Document:

Exhibit 4.2

    

  

   
  

  

  
    EXECUTION VERSION

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    

    

    6.75% Convertible Senior Notes Due 2026

              

      

    

    

    FIRST SUPPLEMENTAL INDENTURE

    

    

    Dated as of August 14, 2020

    

    

    to the

    

    

    BASE INDENTURE

    

    

    Dated as of August 14, 2020

        

      

    

    THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

    

    

    TRUSTEE

         

      
    

    

  

  
    
      

  

  
    
      TABLE OF CONTENTS

    

     

    

    	 	Page

          
	
            Article 1 ESTABLISHMENT OF NEW SERIES

          	
             1

          
	 	
            Section 1.01

          	
            Establishment of New Series

          	 1
	 	
            Section 1.02

          	
            Interpretation; Scope of Supplemental Indenture; Suppression of Base Indenture.

          	 2
	
            Article 2 DEFINITIONS AND INCORPORATION BY REFERENCE

          	 3
	 	
            Section 2.01

          	
            Definitions

          	 3
	 	
            Section 2.02

          	
            Other Definitions

          	 10
	 	
            Section 2.03

          	
            Incorporation by Reference of Trust Indenture Act

          	 10
	 	
            Section 2.04

          	
            Rules of Construction

          	 11
	
            Article 3 THE NOTES

          	 	 11
	 	
            Section 3.01

          	
            Form and Dating

          	 11
	 	
            Section 3.02

          	
            Execution and Authentication

          	 12
	 	
            Section 3.03

          	
            Conversion Agent

          	 13
	 	
            Section 3.04

          	
            Debt Tax Treatment

          	 14
	
            Article 4 REDEMPTION AND REPURCHASES

          	 14
	 	
            Section 4.01

          	
            Company’s Right to Redeem; Notices to Trustee

          	 14
	 	
            Section 4.02

          	
            Selection of Notes to Be Redeemed

          	 15
	 	
            Section 4.03

          	
            Notice of Redemption

          	 15
	 	
            Section 4.04

          	
            Effect of Notice of Redemption

          	 16
	 	
            Section 4.05

          	
            Deposit of Conversion Price Trigger Redemption Price

          	 16
	 	
            Section 4.06

          	
            Notes Redeemed in Part

          	 17
	 	
            Section 4.07

          	
            Repurchase of Notes at Option of the Holder Upon a Fundamental Change

          	 17
	 	
            Section 4.08

          	
            Effect of Fundamental Change Repurchase Notice

          	 22
	 	
            Section 4.09

          	
            Deposit of Fundamental Change Repurchase Price

          	 22
	 	
            Section 4.10

          	
            Notes Purchased in Part

          	 23
	 	
            Section 4.11

          	
            Covenant to Comply with Securities Laws upon Purchase of Notes

          	 23
	 	
            Section 4.12

          	
            Repayment to the Company

          	 23
	
            Article 5 COVENANTS

          	 23
	 	
            Section 5.01

          	
            Payment of Notes

          	 23
	 	
            Section 5.02

          	
            Maintenance of Office or Agency

          	 24
	 	
            Section 5.03

          	
            Exchange Act Reports

          	 24
	
            Article 6 SUCCESSOR PERSON

          	 24
	 	
            Section 6.01

          	
            When Company May Merge or Transfer Assets

          	 24

    
      
        

    

    	
            Article 7 DEFAULTS AND REMEDIES

          	 25
	 	
            Section 7.01

          	
            Events of Default

          	 25
	 	
            Section 7.02

          	
            Acceleration

          	 26
	 	
            Section 7.03

          	
            Other Remedies

          	 27
	 	
            Section 7.04

          	
            Special Interest

          	 27
	
            Article 8 AMENDMENTS

          	 28
	 	
            Section 8.01

          	
            Without Consent of Holders

          	 28
	 	
            Section 8.02

          	
            With Consent of Holders

          	 29
	 	
            Section 8.03

          	
            Satisfaction and Discharge

          	 31
	
            Article 9 CONVERSIONS

          	 31
	 	
            Section 9.01

          	
            Conversion Privilege

          	 31
	 	
            Section 9.02

          	
            Conversion Procedure and Payment Upon Conversion

          	 34
	 	
            Section 9.03

          	
            Cash In Lieu Of Fractional Shares

          	 37
	 	
            Section 9.04

          	
            Taxes On Conversion

          	 37
	 	
            Section 9.05

          	
            Company to Provide Common Stock

          	 38
	 	
            Section 9.06

          	
            Adjustment Of Conversion Rate

          	 38
	 	
            Section 9.07

          	
            No Adjustment

          	 46
	 	
            Section 9.08

          	
            Other Adjustments

          	 47
	 	
            Section 9.09

          	
            Adjustments For Tax Purposes

          	 47
	 	
            Section 9.10

          	
            Notice Of Adjustment

          	 47
	 	
            Section 9.11

          	
            Notice Of Certain Transactions

          	 47
	 	
            Section 9.12

          	
            Effect Of Reclassifications, Consolidations, Mergers, Binding Share Exchanges Or Sales On Conversion Privilege

          	 48
	 	
            Section 9.13

          	
            Trustee’s Disclaimer

          	 49
	 	
            Section 9.14

          	
            Rights Distributions Pursuant To Shareholders’ Rights Plans

          	 50
	 	
            Section 9.15

          	
            Increased Conversion Rate Applicable To Certain Notes Surrendered In Connection With Make-Whole Fundamental Changes

          	 50
	
            Article 10 MISCELLANEOUS

          	 52
	 	
            Section 10.01

          	
            Trust Indenture Act Controls

          	 52
	 	
            Section 10.02

          	
            Notices

          	 52
	 	
            Section 10.03

          	
            Communication by Holders with Other Holders

          	 53
	 	
            Section 10.04

          	
            Separability Clause

          	 53
	 	
            Section 10.05

          	
            Rules by Trustee, Paying Agent, Conversion Agent and Registrar

          	 54
	 	
            Section 10.06

          	
            Execution as Supplemental Indenture

          	 54
	 	
            Section 10.07

          	
            Responsibility for Recitals, Etc.

          	 54
	 	
            Section 10.08

          	
            Governing Law

          	 54
	 	
            Section 10.09

          	
            Counterparts

          	 54
	 	
            Section 10.10

          	
            Tax Matters

          	55

          
	 	
            Section 10.11

          	
            Waiver of Jury Trial

          	 55
	 	 	 	 

    

    

    
      Exhibits:

       

        

      Exhibit A – Form of Global Note

        

      

      Exhibit B – Form of Certificated Note

        

      

      Exhibit C – Form of Notice of Redemption

      

        Exhibit D – Notice of Occurrence of Fundamental Change

      

        Exhibit E – Form of Conversion Notice

      
        
          

      

      

  

      FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of August 14, 2020 between HELIX ENERGY SOLUTIONS GROUP, INC., a Minnesota corporation (the “Company”),
    and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”).
    

    

    RECITALS

    

    

    WHEREAS, the Company has entered into an Indenture, dated as of August 14, 2020 (the “Base Indenture”), with the Trustee;

    

    

    WHEREAS, pursuant to Sections 2.01, 2.03 and 9.01(9) of the Base Indenture, the form and terms of a new series of Securities may at any
      time be established by a supplemental indenture executed by the Company and the Trustee, without the consent of Holders;

    

    

    WHEREAS, the Base Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture”;

    

    

    WHEREAS, the Company proposes to create under the Indenture a new series of Securities;

    

    

    WHEREAS, the Company has requested and hereby requests that the Trustee execute and deliver this Supplemental Indenture and the Company
      has provided the Trustee with a Board Resolution authorizing the execution of and approving this Supplemental Indenture;

    

    

    WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and
      binding obligation of the Company have been done or performed; and

    

    

    WHEREAS, pursuant to Section 9.01 of the Base Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture;

    

    

    NOW, THEREFORE, for and in consideration of the agreements and obligations set forth herein and for other good and valuable
      consideration the sufficiency of which is hereby acknowledged, each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below), as follows:

    

    

    ARTICLE 1

    ESTABLISHMENT OF NEW SERIES

    

    

    Section 1.01     Establishment of New Series.

    

    

    (a)          There is hereby
        established a new series of Securities to be issued under the Indenture, designated as the Company’s 6.75% Convertible Senior Notes Due 2026 (the “Notes”)

    

    

    (b)          There are to be
        authenticated and delivered $200,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter, there may be authenticated and delivered an
        unlimited principal amount of Additional Notes.

    
      - 1 -

      
        

    

    (c)          The Notes shall be issued
        initially in the form of one or more Global Notes in substantially the form attached as Exhibit A hereto. The Depositary with respect to
        the Notes shall be The Depository Trust Company.

    

    

    (d)          Each Note shall be dated
        the date of authentication hereof and shall bear interest as provided in paragraph 1 of the form of Global Note attached as Exhibit A
        hereto.

    

    

    Section 1.02          Interpretation; Scope of Supplemental Indenture; Suppression of Base Indenture.

    

    

    (a)          The amendments to the Base Indenture made by this Supplemental Indenture will apply solely with respect to the Notes and not with respect to any other class or series of Securities. For
          purposes of the Notes, if and to the extent that the provisions of the Base Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern.

    

    

    (b)          Without limiting Section
        1.02(a) above, for purposes of the Notes,

    

    

    (i)          The first two sentences
        of the third paragraph of Section 2.08 of the Base Indenture will not apply to the Notes;

    

    

    (ii)          Article III of the Base
        Indenture will not apply to the Notes and will instead be deemed to be replaced with Article 4 of this Supplemental Indenture;

    

    

    (iii)          Section 4.07 of the
        Base Indenture and the concept of “Additional Amounts” in the Base Indenture will not apply to the Notes;

    

    

    (iv)          Article V of the Base
        Indenture will not apply to the Notes and will instead be deemed to be replaced with Article 6 of this Supplemental Indenture;

    

    

    (v)          Sections 6.01 (other than
        the third paragraph of Section 6.01) through 6.03, inclusive, of the Base Indenture will not apply to the Notes and will instead be deemed to be replaced with Sections 7.01 through 7.03, inclusive, of this Supplemental Indenture; and

    

    

    (vi)          Article VIII of the Base
        Indenture will not apply to the Notes and will instead be deemed to be replaced with Section 8.03 of this Supplemental Indenture; and

    

    

    (vii)          Sections 9.01 and 9.02
        of the Base Indenture will not apply to the Notes and will instead be deemed to be replaced with Sections 8.01 and 8.02 of this Supplemental Indenture; and

    

    

    (viii)          Section 10.10 of the
        Base Indenture will not apply to the Notes and will instead be deemed to be replaced with Section 10.11 of this Supplemental Indenture.

    
      - 2 -

      
        

    

    ARTICLE 2

    DEFINITIONS AND INCORPORATION BY REFERENCE

    

    

    Section 2.01     Definitions.

    

    

    All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed to them in the Base Indenture. The
      following are additional definitions used in the Supplemental Indenture:

    

    

    “Bid Solicitation Agent” means
      the agent of the Company appointed to obtain quotations for the Notes as set forth under the definition of Trading Price. The Company will act as the initial Bid Solicitation Agent.  The Company may, from time to time, change the Bid Solicitation
      Agent.

    

    

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

    

    

    “Certificated Notes” means Notes
      that are in the form of the Notes attached hereto as Exhibit B.

    

    

    “Change of Control” shall be
      deemed to have occurred at such time as:

    

    

    (1)          any “person” or “group”
        (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than the Company, its wholly owned Subsidiaries and its and their employee benefit plans, files a Schedule TO or any schedule, form or report with the SEC that discloses
        that such person or group has become the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Company’s Voting Stock;

    

    

    (2)          (a) there occurs a sale,
        transfer, lease, conveyance or other disposition of all or substantially all of the consolidated property or assets of the Company to any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), including any
        group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, other than one of the Company’s wholly owned Subsidiaries; or (b) the Company consolidates with, or
        merges, or combines pursuant to a binding statutory share exchange, with or into, another Person or any Person consolidates with, or merges, or combines pursuant to a binding statutory share exchange, with or into, the Company, or any other
        transaction or series of transactions (other than changes resulting solely from a subdivision or combination of the outstanding Common Stock) occurs pursuant to which the Common Stock would be converted into or exchanged for, or would constitute
        solely the right to receive, cash, securities or other property, including any combination thereof; provided, however, that (i) a transaction described in clause (b) above in which the Persons that “beneficially owned” (as such term is used in Rule 13d-3 under the Exchange Act),
        directly or indirectly, the shares of the Company’s Voting Stock immediately prior to such transaction, “beneficially own,” directly or indirectly, immediately after such a consolidation, merger or binding statutory share exchange, shares of the
        surviving or continuing corporation’s Voting Stock representing at least a majority of the total outstanding voting power of all outstanding classes of the Voting Stock of the surviving or continuing corporation (or its parent entity) in
        substantially the same proportion as such ownership immediately prior to such a consolidation, merger or binding statutory share exchange will not constitute a Change of Control pursuant to this clause (2) (such a consolidation, merger, combination
        or binding statutory share exchange described in this proviso, a “Non-Ownership Change of Control”); and (ii) a transaction described in clause
        (b) above that is effected solely to change the jurisdiction of the Company’s organization and that satisfies the proviso immediately following paragraph (3) below will not constitute a Change of Control pursuant to this clause (2); or

    
      - 3 -

      
        

    

    (3)          The company is liquidated
        or dissolved or holders of the Company’s Capital Stock approve any plan or proposal for the Company’s liquidation or dissolution;

    

    

    provided, however, that a transaction or event described in clauses (1) or (2) above will not constitute a Change of Control (and for the avoidance of doubt, the Company is not
      required to deliver the notice incidental thereto) if at least 90% of the consideration received or to be received by the holders of the Common Stock (excluding cash payments for fractional shares or pursuant to statutory dissenters’ or appraisal
      rights), in connection with such transaction or event, consists of common equity listed (or depositary receipts representing common equity, which depositary receipts are listed) on any of The New York Stock Exchange, The NASDAQ Global Market or The
      NASDAQ Global Select Market (or any of their respective successors), or that will be so listed when issued or exchanged in connection with such transaction or event, and such transaction or event constitutes a Common Stock Change Event whose
      Reference Property consists of such consideration.

    

    

    For the purposes of this definition, any transaction or event described in both clause (1) and in clause (2)(i) or (2)(ii) above
      (disregarding the Non-Ownership Change of Control provision) will be deemed to occur solely pursuant to clause (2) above (subject to the Non-Ownership Change of Control provision).

    

    

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

    

    

    “Closing Sale Price” on any date
      means, as determined by the Company, the per share price of the referenced security on such date, determined (i) on the basis of the closing per share sale price (or if no closing per share sale price is reported, the average of the bid and ask
      prices per share or, if more than one in either case, the average of the average bid prices per share and the average ask prices per share) on such date on the principal U.S. national or regional securities exchange on which shares of the referenced
      security are listed; or (ii) if shares of the referenced security is not listed on a U.S. national or regional securities exchange, as reported by OTC Markets Group Inc. or a similar organization; provided, however, that in the absence of any such report or quotation, the closing sale
      price shall be the price determined by a nationally recognized independent investment banking firm retained by the Company for such purpose as most accurately reflecting the per share price that a fully informed buyer, acting on his own accord, would
      pay to a fully informed seller, acting on his own accord, in an arms-length transaction, for a share of the referenced security.

    

    

    “Common Stock” means the common
      stock, no par value, of the Company, subject to Section 9.12.

    

    

     “Conversion Date” with respect
      to a Note means the date on which a Holder satisfies all the requirements for such conversion specified in Section 9.02(a).

    

    

    “Conversion Notice” means the
      “Conversion Notice” attached to the Form of Note attached hereto as Exhibit E.

    
      - 4 -

      
        

    

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

    

    

    “Conversion Rate” shall initially
      be 143.3795 shares of Common Stock per $1,000 principal amount of Notes, subject to adjustment as provided in Article 9.

    

    

    “Conversion Value” means, as of
      any Trading Day in the Security Measurement Period, the product of the Closing Sale Price of the Common Stock and the Conversion Rate per $1,000 principal amount of Notes in effect on such Trading Day.

    

    

    “Conversion Trigger Price” means,
      as of any date of determination, the dollar amount derived by multiplying the Conversion Price in effect on such date by 130%.

    

    

    “Daily Conversion Value” shall
      mean, for each of the forty (40) consecutive VWAP Trading Days in the Observation Period, one fortieth (1/40th) of the product of (i) the Conversion Rate in effect on such VWAP Trading Day and (ii) the Volume-Weighted Average Price per share of
      Common Stock on such VWAP Trading Day.

    

    

    “Daily Settlement Amount” per
      $1,000 principal amount of Notes to be converted will consist of the following for each of the forty (40) consecutive VWAP Trading Days in the relevant Observation Period: (x) cash equal to the lesser of (i) the applicable Specified Cash Amount per
      $1,000 principal amount, divided by forty (40) (such quotient being referred to as the “Daily Measurement Value”) and (ii) the Daily Conversion Value for such VWAP Trading Day; and (y) to the extent such Daily Conversion Value for such VWAP Trading Day exceeds such Daily Measurement
      Value, a number of shares of Common Stock equal to (i) the difference between such Daily Conversion Value and such Daily Measurement Value, divided by
      (ii) the Volume-Weighted Average Price of the Common Stock on such VWAP Trading Day.

