Document:

Exhibit 4.6

 

ORDINARY SHARES PURCHASE WARRANT

JEFFS’
BRANDS LTD

 

	Warrant Shares: ___________	Initial Exercise Date: [●]
	 	 
	 	Issue Date: [●]

 

THIS ORDINARY SHARES PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [●] or its assigns (the “Holder,”
provided that a “Holder” shall include, if the Warrants are held in “street name,” a Participant, any designee
appointed by such Participant and each “beneficial owner” of such Warrants) 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 hereof (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on [*], 2027 (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Jeffs' Brands Ltd, an Israeli company (the “Company”), up to [●] Ordinary
Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Ordinary Share under
this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on a Trading Market, the bid price of an Ordinary Share for the time in question (or the nearest preceding date) on the Trading
Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New
York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average per share
price of the Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Ordinary Shares
are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Ordinary Shares are then reported on the OTC Pink Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Ordinary Share so
reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent appraiser selected in
good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
are open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

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

 

     

     

    

 

“Ordinary
Shares” means ordinary shares, no par value, of the Company, and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

“Ordinary
Shares Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that
is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers or directors of the Company pursuant to
any stock or option plan duly adopted for such purpose by the Board of Directors or a committee of non-employee directors established
for such purpose for services rendered to the Company (including, for the avoidance of doubt, any such plan that may be adopted following
the date of the Underwriting Agreement), (b) securities issued or issuable upon the exercise or exchange of or conversion of any securities
exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of (or issuable under) the Underwriting
Agreement, provided that such securities have not been amended since the date of the Underwriting Agreement to increase the number of
such securities or to decrease the exercise price, exchange price or conversion price of such securities, and (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the
filing of any registration statement in connection therewith within 2 years following the Initial Exercise Date, but shall not include
a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business
is investing in securities.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Qualified
Holder” means each Holder, including each “beneficial holder” of warrants, taken together with all Affiliates of
such Holder and/or “beneficial holder of at least [●] Warrants, provided such Holder has notified the Company of such minimum
ownership, either directly or by virtue of filing a Schedule 13G or 13D at least three (3) days before an event described herein to which
Qualified Holder status applies.

 

“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-262835), as amended.

 

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

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed
or acquired after the date hereof.

 

“Trading
Day” means a day on which the Ordinary Shares are traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the
date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Ordinary Shares, with a mailing address of 18 Lafayette
Place, Woodmere, NY 11598, and a facsimile number of 646-536-3179, and any successor transfer agent of the Company.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of [*], 2022 among the Company and Aegis Capital Corp. as underwriter
named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

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“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Ordinary Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price per share of the Ordinary Shares for such date (or the nearest
preceding date) on the Trading Market on which the Ordinary Shares are then listed or quoted as reported by Bloomberg L.P. (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price per share of Ordinary Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Ordinary Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for Ordinary Shares are then reported
on the OTC Pink Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price
per Ordinary Share so reported, or (d) in all other cases, the fair market value of an Ordinary Share as determined by an independent
appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to
the Company, the fees and expenses of which shall be paid by the Company.

  

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Ordinary Share purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section 2. Exercise.

 

a) Exercise of
Warrant. Subject to the provisions of Section 2(e) herein, exercise of the purchase rights represented by this Warrant may be made,
in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date, by delivery to
the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
as Annex A (the “Notice of Exercise”) , and, unless the cashless exercise procedure specified in Section 2(c) below
is specified in the applicable Notice of Exercise, delivery of the aggregate Exercise Price of the Warrant Shares specified in the applicable
Notice of Exercise as specified in this Section 2(a). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer of immediately
available funds or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant
Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company
for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. 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. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such
purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. Notwithstanding
the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 4:00 p.m. (New York City time) on the Trading Date prior
to the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company
agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the
Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a
portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

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Notwithstanding
the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this
Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises
made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction
form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable),
subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement,
in which case this sentence shall not apply.

 

b) Exercise
Price. The exercise price per Ordinary Share under this Warrant shall be $[*], subject to adjustment hereunder (as in effect from
time to time, the “Exercise Price”).

  

c) Cashless Exercise.
The Company shall use its best efforts to cause the Registration Statement to remain effective with a current prospectus and to maintain
the registration of the Ordinary Shares and of the Warrants under the Exchange Act. If at any time after the Initial Exercise Date, there
is no effective registration statement registering, or no current prospectus available for the issuance of, the Warrant Shares to the
Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

		(A) =	 as applicable: (i) the VWAP
on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section
2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS
promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading
Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares on the principal
Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such
Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof
or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on
such Trading Day;

		 	 

		(B) =	 the Exercise Price of this
Warrant, as adjusted hereunder; and

		 	 

		(X) =	 the number of Warrant Shares
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a
cash exercise rather than a cashless exercise.

 

If Warrant Shares
are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act,
the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position
contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, in the event that, on the Termination Date, there is no effective registration statement registering,
or no current prospectus available for the issuance of, the Warrant Shares to the Holder, this Warrant shall be automatically exercised
via cashless exercise pursuant to this Section 2(c) on such Termination Date.

 

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d) Mechanics
of Exercise.

 

i. Delivery of
Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest
of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the
aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice
of Exercise, 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 Warrant Shares, provided that payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the
number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for
any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company
shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery
Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement
Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading
Market with respect to the Ordinary Shares as in effect on the date of delivery of the Notice of Exercise.

  

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects
be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall
be required to return any Warrant Shares subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate
Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares
pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

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iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if
the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section
2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary Shares
to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by
multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at
issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued had the
Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having
a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required
to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect
of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant as
required pursuant to the terms hereof.

 

v. No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As
to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election,
either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or
round up to the next whole share.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however,
that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for
exercise shall be accompanied by the Assignment Form attached hereto as Annex B duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay
all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

 

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e) 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, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after 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 (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary
Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of
Ordinary Shares 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 or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion
of any other securities of the Company (including, without limitation, any other Ordinary Shares 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 or Attribution
Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, 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 Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) 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 Attribution Parties) 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. In addition, a determination as to any group status as contemplated above shall
be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder may rely on the number of outstanding Ordinary
Shares 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 the Transfer Agent setting forth
the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm
orally and in writing to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares
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 or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial
Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number
of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant.
The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after
giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after
such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than
in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

f) Redemption
of Warrant.

 

i. Not less than
all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their
expiration upon notice to the Holders of the Warrants, as described in Section 2(f)(iii) below, at the price of $[●] per share,
a price equal to three times $[●] (as adjusted pursuant to Section 3(a) hereof for share splits, share dividends, recapitalizations
and similar events); provided, however, that if and when the Company elects to redeem the Warrants, the Company may not exercise such
redemption right if the issuance of Ordinary Shares upon exercise of the Warrants is not exempt from registration or qualification under
applicable state blue sky laws or the Company is unable to effect such registration or qualification.

 

ii. Date Fixed for,
and Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption
(the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the registered Holders of the Warrants
to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the registered Holder received such notice.

 

iii. Exercise After
Notice of Redemption. The Warrants may be exercised, for cash (or via cashless exercise if applicable) at any time after notice of redemption
shall have been given by the Company pursuant to Section 2(f)(ii) hereof and prior to the Redemption Date. The notice of redemption shall
contain the information necessary to calculate the number of Ordinary Shares to be received via cashless exercise of the Warrants, including
the VWAP on the Trading Day immediately preceding the date on which notice of the redemption is given. After 5:00 p.m. (New York City
time) on the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the
Warrants, the applicable Redemption Price.

 

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Section 3. Certain Adjustments.
If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary Shares (which, for avoidance of doubt,
shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Ordinary Shares
into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number
of shares, or (iv) issues by reclassification of Ordinary Shares any shares of capital stock of the Company, then in each case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares and such other capital stock of
the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number
of Ordinary Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after
the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.

 

b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Ordinary Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all (or substantially all)
of the record holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Ordinary Shares as a result
of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c) Pro Rata
Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to all (or substantially all) of holders of Ordinary Shares, 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, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution. To the extent
that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

d) Fundamental Transaction.
If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company or any Subsidiary, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a
series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (approved or recommended by the Company’s board of directors or
a committee thereof) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of Ordinary
Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary
Shares (not including any Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant
Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option
of the Holder, the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
or depositary shares representing those shares, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately
prior to such Fundamental Transaction (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation). 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 Ordinary Share 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 Ordinary Shares 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.

 

    8

     

    

 

Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction
(or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by
paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not
within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled to
receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes
Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the
holders of Ordinary Shares are given the choice to receive from among alternative forms of consideration in connection with the Fundamental
Transaction; provided, further, that if holders of Ordinary Shares of the Company are not offered or paid any consideration in such Fundamental
Transaction, such holders will be deemed to have received Ordinary Shares of the Successor Entity (which Entity may be the Company following
such Fundamental Transaction) in such Fundamental Transaction.

 

“Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately
preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if
earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal
to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero
cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration)
within the later of (i) five (5) Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.

 

The Company shall
cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”),
to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant
to written agreements in form reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to such Holder in exchange for this Warrant a security of the
Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant that is exercisable for
a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable
and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value this Warrant had immediately
prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant
referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant Agreement and the Warrant with the same effect as if such Successor
Entity had been named as the Company herein.

 

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e) Adjustment
Upon Issuance of Ordinary Shares. From the date hereof until the later of (a) two (2) years after the Issuance Date or (b) the date
there are no Qualified Holders (such period, the “Adjustment Period”), the Company issues or sells, or, in accordance
with this Section 3(e), is deemed to have issued or sold, any Ordinary Shares (excluding any Excluded Securities (as defined below)
issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less
than a price equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (such Exercise Price
then in effect is referred to as the “Applicable Price”) (the foregoing a “Dilutive Issuance”),
then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount equal to the New Issuance
Price. “Excluded Securities” means any issuance of Ordinary Shares, restricted share units, Options and/or Convertible Securities
(i) under the Company’s current or future equity incentive plans or issued to employees, directors, consultants or officers
as compensation or consideration in the ordinary course of business, including any issuance of Options (and the underlying Ordinary Shares)
in exchange for Options issued under the Company’s equity incentive plans, subject to a limitation of 15% of Ordinary Shares outstanding
as of the Issuance Date, (ii) issued pursuant to agreements, Options, restricted share units, Convertible Securities or Adjustment
Rights (as defined below) existing as of the date hereof, provided that such agreements, Options, Convertible Securities or Adjustment
Rights have not been amended since the initial issuance date of this Warrant to increase the number of such securities or decrease the
exercise price, exchange price or conversion price of such securities, (iii) issued pursuant to acquisitions (whether by merger,
consolidation, purchase of equity, purchase of assets, reorganization or otherwise), mergers, consolidations, reorganizations or strategic
transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a
Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business complementary with the business of the Company and shall provide to the Company additional benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities, or (iv) to which the Holder consents in writing. “Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale
(or deemed issuance or sale in accordance with this Section 3(e)) of Ordinary Shares (other than rights of the type described in
Sections 3(a) through (d)) that could result in a decrease in the net consideration received by the Company in connection with, or with
respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights). For
all purposes of the foregoing, the following shall be applicable:

 

i. Issuance
of Options. If, during the Adjustment Period, the Company in any manner grants or sells any Options (other than Excluded Securities)
and the lowest price per share for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise
or exchange of any Convertible Securities issuable upon exercise of any such Option (such Ordinary Shares issuable upon such exercise
of any Option or upon conversion, exercise or exchange of any Convertible Securities, the “Convertible Securities Shares”)
is less than the Applicable Price, then such Ordinary Shares shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 3(e)(i), the “lowest
price per share for which one Ordinary Share is issuable upon the exercise of any such Option or upon conversion, exercise or exchange
of any Convertible Securities issuable upon exercise of any such Option” shall be equal to (A) the sum of (1) the lowest
amount of consideration (if any) received or receivable by the Company with respect to any one Convertible Securities Share upon the granting
or sale of such Option, upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon
exercise of such Option and (2) the lowest exercise price set forth in such Option for which one Convertible Securities Share is
issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise
of any such Option, minus (B) the sum of all amounts paid or payable to the holder of such Option (or any other Person), with respect
to any one Convertible Securities Share, upon the granting or sale of such Option, upon exercise of such Option and upon conversion, exercise
or exchange of any Convertible Security issuable upon exercise of such Option plus the value of any other consideration received or receivable
by, or benefit conferred on, the holder of such Option (or any other Person), with respect to any one Convertible Securities Share. Except
as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Convertible Securities
Share or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such Convertible Securities Share
upon conversion, exercise or exchange of such Convertible Securities.

