Document:

EX-4.3

 Exhibit 4.3 
  

 
  

BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED 

AND 
 THE BANK OF NEW YORK MELLON

 As Depositary 

AND 
 OWNERS AND HOLDERS OF
AMERICAN DEPOSITARY SHARES 
 Deposit Agreement 

Dated as of                 , 2017 

 
  

 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1.
	 	 DEFINITIONS
	  	1

					
	 SECTION 1.1.
	 	 American Depositary Shares.
	  	1
	 SECTION 1.2.
	 	 Commission.
	  	2
	 SECTION 1.3.
	 	 Company.
	  	2
	 SECTION 1.4.
	 	 Custodian.
	  	2
	 SECTION 1.5.
	 	 Delisting Event.
	  	2
	 SECTION 1.6.
	 	 Deliver; Surrender.
	  	2
	 SECTION 1.7.
	 	 Deposit Agreement.
	  	3
	 SECTION 1.8.
	 	 Depositary; Depositary’s Office.
	  	3
	 SECTION 1.9.
	 	 Deposited Securities.
	  	3
	 SECTION 1.10.
	 	 Disseminate.
	  	3
	 SECTION 1.11.
	 	 Dollars.
	  	4
	 SECTION 1.12.
	 	 DTC.
	  	4
	 SECTION 1.13.
	 	 Foreign Registrar.
	  	4
	 SECTION 1.14.
	 	 Holder.
	  	4
	 SECTION 1.15.
	 	 Insolvency Event.
	  	4
	 SECTION 1.16.
	 	 Owner.
	  	5
	 SECTION 1.17.
	 	 Receipts.
	  	5
	 SECTION 1.18.
	 	 Registrar.
	  	5
	 SECTION 1.19.
	 	 Replacement.
	  	5
	 SECTION 1.20.
	 	 Restricted Securities.
	  	5
	 SECTION 1.21.
	 	 Securities Act of 1933.
	  	5
	 SECTION 1.22.
	 	 Shares.
	  	5
	 SECTION 1.23.
	 	 SWIFT.
	  	6
	 SECTION 1.24.
	 	 Termination Option Event.
	  	6

					
			
	 ARTICLE 2.
	 	 FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY
SHARES
	  	6

					
	 SECTION 2.1.
	 	 Form of Receipts; Registration and Transferability of American Depositary Shares.
	  	6
	 SECTION 2.2.
	 	 Deposit of Shares.
	  	7
	 SECTION 2.3.
	 	 Delivery of American Depositary Shares.
	  	8
	 SECTION 2.4.
	 	 Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts;
Interchange of Certificated and Uncertificated American Depositary Shares.
	  	8
	 SECTION 2.5.
	 	 Surrender of American Depositary Shares and Withdrawal of Deposited Securities.
	  	9
	 SECTION 2.6.
	 	 Limitations on Delivery, Transfer and Surrender of American Depositary Shares.
	  	10

  
 -i- 

					
	 SECTION 2.7.
	 	 Lost Receipts, etc.
	  	11
	 SECTION 2.8.
	 	 Cancellation and Destruction of Surrendered Receipts.
	  	11
	 SECTION 2.9.
	 	 Pre-Release of American Depositary Shares.
	  	12
	 SECTION 2.10.
	 	 DTC Direct Registration System and Profile Modification System.
	  	12

					
			
	 ARTICLE 3.
	 	 CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES
	  	13

					
	 SECTION 3.1.
	 	 Filing Proofs, Certificates and Other Information.
	  	13
	 SECTION 3.2.
	 	 Liability of Owner for Taxes.
	  	13
	 SECTION 3.3.
	 	 Warranties on Deposit of Shares.
	  	14
	 SECTION 3.4.
	 	 Disclosure of Interests.
	  	14

					
			
	 ARTICLE 4.
	 	 THE DEPOSITED SECURITIES
	  	14

					
	 SECTION 4.1.
	 	 Cash Distributions.
	  	14
	 SECTION 4.2.
	 	 Distributions Other Than Cash, Shares or Rights.
	  	15
	 SECTION 4.3.
	 	 Distributions in Shares.
	  	16
	 SECTION 4.4.
	 	 Rights.
	  	17
	 SECTION 4.5.
	 	 Conversion of Foreign Currency.
	  	18
	 SECTION 4.6.
	 	 Fixing of Record Date.
	  	19
	 SECTION 4.7.
	 	 Voting of Deposited Shares.
	  	20
	 SECTION 4.8.
	 	 Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited
Securities.
	  	21
	 SECTION 4.9.
	 	 Reports.
	  	23
	 SECTION 4.10.
	 	 Lists of Owners.
	  	23
	 SECTION 4.11.
	 	 Withholding.
	  	23

					
			
	 ARTICLE 5.
	 	 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
	  	24

					
	 SECTION 5.1.
	 	 Maintenance of Office and Transfer Books by the Depositary.
	  	24
	 SECTION 5.2.
	 	 Prevention or Delay of Performance by the Company or the Depositary.
	  	24
	 SECTION 5.3.
	 	 Obligations of the Depositary and the Company.
	  	25
	 SECTION 5.4.
	 	 Resignation and Removal of the Depositary.
	  	26
	 SECTION 5.5.
	 	 The Custodians.
	  	27
	 SECTION 5.6.
	 	 Notices and Reports.
	  	28
	 SECTION 5.7.
	 	 Distribution of Additional Shares, Rights, etc.
	  	28
	 SECTION 5.8.
	 	 Indemnification.
	  	29
	 SECTION 5.9.
	 	 Charges of Depositary.
	  	30
	 SECTION 5.10.
	 	 Retention of Depositary Documents.
	  	31
	 SECTION 5.11.
	 	 Exclusivity.
	  	31

  
 -ii- 

					
	 ARTICLE 6.
	 	 AMENDMENT AND TERMINATION
	  	31

					
	 SECTION 6.1.
	 	 Amendment.
	  	31
	 SECTION 6.2.
	 	 Termination.
	  	32

					
			
	 ARTICLE 7.
	 	 MISCELLANEOUS
	  	33

					
	 SECTION 7.1.
	 	 Counterparts; Signatures.
	  	33
	 SECTION 7.2.
	 	 No Third Party Beneficiaries.
	  	33
	 SECTION 7.3.
	 	 Severability.
	  	33
	 SECTION 7.4.
	 	 Owners and Holders as Parties; Binding Effect.
	  	33
	 SECTION 7.5.
	 	 Notices.
	  	34
	 SECTION 7.6.
	 	 Arbitration; Settlement of Disputes.
	  	34
	 SECTION 7.7.
	 	 Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver.
	  	35
	 SECTION 7.8.
	 	 Waiver of Immunities.
	  	36
	 SECTION 7.9.
	 	 Governing Law.
	  	36

  
 -iii- 

 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of                 , 2017 among
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED, a company incorporated under the laws of the Cayman Islands (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and
Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder. 
 W I T N E S S E T H: 

WHEREAS, the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the
Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of
American Depositary Receipts evidencing the American Depositary Shares; and 
 WHEREAS, the American Depositary Receipts are to be
substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as set forth in this Deposit Agreement; 

NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows: 

ARTICLE 1. DEFINITIONS 
 The
following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement: 

SECTION 1.1. American Depositary Shares. 

The term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with
respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement
shall apply to both certificated and uncertificated American Depositary Shares. 
 Each American Depositary Share shall represent the number
of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which
additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on
deposit per American Depositary Share after giving effect to that distribution, change or sale. 

  
 - 1 - 

 SECTION 1.2. Commission. 

The term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States. 
 SECTION 1.3. Company. 

The term “Company” shall mean Bright Scholar Education Holdings Limited, a company incorporated under the laws of the Cayman
Islands, and its successors. 
 SECTION 1.4. Custodian. 

The term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary in
Hong Kong for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them
collectively. 
 SECTION 1.5. Delisting Event. 

A “Delisting Event” occurs if the American Depositary Shares are delisted from a securities exchange on which the American
Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any other securities exchange. 

SECTION 1.6. Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

(b) The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean
(i) registration of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an account at DTC designated by the person entitled to that delivery, (ii) registration
of those American Depositary Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of a statement confirming that registration or (iii) if
requested by the person entitled to that delivery, execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares registered in the name requested by
that person. 
 (c) The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or
more book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or
(iii) surrender to the Depositary at its Office of one or more Receipts evidencing American Depositary Shares. 

  
 - 2 - 

 SECTION 1.7. Deposit Agreement. 

The term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the
provisions of this Deposit Agreement. 
 SECTION 1.8. Depositary; Depositary’s Office. 

The term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary
under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located at
101 Barclay Street, New York, New York 10286. 
 SECTION 1.9. Deposited Securities. 

The term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this
Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement. 
 SECTION 1.10. Disseminate. 

The term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners, shall mean
(i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information available to Owners, which may include (A) sending the
information by electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet website and that it will be
sent in paper form upon request by the Owner, when that information is so available and is sent in paper form as promptly as practicable upon request. 

  
 - 3 - 

 SECTION 1.11. Dollars. 

The term “Dollars” shall mean United States dollars. 

SECTION 1.12. DTC. 
 The
term “DTC” shall mean The Depository Trust Company or its successor. 
 SECTION 1.13. Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and any other
agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares. 

SECTION 1.14. Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary
Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.15. Insolvency Event. 

An “Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to
the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of
that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information
becomes publicly available indicating that unsecured claims against the Company are not expected to be paid. 

  
 - 4 - 

 SECTION 1.16. Owner. 

The term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary
maintained for that purpose. 
 SECTION 1.17. Receipts. 

The term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement. 

SECTION 1.18. Registrar. 

The term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register American
Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement. 
 SECTION 1.19. Replacement.

 The term “Replacement” shall have the meaning assigned to it in Section 4.8. 

SECTION 1.20. Restricted Securities. 

The term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule
144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the
Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of
the Cayman Islands, a shareholder agreement or the articles of association or similar document of the Company. 
 SECTION 1.21.
Securities Act of 1933. 
 The term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as
from time to time amended. 
 SECTION 1.22. Shares. 

The term “Shares” shall mean Class A ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however, that, if there shall occur any change in nominal or par value, a
split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the
successor securities resulting from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion. 

  
 - 5 - 

 SECTION 1.23. SWIFT. 

The term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor. 
 SECTION 1.24. Termination Option Event. 

The term “Termination Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8. 

 

	ARTICLE 2.	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 

SECTION 2.1. Form of Receipts; Registration and Transferability of American Depositary Shares. 

Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the
Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that Receipt and (y) all
American Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper
officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt. 

The Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or
recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities
exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts and American Depositary Shares are subject by
reason of the date of issuance of the underlying Deposited Securities or otherwise. 

  
 - 6 - 

 American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or
accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability
under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 

SECTION 2.2. Deposit of Shares. 

Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian. 

As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing
those deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a
Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive
upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary. 

The Depositary and the Custodian shall refuse to accept Shares for deposit if the Depositary has received a notice from the Company that the
Company has restricted transfer of those Shares under the Company’s constitutional documents or any applicable laws or that the deposit would result in any violation of the Company’s constitutional documents or any applicable laws. 

  
 - 7 - 

 At the request and risk and expense of a person proposing to deposit Shares, and for the account
of that person, the Depositary may receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the Custodian for deposit under this Deposit
Agreement. 
 The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for
Shares to be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the
Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee. 

Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine. 
 SECTION 2.3. Delivery of American Depositary Shares. 

The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with
the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon
the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American
Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers
of American Depositary Shares. 
 SECTION 2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of
Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The Depositary, subject to the terms and
conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon
registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto. 

  
 - 8 - 

 The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon
surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the
same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The Depositary, upon surrender of
certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the
Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10)
from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares. 
 The Depositary may appoint one or more co-transfer agents for the
purpose of effecting registration of transfers of American Depositary Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 

SECTION 2.5. Surrender of American Depositary Shares and Withdrawal of Deposited Securities. 

Upon surrender at the Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities
represented thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal
of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as
instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or
other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date). That delivery shall be made, as provided in this Section, without unreasonable delay. 

  
 - 9 - 

 As a condition of accepting a surrender of American Depositary Shares for the purpose of
withdrawal of Deposited Securities, the Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and
deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order. 

Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this
Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission. 

At the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the
account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities
represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner. 

SECTION 2.6. Limitations on Delivery, Transfer and Surrender of American Depositary Shares. 

As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination
of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to
Shares being deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance
with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6. 

  
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 The delivery of American Depositary Shares against deposit of Shares generally or against deposit
of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during
any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of this Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and withdrawal of
Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting
at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or
to the withdrawal of the Deposited Securities. 
 The Depositary shall not knowingly accept for deposit under this Deposit Agreement any
Shares that, at the time of deposit, are Restricted Securities. 
 SECTION 2.7. Lost Receipts, etc. 

If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by
that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and
in substitution for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and
(b) satisfy any other reasonable requirements imposed by the Depositary. 
 SECTION 2.8. Cancellation and Destruction of Surrendered
Receipts. 
 The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled. 

  
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 SECTION 2.9. Pre-Release of American Depositary Shares. 

Notwithstanding Section 2.3, and unless requested by the Company to cease doing so, the Depositary may deliver American Depositary Shares
prior to the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”). The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not
that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a
Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American
Depositary Shares to be remitted, as the case may be, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business
days’ notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty
percent (30%) of all American Depositary Shares outstanding; provided, however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. 

The Depositary may retain for its own account any compensation received by it in connection with Pre-Release. 

SECTION 2.10. DTC Direct Registration System and Profile Modification System. 

(a) Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System
(“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between
registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of
American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the
Depositary of prior authorization from the Owner to register that transfer. 
 (b) In connection with DRS/Profile, the parties acknowledge
that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on
behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the
Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the
Depositary. 

  
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	ARTICLE 3.	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

 SECTION 3.1. Filing
Proofs, Certificates and Other Information. 
 Any person presenting Shares for deposit or any Owner or Holder may be required from time
to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute
such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary. The Depositary may withhold the delivery or registration
of transfer of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information is filed or those certificates are
executed or those representations and warranties are made. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as practicable, with copies of any information or other
materials which the Depositary receives pursuant to this Section, to the extent that the requested disclosure is permitted under applicable law. 

SECTION 3.2. Liability of Owner for Taxes. 

If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any
American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is
made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or
other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency.
The Depositary shall distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each
American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

  
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 SECTION 3.3. Warranties on Deposit of Shares. 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that
deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall survive
the deposit of Shares and delivery of American Depositary Shares. 
 SECTION 3.4. Disclosure of Interests. 

When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or
other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each
Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Owner or any other Holder through which it holds American Depositary
Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use reasonable efforts, at
the Company’s expense, to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that
request. 
 ARTICLE 4. THE DEPOSITED SECURITIES 

SECTION 4.1. Cash Distributions. 

Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the
provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary shall be required to withhold and does withhold from
that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.
However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent. 

  
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 The Company or its agent will remit to the appropriate governmental agency in each applicable
jurisdiction all amounts withheld and owing to such agency. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports
with governmental agencies. 
 If a cash distribution would represent a return of all or substantially all the value of the Deposited
Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring
surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.2. Distributions Other Than Cash, Shares or Rights. 

Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in
Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in
the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on
account of taxes or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution not to be lawful and feasible, the
Depositary, after consultation with the Company to the extent practicable, may adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale
of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the
manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not
require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and
expenses in respect of that distribution. 

  
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 If a distribution under this Section 4.2 would represent a return of all or substantially
all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares
(whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event. 

SECTION 4.3. Distributions in Shares. 

Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the
Depositary may, and shall if the Company so requests in writing, deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number
of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary
Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an
amount of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell
the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to
the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited
Securities represented thereby. 
 If the Company declares a distribution in which holders of Deposited Securities have a right to elect
whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for
exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does
not require registration of any securities under the Securities Act of 1933. 

  
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 SECTION 4.4. Rights. 

(a) If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if
requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent
rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. For the avoidance of doubt, nothing in this Deposit
Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such right or underlying securities or to endeavor to have such a registration statement declared effective. 

(c) If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the
rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner. 

  
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 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts
to sell the rights in proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without
regard to any distinctions among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 

(e) Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the
Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4. 

(f) The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or
exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 
 SECTION 4.5. Conversion of Foreign
Currency. 
 Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net
proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A
cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any
expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9. 
 If a conversion of foreign currency or
the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 

If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same. 

  
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 If any conversion of foreign currency, in whole or in part, cannot be effected for distribution
to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the foreign
currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no
representation that the exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the
most favorable to Owners, subject to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request. 

SECTION 4.6. Fixing of Record Date. 

Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will
assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the
Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to
receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting or (iii) who shall be responsible for that fee or charge or
(iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms
and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net
proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee
or charge, as the case may be. 

  
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 SECTION 4.7. Voting of Deposited Shares. 

(a) Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice
of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of the laws of the Cayman Islands and of the articles of
association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares (iii) a statement as to the manner
in which those instructions may be given, including an express indication that instructions may be given or deemed given in accordance with the last sentence of paragraph (b) below if no instruction is received, to the Depositary to give a
discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b) Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far
as practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right
to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary or as provided in the following sentence. If (i) the Company instructed the Depositary to Disseminate a
notice under paragraph (a) above and complied with paragraph (d) below gave the Depositary notice of the meeting and details concerning the matters to be voted at least 30 days prior to the meeting date and (ii) no instructions are
received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date, the Depositary shall deem that Owner to have instructed the Depositary to give a
discretionary proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person
designated by the Company to vote that amount of deposited Shares as to that matter, except that no instruction of that kind shall be deemed given and no discretionary proxy shall be given with respect to any matter as to which the Company informs
the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish a proxy given, (y) substantial opposition exists or (z) the matter materially
and adversely affects the rights of holders of Shares. 

  
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 (c) There can be no assurance that Owners generally or any Owner in particular will receive
the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. 