    

    

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

    

    

    “Default Settlement Method” means
      Physical Settlement.  The Company may, from time to time, change the Default Settlement Method to any Settlement Method that the Company is then permitted to elect, by sending notice of the New Default Settlement Method to the Holders and the
      Trustee.

    

    

    “Ex-Dividend Date” means (i) when
      used with respect to any issuance or distribution, means the first date on which the shares of Common Stock trade the regular way on the relevant exchange or in the relevant market from which the Closing Sale Price of the Common Stock was obtained
      without the right to receive such issuance or distribution from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market, (ii) when used
      with respect to any subdivision or combination of Common Stock, means the first date on which the shares of Common Stock trade the regular way on such exchange or in such market after the time at which such subdivision or combination becomes
      effective and (iii) when used with respect to any tender offer or exchange offer means the first date on which the shares of Common Stock trade the regular way on such exchange or in such market after the expiration time of such tender offer or
      exchange offer (as it may be amended or extended). For purposes of determining the Ex-Dividend Date with respect to an issuance or distribution under this Supplemental Indenture, unless it has knowledge to the contrary, the Company may conclusively
      assume (and such assumption shall be binding upon the Holders) that purchases and sales of the relevant security with respect to which such issuance or distribution is being made will settle based on the customary settlement cycle for purchases or
      sales of such security.

    
      - 5 -

      
        

    

    “Fair Market Value” or “fair market value” means the amount that a willing buyer would pay a willing seller in an arm’s-length transaction.

    

    

    “Fundamental Change” means either
      a Change of Control or a Termination of Trading.

    

    

    “Global Note” means a permanent
      Global Note in the form of the Note attached hereto as Exhibit A, and that is deposited with and registered in the name of the Depositary.

    

    

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

    

    

    “Holder Repurchase Notice” means
      a notice from Holders delivered pursuant to Section 4.07.

    

    

    “Indenture” shall have the
      meaning stated in the Recitals, as amended or supplemented from time to time in accordance with the terms thereof, including the provisions of the TIA that are deemed to be a part thereof.

    

    

    “Interest” means interest payable
      on each Note pursuant to Section 1 of the Notes.

    

    

    “Interest Payment Date” means
      February 15 and August 15 of each year, commencing February 15, 2021 (or such other date as may be set forth in the certificate representing the applicable Note).

    

    

    “Interest Record Date” means the
      close of business on February 1 and August 1 of each year.

    

    

    “Issue Date” of any Note means
      the date on which the Note was originally issued or deemed issued as set forth on the face of the Note.

    

    

    “Make-Whole Premium” means, in
      respect of any Notes called for a Conversion Price Trigger Redemption, the amount equal to the present value of the remaining scheduled payments of Interest that would have been made on such Notes to be redeemed had such Notes remained outstanding
      from the relevant Redemption Date to the Stated Maturity (excluding interest accrued to, but excluding, such Redemption Date, which shall otherwise be payable pursuant to clause (ii) of the definition of Conversion Price Trigger Redemption Price set
      forth in Section 4.01), with such present value of the remaining Interest payments computed using a discount rate per annum equal to the Reference Discount Rate plus 50 basis points.

    

    

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

    
      - 6 -

      
        

    

    “Notes” means any of the
      Company’s 6.75% Convertible Senior Notes due 2026, as amended or supplemented from time to time, issued under the Indenture.

    

    

    “NYSE” means The New York Stock
      Exchange, Inc.

    

    

    “Observation Period” shall mean,
      (i) subject to the immediately following clause (ii), with respect to any Conversion Date occurring after the forty-fifth (45th) Scheduled Trading Day immediately preceding the Stated Maturity, the forty (40) consecutive VWAP Trading Day period
      beginning on, and including, the forty-first (41st) Scheduled Trading Day immediately before the Stated Maturity; (ii) with respect to any Conversion Date for a Note occurring on or after the date the Company has sent a redemption notice calling such
      Note for redemption and before the related Redemption Date, the forty (40) consecutive VWAP Trading Days beginning on, and including, the forty-first (41st) Scheduled Trading Day immediately before such Redemption Date; or (ii) in all other cases,
      the forty (40) consecutive VWAP Trading Day period beginning on, and including, the third (3rd) VWAP Trading Day immediately following the relevant Conversion Date.

    

    

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

    

    

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

    

    

    “Redemption Date” means the date
      specified in a notice of redemption on which the Notes may be redeemed in accordance with the terms of the Notes and the Indenture.

    

    

    “Reference Discount Rate” means,
      in respect of any Make-Whole Premium, the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
      at least two (2) Business Days prior to the relevant Redemption Date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Redemption Date to the
      Stated Maturity; provided, however, that
      if the period from such Redemption Date to the Stated Maturity is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. Any such Reference Discount
      Rate shall be obtained by the Company.

    

    

    “Register” and “Registrar” with respect to the Notes, refer to and have the meanings of, “Security Register” and “Security Registrar” respectively, in the Base
      Indenture.

    
      - 7 -

      
        

    

    “Relevant Exchange” means the
      NYSE or, if the Common Stock is not then listed on the NYSE, the principal U.S. national or regional securities exchange on which the Common Stock is listed for trading.

    

    

    “Scheduled Trading Day” means a
      day that is scheduled to be a Trading Day on the primary United States national securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” shall mean any Business Day.

    

    

    “SEC” means the Securities and
      Exchange Commission.

    

    

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

    

    

    “Settlement Method” means
      Physical Settlement, Cash Settlement or Combination Settlement, as applicable.

    

    

    “Special Interest” means any
      interest that accrues on any Note pursuant to Section 7.04.

    

    

    “Specified Cash Amount” means,
      with respect to the conversion of a Note to which Combination Settlement applies, the maximum cash amount per $1,000 principal amount of such Note deliverable upon such conversion (excluding cash in lieu of any fractional share of Common Stock).

    

    

    “Stated Maturity,” when used with
      respect to any Note, means February 15, 2026.

    

    

    “Subsidiary” means any person of
      which at least a majority of the outstanding Voting Stock shall at the time directly or indirectly be owned or controlled by the Company or by one or more Subsidiaries or by the Company and one or more Subsidiaries.

    

    

    “Termination of Trading” shall be
      deemed to occur if shares of Common Stock are not listed for trading on the NYSE, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors).

    

    

    “TIA” means the Trust Indenture
      Act of 1939 as in effect on the date of the Indenture, provided, however, that in the event the TIA is amended after such date, TIA means, to the extent required by any such amendment, the TIA as so amended.

    

    

    “Trading Day” means, with respect
      to the referenced security, a day during which (i) trading in the referenced security generally occurs on the principal U.S. national or regional securities exchange on which the referenced security is then listed or, if the referenced security is
      not then listed on a U.S. national or regional securities exchange, on the principal other market on which the referenced security is then traded and (ii) a Market Disruption Event has not occurred; provided, however, that if the referenced security is not listed for trading or quotation
      on or by any exchange, bureau or other organization, “Trading Day” shall mean any Business Day.

    

    

    “Trading Price” means, as of any
      date of determination (any such date, the “Determination Date”), the average of the secondary market bid quotations obtained by the Bid
      Solicitation Agent for $2.0 million principal amount of Notes at approximately 3:30 p.m. (New York City time) on such Determination Date from three independent nationally recognized securities dealers the Company selects; provided that if the Bid Solicitation Agent can reasonably obtain only two such bids, then the average of such two bids shall instead be used, and if the Bid
      Solicitation Agent can reasonably obtain only one such bid, then such single bid shall be used; and provided, further, that if, on any Determination Date, the Bid Solicitation Agent cannot reasonably obtain at least one bid for $2.0 million principal amount of the Notes from an
      independent nationally recognized securities dealer, then the Trading Price per $1,000 principal amount of the Notes shall be deemed to be less than 97% of the Conversion Value of the Notes on such Determination Date.

    
      - 8 -

      
        

    

    “Trustee” means the party named
      as the “Trustee” in the preamble of the Indenture unless and until a successor replaces it pursuant to the applicable provisions of the Indenture and, thereafter, shall mean such successor. The foregoing sentence shall likewise apply to any
      subsequent such successor or successors.

    

    

    “Volume-Weighted Average Price”
      per share of Common Stock on any VWAP Trading Day means such price as displayed on Bloomberg (or any successor service) page “HLX <equity> AQR” in respect of the period from the scheduled open of trading until the scheduled close of trading of
      the primary trading session on such VWAP Trading Day, or, if such price is not available, the market value per share of Common Stock on such VWAP Trading Day as determined, using a volume-weighted average price method, by a nationally recognized
      investment banking firm retained for this purpose by the Company.

    

    

    “Voting Stock” of a Person means
      common equity of such Person of the class or classes pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person
      (irrespective of whether or not at the time common equity of any other class or classes shall have or might have voting power by reason of the happening of any contingency).

    

    

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

    

    

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

    
      - 9 -

      
        

    

    Section 2.02     Other Definitions.

     

    

    	
            Term:

          	
            
              Defined in Section:

            

          
	
            “1% Provision”

          	
            Section 9.07

          
	
            “Applicable Price”

          	
            Section 9.15(d)

          
	
            “Bankruptcy Law”

          	
            Section 7.01(g)

          
	
            “cash”

          	
            Section 4.01

          
	
            “Cash Settlement”

          	
            Section 9.02(a)

          
	
            “Combination Settlement”

          	
            Section 9.02(a)

          
	
            “Common Stock Change Event”

          	
            Section 9.12

          
	
            “Conversion Agent”

          	
            Section 3.03

          
	
            “Conversion Price Trigger Redemption”

          	
            Section 4.01

          
	
            “Conversion Price Trigger Redemption Price”

          	
            Section 4.01

          
	
            “Depositary”

          	
            Section 3.01(b)

          
	
            “Distributed Assets”

          	
            Section 9.06(c)(i)

          
	
            “DTC”

          	
            Section 3.01(b)

          
	
            “Effective Date”

          	
            Section 9.15(a)

          
	
            “Event of Default”

          	
            Section 7.01

          
	
            “Exempted Fundamental Change”

          	
            Section 4.07(l)

          
	
            “Expiration Time”

          	
            Section 9.06(e)

          
	
            “Fundamental Change Repurchase Date”

          	
            Section 4.07(a)

          
	
            “Fundamental Change Repurchase Notice”

          	
            Section 4.07(b)

          
	
            “Fundamental Change Repurchase Price”

          	
            Section 4.07(a)

          
	
            “Fundamental Change Repurchase Right”

          	
            Section 4.07(a)

          
	
            “Make-Whole Fundamental Change”

          	
            Section 9.15(a)

          
	
            “Make-Whole Applicable Increase”

          	
            Section 9.15(b)

          
	
            “Make-Whole Conversion Period”

          	
            Section 9.15(a)

          
	
            “Maximum Conversion Rate”

          	
            Section 9.15(b)(v)

          
	
            “Notice of Default”

          	
            Section 7.01(h)

          
	
            “Physical Settlement”

          	
            Section 9.02(a)

          
	
            “Reference Price”

          	
            Section 9.06(e)

          
	
            “Reference Property”

          	
            Section 9.12

          
	
            “Reference Property Unit”

          	
            Section 9.12

          
	
            “Repurchase Upon Fundamental Change”

          	
            Section 4.07(a)

          
	
            “Security Measurement Period”

          	
            Section 9.01(b)(ii)

          
	
            “Spin-Off”

          	
            Section 9.06(c)(ii)

          
	
            “Spin-Off Valuation Period”

          	
            Section 9.06(c)(ii)

          
	
            “Successor Person”

          	
            Section 6.01(a)

          
	
            “Tender/Exchange Offer Valuation Period”

          	
            Section 9.06(e)

          
	
            “Trading Price Condition”

          	
            Section 9.01(b)(ii)

          

    

    

    Section 2.03     Incorporation by Reference of Trust Indenture Act. Whenever the Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of the Indenture.
      The following TIA terms used in the Indenture have the following meanings:

    

    

    “Commission” means the SEC.

    

    

    The term “indenture securities”
      means the Notes.

    
      - 10 -

      
        

    

    The term “indenture security holder”
      means a Securityholder.

    

    

    The term “indenture to be qualified”
      means the Indenture.

    

    

    The term “indenture trustee” or “institutional trustee” means the Trustee.

    

    

    The term “obligor” on the
      indenture securities means the Company.

    

    

    All other TIA terms used in the Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC
      rules have the meanings assigned to them by such definitions.

    

    

    Section 2.04     Rules of Construction. Unless the context otherwise requires:

    

    

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

    

    

    (2)          an accounting term not
        otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time;

    

    

    (3)          “or” is not exclusive;

    

    

    (4)          “including” means
        including, without limitation;

    

    

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

    

    

    (6)          words in the singular
        include the plural, and words in the plural include the singular; and

    

    

    (7)          references to Sections,
        Articles and Exhibits are to references to Sections, Articles and Exhibits of this Supplemental Indenture.

    

    

    ARTICLE 3

    THE NOTES

    

    

    Section 3.01     Form and Dating.

    

    

    (a)          Certificate of Authentication. The Notes and the Trustee’s
        certificate of authentication shall be substantially in the form of Exhibit A and Exhibit B, which are a part of the Indenture.

    

    

    (b)          Global Notes in General. All of the Notes shall be issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of
        the Notes represented thereby with the Trustee, at its Corporate Trust Office, as custodian for the depositary, The Depository Trust Company (“DTC”)

        (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its nominee, Cede
        & Co., duly executed by the Company and authenticated by the Trustee as hereinafter provided.

    
      - 11 -

      
        

    

    Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it shall
      represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
      redemptions, repurchases and conversions.

    

    

    Any adjustment of the aggregate principal amount of a Global Note to reflect the amount of any increase or decrease in the amount of
      outstanding Notes represented thereby shall be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.08 of the Base Indenture, and shall be made on the records of the Trustee and the Depositary.

    

    

    (c)          Book-Entry Provisions. This Section 3.01(c) shall apply only to Global Notes deposited with or on behalf of the Depositary.

    

    

    The Company shall execute and the Trustee shall, in accordance with this Section 3.01(c), authenticate and deliver initially one or more
      Global Notes that (a) shall be registered in the name of the Depositary or a nominee thereof, (b) shall be delivered by the Trustee to the Depositary or held by the Trustee pursuant to the Depositary’s instructions and (c) shall be substantially in
      the form of Exhibit A attached hereto.

    

    

    (d)          Certificated Notes. Notes not issued as interests in the
        Global Notes shall be issued in certificated form substantially in the form of Exhibit B attached hereto.

    

    

    Section 3.02     Execution and Authentication. The Notes shall be executed and signed on behalf of
      the Company in accordance with Section 2.04 of the Base Indenture.

    

    

    The Trustee shall authenticate and deliver the Notes for original issue in an aggregate principal amount of up to $200,000,000 upon one
      or more Company Orders without any further action by the Company (other than as contemplated in Section 2.08 of the Base Indenture). The aggregate principal amount of the Notes due at the Stated Maturity thereof outstanding at any time may not exceed
      the amount set forth in the foregoing sentence.

    

    

    The Notes shall be issued only in registered form without coupons and only in denominations of $1,000 of principal amount and any
      integral multiple of $1,000.

    

    

    The Company may, from time to time, without notice to or the consent of the Holders, reopen the Indenture and issue additional Notes
      with the same terms (except, to the extent applicable, with respect to the date as of which interest begins to accrue on such additional Notes and the first Interest Payment Date of such additional Notes) as the Notes in an unlimited aggregate
      principal amount, provided that if the additional Notes are not fungible with the Notes offered hereby for United States Federal income tax
      purposes, then they must be issued with a different CUSIP number. The Notes and any such additional Notes would be treated as a single class for all purposes under the Indenture and would vote together as one class on all matters with respect to the
      Notes.

    

    

    
      - 12 -

      
        

    

    Section 3.03     Conversion Agent. The Company shall maintain an office or agency where Notes may be
      presented for conversion (“Conversion Agent”).

    The Company shall enter into an appropriate agency agreement with any Conversion Agent. The agreement shall implement the provisions of
      the Indenture that relate to such agent. The Company shall promptly notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Conversion Agent, the Trustee shall act as such and shall be entitled to appropriate
      compensation therefor pursuant to Section 7.07 of the Base Indenture. The Company or any Subsidiary or an Affiliate of either of them may act as Conversion Agent.

    

    

    The Company initially appoints the Trustee as Conversion Agent in connection with the Notes.

    

    

    Section 3.04     Debt Tax Treatment. The Company, and each Holder and beneficial owner of a Note,
      agree to treat the Notes as indebtedness for United States federal income tax purposes.

    

    

    ARTICLE 4

    REDEMPTION AND REPURCHASES

    

    

    Section 4.01     Company’s Right to Redeem; Notices to Trustee. Prior to August 15, 2023, the Notes
      shall not be redeemable at the Company’s option. The Company, at its option, may redeem (a “Conversion Price Trigger Redemption”) the Notes for
      U.S. legal tender (“cash”) at any time, in whole or in part, on a Redemption Date that occurs on or after August 15, 2023 (but, in the case of a
      partial redemption, no later than the 40th Scheduled Trading Day immediately before the Stated Maturity) if the Closing Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect on (x) the Trading Day immediately
      preceding the date on which the Company provides a notice of redemption under Section 4.03 and (y) for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day
      immediately preceding the date on which the Company provides a notice of redemption in accordance with Section 4.03. The redemption price for each $1,000 principal amount of Notes to be redeemed (the “Conversion Price Trigger Redemption Price”) shall be payable in cash and shall be equal to the sum of (i) 100% of the principal amount of the Notes to be redeemed, plus (ii) accrued and unpaid
      interest, if any, to, but excluding, the Redemption Date, plus (iii) the Make-Whole Premium. The Company must make these Make-Whole Premium payments on all Notes called for redemption prior to the Stated Maturity, including Notes subject to
      redemption that are converted after the date the Company delivered a notice of redemption.