 

    10

     

    

 

ii. Issuance
of Convertible Securities. If, during the Adjustment Period, the Company in any manner issues or sells any Convertible Securities
(other than Excluded Securities) and the lowest price per share for which one Convertible Securities Share is issuable upon the conversion,
exercise or exchange thereof is less than the Applicable Price, then such Convertible Securities Share shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities for such price per
share. For the purposes of this Section 3(e)(ii), the “lowest price per share for which one Convertible Securities Share is
issuable upon the conversion, exercise or exchange thereof” shall be equal to (A) the sum of (1) the lowest amount of
consideration (if any) received or receivable by the Company with respect to one Convertible Securities Share upon the issuance or sale
of the Convertible Security and upon conversion, exercise or exchange of such Convertible Security and (2) the lowest conversion
price set forth in such Convertible Security for which one Convertible Securities Share is issuable upon conversion, exercise or exchange
thereof, minus (B) the sum of all amounts paid or payable to the holder of such Convertible Security (or any other Person), with
respect to any one Convertible Securities Share, upon the issuance or sale of such Convertible Security plus the value of any other consideration
received or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other Person), with respect to any
one Convertible Securities Share. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual
issuance of such Convertible Securities Share upon conversion, exercise or exchange of such Convertible Securities, and if any such issue
or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the Exercise Price has been or is
to be made pursuant to other provisions of this Section 3(e), except as contemplated below, no further adjustment of the Exercise
Price shall be made by reason of such issue or sale.

 

iii. Change
in Option Price or Rate of Conversion. If, during the Adjustment Period, the purchase or exercise price provided for in any Options,
the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate
at which any Convertible Securities are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at
any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in
Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would
have been in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional
consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes
of this Section 3(e)(iii), if the terms of any Option or Convertible Security that was outstanding as of the date of issuance of
this Warrant are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible
Security and the Convertible Securities Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been
issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(e) shall be made if such adjustment
would result in an increase of the Exercise Price then in effect.

 

iv. Calculation
of Consideration Received. If any Option or Convertible Security is issued in connection with the issuance or sale or deemed issuance
or sale of any other securities of the Company (the “Primary Security”, and such Option or Convertible Security, the
“Secondary Securities” and together with the Primary Security, each a “Unit”), together comprising
one integrated transaction, the aggregate consideration per Ordinary Share with respect to such Primary Security shall be deemed to be
the lowest of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Convertible Security, the
lowest price per share for which one Ordinary Share is at any time issuable upon the exercise or conversion of the Primary Security in
accordance with Section 3(e)(i) or 3(e)(ii) above and (z) the lowest VWAP of the Ordinary Shares on any Trading Day during the
five Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such public
announcement is released prior to the opening of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day
in such five Trading Day period); provided. If any Ordinary Shares, Options or Convertible Securities are issued or sold or deemed to
have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of cash received by the Company
therefor. If any Ordinary Shares, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount
of such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of
publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic
average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt. If any Ordinary
Shares, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger
in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair market value of such
portion of the net assets and business of the non-surviving entity as is attributable to such Ordinary Shares, Options or Convertible
Securities (as the case may be). The fair market value of any consideration other than cash or publicly traded securities will be determined
jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of
an event requiring valuation (the “Valuation Event”), the fair market value of such consideration will be determined
within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly
selected by the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest
error and the fees and expenses of such appraiser shall be borne by the Company.

 

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v. Record
Date. If, during the Adjustment Period, the Company takes a record of the holders of the Ordinary Shares for the purpose of entitling
them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or in Convertible Securities or (B) to
subscribe for or purchase Ordinary Shares, Options or Convertible Securities, then such record date will be deemed to be the date of the
issue or sale of Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend or the making of such other
distribution or the date of the granting of such right of subscription or purchase (as the case may be).

 

vii. Exercise
Floor Price.  No adjustment to the Exercise Price pursuant to Section 3(e) of this Warrant shall cause the Exercise Price
to be less than 50% of the per share price of Ordinary Shares issued in the Company’s initial public offering (the “Exercise
Floor Price”).  For the avoidance of doubt, if a Dilutive Issuance would cause the Exercise Price to be lower than the
Exercise Floor Price but for the immediately preceding sentence, then the Exercise Price shall be equal to the Exercise Floor Price.

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number
of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice to Holder.

 

i. Adjustment to
Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver
to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to Allow
Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B)
the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize
the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any
class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Ordinary Shares, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to
the applicable record or effective date hereinafter specified, a notice (unless such information is filed with the Commission, in which
case a notice shall not be required) stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution,
redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to
be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected
that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on
Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

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h) Voluntary
Adjustment by Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of
this Warrant, reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors.

 

i) Home Country Practice. For so long as this Warrant remains
outstanding, the Company shall elect to follow home country practice in lieu of any rules and regulations of the Trading Market that would
limit the Company’s ability to effect the provisions of this Warrant, including but not limited to shareholder approval rules related
to the issuance of securities or adjustment of terms of this Warrant for the benefit of Holders.

 

Section 4. Transfer
of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part,
upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b) New Warrants.
If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to
any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

c) Warrant Register.
The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

Section 5. Participation
Right. For so long as this Warrant is outstanding, neither the Company nor any of its Subsidiaries shall, directly or indirectly,
issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or announce any issuance, offer, sale, grant of any
option or right to purchase or other disposition of) any equity security or any equity-linked or related security (including, without
limitation, any “equity security” (as that term is defined under Rule 405 promulgated under the 1933 Act)), any Convertible
Securities (as defined below), any debt, any preferred shares or any purchase rights (any such issuance, offer, sale, grant, disposition
or announcement is referred to as a “Subsequent Placement”) unless the Company shall have first complied with this Section
5. The Company acknowledges and agrees that the right set forth in this Section 5 is a right granted by the Company, separately, to each
Qualified Holder.

  

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a) At least five
(5) Trading Days prior to any proposed or intended Subsequent Placement, the Company shall deliver to each Qualified Holder a written
notice (each such notice, a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation,
material, non-public information) other than: (A) if the proposed Offer Notice (as defined below) constitutes or contains material, non-public
information, a statement asking whether the Investor is willing to accept material non-public information or (B) if the proposed Offer
Notice does not constitute or contain material, non-public information, (x) a statement that the Company proposes or intends to effect
a Subsequent Placement, (y) a statement that the statement in clause (x) above does not constitute material, non-public information and
(z) a statement informing such Qualified Holder that it is entitled to receive an Offer Notice (as defined below) with respect to such
Subsequent Placement upon its written request. Upon the written request of a Qualified Holder within three (3) Trading Days after the
Company’s delivery to such Qualified Holder of such Pre-Notice, and only upon a written request by such Qualified Holder, the Company
shall promptly, but no later than one (1) Trading Day after such request, deliver to such Qualified Holder an irrevocable written notice
(the “Offer Notice”) of any proposed or intended issuance or sale or exchange (the “Offer”) of the
securities being offered (the “Offered Securities”) in a Subsequent Placement, which Offer Notice shall (A) identify
and describe the Offered Securities, (B) describe the price and other terms upon which they are to be issued, sold or exchanged, and the
number or amount of the Offered Securities to be issued, sold or exchanged, (C) identify the Persons (if known) to which or with which
the Offered Securities are to be offered, issued, sold or exchanged and (D) offer to issue and sell to or exchange with such Qualified
Holder in accordance with the terms of the Offer such Qualified Holder’s pro rata portion of 30% of the Offered Securities, provided
that the number of Offered Securities which such Qualified Holder shall have the right to subscribe for under this Section 5 shall be
(x) based on such Qualified Holder’s pro rata portion of the aggregate number of Purchased Shares purchased hereunder by all Qualified
Holders (the “Basic Amount”), and (y) with respect to each Qualified Holder that elects to purchase its Basic Amount,
any additional portion of the Offered Securities attributable to the Basic Amounts of other Qualified Holders as such Qualified Holder
shall indicate it will purchase or acquire should the other Qualified Holders subscribe for less than their Basic Amounts (the “Undersubscription
Amount”), which process shall be repeated until each Qualified Holder shall have an opportunity to subscribe for any remaining
Undersubscription Amount.

 

b) To accept an
Offer, in whole or in part, such Qualified Holder must deliver a written notice to the Company prior to the end of the fifth (5th)
Business Day after such Qualified Holder’s receipt of the Offer Notice (the “Offer Period”), setting forth the
portion of such Qualified Holder’s Basic Amount that such Qualified Holder elects to purchase and, if such Qualified Holder shall
elect to purchase all of its Basic Amount, the Undersubscription Amount, if any, that such Qualified Holder elects to purchase (in either
case, the “Notice of Acceptance”). If the Basic Amounts subscribed for by all Qualified Holders are less than the total
of all of the Basic Amounts, then each Qualified Holder who has set forth an Undersubscription Amount in its Notice of Acceptance shall
be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed for; provided,
however, if the Undersubscription Amounts subscribed for exceed the difference between the total of all the Basic Amounts and the Basic
Amounts subscribed for (the “Available Undersubscription Amount”), each Qualified Holder who has subscribed for any
Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription Amount as the Basic Amount
of such Qualified Holder bears to the total Basic Amounts of all Qualified Holders that have subscribed for Undersubscription Amounts,
subject to rounding by the Company to the extent it deems reasonably necessary. Notwithstanding the foregoing, if the Company desires
to modify or amend the terms and conditions of the Offer prior to the expiration of the Offer Period, the Company may deliver to each
Qualified Holder a new Offer Notice and the Offer Period shall expire on the fifth (5th) Business Day after such Qualified
Holder’s receipt of such new Offer Notice.

  

c) The Company shall
have five (5) Business Days from the expiration of the Offer Period above (A) to offer, issue, sell or exchange all or any part of such
Offered Securities as to which a Notice of Acceptance has not been given by a Qualified Holder (the “Refused Securities”)
pursuant to a definitive agreement(s) (the “Subsequent Placement Agreement”), but only to the offerees described in
the Offer Notice (if so described therein) and only upon terms and conditions (including, without limitation, unit prices and interest
rates) that are not more favorable to the acquiring Person or Persons or less favorable to the Company than those set forth in the Offer
Notice and (B) to publicly announce (x) the execution of such Subsequent Placement Agreement, and (y) either (I) the consummation of the
transactions contemplated by such Subsequent Placement Agreement or (II) the termination of such Subsequent Placement Agreement, which
shall be filed with the SEC on a Report on Form 6-K with such Subsequent Placement Agreement and any documents contemplated therein filed
as exhibits thereto.

 

    14

     

    

 

d) In the event
the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and on the terms specified in
Section 5(c) above), then each Qualified Holder may, at its sole option and in its sole discretion, reduce the number or amount of the
Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered
Securities that such Qualified Holder elected to purchase pursuant to Section 5(b) above multiplied by a fraction, (A) the numerator of
which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered
Securities to be issued or sold to Qualified Holders pursuant to this Section 5 prior to such reduction) and (B) the denominator of which
shall be the original amount of the Offered Securities. In the event that any Qualified Holder so elects to reduce the number or amount
of Offered Securities specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number
or amount of the Offered Securities unless and until such securities have again been offered to the Qualified Holders in accordance with
Section 5(a) above.

 

e) Upon the closing
of the issuance, sale or exchange of all or less than all of the Refused Securities, such Qualified Holder shall acquire from the Company,
and the Company shall issue to such Qualified Holder, the number or amount of Offered Securities specified in its Notice of Acceptance,
as reduced pursuant to Section 5(d) above if such Qualified Holder has so elected, upon the terms and conditions specified in the Offer.
The purchase by such Qualified Holder of any Offered Securities is subject in all cases to the preparation, execution and delivery by
the Company and such Qualified Holder of a separate purchase agreement relating to such Offered Securities reasonably satisfactory in
form and substance to such Qualified Holder and its counsel.

 

f) Any Offered Securities
not acquired by a Qualified Holder or other Persons in accordance with this Section 5 may not be issued, sold or exchanged until they
are again offered to such Qualified Holder under the procedures specified in this Agreement.

 

g) The Company and
each Qualified Holder agree that if any Qualified Holder elects to participate in the Offer, neither the Subsequent Placement Agreement
with respect to such Offer nor any other transaction documents related thereto (collectively, the “Subsequent Placement Documents”)
shall include any term or provision whereby such Qualified Holder shall be required to agree to any restrictions on trading as to any
securities of the Company or be required to consent to any amendment to or termination of, or grant any waiver, release or the like under
or in connection with, any agreement previously entered into with the Company or any instrument received from the Company.

 

h) Notwithstanding
anything to the contrary in this Section 5 and unless otherwise agreed to by such Qualified Holder, the Company shall either confirm in
writing to such Qualified Holder that the transaction with respect to the Subsequent Placement has been abandoned or shall publicly disclose
its intention to issue the Offered Securities, in either case, in such a manner such that such Qualified Holder will not be in possession
of any material, non-public information, by the fifth (5th) Business Day following delivery of the Offer Notice. If by such
fifth (5th) Business Day, no public disclosure regarding a transaction with respect to the Offered Securities has been made,
and no notice regarding the abandonment of such transaction has been received by such Qualified Holder, such transaction shall be deemed
to have been abandoned and such Qualified Holder shall not be in possession of any material, non-public information with respect to the
Company or any of its Subsidiaries. Should the Company decide to pursue such transaction with respect to the Offered Securities, the Company
shall provide such Qualified Holder with another Offer Notice and such Qualified Holder will again have the right of participation set
forth in this Section 5. The Company shall not be permitted to deliver more than one such Offer Notice to such Qualified Holder in any
sixty (60) day period, except as expressly contemplated by the last sentence of Section 5(b).