(d) In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the
Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made
available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 
 SECTION 4.8. Tender and
Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities. 
 (a) The Depositary shall not tender any Deposited
Securities in response to any voluntary cash tender offer, exchange offer or similar offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American
Depositary Shares and subject to any conditions or procedures the Depositary may require. 
 (b) If the Depositary receives a written notice
that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at
the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the
Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with
Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt,
Owners shall not be entitled to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary
Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among
the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any
Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

  
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 (c) If the Depositary is notified of or there occurs any change in nominal value or any
subdivision, combination or any other reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to
which it is a party that is mandatory and binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited
Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or
other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities
under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it
deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. 
 (d) In the case of a
Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for
surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary
Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 
 (e) If there are no Deposited
Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination Option Event occurs. 

  
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 SECTION 4.9. Reports. 

The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall
furnish reports and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the
Commission. 
 SECTION 4.10. Lists of Owners. 

Upon written request by the Company, the Depositary shall, as promptly as practicable, at the expense of the Company, furnish to it a list, as
of a recent date, of the names, addresses and American Depositary Share holdings of all Owners. 
 SECTION 4.11. Withholding. 

If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe
therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled
thereto in proportion to the number of American Depositary Shares held by them respectively. 
 Services for Owners and Holders that may
permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. 

  
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 ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

SECTION 5.1. Maintenance of Office and Transfer Books by the Depositary. 

Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and
delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement. 

The Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners and the
Company at the Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a
matter related to this Deposit Agreement or the American Depositary Shares. 
 The Depositary may close the transfer books, at any time or
from time to time, when deemed expedient by it in connection with the performance of its duties under this Deposit Agreement or upon the written request of the Company. 

If any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or
one or more co-registrars for registry of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges. 

The Company shall have the right, at all reasonable times, upon written request, to inspect transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require such parties to supply, at the Company’s expense (unless otherwise agreed in writing between the Company and the Depositary) copies of such portions of their
records as the Company may reasonably request. 
 SECTION 5.2. Prevention or Delay of Performance by the Company or the Depositary.

 Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder: 
 (i) if by reason of (A) any provision of any present or future law or regulation or other act of the
government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of
the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or
caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires,
explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or
other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed; 

  
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 (ii) for any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement (including any determination by the Depositary or the Company to take, or not take, any action that this Deposit Agreement provides the Depositary or the Company may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. 
 Where, by the terms of a
distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that
distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

SECTION 5.3. Obligations of the Depositary and the Company. 

The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that
the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 
 The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that
the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

  
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 Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person. 

Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other
document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 Neither the Depositary nor the
Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be
competent to give such advice or information. 
 The Depositary shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential
liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. 
 The Depositary
shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. 

In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of
the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote. 
 The Depositary shall have no
duty to make any determination or provide any information as to the tax status of the Company. Neither the Depositary nor the Company shall have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning
or holding American Depositary Shares. 
 No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this
Deposit Agreement. 
 SECTION 5.4. Resignation and Removal of the Depositary. 

The Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become
effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2. 

  
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 The Depositary may at any time be removed by the Company by 120 days’ prior written notice
of that removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in this Section.

 If the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank
or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the
Depositary receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all
the Owners and their respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence
(i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be
discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as
practical after assuming the duties of Depositary. 
 Any corporation or other entity into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 
 SECTION 5.5.
The Custodians. 
 The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be
responsible solely to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives
notice that a Custodian is resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute
custodian or custodians, each of which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment of a substitute or additional Custodian as promptly as practicable. The Depositary shall
require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to another Custodian. 

  
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 SECTION 5.6. Notices and Reports. 

If the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that
effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and
practical to give that notice. The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is required to make
available generally to holders of Shares by publication or otherwise. 
 The Company will arrange for the translation into English, if not
already in English, to the extent required pursuant to any regulations of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally
available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to all Owners or otherwise make them available to
Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American
Depositary Shares are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.

 The Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the
Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any
of those statements. 
 SECTION 5.7. Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as
practicable and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution is
registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United States, would
not require, registration under the Securities Act of 1933. 

  
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 The Company agrees with the Depositary that neither the Company nor any company controlled by,
controlling or under common control with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities. 

SECTION 5.8. Indemnification. 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of or in connection
with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with
this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates,
except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates. 

The indemnities contained in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.9) of American Depositary Shares in accordance with Section 2.9 and which would not otherwise have arisen had those American Depositary Shares not been the subject of a Pre-Release pursuant to
Section 2.9; provided, however, that the indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability or expense would have arisen had those American Depositary Shares
not be the subject of a Pre-Release, or (ii) which may arise out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary
prospectus (or preliminary placement memorandum) relating to the offer or sale of American Depositary Shares, except to the extent any such liability or expense arises out of (x) information relating to the Depositary or any Custodian (other
than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not materially changed or altered by the Company, or, (y) if such information is provided, the failure to state a
material fact necessary to make the information provided not misleading. 
 The Depositary agrees to indemnify the Company, its directors,
employees, agents and affiliates and hold them harmless from any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel)
that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

  
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 SECTION 5.9. Charges of Depositary. 

The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares
or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or
a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1
through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee
being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7
treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or
portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents
of the Depositary’s or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with
Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

The Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be
distributed, to Owners that are obligated to pay those fees. 
 In performing its duties under this Deposit Agreement, the Depositary may
use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions. 

  
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 The Depositary, subject to Section 2.9, may own and deal in any class of securities of the
Company and its affiliates and in American Depositary Shares. 
 SECTION 5.10. Retention of Depositary Documents. 

The Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at
the times permitted by the laws or regulations governing the Depositary. 
 SECTION 5.11. Exclusivity. 

Without prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of
depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement. 

ARTICLE 6. AMENDMENT AND TERMINATION 

SECTION 6.1. Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American
Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed,
by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a
change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that
change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law. 

  
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 SECTION 6.2. Termination. 

(a) The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of
this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in
Section 5.4, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall
Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this
Deposit Agreement shall terminate on that Termination Date. 
 (b) After the Termination Date, the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9. 
 (c) At any time after
the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash.
After making that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the
surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and
(ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below. 
 (d) After the
Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver
Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the
Owner of those American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or
deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) if in its judgment
the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and
(iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or
perform any further acts under this Deposit Agreement except as provided in this Section. 

  
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 ARTICLE 7. MISCELLANEOUS 

SECTION 7.1. Counterparts; Signatures. 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during regular business hours. 

Any manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic
Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive
any objection to the contrary. 
 SECTION 7.2. No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors
and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person. 
 SECTION 7.3.
Severability. 
 In case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby. 

SECTION 7.4. Owners and Holders as Parties; Binding Effect. 

The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of
this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein. 

  
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 SECTION 7.5. Notices. 

Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent
by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the facsimile transmission or email has been
confirmed by the recipient, addressed to Bright Scholar Education Holdings Limited, NO. 1, Country Garden Road, Beijiao Town, Shunde District, Foshan City, Guangdong Province 528300, China, Attention: Chief Executive Officer, or any other place to
which the Company may have transferred its principal office with notice to the Depositary. 
 Any and all notices to be given to the
Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or
similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have
transferred its Office with notice to the Company. 
 Delivery of a notice to the Company or Depositary by mail or air courier shall be
deemed effected when deposited, postage prepaid, in a post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be deemed effected when the recipient
acknowledges receipt of that notice. 
 A notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that
Owner. Dissemination in paper form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner as it appears on the transfer books for
American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination in
electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided by the Owner for that purpose. 

SECTION 7.6. Arbitration; Settlement of Disputes. 

Any controversy, claim or cause of action brought by any party hereto against the Company arising out of or relating to the Shares or other
Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be settled by arbitration in accordance with the International Arbitration Rules of
the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

  
 - 34 - 

 The place of the arbitration shall be The City of New York, State of New York, United States of
America, and the language of the arbitration shall be English. 
 The number of arbitrators shall be three, each of whom shall be
disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select
a third arbitrator who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)),
each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party
serves the arbitration demand, the American Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the
nationals of any country, whether or not a party is a national of that country. 
 The arbitral tribunal shall have no authority to award
any consequential, special or punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Deposit
Agreement. 
 SECTION 7.7. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver. 

The Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New York,
as the Company’s authorized agent upon which process may be served in any suit or proceeding (including any arbitration proceeding) arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts
or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of process
upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written
acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary
to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance by that
agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the
United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested,
directed to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed. 

  
 - 35 - 

 EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION
REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 SECTION 7.8. Waiver of
Immunities. 
 To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to,
or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any
court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of
any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and
enforcement as provided above. 
 SECTION 7.9. Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by the laws of the State of New York. 

  
 - 36 - 

 IN WITNESS WHEREOF, BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED and THE BANK OF NEW YORK MELLON
have duly executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

					
	BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:
	
	 THE BANK OF NEW YORK MELLON,

as Depositary

			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 - 37 - 

 EXHIBIT A 
  

			
		 	AMERICAN DEPOSITARY SHARES
		 	(Each American Depositary Share represents
		 	one deposited Share)

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
CLASS A ORDINARY SHARES OF 
 BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED 

(INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS) 

The Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies
that                    , or registered assigns IS THE OWNER OF
                     
 AMERICAN
DEPOSITARY SHARES 
 representing deposited Class A ordinary shares (herein called “Shares”) of Bright Scholar Education Holdings Limited,
incorporated under the laws of the Cayman Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents one Share deposited or subject to deposit under the Deposit Agreement (as such term is
hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”) that, as of the date of the Deposit Agreement, was The Hongkong and Shanghai Banking Corporation Limited located in Hong Kong. The
Depositary’s Office is located at a different address than its principal executive office. Its Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at 225 Liberty Street, New York, N.Y.
10286. 
 THE DEPOSITARY’S OFFICE ADDRESS IS 

101 BARCLAY STREET, NEW YORK, N.Y. 10286 

  
 A-1 

	1.	THE DEPOSIT AGREEMENT. 

 This American Depositary Receipt is one of an issue (herein called
“Receipts”), all issued and to be issued upon the terms and conditions set forth in the Deposit Agreement dated as of             , 2017 (herein called the “Deposit
Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become
bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and
cash from time to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the
Depositary’s Office in New York City and at the office of the Custodian. 
 The statements made on the face and reverse of this Receipt
are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined
herein shall have the meanings set forth in the Deposit Agreement. 
  

	2.	SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES. 

 Upon surrender at the
Depositary’s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in
Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of the Deposit Agreement, the
Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those
American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner
as of that record date). The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile
transmission. That delivery will be made, at the office of the Custodian, except that, at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any
cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for
delivery at the Depositary’s Office or to another address specified in the order received from the surrendering Owner. 

  
 A-2 

	3.	REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES. 

The Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its
transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in
Section 2.10 of that Agreement), and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred
American Depositary Shares to or upon the order of the person entitled thereto. 
 The Depositary, subject to the terms and conditions of
the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. 
 The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a
statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as
provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary
Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares. 
 As a
condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may
require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or
other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit
Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit
Agreement. 

  
 A-3 

 The delivery of American Depositary Shares against deposit of Shares generally or against deposit
of particular Shares may be suspended, or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during
any period when the transfer books of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or
governmental body or commission, or under any provision of the Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and
withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection
with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American
Depositary Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities. 

 

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any tax or other governmental charge shall become payable by
the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the
Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any
withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of
the Deposited Securities represented by those American Depositary Shares, and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of
that kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners
entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit
Agreement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid
distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them. 

  
 A-4 

	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person depositing Shares under the Deposit Agreement
shall be deemed thereby to represent and warrant that those Shares and each certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of
outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares. 
  

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for deposit
or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or
the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary. The
Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or
other information is filed or those certificates are executed or those representations and warranties are made. The Depositary shall provide the Company, upon the Company’s written request and at the Company’s expense, as promptly as
practicable, with copies of any information or other materials which the Depositary receives pursuant to this Section, to the extent that the requested disclosure is permitted under applicable law. As conditions of accepting Shares for deposit, the
Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of,
the person or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the
Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable
jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other
property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

  
 A-5 

	7.	CHARGES OF DEPOSITARY. 

 The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange
of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges,
(2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the
Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement,
(4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the
delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per
American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of
securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the
fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all such securities as
if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary
services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s or
Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit
Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions). 

  
 A-6 

 The Depositary may collect any of its fees by deduction from any cash distribution payable, or by
selling a portion of any securities to be distributed, to Owners that are obligated to pay those fees. 
 The Depositary, subject to Article
8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 
 From time to
time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by
the Depositary or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or
affiliated with the Depositary and that may earn or share fees, spreads or commissions. 
  

	8.	PRE-RELEASE OF AMERICAN DEPOSITARY SHARES. 

 Notwithstanding Section 2.3 of the Deposit
Agreement, and unless requested by the Company to cease doing so, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a “Pre-Release”). The Depositary
may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender is prior to the termination of that Pre-Release or the Depositary
knows that those American Depositary Shares have been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written
representation from the person to whom American Depositary Shares or Shares are to be delivered, that such person, or its customer, owns the Shares or American Depositary Shares to be remitted, as the case may be, (b) at all times fully
collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to all indemnities and credit regulations
that the Depositary deems appropriate. The number of American Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary Shares outstanding; provided,
however, that the Depositary reserves the right to change or disregard that limit from time to time as it deems appropriate. 
 The
Depositary may retain for its own account any compensation received by it in connection with Pre-Release. 

  
 A-7 

	9.	TITLE TO AMERICAN DEPOSITARY SHARES. 

 It is a condition of the American Depositary Shares, and
every successive Owner and Holder of American Depositary Shares, by accepting or holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments
of transfer, shall be transferable as certificated registered securities under the laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the
laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to
any Holder of American Depositary Shares, but only to the Owner. 
  

	10.	VALIDITY OF RECEIPT. 

 This Receipt shall not be entitled to any benefits under the Deposit
Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a
duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. 
  

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system or at
public reference facilities maintained by the Commission in Washington, D.C. 
 The Depositary will make available for inspection by Owners
at its Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally
available to the holders of those Deposited Securities by the Company. The Depositary shall also, upon written request by the Company and at the Company’s expense, send to the Owners copies of such reports and communications when furnished by
the Company pursuant to Section 5.6 of the Deposit Agreement. The Company shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in
English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission. 

  
 A-8 

 The Depositary will keep books for the registration of American Depositary Shares and transfers
of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that such inspection shall not be for the purpose of communicating with Owners in the
interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

 Whenever the Depositary receives any cash dividend or other cash
distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United
States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an
amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of
all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American
Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event. 

Subject to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than
a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by
it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for
accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among
the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, after consultation with the Company to the extent practicable, the Depositary may adopt such other method as it
may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of
any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in
Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not
require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in
respect of that distribution. If a distribution under Section 4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may
require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making
that distribution. A distribution of that kind shall be a Termination Option Event. 

  
 A-9 

 Whenever the Depositary receives any distribution consisting of a dividend in, or free
distribution of, Shares, the Depositary may, and shall if the Company so requests in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or
free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in
Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of
Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of
Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1 of the Deposit Agreement.
If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the
Deposited Securities represented thereby. 
 If the Company declares a distribution in which holders of Deposited Securities have a right to
elect whether to receive cash, Shares or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election
available for exercise by Owners any manner the Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933. 

  
 A-10 

 If the Depositary determines that any distribution received or to be made by the Depositary
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property
(including Shares and rights to subscribe therefor) in the amounts and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of
those taxes or charges, to the Owners entitled thereto in proportion to the number of American Depositary Shares held by them respectively. 

Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
received by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and
are outside the scope of, the Deposit Agreement. 
  

	13.	RIGHTS. 

 (a) If rights are granted to the Depositary in respect of deposited Shares to purchase
additional Shares or other securities, the Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be
lawful and practical (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares
representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale
to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised. 

(b) If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the
securities to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The
Depositary shall (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered
to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of
United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933. 

  
 A-11 

 (c) If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter
into a separate agreement setting forth the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an
account specified by that Owner to which the rights can be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by
that Owner. 
 (d) If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in
proportion to the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. 
 (e) Payment or
deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of
securities or payment of cash proceeds under Section 4.4 of that Agreement. 
 (f) The Depositary shall not be responsible for any
failure to determine that it may be lawful or feasible to make rights available to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights. 

 

	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary or the Custodian receives foreign
currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted
on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those
Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any
American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement. 

  
 A-12 

 If a conversion of foreign currency or the repatriation or distribution of Dollars can be
effected only with the approval or license of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license. 

If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same. 
 If any conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the
foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto. 

The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary makes no
representation that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the
most favorable to Owners, subject to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency conversions is available upon request. 

  
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	15.	RECORD DATES. 

 Whenever a cash dividend, cash distribution or any other distribution is made on
Deposited Securities or rights to purchase Shares or other securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit
Agreement) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the
Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each
American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with
respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of
voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed
number of Shares. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the
amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as the case may be. 
  

	16.	VOTING OF DEPOSITED SHARES. 

 (a) Upon receipt of notice of any meeting of holders of Shares at
which holders of Shares will be entitled to vote, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be in the sole discretion of the
Depositary, that shall contain (i) the information contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any
applicable provision of the laws of the Cayman Islands and of the articles of association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their
respective American Depositary Shares (iii) a statement as to the manner in which those instructions may be given, including an express indication that instructions may be given or deemed given to the Depositary in accordance with the last sentence
of paragraph (b) below if no instruction is received, to give a discretionary proxy to a person designated by the Company, and (iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”). 