    

    

    If the Redemption Date occurs after an Interest Record Date and on or prior to the immediately succeeding Interest Payment Date (i)
      accrued and unpaid interest shall be paid on such Interest Payment Date to the record holder on the relevant Interest Record Date, (ii) the Conversion Price Trigger Redemption Price will not include any accrued and unpaid interest, and (iii) the
      Make-Whole Premium shall equal the present value of all remaining scheduled payments of interest on such Notes, starting with the next Interest Payment Date for which interest has not been provided for (but otherwise calculated as set forth in the
      definition of Make-Whole Premium). The Trustee shall have no duty to determine or calculate the Make-Whole Premium, which shall be determined by the Company in accordance with the provisions of the Indenture, and the Trustee shall not be under any
      responsibility to determine the correctness of any such determination and/or calculation and may conclusively rely on the correctness thereof.

    

    

    If the Company elects to redeem Notes pursuant to this Section 4.01, it shall notify the Trustee in writing of such election together
      with the Redemption Date, the Conversion Rate, the principal amount of Notes to be redeemed and the Conversion Price Trigger Redemption Price. Notwithstanding the foregoing, the Company may not redeem any Notes if the principal amount of the Notes
      has been accelerated and such acceleration has not been rescinded on or before the Redemption Date (including as a result of the payment of the related Conversion Price Trigger Redemption Price and any related Interest set forth above on the
      Redemption Date).

    
      - 13 -

      
        

    

    The Company shall give the notice to the Trustee provided for in this Section 4.01 by a Company Order, at least 30 days before the
      Redemption Date (unless a shorter notice shall be satisfactory to the Trustee).

    

    

    Section 4.02     Selection of Notes to Be Redeemed. If less than all of the Notes are to be
      redeemed, unless the procedures of the Depositary provide otherwise, the Trustee shall select the Notes to be redeemed by lot, on a pro rata basis or by another method the Trustee considers fair and appropriate in accordance with industry standards
      at the time of such redemption (so long as such method is not prohibited by the rules of any stock exchange or quotation association on which the Notes are then traded or quoted). The Trustee may select for redemption portions of the principal amount
      of Notes that have denominations larger than $1,000.

    

    

    Notes and portions of Notes that the Trustee selects shall be in principal amounts of $1,000 or an integral multiple of $1,000.
      Provisions of the Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Company promptly (but in any case within seven days of the Company Order referred to in Section
      4.01) of the Notes or portions of the Notes selected to be redeemed and, in the case of any Notes selected for partial redemption, the method it has chosen for the selection of the Note.

    

    

    Following a notice of redemption, Notes and portions of Notes are convertible, pursuant to Section 9.01(a)(ii), by the Holder until the
      close of business on the second Business Day immediately prior to the Redemption Date, unless the Company fails to pay the Conversion Price Trigger Redemption Price. If any Note selected for partial redemption is converted in part before termination
      of the conversion right with respect to the portion of the Note so selected, the converted portion of such Note shall be deemed (so far as may be) to be the portion selected for redemption. Notes that have been converted during a selection of Notes
      to be redeemed may be treated by the Trustee as outstanding for the purpose of such selection.

    

    

    Section 4.03     Notice of Redemption. The Company shall send a notice of redemption (substantially
      in the form of Exhibit C) to each Holder of Notes to be redeemed at least forty-five (45), but no more than sixty-five (65), Scheduled
      Trading Days before the related Redemption Date.

    

    

    The notice shall identify the Notes to be redeemed and shall state (along with any other information the Company wishes to include):

    

    

    (1)          the Redemption Date;

    

    

    (2)          the Conversion Price
        Trigger Redemption Price;

    

    

    (3)          the Conversion Rate;

    

    

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

    
      - 14 -

      
        

    

    (5)          that Notes may be
        converted at any time before the close of business on the second Business Day immediately prior to the Redemption Date, unless the Company fails to pay the Conversion Price Trigger Redemption Price;

    

    

    (6)          that Notes called for
        redemption and not converted shall be redeemed on the Redemption Date;

    

    

    (7)          that Holders who want to
        convert their Notes must satisfy the requirements set forth in the Notes;

    

    

    (8)          that Notes called for
        redemption must be surrendered to the Paying Agent (by effecting book entry transfer of the Notes or delivering Certificated Notes, together with necessary endorsements, as the case may be) to collect the Conversion Price Trigger Redemption Price;

    

    

    (9)          if fewer than all of the
        outstanding Notes are to be redeemed, the certificate numbers, if any, and principal amounts of the particular Notes to be redeemed;

    

    

    (10)          that, unless the Company
        defaults in making payment of such Conversion Price Trigger Redemption Price and Interest, the Notes called for redemption shall cease to accrue from and after the Redemption Date; and

    

    

    (11)          the “CUSIP,” “ISIN” or
        other similar number(s), as the case may be, of the Notes being redeemed.

    

    

    At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense, provided that the Company makes such request at least seven Business Days (or such shorter period as may be satisfactory to the Trustee) prior to the
      date by which such notice of redemption must be given to Holders in accordance with this Section 4.03.

    

    

    Section 4.04     Effect of Notice of Redemption. Once notice of redemption is given, Notes called for redemption become due and payable on the Redemption Date and at the Conversion Price Trigger
      Redemption Price stated in the notice of redemption except for Notes that are converted in accordance with the terms of the Indenture. Upon surrender to the Paying Agent, such Notes shall be paid at the Conversion Price Trigger Redemption Price
      stated in the notice of redemption and from and after the Redemption Date (unless the Company shall default in the payment of the Conversion Price Trigger Redemption Price) such Notes shall cease to bear Interest (other than as set forth in clause
      (i) of the second paragraph of Section 4.01), and the rights of the Holders therein shall terminate (other than the right to receive the Conversion Price Trigger Redemption Price).

    

    

    Section 4.05     Deposit of Conversion Price Trigger Redemption Price. Prior to 10:00 a.m. (New York City time), on the Redemption Date, the Company shall deposit with the Paying Agent (or if the Company
      or a Subsidiary or an Affiliate of either of them is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the Conversion Price Trigger Redemption Price of all Notes to be redeemed on that date other than Notes or portions of
      Notes called for redemption that on or prior thereto have been delivered by the Company to the Trustee for cancellation or have been converted. The Paying Agent shall as promptly as practicable return to the Company any money not required for that
      purpose because of conversion of Notes pursuant to Article 9. If such money is then held by the Company or a Subsidiary or an Affiliate of either of them in trust and is not required for such purpose it shall be discharged from such trust.

    
      - 15 -

      
        

    

    Section 4.06     Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Company shall execute and the Trustee shall, without charge, authenticate and deliver to the Holder a new
      Note in an authorized denomination equal in principal amount to the unredeemed portion of the Note surrendered.

    

    

    Section 4.07     Repurchase of Notes at Option of the Holder Upon a Fundamental Change.

    

    

    (a)          If a Fundamental Change
        occurs, each Holder shall have the right (the “Fundamental Change Repurchase Right”), at such Holder’s option, to require the Company to
        repurchase (a “Repurchase Upon Fundamental Change”) all of such Holder’s Notes (or portions thereof that are integral multiples of $1,000 in
        principal amount), on a date selected by the Company (the “Fundamental Change Repurchase Date”), which shall be no later than 35 days, nor
        earlier than 20 days, after the date the Fundamental Change Repurchase Notice is sent in accordance with Section 4.07(b), at a price (the “Fundamental
          Change Repurchase Price”), payable in cash, equal to 100% of the principal amount of the Notes (or portions thereof) to be so repurchased, plus, except as provided below, accrued and unpaid Interest, if any, to, but excluding, the
        Fundamental Change Repurchase Date, upon (with respect to Certificated Notes):

    

    

    (i)          delivery to the Company
        (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Repurchase Notice, no later than the close of business on the second Business Day immediately preceding the
        Fundamental Change Repurchase Date, of a Holder Repurchase Notice, in the form set forth in the Notes or any other form of written notice substantially similar thereto, in each case, duly completed and signed, with appropriate signature guarantee,
        stating:

    

    

    (A)          the certificate
        number(s) of the Notes that the Holder will deliver to be repurchased, if such Notes are Certificated Notes;

    

    

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

    

    

    (C)          that such principal
        amount of Notes are to be repurchased pursuant to the terms and conditions specified in this Section 4.07; and

    

    

    (ii)          delivery to the Company
        (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Repurchase Notice, at any time after the delivery of such Holder Repurchase Notice, of such Notes (together with
        all necessary endorsements) with respect to which the Fundamental Change Repurchase Right is being exercised;

    

    

    provided, however, that if such Fundamental Change Repurchase Date is after an Interest Record Date and on or before the related Interest Payment Date, then the full amount of accrued
      and unpaid Interest, to, but excluding, such Interest Payment Date shall be paid on such Interest Payment Date to the Holder of record of such Notes at the close of business on such Interest Record Date (without any surrender of such Notes by such
      Holder), and the Fundamental Change Repurchase Price shall not include any accrued but unpaid Interest.

    
      - 16 -

      
        

    

    If such Notes are instead held in book-entry form through the Depositary, the delivery of any Holder Repurchase Notice, Fundamental
      Change Repurchase Notice or notice of withdrawal pursuant to Section 4.07(b)(x) shall comply with applicable procedures of the Depositary no later than the close of business on the second (2nd) Business Day immediately preceding the Fundamental
      Change Repurchase Date.

    

    

    Upon such delivery of Notes to the Company (if it is acting as its own Paying Agent) or such Paying Agent, such Holder shall be entitled
      to receive, upon request, from the Company or such Paying Agent, as the case may be, a nontransferable receipt of deposit evidencing such delivery.

    

    

    Notwithstanding anything herein to the contrary, any Holder that has delivered the Holder Repurchase Notice contemplated by this Section
      4.07(a) to the Company (if it is acting as its own Paying Agent) or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Repurchase Notice shall have the right to withdraw such Holder Repurchase Notice by delivery,
      at any time prior to the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date, of a written notice of withdrawal to the Company (if acting as its own Paying Agent) or the Paying Agent, which notice
      shall contain the information specified in Section 4.07(b)(x).

    

    

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

    

    

    (b)          Within 20 Business Days
        after the occurrence of a Fundamental Change, the Company shall send, or cause to be sent, to all Holders, and to beneficial owners as required by applicable law, a notice, substantially in the form of Exhibit D, (the “Fundamental Change Repurchase Notice”) of the occurrence of
        such Fundamental Change and the Fundamental Change Repurchase Right arising as a result thereof. The Company shall deliver a copy of the Fundamental Change Repurchase Notice to the Trustee and shall publicly release, through a reputable national
        newswire service, such Fundamental Change Repurchase Notice. Each Fundamental Change Repurchase Notice shall state:

    

    

    (i)          the events causing the
        Fundamental Change;

    

    

    (ii)         the date of such
        Fundamental Change;

    

    

    (iii)        the Fundamental Change
        Repurchase Date;

    

    

    (iv)        the last date on which
        the Fundamental Change Repurchase Right may be exercised, which shall be the second Business Day immediately preceding the Fundamental Change Repurchase Date;

    

    

    (v)          the Fundamental Change
        Repurchase Price;

    

    

    (vi)         the names and addresses
        of the Paying Agent and the Conversion Agent;

    
      - 17 -

      
        

    

    (vii)         the procedures that a
        Holder must follow to exercise the Fundamental Change Repurchase Right;

    

    

    (viii)        that the Fundamental
        Change Repurchase Price for any Note as to which a Holder Repurchase Notice has been given and not withdrawn will be paid as promptly as practicable, but in no event after the later of such Fundamental Change Repurchase Date and the time of
        book‐entry transfer or delivery of the Note (together with all necessary endorsements); provided, however, that if such Fundamental Change Repurchase Date is after a Record Date for the payment of an installment of Interest and on or before the related Interest Payment Date, then
        the accrued and unpaid Interest, if any, to, but excluding, such Interest Payment Date will be paid on such Interest Payment Date to the Holder of record of such Note at the close of business on such Record Date (without any surrender of such Notes
        by such Holder) and the Fundamental Change Repurchase Price shall not include any accrued and unpaid Interest;

    

    

    (ix)          that, except as
        otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after a Record Date for the payment of an installment of Interest and on or before the related Interest Payment Date, on and after such Fundamental Change
        Repurchase Date (unless there shall be a Default in the payment of the Fundamental Change Repurchase Price), Interest on Notes subject to Repurchase Upon Fundamental Change will cease to accrue (except as set forth in Section 4.07(a)), and all
        rights of the Holders of such Notes shall terminate, other than the right to receive, in accordance herewith, the Fundamental Change Repurchase Price;

    

    

    (x)          that a Holder will be
        entitled to withdraw its election in the Holder Repurchase Notice prior to the close of business on the second Business Day immediately preceding the Fundamental Change Repurchase Date, or such longer period as may be required by law, by means of a
        notice setting forth (I) the name of such Holder, (II) a statement that such Holder is withdrawing its election to have Notes purchased by the Company pursuant to a Repurchase Upon Fundamental Change, (III) the certificate number(s) of such Notes
        to be so withdrawn, if such Notes are Certificated Notes, (IV) the principal amount of the Notes of such Holder to be so withdrawn, which amount must be $1,000 or an integral multiple thereof and (V) the principal amount, if any, of the Notes of
        such Holder that remain subject to the Holder Repurchase Notice delivered by such Holder in accordance with this Section 4.07, which amount must be $1,000 or an integral multiple thereof; provided, however, that if there shall be a Default in the payment of the Fundamental Change
        Repurchase Price, a Holder shall be entitled to withdraw its election in the Holder Repurchase Notice at any time during which such Default is continuing;

    

    

    (xi)          the Conversion Rate and
        any adjustments to the Conversion Rate that will result from such Fundamental Change;

    

    

    (xii)        that Notes with respect
        to which a Holder Repurchase Notice is given by a Holder may be converted pursuant to Article 9 only if such Holder Repurchase Notice has been withdrawn in accordance with this Section 4.07; and

    

    

    (xiii)         the CUSIP number or
        numbers, as the case may be, of the Notes.

    

    

    At the Company’s request, upon prior notice reasonably acceptable to the Trustee, the Trustee shall send such Fundamental Change
      Repurchase Notice in the Company’s name and at the Company’s expense; provided, however, that the form and content of such Fundamental Change Repurchase Notice shall be prepared by the Company.

    
      - 18 -

      
        

    

    No failure of the Company to give a Fundamental Change Repurchase Notice shall limit any Holder’s right pursuant hereto to exercise a
      Fundamental Change Repurchase Right.

    

    

    (c)          Subject to the provisions
        of this Section 4.07, the Company shall pay, or cause to be paid, the Fundamental Change Repurchase Price with respect to each Note as to which the Fundamental Change Repurchase Right shall have been exercised to the Holder thereof no later than
        the later of the Fundamental Change Repurchase Date and the time of book-entry transfer or when such Note is surrendered to the Paying Agent together (except in the case of a Global Security) with all necessary endorsements; provided, however, that if such Fundamental
        Change Repurchase Date is after an Interest Record Date and on or before the related Interest Payment Date, then the accrued and unpaid Interest, if any, to, but excluding, such Interest Payment Date will be paid on such Interest Payment Date to
        the Holder of record of such Note at the close of business on such Interest Record Date and the Fundamental Change Repurchase Price shall not include any accrued and unpaid Interest.

    

    

    (d)          The Company shall, in
        accordance with Section 4.09, deposit with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust in accordance with Section 4.10) money, in funds immediately available on the Fundamental Change Repurchase
        Date, sufficient to pay the Fundamental Change Repurchase Price upon Repurchase Upon Fundamental Change for all of the Notes that are to be repurchased by the Company on such Fundamental Change Repurchase Date pursuant to a Repurchase Upon
        Fundamental Change. The Paying Agent shall return to the Company, as soon as practicable, any money not required for that purpose.

    

    

    (e)          On and after the Fundamental Change Repurchase Date, if the Paying Agent holds (or, if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent,
        segregated money held in trust as provided in Section 2.06 of the Base Indenture) on the Fundamental Change Repurchase Date money sufficient to pay the Fundamental Change Repurchase Price due on such Notes, then such Notes will cease to be
        outstanding and, except as otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after a Record Date for the payment of an installment of
          interest and on or before the related Interest Payment Date, such Notes shall cease to bear interest (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Paying Agent), and all rights of the
          relevant Holders of such Notes shall terminate, other than the right to receive, in accordance herewith, the Fundamental Change Repurchase Price upon book-entry transfer or delivery of the Note (and, if such Fundamental Change Repurchase
        Date is after an Interest Record Date and on or before the related Interest Payment Date, the right to receive accrued and unpaid Interest, if any, to, but
        excluding, such Interest Payment Date).

    

    

    (f)          Notes with respect to
        which a Holder Repurchase Notice has been duly delivered in accordance with this Section 4.07 may be converted pursuant to Article 9 only if such Holder Repurchase Notice has been withdrawn in accordance with this Section 4.07.