 

i) The restrictions
contained in this Section 5 shall not apply in connection with the issuance of any Exempt Issuance. The Company shall not circumvent the
provisions of this Section 5 by providing terms or conditions to one Qualified Holder that are not provided to all Qualified Holders.

 

    15

     

    

 

Section 6. Revenue
Sharing Payments.

 

a) Revenue Sharing.
For so long as this Warrant is outstanding, the Holder thereof shall be entitled to receive certain payments as described in this Section
5 (the “Revenue Payment”). As more fully described below, the Company shall make semi-annual payments to the Holder
equal to [X] * [Y] * [Z], where X is equal to the number of Warrants held by the Holder as of the applicable record date, Y is equal to
the gross revenues of the Company for the first and second six (6) month fiscal periods, as applicable, and Z is equal to 0.000000004
multiplied by the initial exercise price of the Warrants.

 

b) Payment Dates
and Payment Record Dates. The Revenue Payments shall be made two (2) times per year on the Payment Date (defined below) to the Holders
as of the applicable Payment Record Date, as defined below. The Payment Date for the first payment shall be ten (10) days following the
filing of the Annual Report on Form 20-F. The Payment Date for the second payment shall be seventy (70) days following the end of the
Company’s second fiscal quarter. For purposes of this Section 5(b), the Payment Record Date will be deemed to the last day of the
fiscal year or second fiscal quarter, as applicable.

 

c) Reasonable
Estimate. In the event the Company is unable to file its annual report by the applicable Payment Date, the Company shall use its best
efforts to make a reasonable estimate of the amount of gross revenues from all sources to calculate the Revenue Payment.

 

d) Adjustment
to Revenue Payment. In the event of any adjustment to the amount of gross revenues following the required Payment Date for a Revenue
Payment, the Company shall, within five (5) days after such adjustment, make such additional Revenue Payment as may be required. In the
event a Revenue Payment was underpaid by ten percent (10%) or more compared to the corrected amount, the Company shall, as liquidated
damages and not as a penalty, pay an additional amount equal to ten percent (10%) of such underpayment. In no event shall any adjustment
under this Section 5(d) result in any repayment, offset or recoupment of any overpayments for any reason. This Section 5(d) shall be in
addition to such payments required under Section 5(e).

 

e) Late Payment.
If the Company fails for any reason to pay to the Holder the Revenue Payment by the required Payment Date, the Company shall pay to the
Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of unpaid Revenue Payment, $10 per Trading Day (increasing
to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such required
Payment Date until such Revenue Payment is paid in full.

 

Section 7. Miscellaneous.

 

a) No Rights
as Stockholder until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section
2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, including if the Company is for any reason unable
to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, in no event shall the Company
be required to net cash settle an exercise of this Warrant or cash settle in any other form.

  

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (including the posting of
any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a
new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized
Shares.

 

The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary Shares a sufficient number
of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the
necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of the Trading Market upon which the Ordinary Shares may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented
by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue).

  

    16

     

    

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, 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, but will at all
times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the
Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

Before taking any
action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price,
the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of
law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough
of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof 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 Warrant 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. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in
such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding. Notwithstanding the foregoing, nothing
in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the U.S. federal securities
laws.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not
utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g) Non-waiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. No provision of this Warrant shall be construed
as a waiver by the Holder of any rights which the Holder may have under the U.S. federal securities laws and the rules and regulations
of the Commission thereunder. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those
of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

 

h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed
to the Company, at 3 Hanechoshet Street, Tel Aviv, Israel 6971068, Attention: Chief Executive Officer, email address: [●],
or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other
communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent
by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing
on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest
of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section
prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication
is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

 

    17

     

    

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant
Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase
price of any Ordinary Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of
the Company.

  

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any
action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.
The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable
by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and
the Holder, on the other hand.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

o) Warrant Agency
Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the
Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement,
the provisions of this Warrant shall govern and be controlling.

 

********************

 

(Signature Page Follows)

 

    18

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	JEFFS’ BRANDS LTD
	 	 	 
	 	By:	 
	 	 	Viki Hakmon
	 	 	Chief Executive Officer

 

    19

     

    

 

ANNEX A

 

NOTICE OF EXERCISE

 

	To:	JEFFS’ BRANDS LTD

 

 

(1) The undersigned hereby elects
to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form
of (check applicable box):

 

[  ] in lawful money of the
United States; or

 

[  ] if permitted the cancellation
of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant
Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following
DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: _______________________________________________________________________________________

 

    20

     

    

 

ANNEX B

 

ASSIGNMENT FORM

 

(To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to:

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

 

	(Signature Guaranteed):	Date:	___________________, _____

 

Signature to be guaranteed by an authorized
officer of a chartered bank, trust company or medallion guaranteed by an investment dealer who is a member of a recognized stock exchange.

  

 

21Exhibit 4.1

 

EXECUTION VERSION

 

 

 

ORMAT TECHNOLOGIES, INC.

AND

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

INDENTURE

Dated as of June 27, 2022

 

2.50% Convertible Senior Notes due 2027

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article 1

 Definitions
	 
	Section 1.01.	 Definitions	1
	Section 1.02.	 References to Interest	10
	 	 
	Article 2

 Issue, Description, Execution, Registration and Exchange of Notes
	 
	Section 2.01.	 Designation and Amount	10
	Section 2.02.	 Form of Notes	10
	Section 2.03.	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	11
	Section 2.04. 	Execution, Authentication and Delivery of Notes	12
	Section 2.05. 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	13
	Section 2.06.	 Mutilated, Destroyed, Lost or Stolen Notes	17
	Section 2.07.	 Temporary Notes	18
	Section 2.08.	 Cancellation of Notes Paid, Converted, Etc	18
	Section 2.09.	 CUSIP Numbers	18
	Section 2.10.	 Additional Notes; Repurchases	19
	 	 
	Article 3

 Satisfaction and Discharge
	 
	Section 3.01.	 Satisfaction and Discharge	19
	 	 	 
	Article 4

 Particular Covenants of the Company
	 
	Section 4.01.	 Payment of Principal and Interest	19
	Section 4.02.	 Maintenance of Office or Agency	19
	Section 4.03.	 Appointments to Fill Vacancies in Trustee’s Office	20
	Section 4.04.	 Provisions as to Paying Agent	20
	Section 4.05.	 Existence	21
	Section 4.06.	 Rule 144A Information Requirement and Annual Reports	21
	Section 4.07.	 Stay, Extension and Usury Laws	23
	Section 4.08.	 Compliance Certificate; Statements as to Defaults	23
	Section 4.09.	 Further Instruments and Acts	23
	 	 	 
	Article 5 

Lists of Holders and Reports by the Company and the Trustee
	 
	Section 5.01.	 Lists of Holders	23
	Section 5.02.	 Preservation and Disclosure of Lists	23
	 	 	 
	Article 6 

Defaults and Remedies
	 
	Section 6.01.	Events of Default	24
	Section 6.02.	 Acceleration; Rescission and Annulment	25
	Section 6.03.	 Additional Interest	26
	Section 6.04.	 Payments of Notes on Default; Suit Therefor	26
	Section 6.05.	 Application of Monies Collected by Trustee	27
	Section 6.06.  	Proceedings by Holders	28
	Section 6.07. 	 Proceedings by Trustee	29
	Section 6.08.  	Remedies Cumulative and Continuing	29
	Section 6.09. 	 Direction of Proceedings and Waiver of Defaults by Majority of Holders	29
	Section 6.10.  	Notice of Defaults	30
	Section 6.11. 	 Undertaking to Pay Costs	30

 

    i

     

    

 

	Article 7 

Concerning the Trustee
	 
	Section 7.01.  	Duties and Responsibilities of Trustee	30
	Section 7.02.  	Reliance on Documents, Opinions, Etc	32
	Section 7.03.  	No Responsibility for Recitals, Etc	33
	Section 7.04.  	Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	33
	Section 7.05. 	 Monies and Shares of Common Stock to Be Held in Trust	33
	Section 7.06.  	Compensation and Expenses of Trustee	33
	Section 7.07.  	Officers’ Certificate as Evidence	34
	Section 7.08.  	Eligibility of Trustee	34
	Section 7.09.  	Resignation or Removal of Trustee	34
	Section 7.10.  	Acceptance by Successor Trustee	35
	Section 7.11.  	Succession by Merger, Etc	36
	Section 7.12.  	Trustee’s Application for Instructions from the Company	36
	 	 	 
	Article 8 

Concerning the Holders
	 
	Section 8.01. 	 Action by Holders	37
	Section 8.02.  	Proof of Execution by Holders	37
	Section 8.03.  	Who Are Deemed Absolute Owners	37
	Section 8.04.  	Company-Owned Notes Disregarded	38
	Section 8.05.  	Revocation of Consents; Future Holders Bound	38
	 	 	 
	Article 9 

Holders’ Meetings
	 
	Section 9.01. 	 Purpose of Meetings	38
	Section 9.02.  	Call of Meetings by Trustee	39
	Section 9.03.  	Call of Meetings by Company or Holders	39
	Section 9.04.  	Qualifications for Voting	39
	Section 9.05.  	Regulations	39
	Section 9.06. 	 Voting	40
	Section 9.07.  	No Delay of Rights by Meeting	40
	 	 	 
	Article 10

 Supplemental Indentures
	 
	Section 10.01.  	Supplemental Indentures Without Consent of Holders	40
	Section 10.02. 	 Supplemental Indentures with Consent of Holders	41
	Section 10.03.  	Effect of Supplemental Indentures	42
	Section 10.04.  	Notation on Notes	42
	Section 10.05.  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	42
	 	 	 
	Article 11 

Consolidation, Merger, Sale, Conveyance and Lease
	 
	Section 11.01.  	Company May Consolidate, Etc. on Certain Terms	42
	Section 11.02.  	Successor Corporation to Be Substituted	43
	Section 11.03.  	Opinion of Counsel to Be Given to Trustee	43
	 	 	 
	Article 12

 Immunity of Incorporators, Stockholders, Officers and Directors
	 
	Section 12.01.  	Indenture and Notes Solely Corporate Obligations	43

 

    ii

     

    

 

	Article 13 

[Intentionally Omitted]
	 
	Article 14

 Conversion of Notes
	 
	Section 14.01.  	Conversion Privilege	44
	Section 14.02.  	Conversion Procedure; Settlement Upon Conversion.	46
	Section 14.03.  	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption
Notice	49
	Section 14.04.  	Adjustment of Conversion Rate	51
	Section 14.05. 	Adjustments of Prices	59
	Section 14.06.  	Shares to Be Fully Paid	59
	Section 14.07.  	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	59
	Section 14.08.  	Certain Covenants	62
	Section 14.09.  	Responsibility of Trustee	62
	Section 14.10. 	 Notice to Holders Prior to Certain Actions	63
	Section 14.11.  	Stockholder Rights Plans	63
	Section 14.12.  	Exchange in lieu of conversion.	63
	 	 	 
	Article 15

 Repurchase of Notes at Option of Holders
	 
	Section 15.01.  	[Intentionally Omitted]	64
	Section 15.02.  	Repurchase at Option of Holders Upon a Fundamental Change	64
	Section 15.03.  	Withdrawal of Fundamental Change Repurchase Notice	67
	Section 15.04. 	 Deposit of Fundamental Change Repurchase Price	67
	Section 15.05. 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	68
	 	 	 
	Article 16 

Optional Redemption
	 
	Section 16.01. 	 Optional Redemption	68
	Section 16.02. 	 Notice of Optional Redemption; Selection of Notes	68
	Section 16.03. 	 Payment of Notes Called for Redemption	70
	Section 16.04. 	Restrictions on Redemption	70
	 	 	 
	Article 17 

Miscellaneous Provisions
	 
	Section 17.01. 	 Provisions Binding on Company’s Successors	70
	Section 17.02.  	Official Acts by Successor Corporation	70
	Section 17.03.  	Addresses for Notices, Etc	70
	Section 17.04.  	Governing Law; Jurisdiction	71
	Section 17.05.  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	72
	Section 17.06.  	Legal Holidays	72
	Section 17.07. 	 No Security Interest Created	73
	Section 17.08.  	Benefits of Indenture	73
	Section 17.09. 	 Table of Contents, Headings, Etc	73
	Section 17.10.  	Authenticating Agent	73
	Section 17.11.  	Execution in Counterparts	74
	Section 17.12.  	Severability	74
	Section 17.13.  	Waiver of Jury Trial	74
	Section 17.14.  	Force Majeure	75
	Section 17.15.  	Calculations	75
	Section 17.16. 	 USA PATRIOT Act	75

 

EXHIBIT

 

	Exhibit A	Form of Note	A-1

 

    iii

     

    

 

INDENTURE dated as of June 27, 2022 between ORMAT
TECHNOLOGIES, INC., a Delaware corporation, as issuer (the “Company,” as more fully set forth in Section 1.01) and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully
set forth in Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes, the
Company has duly authorized the issuance of its 2.50% Convertible Senior Notes due 2027 (the “Notes”), initially in
an aggregate principal amount not to exceed $375,000,000 (as increased by an amount equal to the aggregate principal amount of any additional
Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase
Agreement), and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the Company
has duly authorized the execution and delivery of this Indenture; and

 

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

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article
1

Definitions

 

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

 

“1% Exception” means the provisions
set forth in the second sentence of Section 14.04(j).