(b) Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far
as practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right
to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary 

  
 A-14 

 (c) There can be no assurance that Owners generally or any Owner in particular will receive
the notice described in paragraph (a) above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date. If (i) the Company instructed the Depositary to Disseminate a notice under
paragraph (a) above and complied with paragraph (d) below gave the Depositary notice of the meeting and details concerning the matters to be voted at least 30 days prior to the meeting date and (ii) no instructions are received by the
Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner on or before the Instruction Cutoff Date, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary
proxy to a person designated by the Company with respect to that matter and the amount of deposited Shares represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the
Company to vote that amount of deposited Shares as to that matter, except that no instruction of that kind shall be deemed given and no discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and
the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not wish a proxy given, (y) substantial opposition exists or (z) the matter materially and adversely
affects the rights of holders of Shares. 
 (d) In order to give Owners a reasonable opportunity to instruct the Depositary as to the
exercise of voting rights relating to Shares, if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be
voted upon and copies of materials to be made available to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date. 
  

	17.	TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES. 

(a) The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer
made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

  
 A-15 

 (b) If the Depositary receives a written notice that Deposited Securities have been redeemed for
cash or otherwise purchased for cash in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary, at the expense of the Company, shall (i) if
required, surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for
surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and
those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit
Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of
doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding
American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the
preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary
Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination Option Event. 

(c) If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the
Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary
shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or other property delivered to it in that Replacement.
However, the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new
Deposited Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited
Securities had been Redeemed under paragraph (b) above. 

  
 A-16 

 (d) In the case of a Replacement where the new Deposited Securities will continue to be held
under the Deposit Agreement, the Depositary may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each
American Depositary Share. If the number of Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for
a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners
entitled to them. 
 (e) If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited
Securities are cancelled, or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares,
upon notice to Owners, and a Termination Option Event occurs. 
  

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the Depositary nor the Company nor any of
their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder: 
 (i) if by reason of
(A) any provision of any present or future law or regulation or other act of the government of the United States, any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock
exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any
offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care
or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions or malfunctions of utility services, Internet or other communications lines
or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented
from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities,
it is provided shall be done or performed; 
 (ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement (including any determination by the Depositary or the Company to take, or not take, any action that the Deposit Agreement provides the Depositary or the Company may take); 

(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or 
 (iv) for
any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. 

  
 A-17 

 Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit
Agreement applies, or an offering to which Section 4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on
behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse. 

Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or
Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on
behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary
performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out
of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any tax
consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement. 

  
 A-18 

	19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN. 

 The Depositary
may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the
Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians.

  

	20.	AMENDMENT. 

 The form of the Receipts and any provisions of the Deposit Agreement may at any
time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or
charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall,
however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the
time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the
effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or
call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. 
  

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 (a) The Company may initiate termination of the Deposit
Agreement by notice to the Depositary. The Depositary may initiate termination of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor
depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has
occurred or will occur. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the
“Termination Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date. 

  
 A-19 

 (b) After the Termination Date, the Company shall be discharged from all obligations under the
Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9 of that Agreement. 
 (c) At any time after the
Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and
without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After
making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of
American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its
obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below. 
 (d) After the
Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver
Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the
Owner of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or
deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) if in its judgment
the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and
(iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or
perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement. 

  
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	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the
provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary Shares
upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC
participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its
nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register that transfer. 

(b) In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform
Commercial Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with
instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary. 

 

	23.	APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

The Company has (i) appointed Law Debenture Corporate Services Inc., 801 2nd Avenue, Suite 403, New York, NY 10017, as the Company’s
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the
jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service
of process upon the Company in any such suit or proceeding. 
 EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH
OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

  
 A-21 

 To the extent that the Company or any of its properties, assets or revenues may have or hereafter
become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment,
in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 

 

	24.	DISCLOSURE OF INTERESTS. 

 When required in order to comply with applicable laws and regulations
or the articles of association or similar document of the Company, the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American
Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of
such matter is required for that compliance. Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant to this Section. Each Holder consents to the disclosure by the Owner or other
Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary
agrees to use reasonable efforts, at the Company’s expense, to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses
it receives in response to that request. 
  

	25.	ARBITRATION; SETTLEMENT OF DISPUTES 

 Any controversy, claim or cause of action brought by any
party hereto against the Company arising out of or relating to the Shares or other Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, or the breach hereof or thereof, if so elected by the claimant, shall be
settled by arbitration in accordance with the International Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

  
 A-22 

 The place of the arbitration shall be The City of New York, State of New York, United States of
America, and the language of the arbitration shall be English. 
 The number of arbitrators shall be three, each of whom shall be
disinterested in the dispute or controversy, shall have no connection with any party thereto, and shall be an attorney experienced in international securities transactions. Each party shall appoint one arbitrator and the two arbitrators shall select
a third arbitrator who shall serve as chairperson of the tribunal. If a dispute, controversy or cause of action shall involve more than two parties, the parties shall attempt to align themselves in two sides (i.e., claimant(s) and respondent(s)),
each of which shall appoint one arbitrator as if there were only two parties to such dispute, controversy or cause of action. If such alignment and appointment shall not have occurred within thirty (30) calendar days after the initiating party
serves the arbitration demand, the American Arbitration Association shall appoint the three arbitrators, each of whom shall have the qualifications described above. The parties and the American Arbitration Association may appoint from among the
nationals of any country, whether or not a party is a national of that country. 
 The arbitral tribunal shall have no authority to award
any consequential, special or punitive damages or other damages not measured by the prevailing party’s actual damages and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of the Deposit
Agreement. 

  
 A-23Form of Indenture

 Exhibit 4.13 

HEALTH INSURANCE INNOVATIONS, INC. 

TO 

[            ], 

Trustee 
 FORM OF
INDENTURE 
 Dated as of [            ] 

Debt Securities 

 HEALTH INSURANCE INNOVATIONS, INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of [            ] 

 

					
	 ss.310(a)(1)
	  	 	609	 
	            (a)(2)
	  	 	609	 
	            (a)(3)
	  	 	Not Applicable	 
	            (a)(4)
	  	 	Not Applicable	 
	            (a)(5)
	  	 	609	 
	            (b)
	  	 	608, 610	 
	            (c)
	  	 	Not Applicable	 
	 ss.311(a)
	  	 	613	 
	            (b)
	  	 	613	 
	 ss.312(a)
	  	 	701, 702(a)	 
	            (b)
	  	 	702(b)	 
	            (c)
	  	 	702(c)	 
	 ss.313(a)
	  	 	703(a)	 
	            (b)
	  	 	703(a)	 
	            (c)
	  	 	703(a)	 
	            (d)
	  	 	703(b)	 
	 ss.314(a)
	  	 	704, 1006	 
	            (b)
	  	 	Not Applicable	 
	            (c)(1)
	  	 	102	 
	            (c)(2)
	  	 	102	 
	            (c)(3)
	  	 	Not Applicable	 
	            (d)
	  	 	Not Applicable	 
	            (e)
	  	 	102	 
	 ss.315(a)
	  	 	601	 
	            (b)
	  	 	602	 
	            (c)
	  	 	601	 
	            (d)
	  	 	601	 
	            (e)
	  	 	514	 
	 ss.316(a)
	  	 	101	 
	            (a)(1)(A)
	  	 	104(h), 502, 512	 
	            (a)(1)(B)
	  	 	104(h), 513	 
	            (a)(2)
	  	 	Not Applicable	 
	            (b)
	  	 	508	 
	            (c)
	  	 	104(h)	 
	 ss.317(a)(1)
	  	 	503	 
	            (a)(2)
	  	 	504	 
	            (b)
	  	 	1003	 
	 ss.318(a)
	  	 	107	 
	            (c)
	  	 	107	 

 Note: This reconciliation and tie shall not, for any 

purpose, be deemed to be part of the Indenture. 

  
 - i - 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE Definitions and Other Provisions of General Application
	  	 	1	 
	 Section 101.
	 	Definitions	  	 	1	 
	 Section 102.
	 	Compliance Certificates and Opinions	  	 	7	 
	 Section 103.
	 	Form of Documents Delivered to Trustee	  	 	7	 
	 Section 104.
	 	Acts of Holders	  	 	8	 
	 Section 105.
	 	Notices, etc., to Trustee and Company	  	 	10	 
	 Section 106.
	 	Notice to Holders; Waiver	  	 	10	 
	 Section 107.
	 	Conflict with Trust Indenture Act	  	 	11	 
	 Section 108.
	 	Effect of Headings and Table of Contents	  	 	11	 
	 Section 109.
	 	Successors and Assigns	  	 	11	 
	 Section 110.
	 	Separability Clause	  	 	11	 
	 Section 111.
	 	Benefits of Indenture	  	 	11	 
	 Section 112.
	 	Governing Law; Waiver of Jury Trial	  	 	11	 
	 Section 113.
	 	Legal Holidays	  	 	11	 
	 Section 114.
	 	Exemption from Individual Liability	  	 	12	 
	 Section 115.
	 	Counterparts	  	 	12	 
	 Section 116.
	 	Rules by Trustee, Paying Agent and Security Registrar	  	 	12	 
		
	 ARTICLE TWO Debt Security Forms
	  	 	12	 
	 Section 201.
	 	Forms Generally	  	 	12	 
	 Section 202.
	 	Form of Trustee’s Certificate of Authentication	  	 	13	 
	 Section 203.
	 	Debt Securities in Global Form	  	 	13	 
		
	 ARTICLE THREE The Debt Securities
	  	 	13	 
	 Section 301.
	 	Amount Unlimited; Issuance in Series	  	 	13	 
	 Section 302.
	 	Denominations	  	 	16	 
	 Section 303.
	 	Execution, Authentication, Delivery and Dating	  	 	16	 
	 Section 304.
	 	Temporary Debt Securities	  	 	19	 
	 Section 305.
	 	Registration; Registration of Transfer and Exchange	  	 	20	 
	 Section 306.
	 	Mutilated, Destroyed, Lost and Stolen Debt Securities	  	 	22	 
	 Section 307.
	 	Payment of Interest; Interest Rights Preserved	  	 	23	 
	 Section 308.
	 	Persons Deemed Owners	  	 	24	 
	 Section 309.
	 	Cancellation	  	 	24	 
	 Section 310.
	 	Computation of Interest	  	 	24	 
	 Section 311.
	 	Judgments	  	 	24	 
	 Section 312.
	 	CUSIP Numbers	  	 	25	 
		
	 ARTICLE FOUR Satisfaction and Discharge
	  	 	25	 
	 Section 401.
	 	Satisfaction and Discharge of Indenture	  	 	25	 
	 Section 402.
	 	Application of Trust Money and Government Obligations	  	 	26	 
	 Section 403.
	 	Satisfaction, Discharge and Defeasance of Debt Securities of any Series	  	 	27	 

  
 - ii - 

							
	 ARTICLE FIVE Remedies
	  	 	29	 
	 Section 501.
	 	Events of Default	  	 	29	 
	 Section 502.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	30	 
	 Section 503.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	31	 
	 Section 504.
	 	Trustee May File Proofs of Claim	  	 	32	 
	 Section 505.
	 	Trustee May Enforce Claims without Possession of Debt Securities	  	 	33	 
	 Section 506.
	 	Application of Money Collected	  	 	33	 
	 Section 507.
	 	Limitation on Suits	  	 	33	 
	 Section 508.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	34	 
	 Section 509.
	 	Restoration of Rights and Remedies	  	 	34	 
	 Section 510.
	 	Rights and Remedies Cumulative	  	 	34	 
	 Section 511.
	 	Delay or Omission Not Waiver	  	 	34	 
	 Section 512.
	 	Control by Holders of Debt Securities	  	 	34	 
	 Section 513.
	 	Waiver of Past Defaults	  	 	35	 
	 Section 514.
	 	Undertaking for Costs	  	 	35	 
	 Section 515.
	 	Waiver of Stay or Extension Laws	  	 	35	 
		
	 ARTICLE SIX The Trustee
	  	 	36	 
	 Section 601.
	 	Certain Duties and Responsibilities	  	 	36	 
	 Section 602.
	 	Notice of Default	  	 	37	 
	 Section 603.
	 	Certain Rights of Trustee	  	 	37	 
	 Section 604.
	 	Not Responsible for Recitals or Issuance of Debt Securities	  	 	38	 
	 Section 605.
	 	May Hold Debt Securities	  	 	39	 
	 Section 606.
	 	Money Held in Trust	  	 	39	 
	 Section 607.
	 	Compensation and Reimbursement	  	 	39	 
	 Section 608.
	 	Disqualification; Conflicting Interests	  	 	40	 
	 Section 609.
	 	Corporate Trustee Required; Eligibility	  	 	40	 
	 Section 610.
	 	Resignation and Removal; Appointment of Successor	  	 	40	 
	 Section 611.
	 	Acceptance of Appointment by Successor	  	 	42	 
	 Section 612.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	43	 
	 Section 613.
	 	Preferential Collection of Claims Against Company	  	 	43	 
	 Section 614.
	 	Authenticating Agent	  	 	44	 
		
	 ARTICLE SEVEN Holders’ Lists and Reports By Trustee and Company
	  	 	45	 
	 Section 701.
	 	Company to Furnish Trustee Names and Addresses of Holders	  	 	45	 
	 Section 702.
	 	Preservation of Information; Communications to Holders	  	 	45	 
	 Section 703.
	 	Reports by Trustee	  	 	46	 
	 Section 704.
	 	Reports by Company	  	 	46	 
		
	 ARTICLE EIGHT Consolidation, Merger, Conveyance, Transfer or Lease
	  	 	46	 
	 Section 801.
	 	Company May Consolidate, etc. Only on Certain Terms	  	 	46	 
	 Section 802.
	 	Successor Corporation Substituted	  	 	47	 
	 Section 803.
	 	Conveyance or Transfer to a Wholly-owned Subsidiary	  	 	47	 
		
	 ARTICLE NINE Supplemental Indentures
	  	 	47	 
	 Section 901.
	 	Supplemental Indentures without Consent of Holders	  	 	47	 
	 Section 902.
	 	Supplemental Indentures with Consent of Holders	  	 	49	 
	 Section 903.
	 	Execution of Supplemental Indentures	  	 	50	 
	 Section 904.
	 	Effect of Supplemental Indentures	  	 	50	 
	 Section 905.
	 	Conformity with Trust Indenture Act	  	 	50	 
	 Section 906.
	 	Reference in Debt Securities to Supplemental Indentures	  	 	50	 

  
 - iii - 

							
	 ARTICLE TEN Covenants
	  	 	51	 
	 Section 1001.
	 	Payment of Principal, Premium and Interest	  	 	51	 
	 Section 1002.
	 	Maintenance of Office or Agency	  	 	51	 
	 Section 1003.
	 	Money for Debt Securities Payments to Be Held in Trust	  	 	51	 
	 Section 1004.
	 	Corporate Existence	  	 	52	 
	 Section 1005.
	 	Payment of Additional Amounts	  	 	53	 
	 Section 1006.
	 	Officer’s Certificate as to Compliance	  	 	53	 
		
	 ARTICLE ELEVEN Redemption of Debt Securities
	  	 	53	 
	 Section 1101.
	 	Applicability of Article	  	 	53	 
	 Section 1102.
	 	Election to Redeem; Notice to Trustee	  	 	54	 
	 Section 1103.
	 	Selection by Trustee of Debt Securities to be Redeemed	  	 	54	 
	 Section 1104.
	 	Notice of Redemption	  	 	54	 
	 Section 1105.
	 	Deposit of Redemption Price	  	 	55	 
	 Section 1106.
	 	Debt Securities Payable on Redemption Date	  	 	56	 
	 Section 1107.
	 	Debt Securities Redeemed in Part	  	 	56	 
	 Section 1108.
	 	Open Market Purchases	  	 	56	 
		
	 ARTICLE TWELVE Sinking Funds
	  	 	56	 
	 Section 1201.
	 	Applicability of Article	  	 	56	 
	 Section 1202.
	 	Satisfaction of Sinking Fund Payments with Debt Securities	  	 	57	 
	 Section 1203.
	 	Redemption of Debt Securities for Sinking Fund	  	 	57	 
		
	 ARTICLE THIRTEEN Repayment at the Option of Holders
	  	 	57	 
	 Section 1301.
	 	Applicability of Article	  	 	57	 
	 Section 1302.
	 	Repayment of Debt Securities	  	 	58	 
	 Section 1303.
	 	Exercise of Option; Notice	  	 	58	 
	 Section 1304.
	 	Election of Repayment by Remarketing Entities	  	 	58	 
	 Section 1305.
	 	Securities Payable on the Repayment Date	  	 	58	 
		
	 ARTICLE FOURTEEN Defeasance
	  	 	59	 
	 Section 1401.
	 	Termination of Company’s Obligations	  	 	59	 
	 Section 1402.
	 	Repayment to Company	  	 	60	 
	 Section 1403.
	 	Indemnity for Government Obligations	  	 	60	 

  
 - iv - 

 INDENTURE (the “Indenture”) dated as of
[            ], between HEALTH INSURANCE INNOVATIONS, INC., a Delaware corporation (hereinafter called the “Company”), and
[            ], a [            ] (hereinafter called the “Trustee”). 

RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of
its debentures, notes, bonds and other evidences of indebtedness (herein called the “Debt Securities”). 

All things necessary have been done to make this Indenture a valid agreement of the Company, in accordance with its terms.

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Debt Securities of any series created and issued on or after
the date hereof by the Holders thereof, it is mutually covenanted and agreed, for the benefit of all Holders of such Debt Securities or of any such series, as follows: 

ARTICLE ONE 
 Definitions
and Other Provisions of General Application 
 Section 101. Definitions. 

For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the
singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act or by Commission rule or
regulation under the Trust Indenture Act, either directly or by reference therein, as in force at the date as of which this instrument was executed, except as provided in Section 905, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; and 

(4) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used
principally in Article Six, are defined in that Article. 
 “Act” when used with respect to any Holder has
the meaning specified in Section 104. 
 “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 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. 