    

    

    (g)          Subject to Section
        4.07(e), if any Note shall not be paid upon book-entry transfer or surrender thereof for Repurchase Upon Fundamental Change, the principal of, and accrued and unpaid Interest on, such Note shall, until paid, bear Interest, payable in cash, at the
        rate borne by such Note on the principal amount of such Note.

    
      - 19 -

      
        

    

    (h)          Any Note that is to be
        submitted for Repurchase Upon Fundamental Change only in part shall be delivered pursuant to this Section 4.07 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the
        Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing, with a medallion guarantee), and the Company shall promptly execute, and the Trustee shall promptly authenticate and make available for
        delivery to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, of the same tenor and in aggregate principal amount equal to the portion of such Note not duly submitted
        for Repurchase Upon Fundamental Change.

    

    

    (i)          Notwithstanding anything herein to the contrary, except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price, there
          shall be no purchase of any Notes pursuant to this Section 4.07 on a Fundamental Change Repurchase Date if, on such date, the principal amount of the Notes shall have been accelerated in accordance with the Indenture and such acceleration shall
          not have been rescinded on or before the Fundamental Change Repurchase Date (including as a result of the payment of the related Fundamental Change Repurchase Price and any related Interest set forth in Section 4.07 on the Fundamental Change Repurchase Date). The Paying Agent will promptly return to the respective
          Holders thereof any Notes held by it during the continuance of such an acceleration.

    

    

    (j)          In connection with any
        Repurchase Upon Fundamental Change, the Company shall, to the extent applicable (i) comply with all applicable tender offer rules under the Exchange Act, including Rule 13e-4 and Regulation 14E thereunder, and with all other applicable laws; (ii)
        file a Schedule TO or any other schedules required under the Exchange Act or any other applicable laws; and (iii) otherwise comply with all applicable United States federal and state securities laws in connection with any offer by the Company to
        purchase the Notes.

    

    

    (k)          Notwithstanding anything
        to the contrary in this Section 4.07, the Company will be deemed to satisfy its obligations under this Section 4.07 if (i) one or more third parties conduct any Repurchase Upon Fundamental Change and related offer to repurchase Notes otherwise
        required by this Section 4.07 in a manner that would have satisfied the requirements of this Section 4.07 if conducted directly by the Company; and (ii) an owner of a beneficial interest in any Note repurchased by such third party or parties will
        not receive a lesser amount (as a result of taxes, additional expenses or for any other reason) than such owner would have received had the Company repurchased such Note.

    

    

    (l)          Notwithstanding anything to the contrary in this Section 4.07, the Company will not be required to send a Fundamental Change Repurchase Notice or issue a press release pursuant to Section

        4.07(b), or offer to repurchase or repurchase any Notes pursuant to this Section 4.07, in connection with a Fundamental Change occurring pursuant to clause (2)(b) (or
          pursuant to clause (1) that also constitutes a Fundamental Change occurring pursuant to clause (2)(b)) of the definition of “Change of Control,” if (i) such Fundamental Change constitutes a Common Stock Change Event whose Reference Property
          consists entirely of cash in U.S. dollars; (ii) immediately after such Fundamental Change, the Notes become convertible, pursuant to Section 9.12 and, if applicable, Section 9.15, into consideration that consists solely of U.S. dollars in an
          amount per $1,000 aggregate principal amount of Notes that equals or exceeds the Fundamental Change Repurchase Price per $1,000 aggregate principal amount of Notes (calculated assuming that the same includes accrued and unpaid interest to, but
          excluding, the latest possible Fundamental Change Repurchase Date for such Fundamental Change); and (iii) the Company timely sends the notice relating to such Fundamental Change required pursuant to Section 9.01(b)(iii) and includes, in such
          notice, a statement that the Company is relying on this Section 4.07(l). Any Fundamental Change with respect to which, in accordance with the provisions described in this Section 4.07(l), the Company does not offer to repurchase any Notes, an “Exempted Fundamental Change.”

    
      - 20 -

      
        

    

    Section 4.08     Effect of Fundamental Change Repurchase Notice.

    

    

    (a)          Upon receipt by the
        Paying Agent of the Holder Repurchase Notice specified in Section 4.07, the Holder of the Note in respect of which such Fundamental Change Repurchase Notice was given shall (unless such Holder Repurchase Notice is validly withdrawn) thereafter be
        entitled solely to receive the Fundamental Change Repurchase Price with respect to such Note whether or not the Note is, in fact, properly delivered. Such Fundamental Change Repurchase Price shall be paid to such Holder, subject to receipt of funds
        and/or securities by the Paying Agent, promptly following the later of (x) the Business Day following the Fundamental Change Repurchase Date with respect to such Note (provided the conditions in Section 4.07 have been satisfied) and (y) the time of delivery of such Note to the Paying Agent by the Holder thereof in the manner required by Section 4.07. Notes in respect of which a
        Holder Repurchase Notice has been given by the Holder thereof may not be converted pursuant to and to the extent permitted by Article 9 hereof on or after the date of the delivery of such Holder Repurchase Notice unless such Holder Repurchase
        Notice has first been validly withdrawn.

    

    

    (b)          A Holder Repurchase
        Notice may be withdrawn by means of a written notice of withdrawal delivered to the Paying Agent (or to the Company if it is acting as its own Paying Agent) at any time prior to the close of business on the second Business Day immediately preceding
        the Fundamental Change Repurchase Date, specifying:

    

    

    (i)          the name of the Holder,

    

    

    (ii)          a statement that the
        Holder is withdrawing all or a portion of its election with respect to the original Holder Repurchase Notice,

    

    

    (iii)          the principal amount,
        if any, of such Note that remains subject to the original Holder Repurchase Notice and that has been or shall be delivered for purchase by the Company,

    

    

    (iv)          if Certificated Notes
        have been issued, the certificate number, if any, of the Note in respect of which such notice of withdrawal is being submitted (or, if Certificated Notes have not been issued, that such withdrawal notice shall comply with the appropriate Depositary
        procedures), and

    

    

    (v)          the principal amount of
        the Note with respect to which such notice of withdrawal is being submitted.

    

    

    Section 4.09     Deposit of Fundamental Change Repurchase Price. Prior to 10:00 a.m. (New York City time), on the Fundamental Change Repurchase Date, the Company shall deposit with the Paying Agent (or,
      if the Company or a Subsidiary or an Affiliate of either of them is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.06 of the Base Indenture) an amount of cash in immediately available funds sufficient to pay
      the aggregate Fundamental Change Repurchase Price of all the Notes or portions thereof that are to be purchased as of the Fundamental Change Repurchase Date.

    
      - 21 -

      
        

    

    Section 4.10     Notes Purchased in Part. Any Certificated Note that is to be purchased only in part shall be surrendered at the office of the Paying Agent (with, if the Company or the Trustee so
      requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company 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 Note, without service charge, a new Note or Notes, of any authorized denomination as requested by such Holder in aggregate principal amount equal to, and in exchange for, the portion of the
      principal amount of the Note so surrendered that is not purchased.

    

    

    Section 4.11     Covenant to Comply with Securities Laws upon Purchase of Notes.
      When complying with the provisions of Section 4.07 hereof (provided that such offer or purchase constitutes an “issuer tender offer” for purposes
      of Rule 13e-4 (which term, as used herein, includes any successor provision thereto) under the Exchange Act at the time of such offer or purchase), and subject to any exemptions available under applicable law, the Company shall (i) comply with Rule
      13e-4 and Rule 14e-1 (or any successor provision) and any other applicable tender offer rules under the Exchange Act, (ii) file the related Schedule TO (or any successor schedule, form or report) under the Exchange Act, and (iii) otherwise comply
      with all applicable federal and state securities laws so as to permit the rights and obligations under Section 4.07 to be exercised in the time and in the manner specified in Section 4.07.  Notwithstanding anything to the contrary herein, to the
      extent that compliance with Section 4.07 would result in a violation of any applicable federal or state securities laws or other applicable laws or regulations, the Company will comply with the applicable securities laws and regulations and will not
      be deemed to have breached its obligations under Section 4.07 by virtue of the conflict.

    

    

    Section 4.12     Repayment to the Company. The Trustee and the Paying Agent
      shall return to the Company any cash that remains unclaimed as provided in Section 12 of the Notes, together with interest, if any, thereon (subject to the provisions of Section 7.01(f) of the Base Indenture), held by them for the payment of the
      Fundamental Change Repurchase Price.

    

    

    ARTICLE 5

    COVENANTS

    

    

    Section 5.01     Payment of Notes. The Company shall make all payments in
      respect of the Notes on the dates and in the manner provided in the Notes or pursuant to the Indenture. Any amounts of cash in immediately available funds or shares of Common Stock to be given to the Trustee or Paying Agent shall be deposited with
      the Trustee or Paying Agent by 10:00 a.m. (New York City time), by the Company. The principal amount of, and Interest on the Notes, and the Conversion Price Trigger Redemption Price and the Fundamental Change Repurchase Price shall be considered paid
      on the applicable date due if on such date (which, in the case of a Fundamental Change Repurchase Price, shall be on the Business Day immediately following the Fundamental Change Repurchase Date) the Trustee or the Paying Agent holds, in accordance
      with the Indenture, cash or securities, if permitted hereunder, sufficient to pay all such amounts then due.

    
      - 22 -

      
        

    

    Section 5.02     Maintenance of Office or Agency. The Company shall maintain in the continental United States an office or agency of the Conversion Agent where Notes may be surrendered
      for conversion. The Corporate Trust Office of the Trustee located in the continental United States shall initially be such office or agency for the aforesaid purpose.

    

    

    Section 5.03     Exchange Act Reports. The Company will send to the Trustee copies of all reports, information and documents that it is required to file with the SEC pursuant to Section
      13(a) or 15(d) of the Exchange Act within fifteen (15) calendar days after the date that the Company is required to so file the same (after giving effect to all applicable grace periods under the Exchange Act).  However, the Company need not send to
      the Trustee any material for which it has received, or is seeking in good faith and has not been denied, confidential treatment by the SEC.  Each report that the Company files with the SEC through the EDGAR system, provided the Company notifies the
      Trustee of each such filing and the location thereof in reasonable detail, will be deemed to have been delivered to the Trustee. Delivery of such reports, information and documents to the Trustee shall be for informational purposes only, and the
      Trustee’s receipt thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which
      the Trustee is entitled to rely exclusively on Officers’ Certificates or certificates delivered pursuant to Section 4.04 of the Base Indenture).

    

    

    ARTICLE 6

    SUCCESSOR PERSON

    

    

    Section 6.01     When Company May Merge or Transfer Assets. The Company shall not consolidate with or merge with or into any other Person or convey, transfer, sell, lease or otherwise
      dispose of all or substantially all of its properties and assets to any Person, unless:

    

    

    (a)          the resulting, surviving
        or transferee person (the “Successor Person”) will be a corporation organized and existing under the laws of the United States of America, any
        State thereof or the District of Columbia and the Successor Person (if not the Company) will expressly assume, by indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the
        obligations of the Company or such Successor Person including the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual payment of the Fundamental Change Repurchase Price with respect
        to all Notes repurchased on each Fundamental Change Repurchase Date, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants
        and conditions of the Indenture and the Notes to be performed by the Company and fully and unconditionally guarantee all of the obligations of the Company or such Successor Person under the Notes and the Indenture;

    

    

    (b)          immediately after giving
        effect to such transaction (and treating any indebtedness that becomes an obligation of the Successor Person as a result of such transaction as having been incurred by such Successor Person as the time of such transaction), no Default shall have
        occurred and be continuing; and

    

    

    (c)          the Company shall have
        delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer, sale or lease and,
        if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with this Article 6 and that all conditions precedent herein provided relating to such transaction have been satisfied.

    
      - 23 -

      
        

    

    For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise) of the properties and assets of one or more
      Subsidiaries (other than to the Company or another Subsidiary), which, if such assets were owned by the Company, would constitute all or substantially all of the properties and assets of the Company, shall be deemed to be the transfer of all or
      substantially all of the properties and assets of the Company.

    

    

    The Successor Person formed by such consolidation or into which the Company is merged or the Successor Person 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 the 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 and except for obligations the Company may have under a separate supplemental indenture with respect to securities other than the Notes, the Company shall be discharged from all obligations and covenants under the Indenture and
      the Notes. The Company, the Trustee and the Successor Person shall enter into a supplemental indenture to evidence the succession and substitution of such Successor Person and such discharge and release of the Company.

    

    

    ARTICLE 7

    DEFAULTS AND REMEDIES

    

    

      Section 7.01     Events of Default. So long as any Notes are outstanding, each of the following shall be an “Event of Default”:

    

    

    (a)          following the exercise by
        the Holder of the right to convert a Note in accordance with Article 9 hereof, the Company fails to comply with its obligations to deliver the consideration due upon conversion when due, and such failure continues for a period of five (5) days or
        more;

    

    

    (b)          the Company defaults in
        its obligation to provide timely notice of a Fundamental Change or Make-Whole Fundamental Change to the Trustee and each Holder as required under the Indenture, in each case when due and such failure continues for a period of five (5) days or more;

    

    

    (c)          the Company defaults in
        the payment of the principal amount of, or the Conversion Price Trigger Redemption Price or Fundamental Change Repurchase Price for, any Note when due at maturity, redemption, upon repurchase or otherwise (including, without limitation, upon the
        exercise by a Holder of its right to require the Company to repurchase such Notes pursuant to and in accordance with Section 4.07 hereof);

    

    

    (d)          the Company defaults in
        the payment of any Interest when due and payable, and continuance of such default for a period of 30 days;

    

    

    (e)          the Company fails to
        perform or observe any term, covenant or warranty or agreement in the Notes or the Indenture (other than those referred to in Section 7.01(a) through clause Section 7.01(d) above) and such failure continues for 90 days after receipt by the Company
        of a Notice of Default;

    
      - 24 -

      
        

    

    (f)          a failure to pay when due
        at maturity or a default, event of default or other similar condition or event (however described) that results in the acceleration of maturity of indebtedness for borrowed money of the Company or any Subsidiary (other than indebtedness that is
        non-recourse to the Company or any Subsidiary) in an aggregate principal amount of $25 million (or its foreign currency equivalent) or more, unless the acceleration is rescinded, stayed or annulled within 30 days after receipt by the Company of a
        Notice of Default;

    

    

    (g)          the entry by a court having jurisdiction in the premise of (i) a decree or order for relief in respect of the Company or any of its Significant Subsidiaries (as defined in Article 1,
        Rule 1-02 of Regulation S-X), in an involuntary case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law (any “Bankruptcy Law”) or (ii) a decree or order adjudging the Company or any
          of its Significant Subsidiaries bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company or any of its Significant Subsidiaries, under any
          applicable Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its
          affairs, and the continuance of any such decree or order for relief or any such other decree or order described in clause (i) or (ii) above is unstayed and in effect for a period of 60 consecutive days; and

    

    

    (h)          the commencement by the
        Company or any of its Significant Subsidiaries, of a voluntary case or proceeding under any applicable Bankruptcy Law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or (ii) the consent by the Company, to the entry of
        a decree or order for relief in respect of the Company or any of its Significant Subsidiaries, in an involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding
        against the Company, or (iii) the filing by the Company, of a petition or answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, or (iv) the consent by the Company to the filing of such petition or to the
        appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or (v) the making by the Company or any of its
        Significant Subsidiaries, of a general assignment for the benefit of creditors, or the admission by the Company or any  of its Significant Subsidiaries, in writing of its inability to pay its debts generally as they become due.

    

    

    The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or
      involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

    

    

    For the avoidance of doubt, clauses (e) and (f) above shall not constitute an Event of Default until the Trustee notifies the Company,
      or the Holders of at least 25% in aggregate principal amount of the Notes at the time outstanding notify the Company and the Trustee, of such default and the Company does not cure such default (and such default is not waived) within the time
      specified in clauses (e) and (f) above after actual receipt of such notice. Any such notice must specify the default, demand that it be remedied and state that such notice is a “Notice of Default.”

    

    

    Section 7.02     Acceleration. If an Event of Default (other than an Event of
      Default specified in Section 7.01(g) or Section 7.01(h) involving the Company and not solely one or more the Company’s Significant Subsidiaries) occurs and is continuing (the Event of Default not having been cured or waived), the Trustee by notice to
      the Company, or the Holders of at least 25% in aggregate principal amount of the Notes at the time outstanding by notice to the Company and the Trustee, may declare the principal amount of the Notes and any accrued and unpaid Interest on all the
      Notes to be immediately due and payable. Upon such a declaration, such accelerated amount shall be due and payable immediately. If an Event of Default specified in Section 7.01(g) or Section 7.01(h) occurs and is continuing involving the Company (and
      not solely involving one or more of the Company’s Significant Subsidiaries), the principal amount of the Notes and any accrued and unpaid Interest on all the Notes shall become and be immediately due and payable without any declaration or other act
      on the part of the Trustee or any Holders. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, by notice to the Trustee (and without notice to any other Holders) may rescind an acceleration and its
      consequences, and thereby waive the Events of Default giving rise to such acceleration, if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of the
      principal amount of the Notes and any accrued and unpaid Interest that have become due solely as a result of acceleration. No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto.

    
      - 25 -

      
        

    

    Section 7.03     Other Remedies. If an Event of Default occurs and is
      continuing, the Trustee may pursue any available remedy to collect the payment of the principal amount of the Notes and any accrued and unpaid Interest on the Notes or to enforce the performance of any provision of the Notes or the Indenture.