 

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

 

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

 

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

 

     

     

    

 

“Bid Solicitation Agent” means
the Company or the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i).
The Company shall initially act as the Bid Solicitation Agent. The Company may appoint another Person to act as Bid Solicitation Agent
at any time without prior notice to Holders.

 

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

 

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

 

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

 

“Called Notes” means Notes called
for Optional Redemption pursuant to Article 16 or subject to a Deemed Redemption.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Common Stock” means the common
stock of the Company, par value $0.001 per share, at the date of this Indenture, subject to Section 14.07.

 

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

 

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

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

“Corporate Event” shall have
the meaning specified in Section 14.01(b)(iii).

 

“Corporate Trust Office” means
the designated office of the Trustee at which at any time this Indenture shall be administered, which office at the date hereof is located
at U.S. Bank Trust Company, National Association, CityPlace I, 185 Asylum Street, 27th Floor, Hartford CT, 06103, Attention:
L. Casasanta (Ormat Technologies Inc., Administrator), or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor
trustee may designate from time to time by notice to the Holders and the Company).

 

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

 

“Daily Conversion Value” means,
for each of the 40 consecutive Trading Days during the Observation Period, 2.5% of the product of (a) the Conversion Rate on such Trading
Day and (b) the Daily VWAP for such Trading Day.

 

“Daily
Net Settlement Amount” means, for each of the 40 consecutive Trading Days during the relevant Observation Period:

 

(a)
 if the Company does not elect a Cash Percentage as set forth herein or if the Company elects
(or is deemed to have elected) a Cash Percentage of 0%, a number of shares of Common Stock equal to (i) the difference between the Daily
Conversion Value and $25, divided by (ii) the Daily VWAP for such Trading Day;

 

(b)
 if the Company elects a Cash Percentage of 100% as set forth herein, cash in an amount equal
to the difference between the Daily Conversion Value and $25; or

 

(c)
 if the Company elects a Cash Percentage of less than 100% as set forth herein but greater than
0%, (i) cash in an amount equal to the product of (x) the difference between the Daily Conversion Value and $25 and (y) the Cash Percentage
and (ii) a number of shares of Common Stock equal to the product of (x)(A) the difference between the Daily Conversion Value and $25,
divided by (B) the Daily VWAP for such Trading Day and (y) 100% minus the Cash Percentage.

 

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

 

(a) cash
in an amount equal to the lesser of (i) $25 and (ii) the Daily Conversion Value on such Trading Day; and

 

(b) if
the Daily Conversion Value on such Trading Day exceeds $25, the Daily Net Settlement Amount.

 

“Daily VWAP” means, for each
of the 40 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as displayed under
the heading “Bloomberg VWAP” on Bloomberg page “ORA <equity> AQR” (or its equivalent successor if such page
is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading
session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one share of the Common Stock
on such Trading Day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm
retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard to after-hours trading
or any other trading outside of the regular trading session trading hours.

 

“Deemed Redemption” shall have
the meaning specified in ‎Section 14.01(b)(v).

 

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

 

    3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Exempted Fundamental Change”
means a Fundamental Change occurring pursuant to clause (b)(A) or (b)(B) (or pursuant to clause (a) that also constitutes a Fundamental
Change occurring pursuant to clause (b)(A) or (b)(B)) of the definition thereof, if:

 

		(a)	such Fundamental Change constitutes a Share Exchange Event for which the Reference Property consists entirely of cash in U.S. dollars;

 

		(b)	immediately after such Fundamental Change, the Notes become convertible (pursuant to Section 14.07 and, if applicable, Section 14.03)
into consideration that consists solely of U.S. dollars in an amount per $1,000 principal amount of Notes that equals or exceeds the Fundamental
Change Repurchase Price per $1,000 principal amount of Notes (calculated assuming that the Fundamental Change Repurchase Price includes
the maximum amount of accrued and unpaid interest payable as part of the Fundamental Change Repurchase Price); and

 

		(c)	the Company timely sends a notice of such Fundamental Change pursuant to Section 14.01(b)(iii).

 

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

 

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

 

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

 

“Expiration Date” shall have
the meaning specified in Section 14.04(e).

 

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

 

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

 

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

 

    4

     

    

 

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

 

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

 

(a) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly
Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, files a Schedule TO (or any successor
schedule, form or report) or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct
or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Common Stock representing more than
50% of the voting power of the Common Stock;

 

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

 

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

 

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

 

provided, however, that a transaction or transactions
described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or
to be received by the common stockholders of the Company, excluding cash payments for fractional shares and cash payments made in respect
of dissenters’ statutory appraisal rights, in connection with such transaction or transactions consists of shares of common stock
that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of
their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions
and as a result of such transaction or transactions, such consideration, excluding cash payments for fractional shares and cash payments
made in respect of dissenters’ statutory appraisal rights becomes the Reference Property (subject to the provisions of Section 14.02(a)).
If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related
Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental
Change but for the proviso immediately following clause (d) of this definition, following the effective date of such transaction)
references to the Company in this definition shall instead be references to such other entity. For purposes of this definition of “Fundamental
Change,” any transaction or event described in both clause (a) and in clause (b) above (without regard to the proviso in
clause (b)) shall be deemed to occur solely pursuant to clause (b) above (subject to such proviso).

 

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

 

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

 

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

 

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

 

    5

     

    

 

The terms “given”, “mailed”,
“notify” or “sent” with respect to any notice to be given to a Holder pursuant to this Indenture,
shall mean notice (x) given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee,
including by electronic mail in accordance with accepted practices or procedures at the Depositary (in the case of a Global Note) or (y)
mailed to such Holder by first class mail, postage prepaid, at its address as it appears on the Note Register (in the case of a Physical
Note), in each case, in accordance with Section 17.03. Notice so “given” shall be deemed to include any notice to be “mailed”
or “delivered,” as applicable, under this Indenture.

 

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

 

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

 

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

 

“Initial Dividend Threshold”
shall have the meaning specified in ‎Section 14.04(d).

 

“Initial Purchasers” means Barclays
Capital Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., HSBC Securities (USA) Inc., Goldman Sachs
& Co. LLC and Roth Capital Partners, LLC.

 

“Interest Payment Date” means
each January 15 and July 15 of each year, beginning on January 15, 2023.

 

“Last Reported Sale Price” of
the Common Stock on any date means the closing sale price per share (or if no closing sale price is reported, the average of the bid and
ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common
Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale
Price” shall be the last quoted bid price per share for the Common Stock in the over-the-counter market on the relevant date
as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last Reported Sale
Price” shall be the average of the mid-point of the last bid and ask prices per share for the Common Stock on the relevant date
from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. The “Last
Reported Sale Price” shall be determined without regard to after-hours trading or any other trading outside of regular trading
session hours.

 

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

 

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

 

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

 

“Maturity Date” means July 15,
2027.

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

“Observation Period” with respect
to any Note surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs prior to January 15,
2027, the 40 consecutive Trading Day period beginning on, and including, the second Trading Day immediately succeeding such Conversion
Date; (ii) if the relevant Conversion Date occurs on or after the date on which the Company issues a Redemption Notice and prior to the
Scheduled Trading Day immediately preceding the relevant Redemption Date, the 40 consecutive Trading Days beginning on, and including,
the 41st Scheduled Trading Day immediately preceding such Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion
Date occurs on or after January 15, 2027, the 40 consecutive Trading Days beginning on, and including, the 41st Scheduled Trading Day
immediately preceding the Maturity Date.

 

“Offering Memorandum” means
the preliminary offering memorandum dated June 21, 2022, as supplemented by the related pricing term sheet dated June 22, 2022, relating
to the offering and sale of the Notes.

 

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

 

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

 

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

 

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

 

“Optional Redemption” shall
have the meaning specified in Section 16.01.

 

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

 

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

 

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

 

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

 

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

 

(e) Notes
redeemed pursuant to Article 16; and

 

(f) Notes
repurchased by the Company pursuant to the penultimate sentence of Section 2.10 and surrendered to the Trustee for cancellation.

 

    7

     

    

 

“Partial Redemption Limitation”
shall have the meaning specified in ‎Section 16.02(d).

 

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

 

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

 

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

 

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

 

“Purchase Agreement” means that
certain Purchase Agreement, dated as of June 22, 2022, among the Company and the Initial Purchasers.

 

“Redemption Date” shall have
the meaning specified in Section 16.02(a).

 

“Redemption Period” means, with
respect to any Optional Redemption, the period from, and including, the date on which the Company delivers a Redemption Notice for such
Optional Redemption until the close of business on the second Scheduled Trading Day immediately preceding the related Redemption Date.

 

“Redemption Notice” shall have
the meaning specified in Section 16.02(a).

 

“Redemption Price” means, for
any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date (unless the Redemption Date falls after a Regular Record Date but on or prior to the immediately
succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will be paid by the Company to Holders of
record of such Notes as of the close of business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal
amount of such Notes).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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

 

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

 

“Settlement Amount” has the
meaning specified in Section 14.02(a).

 

“Settlement Notice” has the
meaning specified in Section 14.02(a)(i).

 

“Share Exchange Common Stock”
shall have the meaning specified in ‎Section 14.07(e)(i).

 

“Share
Exchange Event” has the meaning specified in Section 14.07(a).

 

“Share Exchange Valuation Percentage”
for any Share Exchange Event shall be equal to (x) the arithmetic average of the Last Reported Sale Prices of one share of such Share
Exchange Common Stock over the relevant Share Exchange Valuation Period (determined as if references to “Common Stock” in
the definition of “Last Reported Sale Price” were references to the “Share Exchange Common Stock” for such Share
Exchange Event), divided by (y) the arithmetic average of the Last Reported Sale Prices of one share of Common Stock over the relevant
Share Exchange Valuation Period.

 

“Share Exchange Valuation Period”
for any Share Exchange Event, means the five consecutive Trading Day period immediately preceding, but excluding, the effective date for
such Share Exchange Event.

 

“Significant Subsidiary” means
a Subsidiary of the Company that meets the definition of “significant subsidiary” as defined in Article 1, Rule 1-02(w) of
Regulation S-X promulgated by the Commission.

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

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

 

“Trading Price Condition” shall
have the meaning specified in Section 14.01(b)(i).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01. Designation and Amount. The
Notes shall be designated as the “2.50% Convertible Senior Notes due 2027.” The aggregate principal amount of Notes that may
be authenticated and delivered under this Indenture is initially limited to $375,000,000 (as increased by an amount equal to the aggregate
principal amount of any additional Notes purchased by the Initial Purchasers pursuant to the exercise of their option to purchase additional
Notes as set forth in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated and delivered upon registration
or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.

 

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

 

    10

     

    

 

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

 

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

 

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

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

(iii)
The Trustee shall not at any time be under any duty or responsibility to any Holder of Notes to determine the Defaulted Amounts,
or with respect to the nature, extent, or calculation of the amount of Defaulted Amounts owed, or with respect to the method employed
in such calculation of the Defaulted Amounts.

 

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

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together with
a Company Order (such Company Order to include the terms of the Notes) for the authentication and delivery of such Notes, and the Trustee
in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder;
provided that, subject to Section 17.05, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel of
the Company with respect to the issuance, authentication and delivery of such Notes.

 

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

 

    12

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

None of the Company, the Trustee, the Note Registrar
or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion
of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note,
surrendered for repurchase (and not withdrawn) in accordance with Article 15 or
(iii) any Notes selected for Optional Redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed
in part.

 

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

 

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

 

    13

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(C) TO
A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS PURCHASING
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, OR

 

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

 

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

 

    14

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(C) TO
A PERSON REASONABLY BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS PURCHASING
FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, OR

 

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

 

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

 

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

 

The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial
owners of interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.

 

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

 

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

 

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

 

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

 

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

 

Section 2.08. Cancellation of Notes Paid, Converted,
Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration of transfer or
exchange or conversion (other than any Notes exchanged pursuant to Section 14.12), if surrendered to any Person other than the Trustee
(including any of the Company’s agents, Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes
delivered to the Trustee shall be canceled promptly by it in accordance with its customary procedures upon the Company’s written
request. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted by any of the
provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. The
Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate
of such disposition to the Company, at the Company’s written request in a Company Order.

 

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

 

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

 

Article
3

Satisfaction and Discharge

 

Section 3.01. Satisfaction and Discharge.
This Indenture and the Notes shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect,
and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction
and discharge of this Indenture and the Notes, when (a) (i) all Notes theretofore authenticated and delivered (other than (x) Notes which
have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06 and
(y) Notes for whose payment money has heretofore been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section 4.04(d)) have been delivered to the Trustee for cancellation;
or (ii) the Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable,
whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or cash
and shares of Common Stock, if any (solely to satisfy the Company’s Conversion Obligation, if applicable), sufficient to pay all
of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture
or the earlier resignation or removal of the Trustee and the Notes, the obligations of the Company to the Trustee under Section 7.06 shall
survive.