  
 1 

 “Authenticating Agent” means any Person authorized by the
Trustee to act on behalf of the Trustee to authenticate Debt Securities. 
 “Board of Directors” means
either the board of directors of the Company, or the executive or any other committee of that board duly authorized to act in respect hereof. 

“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. Where any provision of this Indenture refers to action to be taken pursuant to a Board
Resolution (including the establishment of any series of the Debt Securities and the forms and terms thereof), such action may be taken by any committee of the Board of the Company or any officer or employee of the Company authorized to take such
action by a Board Resolution. 
 “Business Day”, when used with respect to any Place of Payment, means any
day which is not a Saturday or Sunday and which is not a legal holiday or a day on which banking institutions or trust companies in that Place of Payment are authorized or obligated by law or executive order to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under
the Securities Exchange Act of 1934, or if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such
date. 
 “Company” means the Person named as the “Company” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” and “Company Order” mean, respectively, except as otherwise provided in
this Indenture, a written request or order signed in the name of the Company by the Chairman of the Board, a Vice Chairman of the Board, the President, a Vice President (any references to a Vice President of the Company herein shall be deemed to
include any Vice President of the Company whether or not designated by a number or word or words added before or after the title “Vice President”), the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the
Secretary or an Assistant Secretary of the Company or by another officer of the Company duly authorized to sign by a Board Resolution, and delivered to the Trustee. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its
corporate trust business shall be administered, which office at the date of original execution of this Indenture is located at [            ], or such other address as the
Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company). 

  
 2 

 The term “corporation” includes corporations, associations,
limited liability companies, partnerships, business trusts and other legal entities other than individuals. 

“Debt” means notes, bonds, debentures or other similar evidences of indebtedness for money borrowed. 

“Debt Securities” has the meaning stated in the first recital of this Indenture and more particularly means
any Debt Securities authenticated and delivered under this Indenture. 
 “Defaulted Interest” has the
meaning specified in Section 307. 
 “Depositary” means, with respect to the Debt Securities of any
series issuable or issued in the form of a Global Security, the Person designated as Depositary by the Company pursuant to Section 301 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depositary” shall mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Debt Securities of any such series
shall mean the Depositary with respect to the Debt Securities of that series. 
 “Designated Currency” has
the meaning specified in Section 311. 
 “Dollar” or “$” means the coin or currency
of the United States of America as at the time of payment is legal tender for the payment of public and private debts. 

“Euro” means the single currency of the European Monetary Union as defined under EC Regulation 1103/97
adopted under Article 235 of the EU Treaty and under EC Regulation 974/98 adopted under Article 109l(4) of the EU Treaty or under any successor European legislation from time to time. 

“Event of Default” has the meaning specified in Section 501. 

“Exchange Rate” shall have the meaning specified as contemplated in Section 301. 

“Exchange Rate Agent” shall have the meaning specified as contemplated in Section 301. 

“Foreign Currency” means a currency issued by the government of any country other than the United States of
America. 
 “GAAP” means generally accepted accounting principles as in effect in the United States from
time to time. 
 “Global Exchange Agent” has the meaning specified in Section 304. 

“Global Exchange Date” has the meaning specified in Section 304. 

“Global Security” means a Debt Security issued to evidence all or part of a series of Debt Securities in
accordance with Section 303. 
 “Government Obligations” means, in respect of any series of Debt
Securities, securities of (i) the government which issued the currency in which Debt Securities of such series are denominated and/or in which interest is payable on the Debt Securities of such series or (ii) government agencies backed by
the full faith and credit of such government. 

  
 3 

 “Holder”, with respect to a Debt Security, means a Person in
whose name such Debt Security is registered in the Security Register. 
 “Indenture” means this instrument
as originally executed or as it may from time to time be supplemented, amended or restated by or pursuant to one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and, unless the context otherwise
requires, shall include the terms of a particular series of Debt Securities established as contemplated by Section 301. 

The term “interest”, when used with respect to an Original Issue Discount Security which by its terms bears
interest only after Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, with
respect to any Debt Security, means the Stated Maturity of an installment of interest on such Debt Security. 

“Maturity”, when used with respect to any Debt Security, means the date on which the principal of such Debt
Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment at the option of the Holder or otherwise. 

“Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice Chairman of the
Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion of counsel, who may (except as otherwise expressly provided in
this Indenture) be an employee of or counsel for the Company, or who may be other counsel, which is delivered to the Trustee. 

“Original Issue Discount Security” means any Debt Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding”, when used with respect to Debt Securities means, as of the date of determination, all Debt
Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Debt Securities theretofore cancelled
by the Trustee or delivered to the Trustee for cancellation; 
 (ii) Debt Securities or portions thereof for whose payment
or redemption money or Government Obligations in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act
as its own Paying Agent) for the Holders of such Debt Securities; provided, however, that if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; and 

  
 4 

 (iii) Debt Securities in exchange for or in lieu of which other Debt Securities
have been authenticated and delivered, or which have been paid, pursuant to this Indenture; provided, however, that in determining whether the Holders of the requisite principal amount of Debt Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon such request, demand, authorization, direction, notice, consent or waiver, only Debt Securities which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
such Debt Securities and that the pledgee is not the Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium, if
any) or interest on any Debt Securities on behalf of the Company. 
 “Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment”, when used with respect to the Debt Securities of any series means any place where the
principal of (and premium, if any) and interest on the Debt Securities of that series are payable as specified as contemplated by Section 301. 

“Predecessor Security” of any particular Debt Security means every previous Debt Security evidencing all or a
portion of the same debt as that evidenced by such particular Debt Security; and, for the purposes of this definition, any Debt Security authenticated and delivered under Section 306 in lieu of a lost, destroyed or stolen Debt Security shall be
deemed to evidence the same debt as the lost, destroyed or stolen Debt Security. 
 “Redemption Date”, when
used with respect to any Debt Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price”, when used with respect to any Debt Security to be redeemed, means the price at which it
is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any
Interest Payment Date on the Debt Securities of any series means the date specified for that purpose as contemplated by Section 301. 

“Remarketing Entity”, when used with respect to Debt Securities of any series which are repayable at the
option of the Holders thereof before their Stated Maturity, means any person designated by the Company to purchase any such Debt Securities. 

“Repayment Date”, when used with respect to any Debt Security to be repaid upon exercise of an option for
repayment by the Holder, means the date fixed for such repayment pursuant to this Indenture. 

  
 5 

 “Repayment Price”, when used with respect to any Debt Security
to be repaid upon exercise of an option for repayment by the Holder, means the price at which it is to be repaid pursuant to this Indenture. 

“Responsible Officer” when used with respect to the Trustee, means any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Security Register” and “Security Registrar” have the
respective meanings specified in Section 305. 
 “Significant Subsidiary” means any Subsidiary that,
at the time of determination, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such Regulation is in effect on the date of this
Indenture. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 307. 
 “Stated Maturity”, when used with respect to any Debt Security or
any installment of interest thereon, means the date specified in such Debt Security as the fixed date on which the principal of such Debt Security or such installment is due and payable. 

“Subsidiary” means any corporation more than 50% of the outstanding shares of Voting Stock, except for
directors’ qualifying shares, of which shall at the time be owned, directly or indirectly, by the Company or by one or more of the Subsidiaries, or by the Company and one or more other Subsidiaries. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this
instrument was executed, except as provided in Section 905. 
 “Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument 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, and if at any time there is more than one such Person, “Trustee” as used with respect to the Debt Securities of any series shall mean the Trustee with respect to Debt Securities of that series. 

“United States” means the United States of America (including the District of Columbia) and its
possessions. 
 “United States Alien” means any Person who, for United States Federal income tax purposes,
is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States Federal income tax purposes, a foreign
corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 

  
 6 

 “Voting Stock”, as applied to the stock (or the equivalent
thereof) of any corporation, means stock (or the equivalent thereof) of any class or classes, however designated, entitled in the ordinary course to vote in an election of directors of such corporation, other than stock (or such
equivalent) having such power only by reason of the happening of a contingency. 
 “Wholly-owned
Subsidiary” means any Subsidiary all the outstanding capital stock of which, other than directors’ qualifying shares, is owned by the Company and its other Wholly-owned Subsidiaries. 

Section 102. Compliance Certificates and Opinions. 

Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the
Company shall furnish to the Trustee, if so requested by the Trustee, an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required
by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall
include: 
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and
the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement
that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 103. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate
or opinion is based is 

  
 7 

 
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinions or representations with
respect to such matters is erroneous. 
 Where any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 104. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments or record or both are delivered to the Trustee, and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so voting at any such meeting. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a Debt Security, shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner which the Trustee deems sufficient. 
 (c) The ownership of Debt Securities shall be proved by the
Security Register. 
 (d) The fact and date of execution of any such instrument or writing and the authority of the Person
executing the same may also be proved in any other manner which the Trustee deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this Section. 

(e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Debt Security
shall bind every future holder of the same Debt Security and the Holder of every Debt Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, suffered or omitted by the
Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Debt Security. 
 (f)
For purposes of determining the principal amount of Outstanding Debt Securities of any series the Holders of which are required, requested or permitted to give any request, demand, authorization, direction, notice, consent, waiver or take any other
Act under this Indenture, (i) each Original Issue Discount Security shall be deemed to have the principal amount determined by the Trustee that could be declared to be due and payable pursuant to the terms of such Original Issue Discount
Security as of the date there is delivered to the Trustee and, where it is hereby expressly required, to the Company, such Act by Holders of the required aggregate principal amount 

  
 8 

 
of the Outstanding Debt Securities of such series and (ii) each Debt Security denominated in a Foreign Currency or composite currency shall be deemed to have the principal amount determined
by the Exchange Rate Agent by converting the principal amount of such Debt Security in the currency in which such Debt Security is denominated into Dollars at the Exchange Rate as of the date such Act is delivered to the Trustee and, where it is
hereby expressly required, to the Company, by Holders of the required aggregate principal amount of the Outstanding Debt Securities of such series. 

(g) The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Debt Securities of
any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders of Debt Securities of such series,
provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Debt Securities of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such
record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date (as defined below) by Holders of the requisite principal amount of Outstanding Debt Securities of such series on
such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Debt Securities
of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Debt Securities of the relevant series in the manner set forth in Section 106. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Debt Securities of any
series entitled to join in the giving or making of (i) any notice of an Event of Default, (ii) any declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in
Section 507(2), or (iv) any direction referred to in Section 512, in each case with respect to Debt Securities of such series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Debt Securities of such
series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective
hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Debt Securities of such series on such record date. Nothing in this paragraph shall be construed to prevent the Trustee
from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect),
and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Debt Securities of the relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of
Debt Securities of the relevant series in the manner set forth in Section 106. 

  
 9 

 With respect to any record date set pursuant to this Section, the party hereto
which sets such record dates may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the
proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Debt Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect
thereto, subject to its right to change the Expiration Date as provided in this paragraph. 
 Section 105. Notices,
etc., to Trustee and Company. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of
Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided), if made, given, furnished or filed in writing (which may be via original or facsimile, with original to follow promptly thereafter) to or with the Trustee at its Corporate Trust Office, or 

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to the attention of its Secretary at the address of its principal office specified in the first paragraph of this instrument or at any other
address previously furnished in writing to the Trustee by the Company. 
 Section 106. Notice to Holders;
Waiver. 
 Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given to Holders of Debt Securities if in writing and mailed, first-class postage prepaid, to each Holder of a Debt Security affected by such event, at such Holder’s address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. 

In case, by reason of the suspension of or irregularities in regular mail service or for any other reason, it shall be
impossible or impracticable to mail notice of any event to Holders of Debt Securities when said notice is required to be given pursuant to any provision of this Indenture or of the Debt Securities, then any manner of giving such notice as shall be
satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice. In any case where notice to Holders of Debt Securities is to be given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder of a Debt Security shall affect the sufficiency of such notice with respect to other Holders of Debt Securities. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive
such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver. 

  
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 Any request, demand, authorization, direction, notice, consent, election, waiver
or other Act required or permitted under this Indenture shall be in the English language. 
 Section 107. Conflict
with Trust Indenture Act. 
 If any provision hereof limits, qualifies or conflicts with another provision hereof which
is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

Section 108. Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 Section 109. Successors and Assigns. 

All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or
not. 
 Section 110. Separability Clause. 

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

Section 111. Benefits of Indenture. 

Nothing in this Indenture or in the Debt Securities, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, any Paying Agent and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 112. Governing Law; Waiver of Jury Trial. 

This Indenture and the Debt Securities shall be governed by and construed in accordance with the laws of the State of New
York. 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 Debt Securities or
the transaction contemplated hereby. 
 Section 113. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity of any Debt Security shall not
be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Debt Securities) payment of interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but
may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or at the Stated Maturity, and no interest shall accrue on the amount so
payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date or Stated Maturity, as the case may be. 

  
 11 

 Section 114. Exemption from Individual Liability. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Debt Security, or for any claim
based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company, 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 this Indenture and the obligations issued hereunder are solely corporate obligations of the
Company, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors, as such, of the Company or of any successor corporation, or any of them, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debt Securities or implied therefrom; and that any and all such personal liability, either
at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director, as such, because of the creation of the indebtedness hereby authorized, or under
or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Debt Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this
Indenture and the issue of such Debt Securities. 
 Section 115. Counterparts. 

This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same Indenture. 
 Section 116. Rules by Trustee,
Paying Agent and Security Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Security Registrar and the Paying Agent may make reasonable rules for their functions. 

ARTICLE TWO 
 Debt
Security Forms 
 Section 201. Forms Generally. 

The Debt Securities of each series shall be in substantially the form (including temporary or permanent global form) as
shall be established in or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture,
and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be required to comply with the rules of any securities exchange, or as may, consistently herewith, be determined by the
officers executing such Debt Securities, as evidenced by their signatures on the Debt Securities. If the form of Debt Securities of any series (including any such Global Security) is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the
authentication and delivery of such Debt Securities. 

  
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 The definitive Debt Securities shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by the execution of such Debt Securities. 

Section 202. Form of Trustee’s Certificate of Authentication. 

This is one of the Debt Securities, of the series designated herein, described in the within-mentioned Indenture. 

[            ] 

as Trustee 
  

									
	Dated:	 	 	 		 	By	 	 
		 		 		 		 	 Authorized Signatory

 Section 203. Debt Securities in Global Form. 

If Debt Securities of a series are issuable in whole or in part in global form, as specified as contemplated by
Section 301, then, notwithstanding clause (10) of Section 301 and the provisions of Section 302, such Global Security shall represent such of the outstanding Debt Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding Debt Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Debt Securities represented thereby may from time to time be reduced to reflect
exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of Outstanding Debt Securities represented thereby shall be made in such manner and upon instructions given by such Person or Persons
as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or Section 304. 

The provisions of the last sentence of Section 303(g) shall apply to any Debt Securities represented by a Debt
Security in global form if such Debt Security was never issued and sold by the Company and the Company delivers to the Trustee the Debt Security in global form together with written instructions (which need not comply with Section 102 and need
not be accompanied by an Opinion of Counsel) with respect to the reduction in the principal amount of Debt Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303(g). 

ARTICLE THREE 
 The Debt
Securities 
 Section 301. Amount Unlimited; Issuance in Series. 

The aggregate principal amount of Debt Securities that may be authenticated and delivered under this Indenture is unlimited.

  
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 The Debt Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series: 

(1) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from all other
Debt Securities); 
 (2) the limit, if any, upon the aggregate principal amount of the Debt Securities of the series that
may be authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of the series pursuant to Section 304,
305, 306, 906, 1107 or 1303 and except for any Debt Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 

(3) the date or dates on which the principal and premium, if any, of the Debt Securities of the series are payable; 

(4) the rate or rates, if any, at which the Debt Securities of the series shall bear interest, or the method or methods by
which such rate or rates may be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable, the Regular Record Date for the interest payable on any Debt Security on any
Interest Payment Date and the circumstances, if any, in which the Company may defer interest payments; 
 (5) the place or
places where, subject to the provisions of Section 1002, the principal of (and premium, if any) and interest on Debt Securities of the series shall be payable, any Debt Securities of the series may be surrendered for registration of
transfer, Debt Securities of the series may be surrendered for exchange and notices and demands to or upon the Company in respect of the Debt Securities of the series and this Indenture may be served; 

(6) if applicable, the period or periods within which or the date or dates on which, the price or prices at which and the
terms and conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(7) the obligation, if any, of the Company to redeem, repay or purchase Debt Securities of the series pursuant to any sinking
fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Debt Securities of the series shall be redeemed, repaid or purchased, in
whole or in part, pursuant to such obligation; 
 (8) whether the Debt Securities of the series shall be issued in whole or
in part in the form of a Global Security or Securities and, in such case, the Depositary and Global Exchange Agent for such Global Security or Securities, whether such global form shall be permanent or temporary and, if applicable, the Global
Exchange Date; 
 (9) if Debt Securities of the series are to be issuable initially in the form of a temporary Global
Security, the circumstances under which the temporary Global Security can be exchanged for definitive Debt Securities and whether the definitive Debt Securities will be in global form and whether interest in respect of any portion of such Global
Security payable in respect of an Interest Payment Date prior to the Global Exchange Date shall be paid to any clearing organization 

  
 14 

 
with respect to a portion of such Global Security held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest
payment received by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date if other than as provided in this Article Three; 

(10) whether, and under what conditions, additional amounts will be payable to Holders of Debt Securities of the series
pursuant to Section 1005; 
 (11) the denominations in which any Debt Securities of the series shall be issuable, if
other than denominations of $1,000 and any integral multiple thereof; 
 (12) if other than the principal amount thereof,
the portion of the principal amount of Debt Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 

(13) the Person to whom any interest on any Debt Security will be payable if other than the Person in whose name the Debt
Security is registered on the Regular Record Date; 
 (14) the currency or currencies of denomination of the Debt Securities
of any series, which may be in Dollars, any Foreign Currency or any composite currency, including but not limited to the Euro, and, if any such currency of denomination is a composite currency other than the Euro, the agency or organization, if any,
responsible for overseeing such composite currency; 
 (15) the currency or currencies in which payment of the principal of
(and premium, if any) and interest on the Debt Securities will be made, any other currency or currencies in which payment of the principal of (and premium, if any) or the interest on Debt Securities, at the election of each of the Holders
thereof, may also be payable and the periods within which and the terms and conditions upon which such election is to be made, and the Exchange Rate and Exchange Rate Agent; 

(16) if the amount of payments of principal of (and premium, if any) or interest on the Debt Securities of the series may
be determined with reference to an index, the manner in which such amounts shall be determined; 
 (17) if payments of
principal of (and premium, if any) or interest on the Debt Securities of the series are to be made in a Foreign Currency other than the currency in which such Debt Securities are denominated, the manner in which the Exchange Rate with respect
to such payments shall be determined; 
 (18) any Events of Default with respect to Debt Securities of such series, if not
set forth herein and any Events of Default set forth herein that shall not apply to the Debt Securities of such series; 

(19) any other covenant or warranty included for the benefit of the Debt Securities of the series in addition to (and not
inconsistent with) those set forth herein for the benefit of Debt Securities of all series, or any other covenant or warranty included for the benefit of Debt Securities of the series in lieu of any covenant or warranty set forth herein for the
benefit of Debt Securities of all series, or any provision that any covenant or warranty set forth herein for the benefit of Debt Securities of all series shall not be for the benefit of Debt Securities of such series, or any combination of such
covenants, warranties or provisions; 

  
 15 

 (20) the terms and conditions, if any, pursuant to which the Company’s
obligations under this Indenture may be terminated through the deposit of money or Government Obligations as provided in Articles Four and Fifteen; 

(21) the Person or Persons who shall be Security Registrar for the Debt Securities of such series if other than the Trustee,
and the place or places where the Security Register for such series shall be maintained and the Person or Persons who will be the initial Paying Agent or Agents, if other than the Trustee; 

(22) if the Debt Securities of the series are convertible or exchangeable for any securities of any Person (including the
Company), the terms and conditions upon which such Debt Securities will be convertible or exchangeable; 
 (23) whether or
not the Debt Securities of the series will be subordinated in right of payment to senior indebtedness and the terms of any such subordination; and 

(24) any other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture). 

All Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise
be provided in or pursuant to such Board Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. 

Debt Securities of any particular series may be issued at various times, with different dates on which the principal or any
installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different Redemption or Repayment
Dates and may be denominated in different currencies or payable in different currencies. 
 If any of the terms of a series
of Debt Securities are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of the series. 
 Section 302.
Denominations. 
 Debt Securities of each series shall be issuable in such form and denominations as shall be
specified in the form of Debt Security for such series approved or established pursuant to Section 201 or in the Officers’ Certificate delivered pursuant to Section 301. In the absence of any specification with respect to the Debt
Securities of any series, the Debt Securities of such series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 303. Execution, Authentication, Delivery and Dating. 

(a) The signature of any officer on the Debt Securities may be manual or facsimile. Debt Securities bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Debt Securities of any series or did not hold such offices at the date of such Debt Securities. 

  
 16 

 (b) At any time and from time to time after the execution and delivery of this
Indenture, Debt Securities of any series may be executed by the Company and delivered to the Trustee for authentication, and, except as otherwise provided in this Article Three, shall thereupon be authenticated and delivered by the Trustee upon
Company Order, without any further action by the Company. 
 To the extent authorized in or pursuant to a Board Resolution
and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto, such written Company Order may be given by any one officer or employee of the Company, may be electronically transmitted, and may provide
instructions as to registration of holders, principal amounts, rates of interest, maturity dates and other matters contemplated by such Board Resolution and Officers’ Certificate or supplemental indenture to be so instructed in respect thereof.
Before authorizing and delivering the first Debt Securities of any series (and upon request of the Trustee thereafter), the Company shall deliver to the Trustee (i) the certificates called for under Sections 201 and 301 hereof and
(ii) an Opinion of Counsel described in the next sentence. 
 In authenticating such Debt Securities, and accepting the
additional responsibilities under this Indenture in relation to any such Debt Securities, the Trustee shall be entitled to receive, prior to the initial authentication of such Debt Securities, and (subject to Section 601) shall be fully
protected in relying upon: 
 (i) a Board Resolution relating thereto and, if applicable, an appropriate record of any
action taken pursuant to such resolution certified by the Secretary or an Assistant Secretary of the Company; 
 (ii) an
executed supplemental indenture, if any, relating thereto; 
 (iii) an Officers’ Certificate setting forth the form
and terms of the Debt Securities of such series pursuant to Sections 201 and 301 and stating that all conditions precedent provided for in this Indenture relating to the issuance of such Debt Securities have been complied with; and 

(iv) an Opinion of Counsel stating 

(A) that the form of such Debt Securities has been established in or pursuant to a Board Resolution or by a supplemental
indenture as permitted by Section 201 in conformity with the provisions of this Indenture; 
 (B) that the terms of
such Debt Securities have been established in or pursuant to a Board Resolution or by a supplemental indenture as permitted by Section 301 in conformity with the provisions of this Indenture; and 

(C) that such Debt Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject, as to enforcement of remedies, to applicable bankruptcy,

  
 17 

 
reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally and the application of general principles of equity and except further as enforcement thereof may
be limited by (i) requirements that a claim with respect to any Debt Securities denominated other than in Dollars (or a Foreign Currency or currency unit judgment in respect of such claim) be converted into Dollars at a rate of exchange
prevailing on a date determined pursuant to applicable law or (ii) governmental authority to limit, delay or prohibit the making of payments in Foreign Currencies or currency units or payments outside the United States. 

(c) If the Company shall establish pursuant to Section 301 that the Debt Securities of a series are to be issued in whole
or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with this Section and the Company Order with respect to such series, authenticate and deliver one or more Global
Securities in permanent or temporary form that (i) shall represent and shall be denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding Debt Securities of such series to be represented by one or more Global
Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary and (iii) shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary’s instructions. 
 (d) The Trustee shall have the right to decline to authenticate and deliver any Debt
Securities under this Section 303 if the issuance of such Debt Securities will adversely affect the Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner which is not reasonably
acceptable to the Trustee. 
 (e) If all the Debt Securities of any series are not to be issued at onetime, it shall not be
necessary to deliver an Opinion of Counsel at the time of issuance of each Debt Security, but such Opinion of Counsel, with appropriate modifications, may instead be delivered at or prior to the time of the first issuance of Debt Securities of such
series. 
 (f) Each Debt Security shall be dated the date of its authentication. 

(g) No Debt Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless
there appears on such Debt Security a certificate of authentication substantially in the form provided for herein executed by the Trustee, and such certificate upon any Debt Security shall be conclusive evidence, and the only evidence, that such
Debt Security has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Debt Security or portion thereof shall have been duly authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Debt Security to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion of
Counsel) stating that such Debt Security or portion thereof has never been issued and sold by the Company, for all purposes of this Indenture such Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture. 
 (h) Each Depositary designated pursuant to Section 301 for a
Global Security in registered form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation. 

  
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 Section 304. Temporary Debt Securities. 

(a) Pending the preparation of definitive Debt Securities of any series, the Company may execute, and upon receipt of
documents required by Sections 301 and 303, together with a Company Order, the Trustee shall authenticate and deliver, temporary Debt Securities which are printed, typewritten or otherwise produced, in any denomination, substantially of the
tenor and terms of the definitive Debt Securities in lieu of which they are issued in registered form, and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Debt Securities may determine,
as evidenced by their signatures on such Debt Securities. 
 (b) Unless otherwise provided pursuant to Section 301:

 (i) Except in the case of temporary Debt Securities in global form, if temporary Debt Securities of any series are
issued, the Company will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the related temporary Debt Securities shall be exchangeable for
such definitive Debt Securities upon surrender of the temporary Debt Securities of such series at the office or agency of the Company in the Place of Payment for such series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Debt Securities of any series, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Debt Securities of the same series of like tenor and terms and of
authorized denominations. 
 (ii) If Debt Securities of any series are issued in temporary global form, any such temporary
Global Security shall, unless otherwise provided pursuant to Section 301, be delivered to the Depositary for credit to the respective accounts of the beneficial owners of such Debt Securities (or to such other accounts as they may direct). 

(iii) Without unnecessary delay but in any event not later than the date specified in, or determined pursuant to the terms
of, any such temporary Global Security (the “Global Exchange Date”), the Company shall deliver definitive Debt Securities to the Trustee or the agent appointed by the Company pursuant to Section 301 to effect the exchange of
the temporary Global Security for definitive Debt Securities (the “Global Exchange Agent”), in an aggregate principal amount equal to the principal amount of such temporary Global Security, executed by the Company. On or after the
Global Exchange Date, such temporary Global Security shall be surrendered by the Depositary to the Global Exchange Agent, to be exchanged, in whole or from time to time in part, for definitive Debt Securities without charge and the Trustee or the
Global Exchange Agent, if authorized by the Trustee pursuant to Section 614, shall authenticate and deliver, in exchange for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Debt Securities of
the same series of authorized denominations and of like tenor and terms as the portion of such temporary Global Security to be exchanged. Upon any exchange of a part of such temporary Global Security for definitive Debt Securities, the portion of
the principal amount and any interest thereon so exchanged shall be endorsed by the Global Exchange Agent on a schedule to such temporary Global Security, whereupon the principal amount and interest payable with respect to such temporary Global
Security shall be reduced for all purposes by the amount so exchanged and endorsed. The definitive Debt Securities to be delivered in exchange for any such temporary Global Security shall be in registered form or global registered form, or any
combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof. 

  
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 (iv) The interest of a beneficial owner of Debt Securities of a series in a
temporary Global Security shall be exchanged for definitive Debt Securities of the same series and of like tenor and terms following the Global Exchange Date upon request by the account holder. Unless otherwise specified in such temporary Global
Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive Debt Securities must bear the cost of insurance, postage, transportation and the like in
the event that such Person does not take delivery of such definitive Debt Securities in person at the offices of Global Exchange Agent. 

(v) Until exchanged in full as hereinabove provided, the temporary Debt Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Debt Securities of the same series and of like tenor and terms authenticated and delivered hereunder. 

Section 305. Registration; Registration of Transfer and Exchange. 

The Company shall cause to be kept at one of the offices or agencies to be maintained by the Company in accordance with the
provisions of this Section 305 and Section 1002, with respect to the Debt Securities of each series, a register (herein sometimes referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Debt Securities and of transfers of Debt Securities. Pursuant to Section 301, the Company shall appoint, with respect to Debt Securities of each series, a
“Security Registrar” for the purpose of registering such Debt Securities and transfers and exchanges of such Debt Securities as herein provided. 

Upon surrender for registration of transfer of any Debt Security of any series at the office or agency of the Company
maintained for such purpose, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Debt Securities of the same series of any authorized denomination or
denominations, of like tenor and terms and aggregate principal amount. 
 At the option of the Holder, Debt Securities of
any series may be exchanged for other Debt Securities of the same series of any authorized form and denomination, of like tenor and terms and aggregate principal amount, upon surrender of the Debt Securities to be exchanged at such office or agency.

 Whenever any Debt Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Debt Securities which the Holder making the exchange is entitled to receive. 
 If at any time
the Depositary for the Debt Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Debt Securities of such series or if at any time the Depositary for the Debt Securities of such series shall no
longer be eligible under Section 303(h), the Company shall appoint a successor Depositary with respect to the Debt Securities of such series. If a successor Depositary for the Debt Securities of such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 301(9) shall no longer be effective with respect to the Debt Securities of such series and the
Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Debt Securities of such series, will 

  
 20 

 
authenticate and deliver, Debt Securities of such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such
series in exchange for such Global Security or Securities. Neither the Trustee nor any agent shall have any responsibility for any actions taken or not taken by the Depositary. 

The Company may at any time and in its sole discretion determine that the Debt Securities of any series issued in the form of
one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of definitive Debt
Securities of such series, will authenticate and deliver, Debt Securities of such series in definitive form and in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing such series in exchange
for such Global Security or Securities. 
 If specified by the Company pursuant to Section 301 with respect to a series
of Debt Securities, the Depositary for such series of Debt Securities may surrender a Global Security for such series of Debt Securities in exchange in whole or in part for Debt Securities of such series of like tenor and terms and in definitive
form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without charge to any Holder, 

(a) to each Person specified by such Depositary a new Debt Security or Securities of the same series, of like tenor and terms
and of any authorized denominations as requested by such person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(b) to such Depositary a new Global Security of like tenor and terms and in a denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal amount of Debt Securities delivered to Holders thereof. 

In any exchange provided for in any of the preceding paragraphs, the Company will execute and the Trustee will authenticate
and deliver Debt Securities in definitive registered form in authorized denominations. 
 Upon the exchange of a Global
Security for Debt Securities in definitive form, such Global Security shall be cancelled by the Trustee. Debt Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Debt Securities to the persons in whose names such
Debt Securities are so registered. 
 All Debt Securities issued upon any registration of transfer or exchange of Debt
Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Debt Securities surrendered upon such registration of transfer or exchange. 

Every Debt Security presented or surrendered for registration of transfer or for exchange shall (if so required by the
Company, the Security Registrar or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the Trustee duly executed, by the Holder thereof or such
Holder’s attorney duly authorized in writing. 

  
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 No charge to any Holder shall be made for any registration of transfer or
exchange of Debt Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer, registration of transfer or exchange of Debt Securities, other
than exchanges expressly provided in this Indenture to be made at the Company’s own expense or without expense or without charge to the Holders. 

The Company shall not be required (i) to issue, register the transfer of or exchange Debt Securities of any particular
series to be redeemed for a period of fifteen days preceding the mailing of the relevant notice of redemption of Debt Securities of such series selected for redemption under Section 1103 and ending at the close of business on the day of such
mailing, or (ii) to register the transfer of or exchange any Debt Security so selected for redemption in whole or in part, except the unredeemed portion of such Debt Security being redeemed in part. 

Section 306. Mutilated, Destroyed, Lost and Stolen Debt Securities. 

If (i) any mutilated Debt Security is surrendered to the Trustee, or (ii) the Company and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and there is delivered to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, then, in the absence of
notice to the Company and the Trustee that such Debt Security has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Trustee shall authenticate and deliver, in exchange for any such mutilated Debt
Security or in lieu of any such destroyed, lost or stolen Debt Security, a new Debt Security of like tenor and terms and principal amount, bearing a number not contemporaneously outstanding. 

In case any such mutilated, destroyed, lost or stolen Debt Security has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Debt Security, pay such Debt Security. 
 Upon the issuance of any
new Debt Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
Trustee and printing expenses) connected therewith. 
 Every new Debt Security of any series issued pursuant to this
Section in lieu of any destroyed, lost or stolen Debt Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Debt Security shall be at any time enforceable by anyone, and
any such new Debt Security shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities of that series duly issued hereunder. 

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

  
 22 

 Section 307. Payment of Interest; Interest Rights Preserved. 

Interest on any Debt Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date
shall be paid to the Person in whose name that Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. At the option of the Company, payment of interest on any
Debt Security may be made by check in the currency designated for such payment pursuant to the terms of such Debt Security mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer
to an account in such currency designated by such Person in writing not later than fifteen days prior to the date of such payment. 

Any interest on any Debt Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may
be paid by the Company, at its election in each case, as provided in Clause (1) or (2) below: 
 (1) The Company
may elect to make payment of any Defaulted Interest to the Persons in whose names the Debt Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt Security of such series and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money and/or Government Obligations the payments of principal and interest on which when due (and without reinvestment) will provide money in such amounts as
will (together with any money irrevocably deposited in trust with the Trustee, without investment) be equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money and/or Government Obligations when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date. Unless the Trustee is acting as the Security Registrar, promptly after such Special Record Date, the Company shall furnish the Trustee
with a list, or shall make arrangements satisfactory to the Trustee with respect thereto, of the names and addresses of, and principal amounts of Debt Securities of such series held by, the Holders appearing on the Security Register at the close of
business on such Special Record Date. In the name and at the expense of the Company, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Debt Securities of such series at such Holder’s address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Debt Securities of such series (or their respective Predecessor Securities) are registered at the close of business on
such Special Record Date and shall no longer be payable pursuant to the following Clause (2). 

  
 23 

 (2) The Company may make payment of any Defaulted Interest on the Debt Securities
of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Debt Securities may be listed, and upon such notice as may be required by such exchange, 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. 

Subject to the foregoing provisions of this Section, each Debt Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Debt Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. 

Section 308. Persons Deemed Owners. 

Prior to due presentment of a Debt Security for registration of transfer, the Company, the Trustee and any agent of the
Company or of the Trustee may treat the Person in whose name such Debt Security is registered as the owner of such Debt Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to
Section 307) interest on such Debt Security and for all other purposes whatsoever, whether or not such Debt Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary. 
 None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests. 
 Section 309. Cancellation. 

Unless otherwise provided with respect to a series of Debt Securities, all Debt Securities surrendered for payment,
redemption, repayment, transfer, exchange or credit against any sinking fund payment pursuant to this Indenture shall, if surrendered to the Company or any agent of the Company, be delivered to the Trustee and shall be promptly cancelled by it. The
Company may at any time deliver to the Trustee for cancellation any Debt Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Debt Securities so delivered shall be promptly
cancelled by the Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Debt Securities held by the
Trustee shall be disposed of by the Trustee in accordance with its customary procedures. 
 Section 310. Computation
of Interest. 
 Except as otherwise specified as contemplated by Section 301 for Debt Securities of any series,
interest on the Debt Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 311. Judgments. 