    

    

    The Trustee may maintain a proceeding even if the Trustee does not possess any of the Notes or does not produce any of the Notes in the
      proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of, or acquiescence in, the Event of Default. No
      remedy is exclusive of any other remedy. All available remedies are cumulative.

    

    

    Section 7.04     Special Interest. Notwithstanding anything to the contrary in
      this Article 7, the Company may elect that the sole remedy for any Event of Default (a “Reporting Event of Default”) pursuant to Section 7.01(e)
      arising from the Company’s failure to comply with its obligations under Section 5.03 will, for each of the first one hundred eighty (180) calendar days on which a Reporting Event of Default has occurred and is continuing, consist exclusively of the
      accrual of Special Interest on the Notes.  If the Company has made such an election, then (i) the Notes will be subject to acceleration as set forth above on account of the relevant Reporting Event of Default from, and including, the one hundred
      eighty-first (181st) calendar day on which a Reporting Event of Default has occurred and is continuing or if the Company fails to pay any accrued and unpaid Special Interest when due; and (ii) Special Interest will cease to accrue on any Notes from,
      and including, such one hundred eighty-first (181st) calendar day.

    

    

    Any Special Interest that accrues on a Note will be payable on the same dates and in the same manner as the stated Interest on such Note
      and will accrue at a rate per annum equal to 0.25% of the principal amount thereof.  For the avoidance of doubt, any Special Interest that accrues on a Note will be in addition to the stated Interest that accrues on such Note.  Each reference in this
      Indenture to Interest on any Note includes Special Interest, if any, that has accrued on such Note, unless the context requires otherwise.

    

    

    To make the election to pay Special Interest as set forth above, the Company must provide notice of such election to Holders before the
      date on which each Reporting Event of Default first occurs.  The notice will also, among other things, briefly describe the periods during which and rate at which Special Interest will accrue and the circumstances under which the Notes will be
      subject to acceleration on account of such Reporting Event of Default.

    
      - 26 -

      
        

    

    ARTICLE 8

    AMENDMENTS

    

    

    Section 8.01     Without Consent of Holders. The Company and the Trustee may
      modify or amend the Indenture or the Notes without the consent of any Securityholder to:

    

    

    (a)          comply with Section 9.12;

    

    

    (b)          add guarantees with
        respect to the Notes or secure the Notes;

    

    

    (c)          provide for the release
        of any guarantee added to the Notes pursuant to clause (b) above, unless such guarantee is required pursuant to Section 6.01(a);

    

    

    (d)          add to the covenants or
        Events of Default of the Company for the benefit of the Holders;

    

    

    (e)          surrender any right or
        power herein conferred upon the Company;

    

    

    (f)          provide for conversion
        rights of Holders if any reclassification or change of the Common Stock or any consolidation, merger or sale of all or substantially all of the Company’s assets occurs;

    

    

    (g)          enter into supplemental
        indentures in accordance with Section 9.12 in connection with a Common Stock Change Event, including to provide that the Notes are convertible into Reference Property and make any other change required by or resulting from, but subject to, the
        provisions of Section 9.12;

    

    

    (h)          provide for the
        assumption by a Successor Person of the Company’s obligations to the Holders in the case of a merger, consolidation, conveyance, transfer or lease pursuant to Article 6 hereof;

    

    

    (i)          provide for
        uncertificated Notes in addition to or in place of Certificated Notes; provided, however, that uncertificated Notes are issued in registered form for United States federal income tax purposes;

    

    

    (j)          change the Conversion
        Rate in accordance with the Indenture; provided, however, that any increase in the Conversion Rate other than pursuant to Article 9 shall not adversely affect the interests of the Holders (after taking into account United States federal income tax and other consequences of such
        increase);

    

    

    (k)          evidence the acceptance
        of appointment by a successor Trustee;

    

    

    (l)          irrevocably elect or
        eliminate any Settlement Method or Specified Cash Amount; provided, however, that no such election or elimination will affect any settlement method theretofore elected (or deemed to be elected) with respect to any Note pursuant to Section 9.02;

    
      - 27 -

      
        

    

    (m)          comply with the
        requirements of the SEC or TIA in order to effect or maintain the qualification of the Indenture or any supplemental indenture under the TIA;

    

    

    (n)          cure any ambiguity or to
        correct any mistake or supplement any provision herein or in the Notes that may be inconsistent with any other provision herein or that is otherwise defective;

    

    

    (o)          make other changes to the
        Indenture or forms or terms of the Notes, provided no such change individually or in the aggregate with all other such changes has or will have a material adverse effect on the interests of the Holders;

    

    

    (p)          conform, as necessary,
        the Indenture and the forms or terms of the Notes, to the “Description of Notes” as set forth in the Preliminary Prospectus Supplement relating to the Notes, dated August 11, 2020, together with the related Pricing Term Sheet, dated August 11,
        2020;

    

    

    (q)          comply with the rules of
        any applicable Depositary for the Notes, including DTC;

    

    

    (r)          establish the form of
        Notes if issued in definitive form (substantially in the form of Exhibit B);

    

    

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

    

    

    (t)          evidence and provide for
        the acceptance of the appointment under the Indenture of a successor Trustee in accordance with the terms of the Indenture.

    

    

    The Holders of a majority in aggregate principal amount of the outstanding Notes may, on behalf of all the holders of all Notes, waive
      all compliance by the Company with provisions in the Indenture (other than the provisions of the Indenture whose modification or amendment otherwise requires the consent of the holder of each outstanding Note affected by such modification or
      amendment as set forth in Section 8.02); or waive any past Default or Event of Default under the Indenture and its consequences, except a Default or Event of Default in the payment of any amount due, or in the obligation to deliver consideration upon
      conversion or with respect to any Note or in respect of any provision which under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Note affected.

    

    

    Section 8.02     With Consent of Holders. Except as provided below in this Section 8.02 and in Section 8.01, the Company and the Trustee may amend, modify or supplement the Indenture or
      the Notes with the written consent of the Holders of at least a majority of the principal amount of the Notes at the time outstanding.  Except as provided below in this Section 8.02 and in Section 8.01, the Holders of at least a majority of the
      principal amount of the Notes at the time outstanding may waive noncompliance in any particular instance with any provision of the Indenture or the Notes.

    

    

    Without the written consent or the affirmative vote of each Holder affected thereby, an amendment, supplement or waiver under this
      Section 8.02 may not:

    

    

    (a)          reduce the principal
        amount of or change the stated maturity of any Note, or the payment date of any installment of Interest payable on any Note;

    
      - 28 -

      
        

    

    (b)          reduce the Conversion
        Price Trigger Redemption Price or Fundamental Change Repurchase Price of, any Note or change the time at which or circumstances under which the Notes may be redeemed or repurchased;

    

    

    (c)          change the currency of
        payment of such Notes or Interest, Conversion Price Trigger Redemption Price or Fundamental Change Repurchase Price thereon;

    

    

    (d)          alter the manner of
        calculation or rate of accrual of Interest or extend the time for payment of any such amount or the Conversion Price Trigger Redemption Price or Fundamental Change Repurchase Price of any Note;

    

    

    (e)          impair the right of any
        Holder to receive payment on or with respect to, or conversion of, any Note or to bring suit for the enforcement of any such payment;

    

    

    (f)          adversely affect the
        repurchase option of the Holders as provided in Article 4 or the right of the Holders to convert any Note as provided in Article 9, except as otherwise permitted pursuant to Article 6 or Section 9.12 hereof;

    

    

    (g)          modify the redemption
        provisions of Article 4 in a manner adverse to the Holders;

    

    

    (h)          change the Company’s
        obligation to maintain an office or agency in the places and for the purposes specified in the Indenture;

    

    

    (i)          change the contractual
        priority in right of payment of the Notes as obligations of the Company that are (i) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated by contract to the Notes and (ii) equal in right of
        payment with the Company’s existing and future indebtedness that is not so expressly subordinated (it being understood, for the avoidance of doubt, that (x) the Notes will not be deemed to be subordinated in right of payment to any other
        indebtedness solely because the Notes are unsecured and such other indebtedness is secured; and (y) the Notes will not be deemed to be subordinated in right of payment to any indebtedness of the Company’s Subsidiaries that do not guarantee the
        Notes);

    

    

    (j)          modify any of the
        provisions of this Section, or reduce the percentage of the aggregate principal amount of outstanding Notes required to amend, modify or supplement the Indenture or the Notes or waive an Event of Default, except to provide that certain other
        provisions of the Indenture cannot be modified or waived without the consent of each Holder affected thereby; or

    

    

    (k)          reduce the percentage of
        the aggregate principal amount of the outstanding Notes the consent of whose Holders is required for any such supplemental indenture entered into in accordance with this Section 8.02 or the consent of whose Holders is required for any waiver
        provided for in the Indenture.

    
      - 29 -

      
        

    

    It shall not be necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed
      amendment, but it shall be sufficient if such consent approves the substance thereof.

    

    

    After an amendment under this Section 8.02 becomes effective, the Company shall send to each Holder a notice briefly describing the
      amendment.

    

    

    Section 8.03     Satisfaction and Discharge. The Company may satisfy and discharge its obligations under the Indenture by delivering to the Trustee for cancellation all outstanding
      Notes or by depositing with the Trustee or delivering to the Holders, as applicable, after all then-outstanding Notes have become due and payable, whether at the Stated Maturity, or any Redemption Date or Fundamental Change Repurchase Date, or upon
      conversion or otherwise, cash (or, if applicable with respect to any conversion shares of the Common Stock or other Reference Property) sufficient to pay all of the outstanding Notes and paying all other sums payable under the Indenture by the
      Company. Notwithstanding the foregoing, the obligations of the Company to the Trustee under Section 7.07 of the Base Indenture shall survive any such satisfaction or discharge.

    

    

    ARTICLE 9

    CONVERSIONS

    

    

    Section 9.01     Conversion Privilege.

    

    

    (a)          Subject to the provisions of Section 4.07 and Section 9.02, the Notes shall be convertible (i) prior to the close of business on the Business Day immediately preceding November 17, 2025, upon
          satisfaction of one or more of the conditions set forth in Section 9.01(b), (ii) at any time prior to the close of business on the second Business Day immediately preceding the Redemption Date, unless the Company fails to pay the Conversion Price
          Trigger Redemption Price, if the Company has called the Notes for redemption pursuant to Article 4 hereof, even if the Notes are not otherwise convertible at that time; and (iii) at any time from, and including, November 17, 2025 to the close of
          business on the second Scheduled Trading Day immediately preceding the Stated Maturity, irrespective of the conditions set forth in Section 9.01(b), in each case, into cash, shares of Common Stock, or a combination thereof, as set forth in
          Section 9.02, in accordance with this Article 9.  For the avoidance of doubt, from and after the close of business on the second Business Day immediately preceding the Redemption Date referred to in clause (a)(ii) above, the right to
        convert such Note on account of such redemption will expire, unless the Company fails to pay the related Redemption Price, in which case the Holders of Notes called for redemption may convert such Notes called for redemption at any time until the
        Redemption Price has been paid or duly provided for.

    

    

    (b)          (i) Prior to the close of
        business on the Business Day immediately preceding November 17, 2025, Holders may surrender their Notes for conversion during any calendar quarter after the
        calendar quarter ending September 30, 2020 (and only during such calendar quarter), if the Closing Sale Price of the Common Stock for each of twenty (20) or more
        Trading Days (whether or not consecutive) in a period of thirty (30) consecutive Trading Days ending on, and including, the last Trading Day of the immediately preceding calendar quarter exceeds the Conversion Trigger Price in effect on the each
        applicable Trading Day. The Board of Directors will make appropriate adjustments to the Closing Sale Price of the Common Stock, in its good faith determination, to account for any adjustment to the Conversion Rate that becomes effective, or any
        event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, during the thirty (30) consecutive Trading Day period set forth in the preceding sentence. The Company shall determine at the beginning of each
        calendar quarter commencing after September 30, 2020 whether the Notes may be surrendered for conversion in accordance with this Section 9.01(b)(i) and shall
        notify the Conversion Agent and the Trustee within ten (10) Business Days of the first day of such calendar quarter if the Notes become convertible in accordance with this Section 9.01(b)(i).

    
      - 30 -

      
        

    

    (ii)          Prior to the close of
        business on the Business Day immediately preceding November 17, 2025, Holders may surrender their Notes for conversion during the five (5) consecutive Business
        Days immediately after any ten (10) consecutive Trading Day period (the “Security Measurement Period”) in which the Trading Price per $1,000
        principal amount of Notes, as determined following a request by a Holder in accordance with the procedures set forth in this Section 9.01(b)(ii), for each Trading Day in such Security Measurement Period was equal to or less than 97% of the
        Conversion Value of the Notes on such Trading Day (the “Trading Price Condition”). The Trading Prices shall be determined by the Bid Solicitation
        Agent pursuant to this Section 9.01(b)(ii) and the definition of Trading Price set forth herein. The Company shall provide written notice to the Bid Solicitation Agent of the three independent nationally recognized securities dealers selected by
        the Company pursuant to the definition of Trading Price, along with appropriate contact information for each. The Bid Solicitation Agent shall have no obligation to determine the Trading Price of the Notes in accordance with this Section
        9.01(b)(ii) unless requested by the Company, and the Company shall have no obligation to make such request unless a Holder of at least $1.0 million aggregate principal amount of Notes then outstanding provides the Company with written notice that
        includes reasonable evidence that the Trading Price per $1,000 principal amount of Notes would be equal to or less than 97% of the Conversion Value of the Notes. Promptly after receiving such evidence, the Company shall instruct the Bid
        Solicitation Agent to determine the Trading Price of the Notes beginning on the next Trading Day and on each of the next ten (10) Trading Days until the Trading Price Condition is no longer satisfied. If the Company does not so instruct the Bid
        Solicitation Agent to obtain bids when required pursuant to this Section 9.01(b)(ii), the Trading Price per $1,000 principal amount of the Notes shall be deemed to be equal to 97% of the Conversion Value of the Notes on each Trading Day that the
        Company fails to do so. If, at any time after the Trading Price Condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes is greater than 97% of the Conversion Value, the Company shall so notify the Holders, the
        Trustee and the Conversion Agent (if other than the Trustee).

    

    

    (iii)          If, prior to November 17, 2025, there occurs (1) a Fundamental Change, (2) a Make-Whole Fundamental Change or (3) a Common Stock Change Event (other than, in the case of this clause
        (3), a transaction described in Section 9.12(i) that complies with the Company’s obligations under Article 6, if applicable, and is not a Fundamental Change or a Make-Whole Fundamental Change), in each case other than a merger or other business
        combination transaction that is effected solely to change the Company’s jurisdiction of incorporation and that does not constitute a Fundamental Change or a Make-Whole Fundamental Change, then a Holder may surrender its Notes for conversion at any
        time during the period that begins on, and includes, the effective date of the transaction and ends on, and includes, the thirty-fifth (35th) Business Day after the effective date of the transaction (or, if such transaction also constitutes a
        Fundamental Change (other than an Exempted Fundamental Change), until the close of business on the Business Day prior to related Fundamental Change Repurchase Date).  The Company will notify Holders and the Trustee of any such transaction no later
        than the actual effective date of such transaction. In addition, if the transaction is a Fundamental Change, then the Notes may also be surrendered for repurchase as provided in Section 4.07.

    
      - 31 -

      
        

    

    (iv)          Prior to the close of
        business on the Business Day immediately preceding November 17, 2025, if the Company elects to:

    

    

    (A)          distribute to all or substantially all holders of Common Stock any rights, options or warrants (other than rights issued pursuant to a shareholder rights plan, so long as such rights
        have not separated from the Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this Section 9.01(b)(iv)(A) upon their separation from the Common Stock or
        upon the occurrence of such triggering event) entitling them, for a period of not more than sixty (60) days after the record date of such distribution, to purchase or
          subscribe for shares of Common Stock at a price per share less than the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
          date such distribution is announced; or

    

    

    (B)          distribute to all or
        substantially all holders of Common Stock the Company’s assets, debt securities or rights to purchase the Company’s securities (excluding (i) distributions solely pursuant to a transaction described in Section 9.06(a); and (ii) rights issued
        pursuant to a shareholder rights plan, so long as such rights have not separated from the Common Stock and are not exercisable until the occurrence of a triggering event, except that such rights will be deemed to be distributed under this Section
        9.01(b)(iv)(B) upon their separation from the Common Stock or upon the occurrence of such triggering event), which distribution has a per share value, as reasonably determined by the Board of Directors, exceeding 10% of the Closing Sale Price of
        the Common Stock on the Trading Day preceding the date of announcement of such distribution,

    

    

    then, in each case, the Company shall notify Holders and the Trustee at least forty-five (45) Business Days before the Ex-Dividend Date for such
      distribution. Once the Company has given such notice, Holders may surrender Notes for conversion at any time until the earlier of the close of business on the Business Day immediately preceding the Ex-Dividend Date for such distribution and the
      Company’s announcement that such distribution will not take place, even if the Notes are not otherwise convertible at such time.  However, the Company will not be required to provide such notice, and Holders will not have the right to convert their
      Notes pursuant to this Section 9.01(b)(iv)(B), if each Holder participates, at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in such distribution without having to convert their
      Notes as if such Holder held a number of shares of Common Stock equal to the Conversion Rate in effect on the record date for such distribution, multiplied

        by the principal amount (expressed in thousands) of Notes held by such Holder.