 

Article
4

Particular Covenants of the Company

 

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

 

Section 4.02. Maintenance of Office or Agency.
The Company will maintain in the contiguous United States of America an office or agency where the Notes may be surrendered for registration
of transfer or for exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion
Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time
the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office or the office or agency of the Trustee
in the contiguous United States of America. The Corporate Trust Office shall not be a place for service of legal process for the Company.

 

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

 

The Company hereby initially designates the Trustee
as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or agency in the contiguous
United States of America where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase
or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. However,
the Company may change the Note Registrar, Paying Agent and Conversion Agent, and the Company or any of its Subsidiaries may choose to
act as the Note Registrar and/or Paying Agent, without prior notice to the Holders; provided the office or agency, as applicable,
of any such Note Registrar, Paying Agent and Conversion Agent must be in the contiguous United States of America.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(e)
Upon any Event of Default pursuant to Section 6.01(h) or (i), the Trustee shall automatically be Paying Agent.

 

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

 

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

 

(b)
The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies of
any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act
(excluding any such information, documents or reports, or portions thereof, subject to, or with respect to which, the Company is actively
requesting (assuming such request has not been denied) confidential treatment and any correspondence with the Commission) (giving effect
to any grace period provided by Rule 12b-25 or any successor rule under the Exchange Act). Any such document or report that the Company
files with the Commission via the Commission’s EDGAR system (or any successor thereto) shall be deemed to be filed with the Trustee
for purposes of this Section 4.06(b) at the time such documents are filed via the EDGAR system (or any successor thereto) it being understood
that the Trustee shall not be responsible for determining whether such filings have been made.

 

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(c)
Delivery of reports, information and documents to the Trustee pursuant to Section 4.06(b) is for informational purposes only and
the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained
therein, or determinable from information contained therein, including the Company’s compliance with any of the Company’s
covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). The Trustee shall have
no duty to monitor or confirm, on a continuing basis or otherwise, the Company’s or any other Person’s compliance with any
of the covenants hereunder to determine whether any such reports, information or documents are available on the Commission’s website,
the Company’s website or otherwise, to examine such reports, information, documents and other reports to ensure compliance with
the provisions herein, to ascertain the correctness or otherwise of the information or the statements contained therein or to participate
in any conference calls. Notwithstanding anything to the contrary herein, the Trustee shall have no duty to search for or obtain any electronic
or other filings that the Company makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise.

 

(d)
If, at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes (which last date of original issuance will be deemed, if the Initial Purchasers exercise their option to purchase
additional Notes, to be the last date of settlement of such exercise), the Company fails to timely file any document or report that it
is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all
applicable grace periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule
144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three
months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes),
the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes (i) for the first 90 days during
such period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable
pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any
time during the three months immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture
or the Notes at a rate of 0.25% per annum of the principal amount of the Notes outstanding and (ii) for each day thereafter during such
period for which the Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant
to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during
the three months immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes
at a rate of 0.50% per annum of the principal amount of the Notes outstanding. As used in this Section 4.06(d), documents or reports that
the Company is required to “file” with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include
documents or reports that the Company furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)
If, and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are assigned
a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company’s
Affiliates or Holders that were the Company’s Affiliates at any time during the three months immediately preceding (without restrictions
pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 380th day after the last date of original issuance
of the Notes, the Company shall pay Additional Interest on the Notes (i) for the first 90 days during such period for which the restrictive
legend on the Notes has not been removed in accordance with Section 2.05(c), the Notes are not assigned an unrestricted CUSIP number and
the Notes are not freely tradable pursuant to Rule 144 by Holders other than the Company’s Affiliates (or Holders that were the
Company’s Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S. securities
laws or the terms of this Indenture or the Notes, at a rate of 0.25% per annum of the principal amount of the Notes outstanding and (ii)
for each day thereafter during such period for which the restrictive legend on the Notes has not been removed in accordance with Section
2.05(c), the Notes are not assigned an unrestricted CUSIP number or the Notes are not freely tradable pursuant to Rule 144 by Holders
other than the Company’s Affiliates (or Holders that were the Company’s Affiliates at any time during the three months immediately
preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes, at a rate of 0.50% per annum
of the principal amount of the Notes outstanding.

 

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

 

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(g)
The Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall be in addition to, and not
in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant to Section 6.03; provided
that in no event shall any Additional Interest that may accrue pursuant to Section 4.06(d) as a result of the Company’s failure
to timely file any document or report that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), together
with any Additional Interest payable at the Company’s election pursuant to Section 6.03 as a remedy for an Event of Default relating
to the Company’s failure to comply with its reporting obligations described in Section 4.06(b), accrue at a rate in excess of 0.50%
per annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional
Interest. The accrual of Additional Interest will be the exclusive remedy available to Holders for a failure of their Notes to become
freely tradable pursuant to Rule 144.

 

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

 

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

 

Section 4.08. Compliance Certificate; Statements
as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning
with the fiscal year ending on December 31, 2022) an Officers’ Certificate stating whether the signers thereof have knowledge of
any Default or Event of Default that occurred during the previous fiscal year and, if so, specifying each such Default or Event of Default,
as the case may be, and the nature thereof.

 

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

 

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

 

Article
5

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01. Lists of Holders. The Company
covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days after each January
1 and July 1 in each year beginning with January 1, 2023, and at such other times as the Trustee may request in writing, within 30 days
after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely
provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses
of the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any
such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting
as Note Registrar.

 

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

 

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Article
6

Defaults and Remedies

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)
default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument
under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed (other than non-recourse
indebtedness) in excess of $100,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Significant
Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared
due and payable or (ii) constituting a failure to pay the principal or interest of any such indebtedness when due and payable (after the
expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise,
and in the cases of clauses (i) and (ii), such acceleration has not been rescinded or annulled or where such default is not cured or waived
within 30 days after notice to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% of the aggregate
principal amount of Notes then outstanding;

 

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

 

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

 

Section 6.02. Acceleration; Rescission and Annulment.
If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default
specified in Section 6.01(h) or Section 6.01(i)with respect to the Company (and not involving solely one or more of the Company’s
Significant Subsidiaries)), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section 8.04, by
notice in writing to the Company (and to the Trustee if given by Holders), may (and the Trustee, at the written request of such Holders,
shall) declare 100% of the principal of, and accrued and unpaid interest on, all the Notes to be due and payable immediately, and upon
any such declaration the same shall become and shall automatically be immediately due and payable, anything contained in this Indenture
or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to
the Company (and not involving solely one or more of its Significant Subsidiaries) occurs and is continuing, 100% of the principal of,
and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately due and payable.

 

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

 

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Section 6.03. Additional Interest. Notwithstanding
anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for an Event of Default
relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall
(i) for the first 180 days after the occurrence of such an Event of Default consist exclusively of the right to receive Additional Interest
on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day during such 180-day
period on which such an Event of Default is continuing and (ii) for the period from, and including, the 181st day after the occurrence
of such an Event of Default to, and including, the 360th day after the occurrence of such an Event of Default, consist exclusively of
the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding
for each day during such additional 180-day period on which such an Event of Default is continuing. Additional Interest payable pursuant
to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to Section 4.06(d) or Section 4.06(e)
(subject to the last paragraph of this Section 6.03). If the Company so elects, such Additional Interest shall be payable in the same
manner and on the same dates as the stated interest payable on the Notes. On the 361st day after such Event of Default (if the Event of
Default relating to the Company’s failure to file is not cured or waived prior to such 361st day), the Notes shall be immediately
subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in
the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth
in ‎ Section 4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance
with this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes shall
be immediately subject to acceleration as provided in Section 6.02.

 

In order to elect to pay Additional Interest as
the sole remedy during the first 360 days after the occurrence of any Event of Default described in the immediately preceding paragraph,
the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning of such 360-day
period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02.

 

In no event shall Additional Interest payable at
the Company’s election as a remedy for an Event of Default relating to the Company’s failure to comply with its obligations
pursuant to Section 4.06(b) as set forth in this Section 6.03, together with any Additional Interest that may accrue as a result of the
Company’s failure to timely file any document or report that the Company is required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports
on Form 8-K), pursuant to Section 4.06(d), accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless of the
number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

First, to the payment of all amounts due
the Trustee (in all of its capacities) under Section 7.06;

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)
such Holders shall have offered, and if requested, provided to the Trustee such security and/or indemnity reasonably satisfactory
to it against any loss, liability, claim or expense to the Trustee that may result from the Trustee’s following such request;

 

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

 

(e) no direction that, in the opinion of the
Trustee, is inconsistent with such written request shall have been given to the Trustee by the Holders of a majority of the
aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it being understood and
intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee
that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference
to any other such Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such
actions or forbearances are unduly prejudicial to such Holder), or to enforce any right under this Indenture, except in the manner
herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the
protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
7

Concerning the Trustee

 

Section 7.01. Duties and Responsibilities of
Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default that
may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event
an Event of Default has occurred and is continuing under this Indenture, 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 provided, if requested, to the Trustee indemnity and/or security satisfactory to it against any
loss, liability, claim or expense that might be incurred by it in compliance with such request or direction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)
the Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture;

 

(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, fees, taxes
or other charges 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, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent
or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such
Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent.

 

None of the provisions contained in this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of
its duties or in the exercise of any of its rights or powers. Prior to taking any action under this Indenture, the Trustee shall receive
indemnification or security satisfactory to it against any loss, liability or expense caused by taking or not taking such action.

 

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

 

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

 

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

 

(c)
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 gross negligence or willful misconduct on its part, conclusively rely upon an Officers’ Certificate;

 

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

 

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

 

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

 

(g)
the permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

(h)
the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of the individuals and/or
titles of officers authorized at such times to take specified actions pursuant to this Indenture, which Officers’ Certificate may
be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such
certificate previously delivered and not superseded; and

 

(i)
neither the Trustee nor any of its directors, officers, employees, agents, or affiliates shall be responsible for nor have any
duty to monitor the performance or any action of the Company, or its directors, members, officers, agents, affiliates, or employees, nor
shall they have any liability in connection with the malfeasance or nonfeasance by such parties, and the Trustee shall not be responsible
for any inaccuracy in the information obtained from the Company or for any inaccuracy or omission in the records which may result from
such information or any failure by the Trustee to perform its duties or set forth herein as a result of any inaccuracy or incompleteness.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.08. Eligibility of Trustee. There
shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust
Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes
reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the
purposes of this Section 7.08, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section 7.08, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article 7.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Article
8

Concerning the Holders

 

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

 

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

 

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

 

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

 

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

 

Article
9

Holders’ Meetings

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
10

Supplemental Indentures

 

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

 

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

 

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

 

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

 

(d)
to secure the Notes;

 

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

 

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

 

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

 

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

 

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

 

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

 

(k)
to provide for or confirm the issuance of additional Notes pursuant to this Indenture; or

 

(l)
to comply with the rules of the Depositary, so long as such amendment does not adversely affect the rights of any Holder in any
material respect.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)
change the ranking of the Notes;

 

(h)
impair the right of any Holder to receive payment of principal and interest on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or

 

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

 

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

 

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

 

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

 

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

 

Section 10.05. Evidence of Compliance of Supplemental
Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.05, the Trustee shall receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the
requirements of this Article 10 and is permitted or authorized by this Indenture.

 

Article
11

Consolidation, Merger, Sale, Conveyance and Lease

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
12

Immunity of Incorporators, Stockholders, Officers and Directors

 

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

 

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Article
13

[Intentionally Omitted]

 

Article
14

Conversion of Notes

 

Section 14.01. Conversion Privilege. (a)
Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s
option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral multiple thereof) of such
Note (i) subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the Business
Day immediately preceding January 15, 2027 under the circumstances and during the periods set forth in Section 14.01(b), and (ii) regardless
of the conditions described in Section 14.01(b), on or after January 15, 2027 and prior to the close of business on the second Scheduled
Trading Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 11.0776 shares of Common Stock (subject
to adjustment as provided in this Article 14, the “Conversion
Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.02,
the “Conversion Obligation”).

 

(b)
(i) Prior to the close of business on the Business Day immediately preceding January 15, 2027, a Holder may surrender all or any
portion of its Notes for conversion at any time during the five consecutive Business Day period immediately after any five consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as determined
following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day of the Measurement Period was
less than 98% of the product of the Last Reported Sale Price of the Common Stock on each such Trading Day and the Conversion Rate on each
such Trading Day (the “Trading Price Condition”). The Trading Prices shall be determined by the Bid Solicitation Agent
pursuant to this subsection (b)(i)and the definition of Trading Price set forth in this Indenture. The Company shall provide written notice
to the Bid Solicitation Agent (if other than the Company) of the three independent nationally recognized securities dealers selected by
the Company pursuant to the definition of Trading Price, along with appropriate contact information for each. The Bid Solicitation Agent
(if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes unless the Company
has requested such determination, and the Company shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation
Agent, the Company shall have no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder or Holders
of at least $1,000,000 principal amount of Notes provides the Company with reasonable evidence that the Trading Price per $1,000 principal
amount of Notes on any Trading Day would be less than 98% of the product of the Last Reported Sale Price of the Common Stock on such Trading
Day and the Conversion Rate on such Trading Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the
Company) to determine, or if the Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000
principal amount of Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal
amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion
Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid Solicitation Agent to determine
the Trading Price per $1,000 principal amount of Notes when obligated as provided in the preceding sentence, or if the Company instructs
the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent fails to make such determination, or (y) the Company is acting
as Bid Solicitation Agent and the Company fails to make such determination when obligated as provided in the preceding sentence, then,
in either case, the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last
Reported Sale Price of the Common Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price Condition has
been met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If, at any time after
the Trading Price Condition has been met, the Trading Price per $1,000 principal amount of Notes is greater than or equal to 98% of the
product of the Last Reported Sale Price of the Common Stock and the Conversion Rate for such date, the Company shall so notify the Holders
of the Notes, the Trustee and the Conversion Agent (if other than the Trustee) that the Trading Price Condition is no longer met and thereafter
neither the Company nor the Bid Solicitation Agent (if other than the Company) shall be required to solicit bids again until another qualifying
request is made as provided above.