The Company agrees that, to the fullest extent possible under applicable law and except as may otherwise be specified as
contemplated in Section 301, (a) the obligation, if any, of the Company to pay the principal of (and premium, if any) and interest on the Debt Securities of any 

  
 24 

 
series in a Foreign Currency, composite currency or Dollars (the “Designated Currency”) as may be specified pursuant to Section 301 is of the essence, and judgments in
respect of such Debt Securities shall be given in the Designated Currency; (b) the obligation of the Company to make payments in the Designated Currency of the principal of (and premium, if any) and interest on such Debt Securities shall,
notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with normal banking
procedures, purchase with the sum paid in such other currency (after any premium and cost of exchange) in the country of issue of the Designated Currency in the case of Foreign Currency or Dollars or in the international banking community in
the case of a composite currency on the Business Day immediately following the day on which such Holder receives such payment; (c) if the amount in the Designated Currency that may be so purchased for any reason falls short of the amount
originally due, the Company shall pay such additional amounts as may be necessary to compensate for such shortfall; and (d) any obligation of the Company not discharged by such payment shall be due as a separate and independent obligation and,
until discharged as provided herein, shall continue in full force and effect. 
 Section 312. CUSIP Numbers.

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

Satisfaction and Discharge 

Section 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Request cease to be of further effect (except as to any surviving rights of registration of
transfer or exchange of Debt Securities herein expressly provided for and rights to receive payments of principal and interest thereon and any right to receive additional amounts, as provided in Section 1005) and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when 

(1) either 

(A) all Debt Securities theretofore authenticated and delivered (other than (i) Debt Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306 and (ii) Debt Securities for whose payment money and/or Government Obligations have theretofore 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 1003) have been delivered to the Trustee cancelled or for cancellation; or 

  
 25 

 (B) all such Debt Securities not theretofore delivered to the Trustee for
cancellation 
 (i) have become due and payable, or 

(ii) will become due and payable at their Stated Maturity within one year, or 

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (B)(i), (B)(ii) or (B)(iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust
for the purpose money and/or Government Obligations the payments of principal and interest on which when due (and without reinvestment) will provide money in such amounts as will (together with any money irrevocably deposited in trust with the
Trustee, without investment) be sufficient to pay and discharge the entire indebtedness on such Debt Securities of such series for principal (and premium, if any) and interest, and any mandatory sinking fund, repayment or analogous payments thereon,
on the scheduled due dates therefor to the date of such deposit (in the case of Debt Securities which have become due and payable) or to the Stated Maturity or Redemption Date, if any, and all Repayment Dates (in the case of Debt Securities
repayable at the option of the Holders thereof); provided, however, that in the event a petition for relief under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law is filed with respect to the Company within
91 days after the deposit, the obligations of the Company under the Indenture with respect to the Debt Securities of such series shall not be deemed terminated or discharged, and in such event the Trustee shall be required to return the deposited
money and Government Obligations then held by the Trustee to the Company; 
 (2) the Company has paid or caused to be paid
all other sums payable hereunder by the Company; and 
 (3) the Company has delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 607 and, if money or Government Obligations shall have been deposited with the Trustee pursuant to Subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of
Section 1003 shall survive. 
 Section 402. Application of Trust Money and Government Obligations. 

(a) Subject to the provisions of the last paragraph of Section 1003, all money and Government Obligations deposited with
the Trustee pursuant to Section 401, 403 or 1501 shall be held in trust and such money and the principal and interest received on such Government Obligations shall be applied by it, in accordance with the provisions of the Debt Securities and
this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and
interest for whose payment such money or Government Obligations have been deposited with the Trustee. 

  
 26 

 (b) The Trustee shall deliver or pay to the Company from time to time upon
Company Request any Government Obligations or money held by it as provided in Section 403 or 1501 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to
the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which such Government Obligations or money were deposited or received. 

(c) The Trustee shall deliver to the Company from time to time upon Company Request any Government Obligations held by it as
provided in Section 403 or 1501, provided that the Company in substitution therefor simultaneously delivers to the Trustee, money or other Government Obligations which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, would then be sufficient to satisfy the Company’s payment obligations in respect of the Debt Securities in the manner contemplated by Section 403 or 1501.

 Section 403. Satisfaction, Discharge and Defeasance of Debt Securities of any Series. 

If this Section 403 is specified, as contemplated by Section 301, to be applicable to Debt Securities of any series,
then, notwithstanding Section 401, (i) the Company shall be deemed to have paid and discharged the entire indebtedness on all the Outstanding Debt Securities of any such series; (ii) the provisions of this Indenture as it relates to
such Outstanding Debt Securities shall no longer be in effect (except as to (A) the rights of Holders of Debt Securities to receive, from the trust fund described in subparagraph (1) below, payment of (x) the principal of (and
premium, if any) and any installment of principal of (and premium, if any) or interest on such Debt Securities on the Stated Maturity of such principal (and premium, if any) or installment of principal (and premium, if any) or
interest or (y) any mandatory sinking fund, repayment or analogous payments applicable to the Debt Securities of that series on that day on which such payments are due and payable in accordance with the terms of this Indenture and of such Debt
Securities, (B) the Company’s obligations with respect to such Debt Securities under Sections 304, 305, 306, 1002, 1003 and 1005, and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder, including those
under Section 607 hereof); and (iii) the Trustee, at the expense of the Company, shall, upon Company Order, execute proper instruments acknowledging satisfaction and discharge of such indebtedness, when 

(1) either 

(A) with respect to all Outstanding Debt Securities of such series, with reference to this Section 403, the Company has
deposited or caused to be deposited with the Trustee irrevocably, as trust funds in trust, money and/or Government Obligations the payments of principal and interest on which when due (and without reinvestment) will provide money in such
amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay and discharge (i) the principal of (and premium, if any) and interest on the Outstanding Debt
Securities of that series on the Stated Maturity of such principal or interest or, if such series may be redeemed by the Company prior to the Stated Maturity thereof and the Company shall have given irrevocable instructions to the Trustee to effect
such redemption, at the date fixed for such redemption pursuant to Article Eleven, and (ii) any mandatory sinking fund payments or analogous payments applicable to Debt Securities of such series on the date on which such payments are due and
payable in accordance with the terms of this Indenture and of such Debt Securities; or 

  
 27 

 (B) the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 301, to be applicable to the Debt Securities of such series; 

(2) Company has paid or caused to be paid all sums payable with respect to the Outstanding Debt Securities of such series;

 (3) such deposit will not result in a breach of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; 
 (4) no Event of Default or event which, with the
giving of notice or lapse of time, or both, would become an Event of Default pursuant to Section 501(1), (2), (3), (6) or (7) with respect to the Debt Securities of such series shall have occurred and be continuing on the date of such
deposit and no Event of Default under Section 501(6) or Section 501(7) or event which, with the giving of notice or lapse of time, or both, would become an Event of Default under Section 501(6) or
Section 501(7) shall have occurred and be continuing on the 91st day after such date; provided, however, that should that condition fail to be satisfied on or before such 91st day, the Trustee shall promptly, upon satisfactory receipt of
evidence of such failure, return such deposit to the Company; 
 (5) if the Debt Securities of that series are then listed
on any domestic or foreign securities exchange, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that such deposit, defeasance and discharge will not cause such Debt Securities to be delisted; and 

(6) 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 the entire indebtedness of all Outstanding Debt Securities have been complied with. 

Any deposits with the Trustee referred to in Section 403(1)(A) above shall be irrevocable and shall be made under
the terms of an escrow or trust agreement in form and substance satisfactory to the Trustee. If any Outstanding Debt Securities of such series are to be redeemed prior to their Stated Maturity, whether pursuant to any optional redemption provisions
or in accordance with any mandatory sinking fund requirement, the applicable escrow or trust agreement shall provide therefor and the Company shall make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by
the Trustee in the name, and at the expense, of the Company. 
 Upon the satisfaction of the conditions set forth in this
Section 403 with respect to all the Outstanding Debt Securities of any series, the terms and conditions of such series, including the terms and conditions with respect thereto set forth in this Indenture, shall no longer be binding upon, or
applicable to, the Company; provided that the Company shall not be discharged from any payment obligations in respect of Debt Securities of such series which are deemed not to be Outstanding under clause (iii) of the definition thereof if such
obligations continue to be valid obligations of the Company under applicable law. 
 Notwithstanding the cessation,
termination and discharge of all obligations, covenants and agreements (except as provided above in this Section 403) of the Company under this Indenture with respect to any series of Debt Securities, the obligations of the Company to the
Trustee under Section 607, and the obligations of the Trustee under Section 402 and the last paragraph of Section 1003, shall survive with respect to such series of Debt Securities. 

  
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 ARTICLE FIVE 

Remedies 

Section 501. Events of Default. 

“Event of Default”, wherever used herein with respect to Debt Securities of any series, means any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) default in the payment of any interest upon any Debt Security of such series
when it becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the payment
of the principal of (or premium, if any, on) any Debt Security of such series at its Maturity; or 
 (3) default in the
deposit of any sinking fund payment, when and as due by the terms of a Debt Security of such series; or 
 (4) default in
the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has
expressly been included in this Indenture solely for the benefit of Debt Securities of a series other than such series), and continuance of such default or breach for a period of 90 days after there has been given by registered or certified mail, to
the Company by the Trustee, or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Debt Securities of such series, a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or 
 (5) an event of default under any Debt by
the Company or any Significant Subsidiary (including a default with respect to Debt Securities of any series other than that series), whether such Debt now exists or shall hereafter be created, which default shall have resulted in such Debt in an
outstanding principal amount in excess of $50,000,000 becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled, or such Debt
having been discharged, within a period of 30 days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such event of default and requiring the Company to cause such acceleration to be rescinded or annulled or cause such Debt to be discharged and stating that such notice is a
“Notice of Default” hereunder; or 
 (6) the entry by a court having jurisdiction in the premises of (A) a
decree or order for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company or any Significant Subsidiary a bankrupt 

  
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or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any Significant Subsidiary under any
applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any Significant Subsidiary or of any substantial part of the Company’s or any
Significant Subsidiary’s property, or ordering the winding up or liquidation of the Company’s or any Significant Subsidiary’s affairs, and the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 90 consecutive days; or 
 (7) the commencement by the Company or any Significant
Subsidiary of a voluntary case or proceeding under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or state bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any Significant Subsidiary or of any substantial part of the Company’s or any
Significant Subsidiary’s property, or the making by it of an assignment for the benefit of creditors generally, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action
by the Company or any Significant Subsidiary authorizing any such action; or 
 (8) any other Event of Default, if any,
provided with respect to Debt Securities of such series specified as contemplated by Section 301. 
 Section 502.
Acceleration of Maturity; Rescission and Annulment. 
 If an Event of Default with respect to Debt Securities of any
series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of Outstanding Debt Securities of such series may declare the principal amount (or, if the Debt
Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of and all accrued but unpaid interest on all the Debt Securities of such series to be due
and payable immediately, by a notice in writing to the Company (and to the Trustee if given by such Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. Upon payment of
such amount, all obligations of the Company in respect of the payment of principal of the Debt Securities of such series shall terminate. 

  
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 At any time after such a declaration of acceleration with respect to Debt
Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Debt
Securities of such series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay 

(A) all overdue installments of interest on all Debt Securities of such series, 

(B) the principal of (and premium, if any, on) any Debt Securities of such series which have become due otherwise than
by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Debt Securities, 

(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or
rates prescribed therefor in such Debt Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events
of Default with respect to Debt Securities of such series, other than the non-payment of the principal of Debt Securities of such series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if: 

(1) default is made in the payment of any installment of interest on any Debt Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
 (2) default is made in the payment of the principal of (or
premium, if any, on) any Debt Security at the Maturity thereof, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Debt Securities, the amount then due and payable on such Debt Securities for
principal (and premium, if any) and interest and, to the extent that payment of such interest shall be legally enforceable, interest upon the overdue principal (and premium, if any) and upon overdue installments of interest, at the rate or
rates prescribed therefor in such Debt Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 

  
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 If the Company fails 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, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or
any other obligor upon such Debt Securities 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 such Debt Securities, wherever situated. 

If an Event of Default with respect to Debt Securities of any series occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders of Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether
for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 504. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceedings, or any voluntary or involuntary case under the Federal bankruptcy laws as now or hereafter constituted, relative to the Company or any other obligor upon the Debt Securities of a particular series or the
property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of such Debt Securities 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 on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise, 

(1) to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in
respect of the Debt Securities of such series and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (2) to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 
 and any receiver,
assignee, trustee, custodian, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 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 the Debt Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

  
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 Section 505. Trustee May Enforce Claims without Possession of Debt
Securities. 
 All rights of action and claims under this Indenture or the Debt Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Debt Securities or the production thereof in any proceeding relating thereto, and any such 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 Debt Securities
in respect of which such judgment has been recovered. 
 Section 506. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money on account of principal (and premium, if any) or interest, upon presentation of the Debt Securities and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 607; 

SECOND: To the payment of the amounts then due and unpaid for principal of (and premium, if any) and interest on the Debt
Securities, in respect of which or for the benefit of which such money has been collected ratably, without preference or priority of any kind, according to the amounts due and payable on such Debt Securities for principal (and premium, if
any) and interest, respectively. The Holders of each series of Debt Securities denominated in Euro, any other composite currency or a Foreign Currency shall be entitled to receive a ratable portion of the amount determined by the Exchange Rate
Agent by converting the principal amount Outstanding of such series of Debt Securities and matured but unpaid interest on such series of Debt Securities in the currency in which such series of Debt Securities is denominated into Dollars at the
Exchange Rate as of the date of declaration of acceleration of the Maturity of the Debt Securities; and 
 THIRD: The
balance, if any, to the Company. 
 Section 507. Limitation on Suits. 

No Holder of any Debt Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (1)
such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Debt Securities of such series; 

(2) the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of such series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request; 
 (4) the Trustee for 60 days after its receipt of such notice,
request and offer of indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Debt Securities of such series; it being understood and intended that no one or more of such Holders shall
have any right in any manner whatever by virtue of, or by availing of, any 

  
 33 

 
provision of this Indenture to affect, disturb or prejudice the rights of any other such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not such actions or forebearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and
for the equal and ratable benefit of all of such Holders. 
 Section 508. Unconditional Right of Holders to Receive
Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Debt
Security shall have the right which is absolute and unconditional to receive payment of the principal of (and premium, if any) and (subject to Section 307) interest on such Debt Security on the respective Stated Maturity or Maturities
expressed in such Debt Security (or, in the case of redemption or repayment, on the Redemption Date or the Repayment Date, as the case may be) and to institute suit for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder. 
 Section 509. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceedings to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case the Company, the Trustee and the Holders shall, subject to any determination in such
proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

Section 510. Rights and Remedies Cumulative. 

Except as otherwise provided in Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to
the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 511. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Debt Security to exercise any right or remedy accruing upon any
Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time
to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 512.
Control by Holders of Debt Securities. 
 The Holders of a majority in principal amount of the Outstanding Debt
Securities of any series 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 Debt Securities of
such series, provided, that 

  
 34 

 (1) such direction shall not be in conflict with any rule of law or with this
Indenture; 
 (2) subject to the provisions of Section 601, the Trustee shall have the right to decline to follow any
such direction if the Trustee in good faith shall, by a Responsible Officer or Responsible Officers of the Trustee, determine that the proceedings so directed would be unjustly prejudicial to the Holders of Debt Securities of such series not joining
in any such direction; and 
 (3) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. 
 Section 513. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Debt Securities of any series may on behalf of
the Holders of all the Debt Securities of any such series waive any past default hereunder with respect to such series and its consequences, except a default 

(1) in the payment of the principal of (or premium, if any) or interest on any Debt Security of such series, or 

(2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the consent of
the Holder of each Outstanding Debt Security of such series affected. 
 Upon any such waiver, 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 shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 514. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Debt Security by such Holder’s 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, suffered 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, against any party litigant in such suit, having
a due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to any suit instituted by the Company or the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 25% in principal amount of the Outstanding Debt Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of (or premium, if
any) or interest on any Debt Security on or after the respective Stated Maturity or Maturities expressed in such Debt Security (or, in the case of redemption or repayment, on or after the Redemption Date or Repayment Date, as the case may be).

 Section 515. Waiver of Stay or Extension Laws. 

The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law whenever enacted, now or at any time hereafter in force, which may affect the 

  
 35 

 
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

ARTICLE SIX 
 The Trustee

 Section 601. Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision 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 mathematical calculations or other facts stated therein). 

(b) In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that 
 (1) this Subsection shall not be construed to
limit the effect of Subsection (a) of this Section; 
 (2) the Trustee shall not be liable for any error of judgment
made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) 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 a majority in principal amount of the Outstanding Securities of any series, determined as provided in Sections 101, 104 and 512, 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 with respect to the Debt Securities of such series; and 

  
 36 

 (4) no provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 Section 602. Notice of Default.

 If a default occurs hereunder with respect to Debt Securities of any series the Trustee shall transmit by mail to all
Holders of Debt Securities of such series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(4) with respect to Debt
Securities of such series no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to Debt Securities of such series. 
 Section 603. Certain
Rights of Trustee. 
 Except as otherwise provided in Section 601: 

(a) the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any signature,
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or
parties; 
 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or Company Order and any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution; 

(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 bad faith on its part, conclusively rely upon an Officers’ Certificate;

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

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Debt Securities of such series pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by it in compliance with such request or direction; 
 (f) the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper
or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or

  
 37 

 
investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, other than any such books or records containing information as
to the affairs of the customers of the Company or any of its subsidiaries; provided that the Trustee may examine such books and records relating to customers to the extent that such books and records contain information as to any payments made to
such customers in their capacity as Holders of Debt Securities; provided, further, that the Trustee shall treat all information regarding the Company which it receives pursuant to this Indenture and its duties hereunder as confidential and shall not
disclose such information unless necessary in order to fulfill its duties under this Indenture or the Trust Indenture Act; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; no Exchange Rate Agent, Global Exchange Agent, Depositary or Paying
Agent shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any of them; 

(h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (i) in
no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action; 
 (j) the Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Debt Securities and this Indenture; 
 (k) the rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder; and 
 (l) the Trustee may request that the Company deliver an Officers’ Certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any
person specified as so authorized in any such certificate previously delivered and not superseded. 
 Section 604.
Not Responsible for Recitals or Issuance of Debt Securities. 
 The recitals contained herein and in the Debt
Securities, except the Trustee’s certificates of authentication, and the information in any registration statement, including all attachments thereto, except information provided by the Trustee therein, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Debt Securities of any series. The Trustee shall not be accountable for the
use or application by the Company of any Debt Securities or the proceeds thereof. 