    

    

    (c)          A Holder may convert a
        portion of the principal amount of a Note if such portion is $1,000 principal amount or an integral multiple of $1,000 principal amount. Provisions of the Indenture that apply to conversion of all of a Note also apply to conversion of a portion of
        such Note.

    

    

    (d)          If the Notes shall be
        convertible in accordance with this Section 9.01, the Company shall provide written notice to the Trustee, the Conversion Agent (if other than the Trustee) and Holders, and the Company shall publicly announce, through a reputable national newswire
        service, that the Notes have become convertible, stating, among other things:

    

    

    (i)          the event causing the
        Notes to become convertible;

    
      - 32 -

      
        

    

    (ii)          the time during which
        the Notes shall be convertible as a result of that event;

    

    

    (iii)          if that event is a
        transaction described under Section 9.01(b)(iii) or Section 9.01(b)(iv), the effective date of the transaction; and

    

    

    (iv)          the procedures Holders
        must follow to convert their Notes, including the name and address of the Conversion Agent.

    

    

    The Company shall send the notice as soon as practicable, but in no event later than the open of business on the Business Day
      immediately following the date the Notes become convertible as a result of the event.

    

    

    Section 9.02     Conversion Procedure and Payment Upon Conversion.

    

    

    (a)          To convert a Note, a
        Holder  of a Certificated Note must (1) complete and manually sign the Conversion Notice, with appropriate signature guarantee, or facsimile of the Conversion Notice and deliver the completed Conversion Notice to the Conversion Agent, (2) surrender
        the Note to the Conversion Agent, (3) furnish appropriate endorsements and transfer documents if required by the Registrar or Conversion Agent, (4) pay the amount of interest, if any, required by Section 9.02(c), and (5) pay any tax or duty if
        required pursuant to Section 9.04. If a Holder holds a beneficial interest in a Global Note, to convert such Note, the Holder must comply with clauses (4) and (5) above and the Depositary’s procedures for converting a beneficial interest in a
        Global Note.

    

    

    Upon conversion of a Holder’s Note, in satisfaction of its conversion obligation, the Company shall pay or deliver, as the case may be,
      at its election, through the Conversion Agent, (i) shares of Common Stock, together with cash in lieu of any fractional share (“Physical Settlement”),

      (ii) cash (“Cash Settlement”), or (iii) a combination of cash and shares of Common Stock, together with cash in lieu of any fractional share (“Combination Settlement”) as set forth in this Section 9.02(a). The Company, or the Trustee at the direction of the Company and in the Company’s name
      and at its expense, shall inform Holders of the Settlement Method it elects to satisfy its obligation upon conversion (and the Specified Cash Amount, if applicable, as follows):

    

    

    (i)          in respect of Notes
        converted with a Conversion Date that is after the forty-fifth (45th) Scheduled Trading Day immediately preceding the Stated Maturity, no later than the forty-fifth (45th) Scheduled Trading Day immediately preceding the Stated Maturity; and

    

    

    (ii)          in all other cases, no
        later than the Business Day following the applicable Conversion Date;

    

    

    provided, however, that if the Company calls any Notes for redemption, then (x) the Company will specify in the related redemption notice the Settlement Method that will apply to all
      conversions with a Conversion Date that occurs on or after the date the Company sends such redemption notice and before the related Redemption Date; and (y) if the related Redemption Date is after the forty-fifth (45th) Scheduled Trading Day
      immediately preceding the Stated Maturity, then such Settlement Method must be the same Settlement Method that applies to all conversions with a Conversion Date that occurs on or after the forty-fifth (45th) Scheduled Trading Day immediately
      preceding the Stated Maturity.  Except as provided in the preceding sentence, the Company must use the same Settlement Method for all conversions with a Conversion Date that occur on the same day, but the Company will not be obligated to use the same
      Settlement Method for conversions with Conversion Dates that occur on different days.

    
      - 33 -

      
        

    

    If the Company fails to give notice within the time periods provided for in the immediately preceding sentence as to how it intends to
      settle its conversion obligation with respect to such Notes, then the Company will be deemed to have elected the Default Settlement Method and such failure will not be deemed to be a Default.  If the Company elects Combination Settlement but fails to
      specify the Specified Cash Amount, then the Specified Cash Amount will be deemed to be $1,000 per $1,000 principal amount of Notes.

    

    

    The Company will have the right, exercisable at its election by sending notice of such exercise to the Holders (with a copy to the
      Trustee and the Conversion Agent), to irrevocably fix the Settlement Method, or to irrevocably elect Combination Settlement and eliminate a Specified Cash Amount or range of Specified Cash Amounts, in each case that will apply to all conversions of
      Notes with a Conversion Date that occurs on or after the date such notice is sent to Holders. Such Settlement Method must be a Settlement Method that the Company is then permitted to elect (for the avoidance of doubt, including pursuant to, and
      subject to, the other provisions of this Section 9.02(a)) If the Company irrevocably elects Combination Settlement and eliminates a Specified Cash Amount or a range of Specified Cash Amounts, then (i) the Company will simultaneously change the
      Default Settlement Method, if needed, to Combination Settlement with a Specified Cash Amount that is consistent with such irrevocable election; and (ii) the Company will continue to have the ability to elect the Specified Cash Amount (to any
      Specified Cash Amount that is consistent with such irrevocable election) for subsequent conversions of Notes in the manner, and within the time periods, set forth above. Notwithstanding the foregoing, no such change in the Default Settlement Method
      or irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any Note pursuant to this Section 9.02(a).  For the avoidance of doubt, such an irrevocable election, if made, will be effective
      without the need to amend the Indenture or the Notes, including pursuant to Section 8.01(l). However, the Company may nonetheless choose to execute such an amendment at its option. If the Company sends such notice irrevocably fixing the Settlement
      Method, such notice must set forth the applicable Settlement Method and expressly state that the election is irrevocable and applicable to all conversions of Notes with a Conversion Date that occurs on or after the date such notice is sent to
      Holders. If the Company changes the Default Settlement Method or irrevocably fixes the Settlement Method pursuant to this paragraph, then the Company will either post the Default Settlement Method or fixed Settlement Method, as applicable, on its
      website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with the SEC.

    

    

    Except as provided in Sections 9.06, 9.12 and 9.15, the Company will pay or deliver, as applicable, the consideration due upon
      conversion as follows: (i) if Cash Settlement or Combination Settlement applies, on or before the second (2nd) Business Day immediately after the last VWAP Trading Day of such Observation Period; and (ii) if Physical Settlement applies, on or before
      the second (2nd) Business Day immediately after such Conversion Date (or, if such Conversion Date occurs after February 1, 2026, on the Stated Maturity (or, if the Stated Maturity is not a Business Day, the next Business Day).

    
      - 34 -

      
        

    

    The amount of cash and number of shares of Common Stock, as the case may be, due upon conversion of Notes will be as follows:

    

    

    (1)          If the Company elects (or
        is deemed to have elected) Physical Settlement, the Company shall deliver to each converting Holder a number of shares of Common Stock equal to (i) (A) the aggregate principal amount of Notes to be converted, divided by (B) $1,000 multiplied by (ii) the Conversion Rate in
        effect on the relevant Conversion Date (provided that the Company shall deliver cash in lieu of fractional shares as provided in Section 9.03).

    

    

    (2)          If the Company elects (or
        is deemed to have elected) Cash Settlement, the Company shall pay to each converting Holder, for each $1,000 principal amount of Notes so converted, cash in an amount equal to the sum of the Daily Conversion Values for each of the forty (40)
        consecutive VWAP Trading Days in the relevant Observation Period.

    

    

    (3)          If the Company elects (or
        is deemed to have elected) Combination Settlement, the Company shall deliver to each converting Holder, for each $1,000 principal amount of Notes to be converted, cash and shares of Common Stock, if any, equal to the sum of the Daily Settlement
        Amounts for each of the forty (40) consecutive VWAP Trading Days in the relevant Observation Period (provided that the Company will deliver cash
        in lieu of fractional shares as provided in Section 9.03).

    

    

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

    

    

    (b)          A Holder receiving shares
        of Common Stock upon conversion shall not be entitled to any rights as a holder of Common Stock, including, among other things, the right to vote, respond to tender offers and receive dividends and notices of shareholder meetings, until the close
        of business on the Conversion Date (in the case of Physical Settlement) or the close of business on the last VWAP Trading Day of the applicable Observation Period (in the case of Combination Settlement). On and after the Conversion Date with
        respect to a conversion of a Note pursuant hereto, all rights of the Holder of such Note shall terminate, other than the right to receive the consideration deliverable upon conversion of such Note as provided herein (and, if applicable, any
        interest payment as provided in Section 9.02(c)).

    

    

    (c)          Except as provided in the
        Notes or in this Article 9, no payment or adjustment will be made for accrued interest, if any, on a converted Note or for dividends on any Common Stock issued on or prior to conversion, and accrued interest, if any, will be deemed to be paid by
        the consideration paid to the Holder upon conversion. On conversion of a Note, accrued interest, if any, with respect to the converted Note shall not be cancelled, extinguished or forfeited, but rather shall be deemed to be paid in full to the
        Holder thereof through delivery of the Common Stock (together with the cash payment, if any, in lieu of fractional shares), or cash or a combination of cash and Common Stock in lieu thereof, in exchange for the Note being converted pursuant to the
        provisions hereof; and the fair market value of such shares of Common Stock (together with any such cash payment in lieu of fractional shares), or cash or a combination of cash and Common Stock in lieu thereof, shall be treated as delivered, to the
        extent thereof, first in exchange for accrued interest, if any, and the balance, if any, of the fair market value of such Common Stock (and any such cash payment in lieu of fractional shares), or cash in lieu thereof, shall be treated as delivered
        in exchange for the remaining principal payments due on the Note being converted pursuant to the provisions hereof. If any Holder surrenders a Note for conversion after the close of business on the Interest Record Date for the payment of an
        installment of interest and prior to the open of business on the next Interest Payment Date, then, notwithstanding such conversion, the full amount of accrued and unpaid interest payable with respect to such Note on such Interest Payment Date shall
        be paid on such Interest Payment Date to the Holder of record of such Note at the close of business on such Record Date; provided, however, that such Note, when surrendered for conversion, must be accompanied by payment in cash to the Conversion Agent on behalf of the Company of
        the full amount equal to the accrued and unpaid interest payable on such Interest Payment Date on the portion so converted; provided further, however, that such payment to the Conversion Agent provided for
        in the immediately preceding proviso in respect of a Note surrendered for conversion shall not be required with respect to a Note that (i) the Company has specified a Redemption Date that is after an Interest Record Date but on or prior to the
        second Business Day immediately after the corresponding Interest Payment Date (ii) is surrendered for conversion after the close of business on February 1, 2026,
        the Interest Record Date immediately preceding the Stated Maturity or (iii) is surrendered for conversion after the close of business on an Interest Record Date for the payment of an installment of interest and on or before the Business Day
        immediately after the related Interest Payment Date, where, pursuant to Section 4.07, the Company has specified, a Fundamental Change Repurchase Date that is after such Interest Record Date and on or before such Interest Payment Date; provided further that, if the Company shall have, prior to the Conversion Date with respect to a Note, defaulted in a payment of interest on such
        Note, then in no event shall the Holder of such Note who surrenders such Note for conversion be required to pay such defaulted interest or the interest that shall have accrued on such defaulted interest pursuant to Section 2.14 of the Base
        Indenture or otherwise (it being understood that nothing in this Section 9.02(c) shall affect the Company’s obligations under Section 2.14 of the Base Indenture).

    
      - 35 -

      
        

    

    (d)          If a Holder converts more
        than one Note at the same time, the number of full shares of Common Stock issuable upon such conversion, if any, shall be based on the total principal amount of all Notes converted.

    

    

    (e)          Upon surrender of a Note
        that is converted in part, the Trustee shall authenticate for the Holder a new Note equal in principal amount to the unconverted portion of the Note surrendered.

    

    

    (f)          If the last day on which
        a Note may be converted is not a Business Day in a place where a Conversion Agent is located, the Note may be surrendered to that Conversion Agent on the next succeeding day that is a Business Day.

    

    

    Section 9.03     Cash In Lieu Of Fractional Shares.

    

    

    The Company will not issue a fractional share of Common Stock upon conversion of a Note. Instead, the Company shall pay cash in lieu of
      fractional shares based on the Closing Sale Price of the Common Stock on the Conversion Date (in the case of Physical Settlement) or the Volume-Weighted Average Price per share of the Common Stock on the last Trading Day of the relevant Observation
      Period (in the case of Combination Settlement).

    

    

    Section 9.04     Taxes On Conversion.

    

    

    If a Holder converts its Note, the Company shall pay any documentary, stamp or similar issue or transfer tax or duty due on the issue
      and delivery, if any, of Common Stock upon the conversion. However, such Holder shall pay any such tax or duty that is due because such shares are issued in a name other than such Holder’s name. The Conversion Agent may refuse to deliver a
      certificate representing the Common Stock to be issued in a name other than such Holder’s name until the Conversion Agent receives a sum sufficient to pay any tax or duty that will be due because such shares are to be issued in a name other than such
      Holder’s name.

    
      - 36 -

      
        

    

    Section 9.05     Company to Provide Common Stock.

    

    

    The Company shall at all times reserve out of its authorized but unissued Common Stock or Common Stock held in its treasury enough
      shares of Common Stock to permit the conversion, in accordance herewith, of all of the Notes. The shares of Common Stock, if any, due upon conversion of a Global Note shall be delivered by the Company in accordance with the Depositary’s customary
      practices.

    

    

    All shares of Common Stock that may be issued upon conversion of the Notes shall be validly issued, fully paid and non-assessable and
      shall be free of preemptive or similar rights and free of any lien or adverse claim.

    

    

    The Company shall comply with all securities laws regulating the offer and delivery of shares of Common Stock upon conversion of Notes
      and shall list such shares on each national securities exchange or automated quotation system on which the shares of Common Stock are listed.

    

    

    Section 9.06     Adjustment Of Conversion Rate.

    

    

    The Conversion Rate shall be subject to adjustment from time to time, without duplication, upon the occurrence of any of the following
      events, except that the Company will not make any adjustment to the Conversion Rate if each Holder of Notes participates (other than in the case of a transaction described in Section 9.06(a) or Section 9.06(e)), at the same time and upon the same
      terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this Section 9.06 without having to convert such Holder’s Notes as if such Holder held a number of shares of Common Stock equal
      to the Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held by such Holder:

    

    

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

     

      

    

    

    where,

    	
            CR0

          	
            =

          	
            the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or
              distribution, or the open of business on the effective date of such share split or share combination, as the case may be;

          

    
      - 37 -

      
        

    

    	
            CR1

          	
            =

          	
            the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or
              distribution, or the open of business on the effective date of such share split or share combination, as the case may be;

              

            

          
	
            OS0

          	
            =

          	
            the number of shares of Common Stock outstanding immediately prior to the open of business on the Ex-Dividend Date for such
              dividend or distribution, or the open of business on the effective date of such share split or share combination, as the case may be; and

             

            

          
	
            OS’

          	
            =

          	
            the number of shares of Common Stock outstanding immediately after such dividend or distribution, or such share split or share
              combination, as the case may be.

          

     

    

    Any adjustment made under this Section 9.06(a) shall become effective immediately after the open of business on the Ex-Dividend Date for
      such dividend or distribution, or immediately after the open of business on the effective date for such share split or share combination, as the case may be. If any dividend or distribution of the type described in this Section 9.06(a) is declared
      but not so paid or made, or any share split or combination of the type described in this Section 9.06(a) is announced but the outstanding shares of Common Stock are not split or combined, as the case may be, the Conversion Rate shall be immediately
      readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or not to split or combine the outstanding shares of Common Stock, as the case may be, to the Conversion Rate that would then be in
      effect if such dividend, distribution, share split or share combination had not been declared or announced.

    

    

    (b)          If the Company
        distributes, to all or substantially all holders of the Common Stock, any rights, options or warrants entitling such Holders, for a period expiring not more than sixty (60) days immediately following the record date of such distribution, to
        purchase or subscribe for shares of Common Stock, at a price per share less than the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately
        preceding the date such distribution is announced, the Conversion Rate shall be increased based on the following formula:

     

      

     

    

    where,

    	
            CR0

          	
            =

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

             

            

          
	
            CR1

          	
            =

          	
            the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

             

            

          

    
      - 38 -

      
        

    

    	
            OS0

          	
            =

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

             

            

          
	
            X

          	
            =

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

             

            

          
	
            Y

          	
            =

          	
            the number of shares of Common Stock equal to (x) the aggregate price payable to exercise such rights, options or warrants, divided by (y) the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on, and
              including, the Trading Day immediately preceding the date such distribution is announced.

             

            

          

    Any increase made under this Section 9.06(b) shall be made successively whenever any such rights, options or warrants are distributed
      and shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. To the extent that shares of Common Stock are not delivered after the expiration of such rights, options or warrants, the Conversion Rate
      shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the distribution of such rights, options or warrants been made on the basis of delivery of only the number of shares of Common Stock actually
      delivered. If such rights, options or warrants are not so distributed, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such Ex-Dividend Date for such distribution had not occurred.

    

    

    For purposes of this Section 9.06(b) and Section 9.01(b)(iv), in determining whether any rights, options or warrants entitle the holders
      thereof to subscribe for or purchase shares of Common Stock at less than such average of the Closing Sale Prices for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date such
      distribution is announced, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on
      exercise or conversion thereof, with the value of such consideration, if other than cash, to be determined by the Board of Directors.  Except as provided in the last two sentences of the prior paragraph, in no event shall the Conversion Rate be
      decreased pursuant to this Section 9.06(b).