 

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(ii)
If, prior to the close of business on the Business Day immediately preceding January 15, 2027, the Company elects to:

 

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

 

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

 

then, in either case, the Company shall notify all Holders of the Notes,
the Trustee and the Conversion Agent (if other than the Trustee) in writing at least 45 Scheduled Trading Days prior to the Ex-Dividend
Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its Notes
for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date
for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take place, in
each case, even if the Notes are not otherwise convertible at such time. However, the Company shall not be required to provide such notice,
and the Notes shall not become convertible pursuant to this subclause (ii), as a result of any such issuance or distribution if each Holder
participates, at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in
such issuance or distribution without having to convert such Holder’s Notes as if such Holder held a number of shares of Common
Stock equal to the Conversion Rate as of the record date for such issuance or distribution multiplied by the principal amount (expressed
in thousands) of Notes held by such Holder.

 

(iii)
If (i) a transaction or event that constitutes (x) a Fundamental Change or (y) a Make-Whole Fundamental Change occurs prior to
the close of business on the Business Day immediately preceding January 15, 2027, regardless of whether a Holder has the right to require
the Company to repurchase the Notes pursuant to Section 15.02, or (ii) if the Company is a party to a Share Exchange Event that occurs
prior to the close of business on the Business Day immediately preceding January 15, 2027 (each such Fundamental Change, Make-Whole Fundamental
Change or Share Exchange Event, a “Corporate Event”), then, in each case, all or any portion of a Holder’s Notes
may be surrendered for conversion at any time from or after the effective date of such Corporate Event until 35 Trading Days after the
effective date of such Corporate Event or, if such Corporate Event also constitutes a Fundamental Change, until the close of business
on the Business Day immediately preceding the related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee
and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following the date the Company publicly announces
such Corporate Event, but in no event later than the effective date of such Corporate Event.

 

    45

     

    

 

(iv)
Prior to the close of business on the Business Day immediately preceding January 15, 2027, a Holder may surrender all or any portion
of its Notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on September 30, 2022
(and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or
not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding
calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. The Company shall determine
at the beginning of each calendar quarter commencing after September 30, 2022 whether the Notes may be surrendered for conversion in accordance
with this clause (iv) and shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) if the Notes become
convertible in accordance with this clause (iv).

 

(v)
If the Company calls any or all of the Notes for Optional Redemption prior to the close of business on the Business Day immediately
preceding January 15, 2027 pursuant to Article 16, then a Holder may surrender all or any portion of its Called Notes for conversion at
any time prior to the close of business on the second Scheduled Trading Day prior to the Redemption Date, even if the Called Notes are
not otherwise convertible at such time. After that time, the right to convert such Called Notes on account of the Company’s delivery
of the relevant Redemption Notice shall expire, unless the Company defaults in the payment of the Redemption Price, in which case a Holder
of Called Notes may convert its Called Notes until the Redemption Price has been paid or duly provided for. If the Company elects to redeem
fewer than all of the outstanding Notes pursuant to ‎Article 16 (including, for the avoidance of doubt, on or after January 15, 2027),
and the Holder of any Note (or any owner of a beneficial interest in any Global Note) is reasonably not able to determine, prior to the
close of business on the 44th Scheduled Trading Day immediately preceding the relevant Redemption Date, whether such Note or beneficial
interest, as applicable, is to be redeemed pursuant to such Optional Redemption, then such Note or beneficial interest will be deemed
called for redemption solely for the purposes of such conversion (“Deemed Redemption”), such Holder or owner, as applicable,
shall be entitled to convert such Note or beneficial interest, as applicable, at any time before the close of business on the second Scheduled
Trading Day immediately preceding such Redemption Date (unless the Company defaults in the payment of the Redemption Price, in which case
such Holder or owner, as applicable, shall be entitled to convert such Note or beneficial interest, as applicable, until the Redemption
Price has been paid or duly provided for) and each such conversion shall be deemed to be the conversion of a Note called for redemption.

 

Section 14.02. Conversion Procedure; Settlement
Upon Conversion.

 

(a)
Except as provided in ‎Section 14.03(b) and ‎Section 14.07(a), upon conversion of
any Note, on the second Business Day immediately following the last Trading Day of the relevant Observation Period, the Company shall
pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes being converted, a “Settlement
Amount” equal to the sum of the Daily Settlement Amounts for each of the 40 Trading Days during the relevant Observation Period
for such Note, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection
(j) of this ‎Section 14.02.

 

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(i)
All conversions of Notes for which the relevant Conversion Date occurs after the Company’s
issuance of a Redemption Notice and prior to the Scheduled Trading Day immediately preceding the related Redemption Date,
and all conversions of Notes for which the relevant Conversion Date occurs on or after January 15, 2027, shall be settled using the same
forms and amounts of consideration. Except for any conversions of Notes for which the relevant Conversion Date occurs after the Company’s
issuance of a Redemption Notice but prior to the Scheduled Trading Day immediately preceding the related Redemption Date, and any conversions
of Notes for which the relevant Conversion Date occurs on or after January 15, 2027, the Company shall use the same forms and amounts
of consideration for all conversions of Notes with the same Conversion Date, but the Company shall not have any obligation to use the
same forms and amounts of consideration with respect to conversions of Notes with different Conversion Dates. If, in respect of any Conversion
Date (or one of the periods described in the third immediately succeeding set of parentheses, as the case may be), the Company elects
to settle all or a portion of its Conversion Obligation in excess of the principal portion of the Notes being converted in cash in respect
of such Conversion Date (or such period, as the case may be), the Company shall inform converting Holders, the Trustee and the Conversion
Agent (if other than the Trustee) of such election (the “Settlement Notice”) no later than the close of business on
the Trading Day immediately following the related Conversion Date (or, in the case of any conversions of Notes for which the relevant
Conversion Date occurs (x) after the date of issuance of a Redemption Notice and prior to the Scheduled Trading Day immediately preceding
the related Redemption Date, in such Redemption Notice or (y) on or after January 15, 2027, no later than January 15, 2027) and the Company
shall indicate in such Settlement Notice the percentage of the consideration due upon conversion in excess of the principal portion of
the Notes being converted that will be paid in cash (the “Cash Percentage”). If the Company does not elect a Cash Percentage
prior to the deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect a Cash Percentage
and the Company shall settle its Conversion Obligation by paying cash in respect of the principal portion of the converted Notes and delivering
shares of Common Stock in respect of the remainder (other than cash in lieu of any fractional share), if any, of its Conversion Obligation
in excess of the aggregate principal portion of the Notes being converted as set forth herein. For the avoidance of doubt, the Company’s
failure to make a timely election of the Cash Percentage, as described above, will not constitute a Default under this Indenture.

 

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

 

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

 

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

 

(c)
A Note shall be deemed to have been converted immediately prior to the close of business
on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b)above.
If any shares of Common Stock are due to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable)
to the converting Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall
be entitled, in book-entry format through the Depositary, in satisfaction of the Company’s Conversion Obligation.

 

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

 

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

 

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

 

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

 

(h)
Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid
interest, if any, except as set forth below, and the Company shall not adjust the Conversion Rate for any accrued and unpaid interest,
if any. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the
principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. As a result,
accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than
cancelled, extinguished or forfeited. Upon a conversion of Notes, accrued and unpaid interest will be deemed to be paid first out of the
cash paid upon such conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record
Date and prior to the open of business on the corresponding Interest Payment Date, Holders of such Notes as of the close of business on
such Regular Record Date will receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding
the conversion. Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of
business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the
Notes so converted on the corresponding Interest Payment Date (regardless of whether the converting Holder was the Holder on such Regular
Record Date); provided that no such payment shall be required (1) for conversions following the close of business on the Regular
Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Redemption Date that is after a Regular Record
Date and on or prior to the second Scheduled Trading Day immediately following the corresponding Interest Payment Date; (3) if the Company
has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately
following the corresponding Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the
time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record as of the close of business
on the Regular Record Date immediately preceding the Maturity Date, any Redemption Date described in the clause (2) above and any Fundamental
Change Repurchase Date described in clause (3) above shall receive the full interest payment due on the Maturity Date or other applicable
Interest Payment Date in cash regardless of whether their Notes have been converted following such Regular Record Date.

 

    48

     

    

 

(i)
The Person in whose name the shares of Common Stock shall be issuable upon conversion shall
be treated as a stockholder of record as of the close of business on the last Trading Day of the related Observation Period. Upon a conversion
of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion.

 

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

 

Section 14.03. Increased Conversion Rate Applicable
to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Notice. (a) If (x) the Effective Date of
a Make-Whole Fundamental Change occurs prior to the Maturity Date or (y) the Company gives a Redemption Notice with respect to any or
all of the Notes in accordance with Section 16.02 and, in each case, a Holder elects to convert its Notes in connection with such Make-Whole
Fundamental Change, or a Holder elects to convert its Called Notes in connection with such Redemption Notice, as the case may be, the
Company shall, under the circumstances described below, increase the Conversion Rate for the Notes so surrendered for conversion by a
number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall
be deemed for these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion
is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including,
the close of business on the Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of an Exempted
Fundamental Change or a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the
definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period,
the “Make-Whole Fundamental Change Period”). A conversion of Called Notes shall be deemed for these purposes to be
“in connection with” a Redemption Notice if the relevant Conversion Date occurs during the related Redemption Period. For
the avoidance of doubt, the Company shall increase the Conversion Rate during the related Redemption Period only with respect to conversions
of Called Notes. Accordingly, if the Company elects to redeem less than all of the outstanding Notes as described under Article 16, Holders
of the Notes other than Called Notes shall not be entitled to an increased Conversion Rate for conversions of such Notes (on account of
the Redemption Notice) during the applicable Redemption Period.

 

(b)
Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or Redemption Notice, the Company shall
satisfy the related Conversion Obligation in accordance with ‎Section 14.02 based on the Conversion Rate as increased to reflect the
Additional Shares pursuant to the table below; provided, however, that if, at the effective time of a Make-Whole Fundamental
Change described in clause (b) of the definition of Fundamental Change, the Reference Property following such Make-Whole Fundamental Change
is composed entirely of cash, then, for any conversion of Notes with a Conversion Date occurring on or after the Effective Date of such
Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price for the transaction and shall
be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to the Conversion Rate on such Conversion Date
(including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Conversion Obligation shall
be paid to Holders in cash on the second Business Day following the Conversion Date. The Company shall notify the Holders, the Trustee
and the Conversion Agent (if other than the Trustee) in writing of the Effective Date of any Make-Whole Fundamental Change no later than
five Business Days after such Effective Date.

 

    49

     

    

 

(c)
The number of Additional Shares, if any, by which the Conversion Rate shall be increased pursuant to this Section 14.03 shall be
determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective or
the date of the Redemption Notice, as the case may be, (in each case, the “Effective Date”) and the price (the “Stock
Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change or with respect to the
Optional Redemption, as the case may be. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a
Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount
paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change
or the date of the Redemption Notice, as the case may be. In the event that a conversion of Called Notes in connection with a Redemption
Notice would also constitute a conversion of Notes in connection with a Make-Whole Fundamental Change, a Holder of the Notes to be converted
will be entitled to a single increase to the Conversion Rate with respect to the first to occur of the date on which the Company provides
the applicable Redemption Notice in accordance with ‎Section 16.02 or the Effective Date of the applicable Make-Whole Fundamental
Change, and the later event will be deemed not to have occurred for purposes of this Section 14.03. The Board of Directors shall make
appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment to the Conversion Rate that
becomes effective, or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date (as such term
is used in Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period.