  
 38 

 Section 605. May Hold Debt Securities. 

The Trustee, any Paying Agent, the Security Registrar or any other agent of the Company or the Trustee, in its individual or
any other capacity, may become the owner or pledgee of Debt Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar or such
agent. 
 Section 606. Money Held in Trust. 

Money held by the Trustee or any Paying Agent in trust hereunder need not be segregated from other funds except to the extent
required by law. Neither the Trustee nor any Paying Agent shall be under any liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

Section 607. Compensation and Reimbursement. 

The Company agrees 

(1) to pay to the Trustee from time to time compensation for all services rendered by it hereunder which shall have from time
to time been separately agreed to by the Company and the Trustee in writing (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance
as may be attributable to its negligence or bad faith; and 
 (3) to indemnify each of the Trustee or any predecessor
Trustee and their agents for, and to hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to the extent that such loss, damage, claim, liability or expense is due to its own negligence or bad
faith. 
 The Trustee shall promptly notify the Company of any claim for which it may seek indemnification pursuant to the
provisions of this Indenture. The Company shall be entitled to participate in, and to the extent that it shall wish, to assume the defense of such claim, with counsel satisfactory to the Trustee (and the Trustee shall cooperate in the defense
thereof), and after notice from the Company to the Trustee of the Company’s election so to assume the defense thereof, the Company shall not be liable to the Trustee under this Indenture for any legal or other expenses subsequently incurred by
the Trustee in connection with the defense thereof other than reasonable 

  
 39 

 
costs of investigation; provided, however, that the Trustee may only employ separate counsel at the expense of the Company if in the judgment of the Trustee (i) a conflict of interest exists
by reason of common representation or (ii) there are legal defenses available to the Trustee that are different from or are in addition to those available to the Company or if all parties commonly represented do not agree as to the action (or
inaction) of counsel. The Company shall not be obligated under any settlement agreement relating to any claim under this Indenture to which it has not agreed in writing. 

As security for the performance of the obligations of the Company under this Section the Trustee shall have a claim prior
to the Debt Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Debt Securities. 

The provisions of this Section 607 shall survive the resignation or removal of the Trustee and the termination of this
Indenture. 
 Section 608. Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a
conflicting interest with respect to Debt Securities of any series by virtue of being a trustee under this Indenture with respect to any particular series of Debt Securities. 

Section 609. Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder which shall be a corporation that is eligible pursuant to the Trust Indenture
Act to act as such and organized and doing business under the laws of the United States, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least
$50,000,000, and subject to supervision or examination by Federal or State authority; provided, however, that if Section 310(a) of the Trust Indenture Act or the rules and regulations of the Commission under the Trust Indenture Act at any
time permit a corporation organized and doing business under the laws of any other jurisdiction to serve as trustee of an indenture qualified under the Trust Indenture Act, this Section 609 shall be automatically amended to permit a corporation
organized and doing business under the laws of any such other jurisdiction to serve as Trustee hereunder. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation 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, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

Section 610. Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee under Section 611. 

  
 40 

 (b) The Trustee may resign at any time with respect to the Debt Securities of one
or more series by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee
may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Debt Securities of any series by the Company or by Act of the
Holders of a majority in principal amount of the Outstanding Debt Securities of such series, delivered to the Trustee and to the Company. 

(d) If at any time: 

(1) the Trustee shall fail to comply with Section 608 with respect to the Debt Securities of any series after written
request therefor by the Company or by any Holder who has been a bona fide Holder of a Debt Security of such series for at least six months, or 

(2) the Trustee shall cease to be eligible under Section 609 with respect to any series of Debt Securities and shall
fail to resign after written request therefor by the Company or by any such Holder, or 
 (3) the Trustee shall become
incapable of acting with respect to any series of Debt Securities or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Trustee in an involuntary case under the Federal bankruptcy
laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law; or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver,
custodian, liquidator, assignee, trustee, sequestrator or other similar official of the Trustee or of its property or affairs, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation, winding up or liquidation, or 
 (4) the Trustee shall commence a voluntary case under the
Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee,
trustee, sequestrator or other similar official of the Trustee or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take
corporate action in furtherance of any such action, 
 then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to such series at any time or (ii) subject to Section 514, any Holder who has been a bona fide Holder of a Debt Security of any series for at least six months may, on behalf of such Holder and all others similarly
situated, petition any court of competent jurisdiction for the removal of the Trustee for the Debt Securities of such series and the appointment of a successor Trustee. In addition, the Company may remove the Trustee if the Company shall determine
by a Board Resolution that the services provided by the Trustee hereunder may be obtained at a substantially lower cost to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee that is to be removed may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such
series. 

  
 41 

 (e) If the Trustee shall resign, be removed or become incapable of acting with
respect to any series of Debt Securities, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Debt Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee
or Trustees with respect to the Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Debt Securities of one or more or all of such series and that at any time there shall
be only one Trustee with respect to the Debt Securities of any particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee with respect to the Debt Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Debt Securities of such series and to that extent supersede the successor Trustee
appointed by the Company. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a
bona fide Holder of a Debt Security of such series for at least six months may, subject to Section 514, on behalf of such Holder and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Debt Securities of such series. 
 (f) The Company shall give notice of each resignation and
each removal of the Trustee with respect to the Debt Securities of any series and each appointment of a successor Trustee with respect to the Debt Securities of any series by mailing written notice of such event by first-class mail, postage prepaid,
to the Holders of Debt Securities of such series as their names and addresses appear in the Security Register. Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of its
Corporate Trust Office. 
 Section 611. Acceptance of Appointment by Successor. 

(a) In the case of an appointment hereunder of a successor Trustee with respect to all Debt Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon
payment of its charges due under Section 607 hereof, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder. 
 (b) In the case of the appointment
hereunder of a successor Trustee with respect to the Debt Securities of one or more (but not all) series, the Company, the retiring Trustee upon payment of its charges and each successor Trustee with respect to the Debt Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and
to vest in, each successor Trustee all the rights, powers, 

  
 42 

 
trusts and duties of the retiring Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee
is not retiring with respect to all Debt Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt
Securities of that or those series to which the appointment of such successor Trustee relates; but, on the request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates. 

(c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article. 
 Section 612. Merger, Conversion, Consolidation or Succession to
Business. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or
any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the executing or filing of any paper or any further act on the part of any of the parties hereto. In case any Debt Securities shall
have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion, consolidation or sale to such authenticating Trustee may adopt such authentication and deliver the Debt Securities so authenticated with
the same effect as if such successor Trustee had itself authenticated such Debt Securities. In case any Debt Securities shall not have been authenticated by such predecessor Trustee, any such successor Trustee may authenticate and deliver such Debt
Securities, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee. 

Section 613. Preferential Collection of Claims Against Company. 

If and when the Trustee shall be or shall become a creditor, directly or indirectly, secured or unsecured, of the Company (or
any other obligor upon the Debt Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding collection of claims against the Company (or any such other obligor). 

  
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 Section 614. Authenticating Agent. 

The Trustee shall upon Company Request appoint one or more Authenticating Agents (including, without limitation, the Company
or any Affiliate thereof) with respect to one or more series of Debt Securities which shall be authorized on behalf of the Trustee in authenticating Debt Securities of such series in connection with the issue, delivery, registration of
transfer, exchange, partial redemption or repayment of such Debt Securities. Wherever reference is made in this Indenture to the authentication of Debt Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent must be acceptable to the
Company and must be a corporation organized and doing business under the laws of the United States or of any State or the District of Columbia, having a combined capital and surplus of at least $50,000,000, authorized under such laws to do a trust
business and subject to supervision or examination by Federal or State authorities. 
 Any corporation succeeding to the
corporate agency business of an authenticating agent shall continue to be an authenticating agent without the execution or filing of any paper or any further act on the part of the Trustee or such authenticating agent. 

An authenticating agent may at any time resign with respect to one or more series of Debt Securities 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 with respect to one or more series of Debt Securities 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 an authenticating agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a
successor authenticating agent. Any successor authenticating agent upon acceptance of its appointment hereunder shall become vested with all rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
authenticating agent herein. No successor authenticating agent shall be appointed unless eligible under the provisions of this Section. 

The Company agrees to pay to each authenticating agent from time to time compensation for its services under this Section.

 The provisions of Sections 104, 111, 306, 309, 603, 604 and 605 shall be applicable to any authenticating agent.

  
 44 

 Pursuant to each appointment made under this Section, the Debt Securities of each
series covered by such appointment may have endorsed thereon, in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication in substantially the following form: 

This is one of the Debt Securities, of the series designated herein, described in the within-mentioned Indenture. 

 

									
		 		 	[            ]
					
		 		 		 	By	 	 
		 		 		 		 	As Authenticating Agent for the Trustee
					
	Dated:	 	 	 		 	By	 	 
		 		 		 		 	Authorized Signatory

 ARTICLE SEVEN 

Holders’ Lists and Reports By Trustee and Company 

Section 701. Company to Furnish Trustee Names and Addresses of Holders. 

If the Trustee is not the Security Registrar with respect to a series of Debt Securities, or to the extent otherwise required
under the Trust Indenture Act, the Company shall furnish to the Trustee, in writing at least five (5) Business Days before each Interest Payment Date with respect to such series of Debt Securities and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such series. 

Section 702. Preservation of Information; Communications to Holders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders of Debt
Securities contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders of Debt Securities received by the Trustee in its capacity as Paying Agent or Security Registrar, if so
acting. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished. 

(b) The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the
Debt Securities, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 

(c) Every Holder of Debt Securities, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee shall be held accountable by reason of any disclosure of information as to the names and addresses of the Holders made pursuant to the Trust Indenture Act. 

  
 45 

 Section 703. Reports by Trustee. 

(a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after the date specified in a supplemental
indenture with respect to any issuance of Debt Securities under this Indenture deliver to Holders a brief report, dated as of such specified date, which complies with the provisions of such Section 313(a). 

(b) A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with each stock
exchange, if any, upon which any Debt Securities of such series are listed, with the Commission and also with the Company. The Company will notify the Trustee when any series of Debt Securities are listed on any stock exchange and any delisting
thereof. 
 Section 704. Reports by Company. 

The Company shall file with the Trustee and the Commission, and transmit to Holders such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the time and in the manner pursuant to such Act; provided that such information, documents or reports required to be filed with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 shall be filed with the Trustee within 15 days after the same is so filed with the Commission (it being understood that any such information, document or report filed
with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system or any successor thereto shall be deemed to be filed with the Trustee, it being understood that the Trustee shall have no responsibility
whatsoever to determine whether such filing has occurred). 
 Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

ARTICLE EIGHT 

Consolidation, Merger, Conveyance, Transfer or Lease 

Section 801. Company May Consolidate, etc. Only on Certain Terms. 

The Company shall not consolidate with or merge with or into any other corporation or convey, transfer (excluding any transfer
solely as collateral for security purposes) or lease its properties and assets substantially as an entirety to any Person, unless: 

(1) either (a) the Company shall be the continuing or surviving corporation or (b) in case the Company shall
consolidate with or merge into another corporation and not be the continuing or surviving corporation or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the corporation formed by such consolidation or
into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Company substantially as an entirety shall be a corporation organized and existing under the laws of the
United States of America, any political subdivision thereof or any State thereof and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual
payment of the principal of (and premium, if any) and interest (including all additional amounts, if any, payable pursuant to Section 1005) on all the Debt Securities and the performance of every covenant of this Indenture on the part
of the Company to be performed or observed; 

  
 46 

 (2) immediately after giving effect to such transaction, no Event of Default
shall have occurred and be continuing; and 
 (3) the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture (as applicable) comply with this Article and that all conditions precedent herein provided for relating to such
transaction have been met. 
 Section 802. Successor Corporation Substituted. 

Upon any consolidation with or merger into any other corporation, or any conveyance, transfer or lease of the properties and
assets of the Company substantially as an entirety in accordance with Section 801, the successor corporation formed by such consolidation or into which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor had been named as the Company herein, and thereafter, except in the case of a lease, the Company (which
term for this purpose shall mean the Person named as the “Company” in the first paragraph of this instrument or any successor corporation which shall theretofore have become such in the manner presented in this Article) shall be
relieved of all obligations and covenants under this Indenture and the Debt Securities. 
 Section 803. Conveyance
or Transfer to a Wholly-owned Subsidiary. 
 Notwithstanding the provisions of Sections 801 and 802, and without
any requirement of complying with any of such provisions, the Company may convey or transfer its properties and assets substantially as an entirety to another corporation organized and existing under the laws of the United States of America or any
State or the District of Columbia which is lawfully entitled to acquire the same; provided, however, that immediately after giving effect to such conveyance or transfer and to the receipt of the consideration therefore such other corporation shall
be a Wholly-owned Subsidiary of the Company and prior to such conveyance or transfer there shall have been filed with the Trustee an Officers’ Certificate to the effect that the requirements of this Section 803 will be complied with in
connection with such conveyance or transfer. 
 ARTICLE NINE 

Supplemental Indentures 

Section 901. Supplemental Indentures without Consent of Holders. 

Without the consent of or notice to any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another corporation to the Company, and the assumption by such successor of the covenants of
the Company herein and in the Debt Securities contained; or 

  
 47 

 (2) to add to the covenants of the Company, for the benefit of the Holders of all
or any series of Debt Securities (and if such covenants are to be for the benefit of less than all series of Debt Securities, stating that such covenants are expressly being included solely for the benefit of such series), to convey, transfer,
assign, mortgage or pledge any property to or with the Trustee, or to surrender any right or power herein conferred upon the Company; or 

(3) to add any additional Events of Default (and if such Events of Default are to be applicable to less than all series of
Debt Securities, stating that such Events of Default are expressly being included solely to be applicable to such series); or 

(4) to change or eliminate any restrictions on the payment of principal of (or premium, if any, on) Debt Securities or to
permit or facilitate the issuance of Debt Securities in uncertificated form, provided any such action shall not adversely affect the interests of the Holders of Debt Securities of any series in any material respect; or 

(5) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination
(a) shall become effective only when there is no Debt Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provisions or (b) shall not apply to any Debt
Security Outstanding; or 
 (6) to establish the form or terms of Debt Securities of any series as permitted by
Sections 201 and 301; or 
 (7) to secure the Debt Securities; or 

(8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Debt
Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 611(b); or 
 (9) to cure any ambiguity, to correct or supplement any provision herein which may be defective
or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with any provision of this Indenture, provided such other provisions
shall not adversely affect the interests of the Holders of Debt Securities of any series in any material respect; or 
 (10)
to add to or change or eliminate any provision of this Indenture as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act, provided such action shall not adversely affect the interest of Holders of Debt
Securities of any series in any material respect; or 
 (11) to provide for uncertificated Debt Securities in addition to or
in place of certificated Debt Securities; or 
 (12) to comply with requirements of the Commission in order to maintain the
qualification of this Indenture under the Trust Indenture Act; or 

  
 48 

 (13) to make any change that would provide any additional rights or benefits to
the Holders of Debt Securities of any series or that does not adversely affect the legal rights under this Indenture of any such Holder; 

(14) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
defeasance and discharge of any series of Debt Securities pursuant to this Indenture; provided, however, that any such action shall not adversely affect the interest of the Holders of Debt Securities of such series or any other series of Debt
Securities; or 
 (15) to conform the text of this Indenture or any Debt Securities to the description thereof in any
prospectus or prospectus supplement of the Company with respect to the offer and sale of Debt Securities of any series, to the extent that such provision is inconsistent with a provision of this Indenture or the Debt Securities, as provided in an
Officers’ Certificate; or 
 (16) to make any other provisions with respect to matters or questions arising under this
Indenture, provided that such actions pursuant to this clause (18) shall not adversely affect the interests of the Holders, as determined in good faith by the Board of Directors of the Company. 

Section 902. Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in principal amount of the Outstanding Debt Securities of all
series affected by such supplemental indenture, acting together as a class, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may 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 of modifying in any manner the rights under this Indenture of the Holders of such Debt
Securities of such series; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Debt Security affected thereby, 

(1) change the Stated Maturity of the principal or any installment of principal of, or any installment of interest on, any
Debt Security, or reduce the principal amount thereof or the interest thereon or any premium payable upon redemption or repayment thereof, or change any obligation of the Company to pay additional amounts pursuant to Section 1005 (except as
contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502, or change the coin or currency in which any Debt Security or the interest thereon is payable, or change the Place of Payment with respect to any Debt Security, or adversely affect the right to repayment of any Debt
Security of any series of Debt Securities at the option of the Holders of such Debt Security, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or
repayment, on or after the Redemption Date or Repayment Date, as the case may be), or 
 (2) reduce the percentage in
principal amount of the Outstanding Debt Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

  
 49 

 (3) modify any of the provisions of this Section or Section 513 , except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Debt Security affected thereby; provided, however, that this clause shall
not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of
Section 611(b) and 901(8). 
 A supplemental indenture which changes or eliminates any covenant or other provision
of this Indenture which has expressly been included solely for the benefit of one or more particular series of Debt Securities, or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of any other series. 

It shall not be necessary for any Act of Holders of the Debt Securities under this Section to approve the particular form
of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

Section 903. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise. 
 Section 904. Effect of Supplemental Indentures. 

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

Section 905. Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as
then in effect. 
 Section 906. Reference in Debt Securities to Supplemental Indentures. 

Debt Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Debt Securities of any series so modified as to
conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Debt Securities of such series. 

