfer may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

(b)          If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder will limit its activities in respect to such transfer or disposition as are permitted by law.

(c)          Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant.

8.             NOTICES.  Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with the notice provisions contained in the Purchase Agreement.  The Company shall provide the Holder with prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.

 

6

9.             AMENDMENT AND WAIVER.  The terms of this Warrant may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Holder.

10.           GOVERNING LAW.  This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflicts of laws.  Any action brought by either party against the other concerning the transactions contemplated by this Warrant shall be brought only in the state courts or federal courts located in the state, city and county of New York.  The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.  The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.  In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.   Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

11.           ACCEPTANCE.  Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

12.           CERTAIN DEFINITIONS.  For purposes of this Warrant, the following terms shall have the following meanings:

(a)          “Nasdaq” means www.Nasdaq.com.

(b)          “Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on the Principal Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask prices of any market makers for such security as reported by the OTC Markets.  If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.  All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

7

(c)          “Common Stock” means the Company’s common stock, and any other class of securities into which such securities may hereafter be reclassified or changed.

(d)          “Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

(e)          “Dilutive Issuance” is any issuance of Common Stock or Common Stock Equivalents described in Section 2(b) above; provided, however, that a Dilutive Issuance shall not include any Exempt Issuance.

(f)          “Exempt Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, or directors of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (ii) securities issued pursuant to acquisitions approved by a majority of the disinterested directors of the Company, and (iii) shares of Common Stock issued pursuant to any real property leasing arrangement.

(g)          “Principal Market” means the primary national securities exchange on which the Common Stock is then traded.

(h)          “Market Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days prior to the date of the respective Exercise Notice.

(i)          “Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any business day.

*  *  *  *  *  *  *

 

8

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

	 	
DPW HOLDINGS, INC.

	 	 
	 	 
	 	 
	 	 
	 	
Name: Milton Ault

	 	
Title: Chief Executive Officer

 

 

EXHIBIT A

EXERCISE NOTICE

(To be executed by the registered holder to exercise this Common Stock Purchase Warrant)

The Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of DPW Holdings, Inc., a Delaware corporation (the “Company”), evidenced by the attached copy of the Common Stock Purchase Warrant (the “Warrant”).  Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

	1.	
Form of Exercise Price.  The Holder intends that payment of the Exercise Price shall be made as (check one):

		☐	
a cash exercise with respect to _________________ Warrant Shares; or

☐  by cashless exercise pursuant to the Warrant.

	2.	
Payment of Exercise Price.  If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

	3.	
Delivery of Warrant Shares.  The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms of the Warrant.

	
Date:

	 
	 	 
	 	 
	 	 
	 	
(Print Name of Registered Holder)

	 	 
	 	 
	 	
By:

	 	
Name:

	 	
Title:

 

 

EXHIBIT B

ASSIGNMENT OF WARRANT

(To be signed only upon authorized transfer of the Warrant)

For Value Received, the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase _______________ shares of common stock of DPW Holdings, Inc., to which the within Common Stock Purchase Warrant relates and appoints ____________________, as attorney-in-fact, to transfer said right on the books of DPW Holdings, Inc. with full power of substitution and re-substitution in the premises.  By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

	
Dated:

	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	
(Signature) *

	 	 	 	 
	 	 	 	 
	 	 	 	
(Name)

	 	 	 	 
	 	 	 	 
	 	 	 	
(Address)

	 	 	 	 
	 	 	 	 
	 	 	 	
(Social Security or Tax Identification No.)

* The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase Warrant in every particular without alteration or enlargement or any change whatsoever.  When signing on behalf of a corporation, partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.

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