 

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

 

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

 

	 	 	Stock Price	 
	Effective
    Date	 	$	69.44	 	 	$	76.00	 	 	$	83.00	 	 	$	90.27	 	 	$	104.00	 	 	$	117.35	 	 	$	135.00	 	 	$	155.00	 	 	$	175.00	 	 	$	200.00	 	 	$	240.00	 	 	$	290.00	 	 	$	350.00	 	 	$	425.00	 
	June 27, 2022	 	 	3.3233	 	 	 	2.6884	 	 	 	2.1713	 	 	 	1.7613	 	 	 	1.2242	 	 	 	0.8899	 	 	 	0.6098	 	 	 	0.4166	 	 	 	0.2955	 	 	 	0.1992	 	 	 	0.1099	 	 	 	0.0514	 	 	 	0.0167	 	 	 	0.0000	 
	July 15, 2023	 	 	3.3233	 	 	 	2.6368	 	 	 	2.0913	 	 	 	1.6645	 	 	 	1.1177	 	 	 	0.7886	 	 	 	0.5234	 	 	 	0.3486	 	 	 	0.2432	 	 	 	0.1619	 	 	 	0.0884	 	 	 	0.0406	 	 	 	0.0124	 	 	 	0.0000	 
	July 15, 2024	 	 	3.3233	 	 	 	2.5711	 	 	 	1.9870	 	 	 	1.5378	 	 	 	0.9804	 	 	 	0.6612	 	 	 	0.4187	 	 	 	0.2696	 	 	 	0.1849	 	 	 	0.1223	 	 	 	0.0668	 	 	 	0.0303	 	 	 	0.0085	 	 	 	0.0000	 
	July 15, 2025	 	 	3.3233	 	 	 	2.4411	 	 	 	1.8073	 	 	 	1.3333	 	 	 	0.7755	 	 	 	0.4831	 	 	 	0.2839	 	 	 	0.1754	 	 	 	0.1193	 	 	 	0.0797	 	 	 	0.0443	 	 	 	0.0198	 	 	 	0.0046	 	 	 	0.0000	 
	July 15, 2026	 	 	3.3233	 	 	 	2.2388	 	 	 	1.5151	 	 	 	1.0014	 	 	 	0.4675	 	 	 	0.2443	 	 	 	0.1275	 	 	 	0.0781	 	 	 	0.0554	 	 	 	0.0391	 	 	 	0.0228	 	 	 	0.0099	 	 	 	0.0013	 	 	 	0.0000	 
	July 15, 2027	 	 	3.3233	 	 	 	2.0803	 	 	 	0.9706	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

    50

     

    

 

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

 

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

 

(ii)
if the Stock Price is greater than $425.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in
the column headings of the table above pursuant to subsection (d)above), no Additional Shares shall be added to the Conversion Rate; and

 

(iii)
if the Stock Price is less than $69.44 per share (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to subsection (d)above), no Additional Shares shall be added to the Conversion Rate.

 

Notwithstanding the foregoing, in no event shall
the Conversion Rate per $1,000 principal amount of Notes exceed 14.4009 shares of Common Stock, subject to adjustment in the same manner
as the Conversion Rate pursuant to Section 14.04.

 

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

 

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

 

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

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable (before giving effect to any such dividend, distribution, share split or share combination, as the case may be); and
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as the case may be.

 

    51

     

    

 

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

 

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

 

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	 	 	 
	X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

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

 

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

 

    52

     

    

 

(c)
If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock,
excluding (i) dividends, distributions or issuances (including share splits) as to which an adjustment was effected (or would have been
effected but for the 1% Exception) pursuant to Section 14.04(a) or Section 14.04(b), (ii) dividends or distributions paid exclusively
in cash as to which the provisions set forth in Section 14.04(d) shall apply, (iii) except as otherwise described in Section 14.11, a
distribution of rights pursuant to a stockholder rights plan of the Company; (iv) distributions of Reference Property issued in exchange
for, or upon conversion of, the Common Stock pursuant to Section 14.07; and (v) Spin-Offs as to which the provisions set forth below in
this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights,
options or warrants to acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion
Rate shall be increased based on the following formula:

 

 

where,

 

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

 

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

 

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

 

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the end of the Valuation Period;
	 	 	 
	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 
	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 

    53

     

    

 

The increase to the Conversion Rate under the preceding
paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that in respect of any
conversion of Notes, for any Trading Day that falls within the relevant Observation Period for such conversion and within the Valuation
Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days
as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading Day in determining the Conversion
Rate as of such Trading Day of such Observation Period.

 

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

 

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

 

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

 

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

 

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

 

    54

     

    

 

(d)
If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, other than a regular, quarterly
cash dividend that does not exceed $0.12 per share (the “Initial Dividend Threshold”), the Conversion Rate shall be
adjusted based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution;
	 	 	 
	T	=	the Initial Dividend Threshold; provided that if the dividend or distribution is not a regular quarterly cash dividend, the Initial Dividend Threshold will be deemed to be zero; and
	 	 	 
	C	=	the aggregate amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

The Initial Dividend Threshold is subject to adjustment in a manner
inversely proportional to adjustments to the Conversion Rate; provided that no adjustment will be made to the Initial Dividend
Threshold for any adjustment to the Conversion Rate under this Section 14.04(d).

 

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

 

    55

     

    

 

(e)
If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common Stock that is
subject to the then applicable tender offer rules under the Exchange Act (other than an odd-lot tender offer pursuant to Rule 13e-4(h)(5)
under the Exchange Act or any successor rule), to the extent that the cash and value of any other consideration included in the payment
per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading
Day period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant
to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires (the date such tender or exchange offer expires, the “Expiration Date”);
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding Expiration Date;
	 	 	 
	AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for the shares of Common Stock purchased in such tender or exchange offer;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 
	SP'	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 

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

 

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

 

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(f)
Notwithstanding the foregoing, if

 

(i)  an
adjustment to the Conversion Rate pursuant to this Section 14.04 for any dividend or distribution becomes effective on any Ex-Dividend
Date as described in this Section 14.04,

 

(ii)  a
Note is to be converted and the related Cash Percentage for such conversion is greater than 0%,

 

(iii)  any
Trading Day in the Observation Period for such conversion occurs on or after such Ex-Dividend Date and on or before the related Regular
Record Rate,

 

(iv)  the
consideration due with respect to such Trading Day includes any shares of the Common Stock based on a Conversion Rate that is adjusted
for such dividend or distribution and

 

(v)
such shares of the Common Stock would be entitled to participate in such dividend or distribution,

 

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

 

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

 

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

 

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

 

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

 

(ii)
upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries (other
than a rights plan as described in Section 14.11);

 

(iii)
upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in clause (ii) of this subsection (i) and outstanding as of the date the Notes were first issued (other than a
rights plan as described in Section 14.11);

 

(iv)
upon the repurchase of any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction
(including, without limitation, through any structured or derivative transaction such as accelerated share repurchase derivatives) that
is not a tender offer or exchange offer of the nature described in Section 14.04(e) above.

 

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

 

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

 

(j)
All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest one-ten
thousandth (1/10,000th) of a share. The Company shall not be required to make an adjustment to the Conversion Rate pursuant to this Section
14.04 unless the adjustment would require a change of at least 1% in the Conversion Rate; provided that the Company shall carry
forward any adjustments that are less than 1% of the Conversion Rate and make such carried forward adjustments, regardless of whether
the aggregate adjustment is at least 1%, (1) on the Effective Date for any Make-Whole Fundamental Change and/or the effective date of
any Fundamental Change, (2) prior to the close of business on the Conversion Date in respect of any conversion following a replacement
of the Common Stock by Reference Property consisting solely of cash, (3) prior to the open of business on each Trading Day of any Observation
Period in respect of the conversion of any Note, (4) on the date the Company sends a Redemption Notice for all or any Notes, (5) on the
date on which all such deferred adjustments would result in an aggregate change to the Conversion Rate of at least 1% and (6) on January
15, 2027.

 

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

 

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

 

Section 14.05. Adjustments of Prices. Whenever
any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion
Values, the Daily Net Settlement Amounts or the Daily Settlement Amounts over a span of multiple days (including, without limitation,
an Observation Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change or Optional Redemption),
the Board of Directors shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective,
or any event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case
may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion Values,
the Daily Net Settlement Amounts or the Daily Settlement Amounts are to be calculated. For the avoidance of doubt, the adjustments made
pursuant to the foregoing paragraph shall be made, solely to the extent the Company determines in good faith and in a commercially reasonable
manner that any such adjustment is appropriate and without duplication of any adjustment made pursuant to the provision set forth under
Section 14.04.

 

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

 

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

 

(a)
In the case of:

 

(i)
any recapitalization, reclassification or change of the Common Stock (other than changes in par value or changes resulting from
a subdivision or combination),

 

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

 

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

 

(iv) any statutory share exchange,

 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other
property or assets (including cash or any combination thereof) (any such event, a “Share Exchange Event”), then,
at and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Notes shall be
changed into a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or
other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to
the Conversion Rate immediately prior to such Share Exchange Event would have owned or been entitled to receive (the
“Reference Property,” with each “unit of Reference Property” meaning the kind and amount of
Reference Property that a holder of one share of Common Stock is entitled to receive) upon such Share Exchange Event and, prior to
or at the effective time of such Share Exchange Event, the Company or the successor or purchasing Person, as the case may be, shall
execute with the Trustee a supplemental indenture permitted under Section 10.01(i) providing for such change in the right to convert
each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the Share Exchange
Event, the Conversion Obligation shall be calculated and settlement in accordance with ‎Section 14.02 such that (A) the amount
otherwise payable in cash upon conversion of the Notes as set forth under ‎Section 14.02 shall continue to be payable in cash,
(B) the Company shall continue to have the right to elect to determine the form of consideration to be paid or delivered, as the
case may be, in respect of the remainder, if any, of the Conversion Obligation in excess of the principal amount of the Notes being
converted as set forth under ‎Section 14.02, (C) the number of shares of Common Stock, if any, otherwise deliverable upon
conversion of the Notes in accordance with ‎Section 14.02 shall instead be deliverable in the amount and type of Reference
Property that a holder of that number of shares of Common Stock would have received in such Share Exchange Event and (D) the Daily
VWAP shall be calculated based on the value of a unit of Reference Property.

 

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

 

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

 

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

 

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

 

(d)
The above provisions of this Section 14.07 shall similarly apply to successive Share Exchange Events.

 

(e)
In connection with any Share Exchange Event, the Initial Dividend Threshold shall be subject to adjustment as described in clause
(i), clause (ii) or clause (iii) below, as the case may be.

 

(i)
 In the case of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a)
above and excluding any dissenters’ statutory appraisal rights) is composed entirely of shares of common stock (the “Share
Exchange Common Stock”), the Initial Dividend Threshold at and after the effective time of such Share Exchange Event will be
equal to (x) the Initial Dividend Threshold immediately prior to the effective time of such Share Exchange Event, divided by (y)
the number of shares of Share Exchange Common Stock that a holder of one share of Common Stock would receive in such Share Exchange Event
(such quotient rounded down to the nearest cent).

 

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(ii)
In the case of a Share Exchange Event in which the Reference Property (determined, as appropriate, pursuant to subsection (a) above
and excluding any dissenters’ statutory appraisal rights) is composed in part of shares of Share Exchange Common Stock, the Initial
Dividend Threshold at and after the effective time of such Share Exchange Event will be equal to (x) the Initial Dividend Threshold immediately
prior to the effective time of such Share Exchange Event, multiplied by (y) the Share Exchange Valuation Percentage for such Share
Exchange Event (such product rounded down to the nearest cent).

 

(iii)
For the avoidance of doubt, in the case of a Share Exchange Event in which the Reference Property (determined, as appropriate,
pursuant to subsection (a) above and excluding any dissenters’ statutory appraisal rights) is composed entirely of consideration
other than shares of common stock, the Initial Dividend Threshold at and after the effective time of such Share Exchange Event will be
equal to zero.

 

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

 

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

 

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

 

Section 14.09. Responsibility of
Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to
determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any
increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with
respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee
and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares
of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any Note;
and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion
Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock
certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with
any of the duties, responsibilities or covenants of the Company contained in this Article 14. Without limiting the generality of the
foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any
provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind or amount of
shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event
referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section
7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall
be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior
to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be
responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for
conversion or no longer eligible therefor until the Company has delivered to the Trustee and the Conversion Agent the notices
referred to in Section 14.01(b) with respect to the commencement or termination of such conversion rights, on which notices the
Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the Trustee and the
Conversion Agent immediately after the occurrence of any such event or at such other times as shall be provided for in Section
14.01(b).

 

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

 

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

 

(b)
Share Exchange Event; or

 

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

 

then, in each case (unless notice of such
event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee
and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at
least 10 days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for
the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the
holders of Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or
(ii) the date on which such Share Exchange Event, dissolution, liquidation or winding-up is expected to become effective or occur,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for
securities or other property deliverable upon such Share Exchange Event, dissolution, liquidation or winding-up. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its
Subsidiaries, Share Exchange Event, dissolution, liquidation or winding-up.

 

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

 

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

 

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

 

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

 

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Article
15 

Repurchase of Notes at Option of Holders

 

Section 15.01. [Intentionally Omitted]

 

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

 

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

 

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

 

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

 

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

 

(iii)
in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase, which must be $1,000 or an
integral multiple thereof;

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)
the events causing the Fundamental Change;

 

(ii)
the effective date of the Fundamental Change;

 

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

 

(iv)
the Fundamental Change Repurchase Price;

 

(v)
the Fundamental Change Repurchase Date;

 

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

 

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

 

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

 

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

 

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

 

At the Company’s written request given at
least two (2) Business Days before such notice is to be sent (or such shorter period as shall be acceptable to the Trustee), the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in all cases,
the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

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

 

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

 

(f)
Notwithstanding anything to the contrary in this Article 15, the Company shall not be required to send a Fundamental Change Company
Notice, or offer to repurchase or repurchase any Notes, in each case, as described in this Section 15.02, in connection with any Exempted
Fundamental Change.