  
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 ARTICLE TEN 

Covenants 

Section 1001. Payment of Principal, Premium and Interest. 

The Company covenants and agrees for the benefit of each series of Debt Securities that it will duly and punctually pay the
principal of (and premium, if any) and interest on the Debt Securities in accordance with the terms of the Debt Securities and this Indenture. 

Section 1002. Maintenance of Office or Agency. 

The Company will maintain in each Place of Payment for any series of Debt Securities an office or agency where Debt Securities
may be presented or surrendered for payment, where Debt Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Debt Securities 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 any 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 or demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Trustee its agent to receive all presentations, surrenders, notices and
demands. 
 The Company may also from time to time designate one or more other offices or agencies (in or outside of such
Place of Payment) where the Debt Securities of one or more series (subject to the preceding paragraph) may be presented or surrendered for any or all such purposes, and may from time to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for any series of Debt Securities for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency. 

Section 1003. Money for Debt Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Debt Securities, it will, on or
before each due date of the principal of (and premium, if any) or interest on any of the Debt Securities of such series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and
premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Company shall have one or more Paying Agents with respect to any series of Debt Securities, it will, on or before
each due date of the principal of (and premium, if any) or interest on any of the Debt Securities of such series, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum
to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

  
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 The Company will cause each Paying Agent with respect to any series of Debt
Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Debt Securities of
such series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Company (or any other obligor upon the Debt Securities of such
series) in the making of any payment of principal of (and premium, if any) or interest on the Debt Securities of such series; and 

(3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent. 
 The Company may at any time, for the purpose of terminating its
obligations under this Indenture with respect to Debt Securities of any series or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to
be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
 Any principal and interest received on the Government Obligations deposited with the Trustee or
any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium, if any) or interest on any Debt Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Debt Security 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 (including the principal and interest received on Government Obligations deposited
with the Trustee), and all liability of the Company as trustee thereof, shall thereupon cease. 
 Section 1004.
Corporate Existence. 
 Subject to Article Eight, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, rights (charter and statutory) and franchises, provided, however, that the Company shall not be required to preserve any such right or franchise if, in the judgment of the
Company, the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and the loss thereof is not disadvantageous in any material respect to the Holders. For the avoidance of
doubt, this Section shall not prohibit or restrict the Company from converting into a different form of legal entity. 

  
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 Section 1005. Payment of Additional Amounts. 

If the Debt Securities of a series expressly provide for the payment of additional amounts, the Company will pay to the Holder
of any Debt Security of any series additional amounts upon the terms and subject to the conditions provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of (or premium, if any) or interest
on, or in respect of, any Debt Security of any series or the net proceeds received from the sale or exchange of any Debt Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided for in the
terms of such Debt Securities and this Section to the extent that, in such context, additional amounts are, were or would be payable in respect thereof pursuant to the provisions of this Section and express mention of the payment of
additional amounts (if applicable) in any provisions hereof shall not be construed as excluding additional amounts in those provisions hereof where such express mention is not made. 

If the Debt Securities of a series provide for the payment of additional amounts, at least 10 days prior to the first Interest
Payment Date with respect to that series of Debt Securities (or if the Debt Securities of that series will not bear interest prior to Maturity, the first day on which a payment of principal (and premium, if any) is made), and at least 10 days
prior to each date of payment of principal (and premium, if any) or interest if there has been any change with respect to the matters set forth in the below-mentioned Officers’ Certificate, the Company will furnish the Trustee and the
Company’s principal Paying Agent or Paying Agents, if other than the Trustee, with an Officers’ Certificate instructing the Trustee and such Paying Agent or Paying Agents whether such payment of principal of (and premium, if any) or
interest on the Debt Securities of that series shall be made to Holders of Debt Securities of that series who are United States Aliens without withholding for or on account of any tax, assessment or other governmental charge described in the Debt
Securities of that series. If any such withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Debt Securities and the Company will
pay to the Trustee or such Paying Agent the additional amounts, if any, required by the terms of such Debt Securities and the first paragraph of this Section. The Company covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section. 
 Section 1006. Officer’s Certificate as to Compliance. 

The Company shall deliver to the Trustee not more than 120 days after the end of each fiscal year of the Company
(beginning with the fiscal year ending [            ]) a brief certificate from the principal executive, financial or accounting officer of the Company as to his or her
knowledge of the Company’s compliance with all conditions and covenants under this Indenture (such compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture), and, if he or she has
knowledge of any default, specifying each such default of which the signer has knowledge and the nature thereof. 
 ARTICLE
ELEVEN 
 Redemption of Debt Securities 

Section 1101. Applicability of Article. 

Debt Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their
terms and (except as otherwise specified as contemplated by Section 301 for Debt Securities of any series) in accordance with this Article. 

  
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 Section 1102. Election to Redeem; Notice to Trustee. 

The election of the Company to redeem any Debt Securities shall be evidenced by a Board Resolution. In case of any redemption
at the election of the Company of less than all of the Debt Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee in writing of such Redemption Date and of the principal amount and the tenor and terms of the Debt Securities of any series to be redeemed. In the case of any redemption of Debt Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Debt Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

Section 1103. Selection by Trustee of Debt Securities to be Redeemed. 

Except as otherwise specified as contemplated by Section 301 for Debt Securities of any series, if less than all the Debt
Securities of any series with like tenor and terms are to be redeemed, the particular Debt Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Debt Securities of such
series with like tenor and terms not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for
Debt Securities of such series or any integral multiple thereof which is also an authorized denomination) of the principal amount of Debt Securities (if issued in more than one authorized denomination) of such series of a denomination larger
than the minimum authorized denomination for Debt Securities of such series. 
 The Trustee shall promptly notify the
Company in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Debt
Securities shall relate, in the case of any Debt Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt Security which has been or is to be redeemed. 

Section 1104. Notice of Redemption. 

Notice of redemption shall be given in the manner provided in Section 106 not less than 30 nor more than 60 days prior to
the Redemption Date, to each Holder of Debt Securities to be redeemed. Notwithstanding the foregoing, redemption notices may be given more than 60 days prior to a Redemption Date if such notice is issued in connection with a defeasance of the Debt
Securities or a satisfaction and discharge of this Indenture. Notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent. The Trustee shall give notice of redemption in the Company’s name and
at the Company’s expense; provided, however, that the Company shall deliver to the Trustee, at least 45 days prior to the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee), an Officers’ Certificate requesting
that the Trustee give such notice at the Company’s expense and setting forth the information to be stated in such notice as provided in the following items. 

  
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 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, 

(3) if less than all Outstanding Debt Securities of any series are to be redeemed, the identification (and, in the case of
partial redemption, the principal amounts) of the particular Debt Securities to be redeemed, 
 (4) that on the
Redemption Date the Redemption Price will become due and payable upon each such Debt Security to be redeemed, and that interest thereon shall cease to accrue on and after said date, 

(5) in case any Debt Securities are to be redeemed in part only, the notice which relates to such Debt Securities shall state
that on and after the Redemption Date, upon surrender of such Debt Securities, the Holder will receive, without charge, a new Debt Security or Debt Securities of authorized denominations for the principal amount thereof remaining unredeemed; 

(6) the Place or Places of Payment where such Debt Securities are to be surrendered for payment of the Redemption Price, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) the CUSIP, ISIN or Common Code number, if any, and that no representation is made as to the accuracy or correctness of the
CUSIP, ISIN or Common Code number, if any, listed in such notice or printed on the Debt Securities, and 
 (9) the section
of this Indenture and the paragraph of the Debt Securities, as applicable, pursuant to which the Debt Securities are to be redeemed. 

Notice of redemption of Debt Securities to be redeemed at the election of the Company shall be given by the Company, or, at
the Company’s request, by the Trustee in the name and at the expense of the Company. 
 Section 1105. Deposit
of Redemption Price. 
 On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money and/or Government Obligations the payments of principal and interest on which when due (and without
reinvestment) will provide money on or prior to the Redemption Date in such amounts as will (together with any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Debt Securities or portions thereof which are to be redeemed on that date. 

  
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 Section 1106. Debt Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, unless the notice of redemption is subject to one or more conditions
precedent which have not been satisfied, the Debt Securities to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and from and after such date (unless the Company shall default in the payment
of the Redemption Price and accrued interest) such Debt Securities shall cease to bear interest and, except to the extent provided below, shall be void. Upon surrender of any such Debt Security for redemption in accordance with said notice, such
Debt Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest on Debt Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Debt Securities, or one or more Predecessor Securities, registered as such on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and
premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Debt Security. 

Section 1107. Debt Securities Redeemed in Part. 

Any Debt Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the
Company, the Security Registrar or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company, the Security Registrar and the Trustee duly executed by, the Holder thereof or such
Holder’s attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Debt Security without service charge, a new Debt Security or Debt Securities of the same series
and of like tenor and terms, of any authorized denominations as requested by such Holder in an aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt Security so surrendered. 

Section 1108. Open Market Purchases. 

In addition to the foregoing, the Company may at any time and from time to time purchase Debt Securities of a series in the
open market or otherwise, subject to compliance with all applicable securities laws. 
 ARTICLE TWELVE 

Sinking Funds 

Section 1201. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Debt Securities of a series
except as otherwise specified as contemplated by Section 301 for Debt Securities of such series. 
 The minimum amount
of any sinking fund payment provided for by the terms of Debt Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Debt
Securities of any series is herein referred to an “optional sinking fund payment”. If provided for by the terms of Debt Securities of any series, the amount of any sinking fund payment may be subject to reduction as provided in
Section 1202. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series as provided for by the terms of Debt Securities of such series. 

  
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 Section 1202. Satisfaction of Sinking Fund Payments with Debt
Securities. 
 The Company (1) may deliver Outstanding Debt Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Debt Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Debt Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Debt Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Debt Securities of such series required to be made pursuant to the terms of such
Debt Securities as provided for by the terms of such series; provided that such Debt Securities have not been previously so credited. Such Debt Securities shall be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Debt Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Debt Securities in lieu of cash payments
pursuant to this Section 1202, the principal amount of Debt Securities to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Debt Securities for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall at the request of the Company from time to time pay
over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Debt Securities purchased by the Company having an unpaid principal amount equal to the cash payment
requested to be released to the Company. 
 Section 1203. Redemption of Debt Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Debt Securities (unless a shorter period shall
be satisfactory to the Trustee), the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash, the portion thereof, if any, which is to be satisfied by crediting Debt Securities of that series pursuant to Section 1202 and the basis for any such credit and, prior to or concurrently with the
delivery of such Officers’ Certificate, will also deliver to the Trustee any Debt Securities to be so credited and not theretofore delivered to the Trustee. Not less than 30 days (unless a shorter period shall be satisfactory to the
Trustee) before each such sinking fund payment date the Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in
Sections 1105, 1106 and 1107. 
 ARTICLE THIRTEEN 

Repayment at the Option of Holders 

Section 1301. Applicability of Article. 

Debt Securities of any series which are repayable at the option of the Holders thereof before their Stated Maturity shall be
repaid in accordance with their terms and (except as otherwise specified pursuant to Section 301 for Debt Securities of such series) in accordance with this Article. 

  
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 Section 1302. Repayment of Debt Securities. 

Each Debt Security which is subject to repayment in whole or in part at the option of the Holder thereof on a Repayment Date
shall be repaid at the applicable Repayment Price together with interest accrued to such Repayment Date as specified pursuant to Section 301. 

Section 1303. Exercise of Option; Notice. 

Each Holder desiring to exercise such Holder’s option for repayment shall, as conditions to such repayment, surrender the
Debt Security to be repaid in whole or in part together with written notice of the exercise of such option at any office or agency of the Company in a Place of Payment, not less than 30 nor more than 45 days prior to the Repayment Date. Such notice,
which shall be irrevocable, shall specify the principal amount of such Debt Security to be repaid, which shall be equal to the minimum authorized denomination for such Debt Security or an integral multiple thereof, and shall identify the Debt
Security to be repaid and, in the case of a partial repayment of the Debt Security, shall specify the denomination or denominations of the Debt Security or Debt Securities of the same series to be issued to the Holder for the portion of the
principal of the Debt Security surrendered which is not to be repaid. 
 The Company shall execute and the Trustee shall
authenticate and deliver without service charge to the Holder of any Debt Security so surrendered a new Debt Security or Debt Securities of the same series, of any authorized denomination specified in the foregoing notice, in an aggregate principal
amount equal to any portion of the principal of the Debt Security so surrendered which is not to be repaid. 
 For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the repayment of Debt Securities shall relate, in the case of any Debt Security repaid or to be repaid only in part, to the portion of the principal of
such Debt Security which has been or is to be repaid. 
 Section 1304. Election of Repayment by Remarketing
Entities. 
 The Company may elect, with respect to Debt Securities of any series which are repayable at the option of
the Holders thereof before their Stated Maturity, at any time prior to any Repayment Date to designate one or more Remarketing Entities to purchase, at a price equal to the Repayment Price, Debt Securities of such series from the Holders thereof who
give notice and surrender their Debt Securities in accordance with Section 1303. 
 Section 1305. Securities
Payable on the Repayment Date. 
 Notice of exercise of the option of repayment having been given and the Debt
Securities so to be repaid having been surrendered as aforesaid, such Debt Securities shall, unless purchased in accordance with Section 1304, on the Repayment Date become due and payable at the price therein specified and from and after the
Repayment Date such Debt Securities shall cease to bear interest and shall be paid on the Repayment Date, unless the Company shall default in the payment of such price in which case the Company shall continue to be obligated for the principal amount
of such Debt Securities and shall be obligated to pay interest on such principal amount at the rate borne by such Debt Securities from time to time until payment in full of such principal amount. 

  
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 ARTICLE FOURTEEN 

Defeasance 

Section 1401. Termination of Company’s Obligations. 

If this Section 1401 is specified, as contemplated by Section 301, to be applicable to any series of Debt Securities
and if the Company deposits irrevocably in trust with the Trustee money and/or Government Obligations the payments of principal and interest on which when due (and without reinvestment) will provide money in such amounts as will (together with
any money irrevocably deposited in trust with the Trustee, without investment) be sufficient to pay the principal of (and premium, if any) and any installment of principal of (and premium, if any) or interest when due on the Debt
Securities of such series on the Stated Maturity of such principal or interest or, if such series may be redeemed by the Company prior to the Stated Maturity thereof and the Company shall have given irrevocable instructions to the Trustee to effect
such redemption, at the date fixed for such redemption pursuant to Article Eleven, and any mandatory sinking fund, repayment or analogous payments thereon on the scheduled due dates therefor, the Company’s obligations under Sections 801
and 803 and any other covenant determined pursuant to Section 301 to be subject to this Section shall terminate and Sections 501(4) (with respect to Sections 801 and 803), 501(5), 501(6), 501(7) and 501(8) (if
specified as contemplated by Section 301) shall be deemed not to be an Event of Default, in each case with respect to the Debt Securities of the series for which such deposit was made; provided, however, that (i) no Event of Default
with respect to the Debt Securities of such series under Section 501(6) or 501(7) or event that with notice or lapse of time or both would constitute such an Event of Default shall have occurred and be continuing on the 91st day after
such date, (ii) such deposit will not result in a breach of, or constitute a default under, this Indenture or any other agreement or instrument to which the Company is a party or by which it is bound, and (iii) such termination shall not
relieve the Company of its obligations under the Debt Securities of such series and this Indenture to pay when due the principal of (and premium, if any) and interest and additional amounts on such Debt Securities if such amounts are not paid
(or payment is not provided for) when due from the money and Government Obligations (and the proceeds thereof) so deposited. 

It shall be a condition to the deposit of cash and/or Government Obligations and the termination of the Company’s
obligations pursuant to the provisions of this Section with respect to the Debt Securities of any series under Sections 801 and 803 and any other covenant determined pursuant to Section 301 to be subject to this Section and the
inapplicability of the Events of Default contained in Sections 501(4), 501(5), 501(6), 501(7) and 501(8) to the extent set forth above pursuant to the provisions of this Section with respect to Debt Securities of any series that
the Company deliver to the Trustee (i) an Officers’ Certificate to the effect that under the laws in effect on the date such money and/or Government Obligations are deposited with the Trustee, the amount thereof will be sufficient, after
payment of all Federal, state and local taxes in respect thereof payable by the Trustee, to pay principal (and premium, if any) and interest when due on the Debt Securities of such series; and (ii) an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the defeasance contemplated in this Section have been complied with. 

  
 59 

 After a deposit as provided herein, the Trustee shall, upon Company Request,
acknowledge in writing the discharge of the Company’s obligations pursuant to the provisions of this Section with respect to the Debt Securities of such series under Sections 801 and 803 and any other covenant determined pursuant to
Section 301 to be subject to this Section and the inapplicability of the Events of Default contained in Sections 501(4), 501(5), 501(6), 501(7) and 501(8) to the extent set forth above. 

Section 1402. Repayment to Company. 

The Trustee and any Paying Agent shall promptly pay to the Company upon Company Request any money or Government Obligations
not required for the payment of the principal of (and premium, if any) and interest on the Debt Securities of any series for which money or Government Obligations have been deposited pursuant to Section 1401 held by them at any time. 

The Trustee and any Paying Agent shall promptly pay to the Company upon Company Request any money held by them for the payment
of principal (and premium, if any) and interest that remains unclaimed for two years after the Maturity of the Debt Securities for which a deposit has been made pursuant to Section 1401. After such payment to the Company, the Holders of
the Debt Securities of such series shall thereafter, as unsecured general creditors, look only to the Company for the payment thereof. 

Section 1403. Indemnity for Government Obligations. 

The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
deposited Government Obligations or the principal or interest received on such Government Obligations. 

  
 60 

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

			
	HEALTH INSURANCE INNOVATIONS, INC.
		
	By	 	 
		 	Name:
		 	Title:
	
	[            ]
		
	By	 	 
		 	Name:
		 	Title:

  
 61

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