    

    

    (c)

    

    

    (i)          If the Company
        distributes shares of its Capital Stock, evidences of its indebtedness or other of its assets, securities or property, or rights, options or warrants to acquire the Company’s Capital Stock or other securities, to all or substantially all holders of
        Common Stock, excluding (i) dividends, distributions or issuances covered by Section 9.06(a) and Section 9.06(b) (including, for the avoidance of doubt, any such dividends, distributions or issuance for which an adjustment to the Conversion Rate is
        not yet effected pursuant to such Section 9.06(a) or Section 9.06(b), as applicable, due to the application of the 1% Provision), (ii) dividends or distributions paid exclusively in cash referred to in Section 9.06(d) (including, for the avoidance
        of doubt, any such dividends or distributions for which an adjustment to the Conversion Rate is not yet effected pursuant to such Section 9.06(d) due to the application of the 1% Provision), (iii) dividends or distributions solely pursuant to a
        Common Stock Change Event, as to which Section 9.12 will apply, and (iv) Spin-Offs to which the provisions set forth in Section 9.06(c)(ii) shall apply (subject, for the avoidance of doubt, to the 1% Provision) (any of such shares of Capital Stock,
        evidences of indebtedness or other assets, securities or property, or rights, options or warrants to acquire the Company’s Capital Stock or other securities, the “Distributed Assets”), then, in each such case the Conversion Rate shall be increased based on the following formula:

    
      - 39 -

      
        

    

    

    

    

    where

     

    

    	
            CR0

          	
            =

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

             

            

          
	
            CR1

          	
            =

          	
            the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;

             

            

          
	
            SP

          	
            =

          	
            the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on, and including,
              the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

             

            

          
	
            FMV

          	
            =

          	
            the fair market value (as determined by the Board of Directors) of the shares of Capital Stock, evidences of indebtedness, assets, securities,
              property, rights, options or warrants distributed with respect to each outstanding share of Common Stock as of the open of business on the Ex-Dividend Date for such distribution.

             

          

    If the Board of Directors determines “FMV” for purposes of this Section 9.06(c) by reference to the actual or when issued trading market
      for any securities, it must in doing so consider the prices in such market over the same period used in computing the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on the Trading Day immediately
      preceding the Ex-Dividend Date for such distribution.

    

    

    Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than the “SP0” (as defined above), then, in
      lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes it holds, at the same time and upon the same terms as the holders of the Common Stock, the amount and kind of Distributed Assets that such
      Holder would have received as if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the record date for such distribution.

    

    

    Any increase made under this Section 9.06(c)(i) shall become effective immediately after the open of business on the Ex-Dividend Date
      for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to be the Conversion Rate that would then be in effect if such distribution had not been declared.

    
      - 40 -

      
        

    

    (ii)          If the Company dividends
        or distributes, to all or substantially all holders of the Common Stock, shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company (other than a distribution
        solely pursuant to a Common Stock Change Event, as to which Section 9.12 will apply) where such Capital Stock or similar equity interest is listed or quoted (or will be listed or quoted upon consummation of the Spin-Off) on a U.S. national
        securities exchange (a “Spin-Off”), the Conversion Rate will be increased based on the following formula:

    

    

    

    

    

    where

    	
            CR0

          	
            =

          	
            the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for the Spin-Off;

             

            

          
	
            CR1

          	
            =

          	
            the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for the Spin-Off;

             

            

          
	
            FMV

          	
            =

          	
            the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common
              Stock applicable to one share of Common Stock over the first ten (10) consecutive Trading Day period (the “Spin-Off Valuation Period”)
              beginning on, and including, the Ex-Dividend Date for the Spin-Off; and

             

            

          
	
            MP0

          	
            =

          	
            the average of the Closing Sale Prices of the Common Stock over the Spin-Off Valuation Period.

             

          

    The increase to the Conversion Rate under the preceding paragraph will be determined as of the end of the Spin-Off Valuation Period but
      will be given effect immediately after the open of business on the Ex-Dividend Date for the Spin-Off, with retroactive effect.  If a Note is converted and the Conversion Date (in the case of Physical Settlement) or any VWAP Trading Day of the
      applicable Observation Period (in the case of Cash Settlement or Combination Settlement) occurs during the Spin-Off Valuation Period, then, notwithstanding anything to the contrary, the Company will, if necessary, delay the settlement of such
      conversion until the second (2nd) Business Day after the last day of the Spin-Off Valuation Period.

    

    

    Except as provided in the last sentence of the fourth paragraph of Section 9.06(c)(i), in no event shall the Conversion Rate be
      decreased pursuant to this Section 9.06(c).

    

    

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

    

    

    

    

    

    where

    	
            CR0

          	
            =

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

             

            

          
	
            CR1

          	
            =

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

             

            

          

    
      - 41 -

      
        

    

    	
            SP

          	
            =

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

          
	
            C

          	
            =

          	
            the amount in cash per share of Common Stock the Company dividends or distributes to holders of its Common Stock.

             

            

          

    Such increase shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution.
      If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in
      effect if such dividend or distribution had not been declared.

    

    

    Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), then, in lieu
      of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of Notes, at the same time and upon the same terms as holders of the Common Stock, the amount of cash such Holder would have received as if such Holder
      owned a number of shares of Common Stock equal to the Conversion Rate on the record date for such dividend or distribution.

    

    

    Except as provided in the last sentence of the second paragraph of this Section 9.06(d), in no event shall the Conversion Rate be
      decreased pursuant to this Section 9.06(d).

    

    

    (e)          If the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the Common Stock (other than solely pursuant to an odd-lot tender offer
        pursuant to Rule 13e-4(h)(5) under the Exchange Act), and the cash and value of any other consideration included in the payment per share of Common Stock exceeds the
          average (such average, the “Reference Price”) of the
          Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading-Day period (the “Tender/Exchange Offer Valuation Period”) commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the
          Conversion Rate shall be increased based on the following formula:

    

    

    

    

    

    where

    	
            CR0

          	
            =

          	
            the Conversion Rate in effect immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires;

             

            

          
	
            CR1

          	
            =

          	
            the Conversion Rate in effect immediately after the Expiration Time;

             

            

          
	
            AC

          	
            =

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

             

            

          
	
            OS0

          	
            =

          	
            the number of shares of Common Stock outstanding immediately prior to the Expiration Time (before giving effect to the purchase of all shares of
              the Common Stock accepted for purchase or exchange in such tender or exchange offer);

             

          

    
      - 42 -

      
        

    

    	
            OS1

          	
            =

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

             

            

          
	
            SP

          	
            =

          	
            the Reference Price.

             

          

    The adjustment to the Conversion Rate pursuant to this Section 9.06(e) will be determined as of the end of the Tender/Exchange Offer
      Valuation Period but will be given effect immediately after the Expiration Time, with retroactive effect.  If a Note is converted and the Conversion Date (in the case of Physical Settlement) or any VWAP Trading Day of the applicable Observation
      Period (in the case of Cash Settlement or Combination Settlement) occurs during the Tender/Exchange Offer Valuation Period, then, notwithstanding anything to the contrary, the Company will, if necessary, delay the settlement of such conversion until
      the second (2nd) Business Day after the last day of the Tender/Exchange Offer Valuation Period. In no event shall the Conversion Rate be decreased pursuant to this Section 9.06(e).

    

    

    (f)          Notwithstanding anything
        to the contrary in the Indenture or the Notes, if:

    

    

    (i)          a Conversion Rate adjustment for any dividend or distribution becomes effective on any Ex-Dividend Date pursuant to subsections (a), (b), (c), (d) and (e) of this Section 9.06;

    

    

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

    

    

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

    

    

    (iv)          the consideration due
        upon such conversion (in the case of Physical Settlement) or due with respect to such VWAP Trading Day (in the case of Combination Settlement) includes any whole shares of Common Stock based on a Conversion Rate that is adjusted for such dividend
        or distribution; and

    

    

    (v)          such shares would be
        entitled to participate in such dividend or distribution,

    

    

    then (x) such Conversion Rate adjustment will not be given effect for such conversion (in the case of Physical Settlement) or for such VWAP Trading Day (in
      the case of Combination Settlement); and (y) the shares of Common Stock, if any, issuable upon such conversion (in the case of Physical Settlement) or issuable with respect to such VWAP Trading Day (in the case of Combination Settlement) based on
      such unadjusted Conversion Rate will be entitled to participate in such dividend or distribution.

    
      - 43 -

      
        

    

    (g)          Notwithstanding anything
        to the contrary, if:

    

    

    (i)          a Note is to be
        converted;

    

    

    (ii)          the record date, effective date or Expiration Time for any event that requires an adjustment to the conversion rate pursuant to subsections (a), (b), (c), (d) and (e) of this Section
        9.06 has occurred on or before the Conversion Date for such conversion (in the case of Physical Settlement) or on or before any VWAP Trading Day in the Observation Period
          for such conversion (in the case of Combination Settlement), but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion Date or VWAP Trading Day, as applicable;

    

    

    (iii)          the consideration due
        upon such conversion (in the case of Physical Settlement) or due in respect of such VWAP Trading Day (in the case of Combination Settlement) includes any whole shares of the Common Stock; and

    

    

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

    

    

    then, solely for purposes of such conversion, the Company will, without duplication, give effect to such adjustment on such Conversion Date (in the case of
      Physical Settlement) or such VWAP Trading Day (in the case of Combination Settlement).  In such case, if the date the Company is otherwise required to deliver the consideration due upon such conversion is before the first date on which the amount of
      such adjustment can be determined, then the Company will (x) deliver, on such date the Company is otherwise required by this Indenture, the consideration due upon such conversion based on the applicable unadjusted Conversion Rate(s); and (ii)
      deliver, on the Business Day immediately after such first date, any additional consideration arising from giving effect to such adjustment to the applicable Conversion Rate(s).

    

    

    (h)          As used in this Section
        9.06, “record date” means, with respect to any dividend distribution or other transaction or event in which the holders of the Common Stock have
        the right to receive any cash, securities or other property, the date fixed for determination of holders of Common Stock entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by
        statute, contract or otherwise).

    

    

    (i)          If the Company issues rights, options or warrants that are only exercisable upon the occurrence of certain triggering events, then (i) the Company will not adjust the Conversion Rate pursuant
          to the provisions described in subsections (a), (b), (c), (d) and (e), inclusive, of this Section 9.06 until the earliest of these triggering events occurs; and (ii) if an adjustment was made to the Conversion Rate on account of such
        issuance pursuant to subsection (b) of this Section 9.06, then the Company will readjust the Conversion Rate to the extent any of these rights, options or warrants are not exercised before they expire.

    

    

    (j)          In addition to the
        foregoing adjustments in subsections (a), (b), (c), (d) and (e) above, the Company may, from time to time and to the extent permitted by law and the continued listing requirements of the NYSE, increase the Conversion Rate by any amount for a period
        of at least twenty (20) Business Days or any longer period as may be permitted or required by law, if the Board of Directors has made a determination, which determination shall be conclusive, that such increase would be in the best interests of the
        Company. Such Conversion Rate increase shall be irrevocable during such period. The Company shall give notice to the Trustee and cause notice of such increase to be sent to each Holder, no later than the first day on which such increase commences.

    
      - 44 -

      
        

    

    (k)          All calculations under
        this Article 9 shall be made to the nearest cent or to the nearest one-millionth of a share, as the case may be. Adjustments to the Conversion Rate will be calculated to the nearest 1/10,000th.

    

    

    Section 9.07     No Adjustment.

    

    

    Notwithstanding anything herein or in the Notes to the contrary, in no event shall the Conversion Rate be adjusted:

    

    

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

    

    

    (b)          upon the issuance of any
        shares of Common Stock or restricted stock, restricted stock units, non-qualified stock options, incentive stock options or any other options or rights (including stock appreciation rights) to purchase shares of Common Stock pursuant to any present
        or future employee, director or consultant benefit plan or program of, or assumed by, the Company or any of its Subsidiaries;

    

    

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

    

    

    (d)          for a third party tender
        offer by any party other than a tender offer by one or more of the Company’s Subsidiaries set forth in Section 9.06(e);

    

    

    (e)          solely pursuant to an
        odd-lot tender offer pursuant to Rule 13e-4(h)(5) under the Exchange Act;

    

    

    (f)          for accrued and unpaid
        Interest, if any;

    

    

    (g)          upon the repurchase of
        any shares of Common Stock pursuant to an open-market share repurchase program or other buy-back transaction, including structured or derivative transactions, that is not a tender offer or exchange offer of the nature described in Section 9.06; or

    

    

    (h)          for a change in the par
        value of shares of Common Stock.

    
      - 45 -

      
        

    

    No adjustment in the Conversion Rate pursuant to Section 9.06 shall be required until cumulative adjustments amount to one percent (1%)
      or more of the Conversion Rate as last adjusted (or, if never adjusted, the initial Conversion Rate); provided, however, that all such deferred adjustments must be given effect immediately upon the earliest of the following: (i) when all such deferred adjustments would result in a
      change of at least 1% to the Conversion Rate; (ii) the Conversion Date of, or any VWAP Trading Day of an Observation Period for, any Note; (iii) the date a Fundamental Change or Make-Whole Fundamental Change occurs; (iv) the date the Company calls
      any Notes for redemption; and (iv) November 17, 2025.  The provisions of this this paragraph are referred to herein as the “1% Provision.”

    

    

    No adjustment to the Conversion Rate need be made pursuant to Section 9.06 for a transaction (other than for share splits or share
      combinations pursuant to Section 9.06(a)) if the Company provides for each Holder to participate in the transaction, at the same time that holders of Common Stock participate in such transaction, without conversion, as if such Holder held a number of
      shares of Common Stock equal to a fraction whose numerator is the product of the Conversion Rate in effect on the record date or effective date, as applicable, of the transaction (without giving effect to any adjustment pursuant to Section 9.06 on
      account of such transaction) and the aggregate principal amount of Notes held by such Holder and whose denominator is one thousand dollars ($1,000).

    

    

    Section 9.08     Other Adjustments.

    

    

    In the event that, as a result of an adjustment made pursuant to Section 9.06 hereof, the Holder of any Note thereafter surrendered for
      conversion shall become entitled to receive any shares of Capital Stock other than Common Stock, thereafter the Conversion Rate of such other shares so receivable upon conversion of any Note shall be subject to adjustment from time to time in a
      manner and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article 9.

    

    

    Section 9.09     Adjustments For Tax Purposes.

    

    

    Except as prohibited by law the Company may (but is not obligated to) increase the Conversion Rate, in addition to those required by
      Section 9.06 hereof, as it determines to be advisable in order that any stock dividend, subdivision of shares, distribution of rights to purchase stock or securities or distribution of securities convertible into or exchangeable for stock made by the
      Company or to its shareholders will not be taxable to the recipients thereof or in order to avoid or diminish any such taxation.

    

    

    Section 9.10     Notice Of Adjustment.

    

    

    Whenever the Conversion Rate is adjusted, the Company shall promptly send to Holders at the addresses appearing on the Registrar’s books
      a notice of the adjustment and file with the Trustee an Officers’ Certificate briefly stating the facts requiring the adjustment and the manner of computing it. The certificate shall be conclusive evidence of the correctness of such adjustment.

    

    

    Section 9.11     Notice Of Certain Transactions.

    

    

    In the event that:

    

    

    (1)          the Company takes any
        action, or becomes aware of any event, which would require an adjustment in the Conversion Rate,

    

    

    (2)          the Company takes any
        action that would require a supplemental indenture pursuant to Section 9.12, or

    

    

    (3)          there is a dissolution or
        liquidation of the Company,

    

    

    the Company shall send to Holders at the addresses appearing on the Registrar’s books and the Trustee a written notice stating the proposed record,
      effective or expiration date, as the case may be, of any transaction referred to in clause (1), (2) or (3) of this Section 9.11. The Company shall send such notice at least twenty (20) calendar days (or, in the case of any event that would require an
      adjustment in the Conversion Rate pursuant to Section 9.06(b), Section 9.06(c), Section 9.06(d) or Section 9.06(e), thirty (30) Business Days) before such date; however, failure to send such notice or any defect therein shall not affect the validity
      of any transaction referred to in clause (1), (2) or (3) of this Section 9.11.

    
      - 46 -

      
        

    

    Section 9.12     Effect Of Reclassifications, Consolidations, Mergers, Binding Share Exchanges Or Sales On Conversion Privilege.