 

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

 

(i)
the principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which portion must be in
principal amounts of $1,000 or an integral multiple of $1,000,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Article
16

Optional Redemption

 

Section 16.01. Optional Redemption. No sinking
fund is provided for the Notes. The Notes shall not be redeemable by the Company prior to July 21, 2025. On or after July 21, 2025, the
Company may redeem (an “Optional Redemption”) for cash all or any portion of the Notes (subject to the Partial Redemption
Limitation), at the Redemption Price, if the Last Reported Sale Price of the Common Stock has been at least 130% of the Conversion Price
then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period (including the last
Trading Day of such period) ending on, and including, the Trading Day immediately preceding the date on which the Company provides the
Redemption Notice in accordance with Section 16.02.

 

Section 16.02. Notice of Optional Redemption;
Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part
of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption Date”) and it or, at
its written request received by the Trustee not less than five Business Days prior to the date such Redemption Notice is to be sent (or
such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall
deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 45 nor
more than 60 Scheduled Trading Days prior to the Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided,
however, that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee,
the Conversion Agent (if other than the Trustee) and the Paying Agent. The Redemption Date must be a Business Day and the Company shall
not specify a Redemption Date that falls on or after the 41st Scheduled Trading Day immediately preceding the Maturity Date.

 

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

 

(c)
Each Redemption Notice shall specify:

 

(i)
the Redemption Date;

 

(ii)
the Redemption Price;

 

(iii)
that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest
thereon, if any, shall cease to accrue on and after the Redemption Date;

 

(iv)
the place or places where such Notes are to be surrendered for payment of the Redemption Price;

 

(v)
that Holders may surrender their Notes for conversion at any time prior to the close of business on the second Scheduled Trading
Day immediately preceding the Redemption Date;

 

(vi)
the procedures a converting Holder must follow to convert its Notes and the Cash Percentage;

 

(vii)
the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with Section
14.03;

 

(viii)
the CUSIP number, ISIN or other similar numbers, if any, assigned to such Notes; and

 

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

 

A Redemption Notice shall be irrevocable.

 

(d) If the Company elects to redeem fewer
than all of the outstanding Notes, at least $100,000,000 aggregate principal amount of Notes must be outstanding and not subject to
redemption as of the relevant date of a Redemption Notice (such requirement, the “Partial Redemption
Limitation”). If fewer than all of the outstanding Notes are to be redeemed, in the case of a Global Note, the Notes or
portions thereof to be redeemed (in principal amounts of $1,000 or multiples thereof) shall be selected according to the applicable
procedures of the Depositary, or, in the case of Physical Notes, the Notes to be redeemed (in principal amounts of $1,000 or
multiples thereof) shall be selected by the Trustee by lot, on a pro rata basis or by another method the Trustee considers to
be fair and appropriate. If any Note selected for partial redemption is submitted for conversion in part after such selection, the
portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for
redemption.

 

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Section 16.03. Payment of Notes Called for Redemption.
(a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable
on the Redemption Date at the place or places stated in the Redemption Notice and at the applicable Redemption Price. On presentation
and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company
at the applicable Redemption Price.

 

(b)
Prior to the open of business on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary
of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately
available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such
Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption
Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company
any funds in excess of the Redemption Price.

 

(c)
Upon surrender of a Note that is to be redeemed in part pursuant to ‎Section 16.02, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unredeemed portion
of the Note surrendered.

 

Section 16.04. Restrictions on Redemption.
The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in accordance with the terms
of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration
resulting from a Default by the Company in the payment of the Redemption Price with respect to such Notes).

 

Article
17

Miscellaneous Provisions

 

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

 

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

 

Section 17.03 . Addresses for Notices, Etc.
Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the
Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being
deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by
the Company with the Trustee) to Ormat Technologies, Inc., 6140 Plumas Street, Reno, Nevada 89519-6075, Attention: General Counsel.
Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box
addressed to the Corporate Trust Office or sent electronically in PDF format to an email address specified by the Trustee.

 

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

 

Any notice or communication delivered or to be
delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the
Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or
to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall
be sufficiently given to it if so delivered within the time prescribed. Notwithstanding any other provision of this Indenture or any Note,
where this Indenture or any Note provides for notice of any event (including any Fundamental Change Company Notice) to a Holder of a Global
Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to
the standing instructions from the Depositary or its designee, including by electronic mail in accordance with the Depositary’s
applicable procedures.

 

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

 

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

 

All notices, approvals, consents, requests and
any communications hereunder that is required to be signed must be in writing in English.

 

Section 17.04. Governing Law; Jurisdiction.
THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF).

 

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

 

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

 

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

 

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

 

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

 

Section 17.06. Legal Holidays. In any
case where any Interest Payment Date, any Redemption Date, any Fundamental Change Repurchase Date or the Maturity Date is not a
Business Day or is a day on which financial institutions located in the state in which the Corporate Trust Office is located are
authorized or required by law or executive order to close or be closed, 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 the relevant
payment date, and no interest shall accrue in respect of the delay.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

__________________________,

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

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

Section 17.11. Execution in Counterparts; Electronic
Signatures. 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 or other electronic 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 or other
electronic means shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any
communications hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document
that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified in
writing to the Trustee by the authorized representative), in English). The Company agrees to assume all risks arising out of the use of
using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

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

 

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

 

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

 

Section 17.15. Calculations. Except as otherwise
provided herein, the Company shall be responsible for making all calculations called for under this Indenture and the Notes. These calculations
include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, the Trading Price of the Notes (for
purposes of determining whether the Notes are convertible as described in Section 14.01(b)(i)), the Daily VWAPs, the Daily Conversion
Values, the Daily Net Settlement Amounts, the Daily Settlement Amounts, accrued interest (including Additional Interest) payable on the
Notes and the Conversion Rate of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the
Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations
to each of the Trustee, the Paying Agent and the Conversion Agent, and each of the Trustee, the Paying Agent and Conversion Agent is entitled
to rely conclusively upon the accuracy of the Company’s calculations without independent verification (and neither the Conversion
Agent nor the Trustee shall have any responsibility for such calculations). The Trustee will forward the Company’s calculations
to any Holder of Notes upon the written request of that Holder at the sole cost and expense of the Company. For the avoidance of doubt,
the Trustee shall have no obligation to calculate or verify the calculation of the accrued and unpaid interest on the Notes.

 

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

 

[Remainder of page intentionally
left blank]

 

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

 

	 	ORMAT TECHNOLOGIES, INC.
	 	 
	 	By:	
	 	 	Name:	                       
	 	 	Title:	 
	 	 	 	 
	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND IF
A GLOBAL NOTE]

 

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

 

[INCLUDE FOLLOWING LEGEND IF
A RESTRICTED SECURITY]

 

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

 

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

 

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

 

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

 

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

 

    A-1

     

    

 

(C) TO A PERSON REASONABLY
BELIEVED TO BE A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT THAT IS PURCHASING FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, OR

 

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

 

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

 

NO AFFILIATE (AS DEFINED IN
RULE 144 UNDER THE SECURITIES ACT) OF ORMAT TECHNOLOGIES, INC. OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF ORMAT TECHNOLOGIES, INC. DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR HOLD THIS
SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

    A-2

     

    

 

ORMAT TECHNOLOGIES, INC.

2.50% Convertible Senior Note due 2027

 

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

 

CUSIP No. [_________]

 

Ormat Technologies, Inc., a corporation duly organized
and validly existing under the laws of the State of Delaware (the “Company,” which term includes any successor corporation
or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2
[_______]3, or registered assigns, the principal
sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]4
[of $[_______]]5, which amount, taken together
with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $375,000,000 in aggregate
at any time (or $431,250,000 if the Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the
Purchase Agreement), in accordance with the rules and procedures of the Depositary, on July 15, 2027, and interest thereon as set forth
below.

 

This Note shall bear interest at the rate of 2.50%
per year from June 27, 2022, or from the most recent date to which interest had been paid or provided for to, but excluding, the next
scheduled Interest Payment Date until July 15, 2027. Interest is payable semi-annually in arrears on each January 15 and July 15, commencing
on January 15, 2023, to Holders of record at the close of business on the preceding January 1 and July 1 (whether or not such day is a
Business Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of
the within-mentioned Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional
Interest if, in such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e)
or Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding
Additional Interest in those provisions thereof where such express mention is not made.

 

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

 

The Company shall pay the principal of and interest
on this Note, if and so long as such Note is a Global Note, by wire transfer in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that
purpose.

 

 

	1	Include if a global note.

	2	Include if a global note.

	3	Include if a physical note.

	4	Include if a global note.

	5	Include if a physical note.

 

    A-3

     

    

 

The Company has initially designated the Trustee as its Paying Agent
and Note Registrar in respect of the Notes and its agency in the contiguous United States of America, as a place where Notes may be presented
for payment or for registration of transfer or for exchange and conversion.

 

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

 

This Note, and any claim, controversy or dispute
arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York (without
regard to the conflicts of laws provisions thereof).

 

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

 

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

 

[Remainder of page intentionally left blank]

 

    A-4

     

    

 

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

 

	 	ORMAT TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	 	Name: 	                       
	 	 	Title:	 

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

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

in the within-named Indenture.

 

	By:	               	 
	 	Authorized Signatory	 

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

ORMAT TECHNOLOGIES, INC.

2.50% Convertible Senior Note due 2027

 

This Note is one of a duly authorized issue of
Notes of the Company, designated as its 2.50% Convertible Senior Notes due 2027 (the “Notes”), limited to the aggregate
principal amount of $375,000,000 (as increased by an amount equal to the aggregate principal amount of any additional Notes purchased
by the Initial Purchasers pursuant to the exercise of their option to purchase additional Notes as set forth in the Purchase Agreement)
all issued or to be issued under and pursuant to an Indenture dated as of June 27, 2022 (the “Indenture”), between
the Company and U.S. Bank Trust Company, National Association (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate principal
amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this Note shall
have the respective meanings set forth in the Indenture.

 

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

 

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

 

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

 

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

 

    A-6

     

    

 

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

 

The Notes shall be redeemable at the Company’s
option on or after July 21, 2025 in accordance with the terms and subject to the conditions specified in the Indenture. The Redemption
Date must be a Business Day and the Company shall not specify a Redemption Date that falls on or after the 41st Scheduled Trading Day
immediately preceding the Maturity Date No sinking fund is provided for the Notes.

 

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

 

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

 

    A-7

     

    

 

ABBREVIATIONS

 

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

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

 

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

 

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

 

    A-8

     

    

SCHEDULE A6

 

SCHEDULE OF EXCHANGES OF NOTES

ORMAT TECHNOLOGIES, INC.

2.50% Convertible Senior Notes due 2027

 

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

 

	Date of exchange	 	Amount of

decrease in

principal amount

of this Global Note	 	 	Amount of

increase in

principal amount

of this Global Note	 	 	Principal amount

of this Global Note

 following such

 decrease or

increase	 	 	Signature of

 authorized

signatory of

Trustee or

Custodian	 
		 	 	         	 	 	 	       	 	 	 	            	 	 	 	            	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

	6	Include if a global note.

 

    A-9

     

    

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

ORMAT TECHNOLOGIES, INC.

2.50% Convertible Senior Notes due 2027

 

		To:	U.S. Bank Trust Company, National Association

CityPlace I, 185 Asylum Street, 27th Floor

Hartford, CT 06103

Attention: Laurel Casasanta (Ormat Technologies
Inc.)

Email: laurel.casasanta@usbank.com

            cts.conversions@usbank.com

 

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

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 
	 	 	Signature(s)

___________________________

Signature Guarantee

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

 

    1

     

    

 

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

 

_________________________

(Name)

 

_________________________

(Street Address)

 

_________________________

(City, State and Zip Code)

Please print name and address

 

Principal amount to be converted (if less than all): $______,000

 

NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

_________________________

Social Security or Other Taxpayer

Identification Number

 

    2

     

    

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

ORMAT TECHNOLOGIES, INC.

2.50% Convertible Senior Notes due 2027

 

		To:	U.S. Bank Trust Company, National Association

CityPlace I, 185 Asylum Street, 27th Floor

Hartford, CT 06103

Attention: Laurel Casasanta (Ormat Technologies
Inc.)

Email: laurel.casasanta@usbank.com

            cts.conversions@usbank.com

 

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

 

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

 

Dated:_____________________

 

________________________________

Signature(s)

 

 

_________________________

Social Security or Other Taxpayer

Identification Number

 

Principal amount to be repaid (if less than all): $______,000

 

NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    1

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

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

 

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

 

		☐	To Ormat Technologies, Inc., or a subsidiary thereof; or

 

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

 

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

 

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

 

    1

     

    

 

Dated: ________________________

 

_____________________________________

 

_____________________________________

Signature(s)

 

_____________________________________

Signature Guarantee

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

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

than to and in the name of the registered holder.

 

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

 

 

2

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