    

    

    If the Company:

    

    

    (i)          reclassifies the Common
        Stock (other than a change only in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination of Common Stock to which Section 9.06 applies);

    

    

    (ii)          is a party to a
        consolidation, merger or binding statutory share exchange; or

    

    

    (iii)          sells, transfers,
        leases, conveys or otherwise disposes of all or substantially all of the consolidated property or assets of the Company,

    

    

    in each case pursuant to which the Common Stock would be converted into or exchanged for, or would constitute solely the right to receive, cash, securities
      or other property, including any combination thereof (such an event, a “Common Stock Change Event,” and such cash, securities or property, the “Reference Property,” and the amount and kind of reference property that a holder of one share of the Common Stock would be entitled to receive on
      account of such Common Stock Change Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference Property Unit”), then, notwithstanding anything to the contrary,

    

    

    (A)          at the effective time of
        such Common Stock Change Event, (i) the consideration due upon conversion of any Note, and the conditions to any such conversion, will be determined in the same manner as if each reference to any number of shares of Common Stock in this Article 9
        (or in any related definitions) were instead a reference to the same number of Reference Property Units; (ii) for purposes of Section 4.01, each reference to any number of shares of the Common Stock in such provisions (or in any related
        definitions) will instead be deemed to be a reference to the same number of Reference Property Units; and (iii) for purposes of the definition of “Fundamental Change,” “Change of Control,” “Termination of Trading” and “Make-Whole Fundamental
        Change,” the terms “Common Stock” and “common equity” will be deemed to mean the common equity (or American Depositary Shares representing common equity), if any, forming part of such Reference Property;

    

    

    (B)          if such Reference
        Property Unit consists entirely of cash, then the Company will be deemed to elect Cash Settlement in respect of all conversions whose Conversion Date occurs on or after the effective date of such Common Stock Change Event and will pay the cash due
        upon such conversions no later than the second (2nd) Business Day after such Conversion Date; and

    

    

    (C)          for these purposes, the
        Volume-Weighted Average Price or Closing Sale Price of any Reference Property Unit or portion thereof that does not consist of a class of securities will be the fair value of such Reference Property Unit or portion thereof, as applicable,
        determined in good faith by the Company (or, in the case of cash denominated in U.S. dollars, the face amount thereof).

    
      - 47 -

      
        

    

    If the Common Stock Change Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single
      type of consideration (determined based in part upon any form of shareholder election), then the composition of the Reference Property Unit will be deemed to be the weighted average of the types and amounts of consideration actually received by the
      holders of the Common Stock. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made.

    

    

    The Company shall not become a party to any Common Stock Change Event unless its terms are consistent with this Section 9.12.

    

    

    None of the foregoing provisions of this Section 9.12 shall affect the right of a Holder to convert its Notes into cash, shares of
      Common Stock or a combination of cash and shares of Common Stock, in accordance with Section 9.01 and Section 9.02 hereof, prior to the effective date of such Common Stock Change Event.

    

    

    In the event the Company shall execute a supplemental indenture in accordance with this Section 9.12 in connection with a Common Stock
      Change Event, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion
      of their Notes after any such Common Stock Change Event and any adjustment to be made with respect thereto. The supplemental indenture referred to in the first sentence of this paragraph shall provide for adjustments of the Conversion Rate that shall
      be as nearly equivalent as may be practicable to the adjustments of the Conversion Rate provided for in this Article 9. If, in the case of any such consolidation, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, the
      stock or other securities and property (including cash) receivable thereupon by a holder of Common Stock includes shares of stock or other securities and property of a Person other than the successor or purchasing Person, as the case may be, in such
      consolidation, merger, binding share exchange, sale, transfer, lease, conveyance or disposition, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the
      Holders as the Board of Directors in good faith shall reasonably determine necessary by reason of the foregoing (which determination shall be described in a Board Resolution). The provisions of this Section 9.12 shall similarly apply to successive
      consolidations, mergers, binding share exchanges, sales, transfers, leases, conveyances or dispositions.

    

    

    Section 9.13     Trustee’s Disclaimer.

    

    

    The Trustee has no duty to determine when an adjustment under this Article 9 should be made, how it should be made or what such
      adjustment should be, but may accept as conclusive evidence of the correctness of any such adjustment, and shall be protected in relying upon, the Officers’ Certificate with respect thereto that the Company is obligated to file with the Trustee
      pursuant to Section 9.10 hereof. The Trustee makes no representation as to the validity or value of any securities or assets issued upon conversion of Notes, and the Trustee shall not be responsible for the failure by the Company to comply with any
      provisions of this Article 9.

    
      - 48 -

      
        

    

    The Trustee shall not be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture
      executed pursuant to Section 9.12, but may accept as conclusive evidence of the correctness thereof, and shall be protected in relying upon, the Officers’ Certificate with respect thereto that the Company is obligated to file with the Trustee
      pursuant to Section 9.12 hereof.

    

    

    Section 9.14     Rights Distributions Pursuant To Shareholders’ Rights Plans.

    

    

    Upon conversion of any Note or a portion thereof, the Company shall make provision such that the Holder thereof shall, to the extent
      such Holder is to receive shares of Common Stock upon such conversion, receive, in addition to, and concurrently with the delivery of, such shares of Common Stock upon conversion, the rights described in any future shareholders’ rights plan(s) of the
      Company then in effect, unless the rights have separated from the Common Stock prior to the time of conversion in accordance with the provisions of the applicable rights plan, in which case the Conversion Rate shall be adjusted at the time of
      separation as if the Company distributed to all holders of Common Stock, Distributed Assets as described in Section 9.06(c), subject to readjustment in the event of the expiration, termination or redemption of such rights.

    

    

    Section 9.15     Increased Conversion Rate Applicable To Certain Notes Surrendered In Connection With Make-Whole Fundamental Changes.

    

    

    (a)          If, prior to the Stated Maturity, there occurs any event or transaction (a “Make-Whole
          Fundamental Change”) that constitutes a Fundamental Change (determined after giving effect to any exceptions to or exclusions from such definition (including, for
          the avoidance of doubt, after giving effect to the proviso immediately after clause (3) of the definition of Change of Control), but excluding the Non-Ownership Change of Control exception), then, notwithstanding anything herein to the
        contrary, the Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with this Article 9, at any time during the period (the “Make-Whole Conversion Period”) from, and including, the effective date (the “Effective Date”) of a Make-Whole
        Fundamental Change (which Effective Date the Company shall disclose in the notice referred to in Section 9.15(e)) to, and including, the date that is thirty-five (35) Business Days after such Effective Date (or, if such Make-Whole Fundamental
        Change also constitutes a Fundamental Change (other than an Exempted Fundamental Change), to the close of business on the Business Day prior to the Fundamental Change Repurchase Date corresponding to such Fundamental Change) shall be increased to
        an amount equal to the Conversion Rate that would, but for this Section 9.15, otherwise apply to such Note pursuant to this Article 9, plus an amount equal to the Make-Whole Applicable Increase.

    

    

    (b)          As used herein, “Make-Whole Applicable Increase” shall mean, with respect to a Make-Whole Fundamental Change, the amount, set forth in the following table, which
        corresponds to the Effective Date and the Applicable Price of such Make-Whole Fundamental Change:

    	 	
            
              Applicable Stock Price

            

          
	
            
              Effective Date

            

          	
            
              $4.81

            

          	
            
              $6.00

            

          	
            
              $6.97

            

          	
            
              $8.00

            

          	
            
              $9.07

            

          	
            
              $12.00

            

          	
            
              $15.00

            

          	
            
              $20.00

            

          	
            
              $40.00

            

          	
            
              $60.00

            

          	
            
              $80.00

            

          	
            
              $100.00

            

          
	
            August 14, 2020

          	
            64.5207

          	
            46.1183

          	
            37.1851

          	
            30.7763

          	
            26.0628

          	
            18.1950

          	
            13.6533

          	
            9.2460

          	
            2.8443

          	
            0.9457

          	
            0.2316

          	
            0.0000

          
	
            February 15, 2021

          	
            64.5207

          	
            44.2467

          	
            35.3529

          	
            29.0825

          	
            24.5402

          	
            17.0833

          	
            12.8280

          	
            8.7120

          	
            2.7143

          	
            0.9132

          	
            0.2269

          	
            0.0000

          
	
            February 15, 2022

          	
            64.5207

          	
            40.1117

          	
            31.2166

          	
            25.2263

          	
            21.0628

          	
            14.5375

          	
            10.9307

          	
            7.4635

          	
            2.3838

          	
            0.8197

          	
            0.2051

          	
            0.0000

          
	
            February 15, 2023

          	
            64.5207

          	
            35.5500

          	
            26.4433

          	
            20.7113

          	
            16.9835

          	
            11.5650

          	
            8.7087

          	
            5.9815

          	
            1.9620

          	
            0.6935

          	
            0.1773

          	
            0.0000

          
	
            February 15, 2024

          	
            64.5207

          	
            30.6400

          	
            20.8666

          	
            15.3500

          	
            12.1665

          	
            8.1208

          	
            6.1313

          	
            4.2380

          	
            1.4295

          	
            0.5222

          	
            0.1354

          	
            0.0000

          
	
            February 15, 2025

          	
            64.5207

          	
            25.5650

          	
            14.0043

          	
            8.7375

          	
            6.4300

          	
            4.1742

          	
            3.1680

          	
            2.2050

          	
            0.7680

          	
            0.2945

          	
            0.0793

          	
            0.0000

          
	
            February 15, 2026

          	
            64.5207

          	
            23.2867

          	
            0.0933

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          	
            0.0000

          

    
      - 49 -

      
        

    

    provided, however, that:

    

    

    (i)          if the actual Applicable
        Price of such Make-Whole Fundamental Change is between two (2) Applicable Prices listed in the table above under the column titled “Applicable Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between two Effective
        Dates listed in the table above in the row immediately below the title “Effective Date,” then the Make-Whole Applicable Increase for such Make-Whole Fundamental Change shall be determined by linear interpolation between the Make-Whole Applicable
        Increases set forth for such higher and lower Applicable Prices, or for such earlier and later Effective Dates based on a three hundred and sixty-five (365) or three hundred and sixty-six (366) day year, as applicable;

    

    

    (ii)          if the actual Applicable
        Price of such Make-Whole Fundamental Change is greater than $100.00 per share (subject to adjustment in the same manner as the Applicable Prices pursuant to Section
        9.15(b)(iii)), or if the actual Applicable Price of such Make-Whole Fundamental Change is less than $4.81 per share (subject to adjustment in the same manner as the
        Applicable Prices pursuant to Section 9.15(b)(iii)), then the Make-Whole Applicable Increase shall be equal to zero (0);

    

    

    (iii)          if an event occurs that
        requires, pursuant to this Article 9 (other than solely pursuant to this Section 9.15), an adjustment to the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, each Applicable Price set forth in the table
        above under the column titled “Applicable Price” shall be deemed to be adjusted so that such Applicable Price, at and after such time, shall be equal to the product of (1) such Applicable Price as in effect immediately before such adjustment to
        such Applicable Price and (2) a fraction whose numerator is the Conversion Rate in effect immediately before such adjustment to the Conversion Rate and whose denominator is the Conversion Rate to be in effect, in accordance with this Article 9,
        immediately after such adjustment to the Conversion Rate;

    

    

    (iv)          each Make-Whole
        Applicable Increase amount set forth in the table above shall be adjusted in the same manner, for the same events and at the same time as the Conversion Rate is to be adjusted pursuant to Section 9.06 through Section 9.14; and

    

    

    (v)          in no event shall the
        Conversion Rate applicable to any Note be increased pursuant to this Section 9.15 to the extent, but only to the extent, such increase shall cause the Conversion Rate applicable to such Note to exceed 207.9002 shares of Common Stock per $1,000
        principal amount (the “Maximum Conversion Rate”); provided, however, that the Maximum Conversion Rate shall be adjusted at the same time and in the same manner in which, and
        for the same events for which, the Conversion Rate is to be adjusted pursuant to this Article 9.

    

    

    (c)          Upon surrender of Notes
        for conversion in connection with a Make-Whole Fundamental Change pursuant to Section 9.01(b)(iii), the Company shall, at its option, satisfy its conversion obligation by delivering or paying, as the case may be, shares of Common Stock (together
        with cash in lieu of any fractional share), cash or a combination of cash and shares of Common Stock (together with cash in lieu of any fractional share) in accordance with Section 9.02; provided, however, that if at the effective time of a Make-Whole Fundamental Change the
        consideration for the Common Stock is comprised entirely of cash, then, for any conversion of Notes with a Conversion Date occurring on or after the Effective Date of such Make-Whole Fundamental Change, the conversion obligation shall be calculated
        based solely on the Applicable Price for the transaction and shall be deemed to be an amount, per $1,000 principal amount of converted Notes, equal to the applicable Conversion Rate (including any Make-Whole Applicable Increase), multiplied by such Applicable Price. In such
        event, the cash due upon conversion shall be determined and paid to Holders in cash on the second (2nd) Business Day following such Conversion Date.

    
      - 50 -

      
        

    

    (d)          As used herein, “Applicable Price” shall have the following meaning with respect to a Make-Whole Fundamental Change: (a) if such Make-Whole Fundamental Change
        constitutes is a transaction or series of related transactions described in clause (3) of the definition of Change of Control, and the consideration (excluding cash payments for fractional shares or pursuant to statutory dissenters’ or appraisal
        rights) for the Common Stock in such Make-Whole Fundamental Change consists solely of cash, then the “Applicable Price” with respect to such Make-Whole Fundamental Change shall be equal to the cash amount paid per share of Common Stock in such
        Make-Whole Fundamental Change and (b) in all other circumstances, the “Applicable Price” with respect to such Make-Whole Fundamental Change shall be equal to the average of the Closing Sale Prices of the Common Stock for the five (5) consecutive
        Trading Days immediately preceding, but excluding, the Effective Date of such Make-Whole Fundamental Change, which average shall be appropriately adjusted by the Board of Directors, in its good faith determination, to account for any adjustment,
        pursuant hereto, to the Conversion Rate that shall become effective, or any event requiring, pursuant hereto, an adjustment to the Conversion Rate where the Ex-Dividend Date of such event occurs, at any time during such five (5) consecutive Trading
        Days.

    

    

    (e)          The Company shall send to
        the Trustee, the Conversion Agent and the Holders notice of the Effective Date of any Make-Whole Fundamental Change and the applicable Make-Whole Applicable Increase in accordance with Section 9.01(b)(iii).

    

    

    (f)          For avoidance of doubt,
        the provisions of this Section 9.15 shall not affect or diminish the Company’s obligations, if any, pursuant to Article 4 with respect to a Make-Whole Fundamental Change.

    

    

    (g)          Nothing in this Section
        9.15 shall prevent an adjustment to the Conversion Rate pursuant to Section 9.06 in respect of a Make-Whole Fundamental Change.

    

    

    ARTICLE 10

    MISCELLANEOUS

    

    

    Section 10.01     Trust Indenture Act Controls. If any provision of the Indenture limits, qualifies, or conflicts with another provision that is required to be
      included in the Indenture by the TIA, the required provision shall control.

    

    

    Section 10.02     Notices. Any request, demand, authorization, notice, waiver, consent or communication by the Company or the Trustee to the other is duly given if in
      writing and delivered in person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission to the following facsimile numbers:

    

    

    if to the Company:

    

    

    Helix Energy Solutions Group, Inc.

    3505 West Sam Houston Parkway North, Suite 400

    Houston, Texas 77043

    Facsimile: (281) 618-0505

    Attn: General Counsel

    
      - 51 -

      
        

    

    if to the Trustee:

    

    

    The Bank of New York Mellon Trust Company, N.A.

    2 North LaSalle Street, 7th floor, Suite 700

    Chicago, IL 60602

    Facsimile: (312) 827-8522

    Attn: Corporate Trust – Glen Ford

    

    

    The Company or the Trustee by notice given to the other in the manner provided above may designate additional or different addresses for
      subsequent notices or communications.

    

    

    Failure to send a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
      Securityholders. If a notice or communication is sent in the manner provided above, it is duly given, whether or not received by the addressee; provided,
      however, that no notice to the Trustee shall be deemed to be duly given unless and until the Trustee actually receives same at the address given
      above.

    

    

    If the Company sends a notice or communication to the Securityholders, it shall send a copy to the Trustee and each Registrar, Paying
      Agent, Conversion Agent or co-registrar.

    

    

    The Trustee shall have the right, but shall not be required, to rely upon and comply with notices, instructions, directions or other
      communications sent by e-mail, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company. The Trustee shall have no duty or obligation to
      verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of the Company; and the Trustee shall have no liability for any losses, liabilities, costs or
      expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such notices, instructions, directions or other communications. The Company agrees to assume all risks arising out of the use of such electronic
      methods to submit notices, instructions, directions or other communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. The
      Company shall use all reasonable endeavors to ensure that any such notices, instructions, directions or other communications transmitted to the Trustee pursuant to the Indenture are complete and correct. Any such notices, instructions, directions or
      other communications shall be conclusively deemed to be valid instructions from the Company to the Trustee for the purposes of the Indenture.

    

    

    Section 10.03     Communication by Holders with
        Other Holders. Securityholders may communicate pursuant to TIA Section 312(b) with other Securityholders with respect to their rights under the Indenture or the Notes.

    

    

    The Company, the Trustee, the Registrar, the Paying Agent, the Conversion Agent and anyone else shall have the protection of TIA Section
      312(c).

    

    

    Section 10.04     Separability Clause. In
      case any provision in this Supplemental Indenture or in the Notes 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.

    
      - 52 -

      
        

    

    Section 10.05     Rules by Trustee, Paying Agent,
        Conversion Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Securityholders. The Registrar, the Conversion Agent and the Paying Agent may make reasonable rules for their functions.

    

    

    Section 10.06     Execution as Supplemental
        Indenture. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture and, as
      provided in the Indenture, the Indenture shall be and be deemed to be modified and amended in accordance herewith, and all of the terms and conditions of this Supplemental Indenture shall be and be deemed to be part of the terms and conditions of the
      Indenture for any and all purposes.

    

    

    Section 10.07     Responsibility for Recitals, Etc.
      The recitals herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations
      as to the validity, sufficiency or adequacy of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or of the proceeds thereof. In entering into this Supplemental
      Indenture, the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.

    

    

    Section 10.08     Governing Law. This
      Supplemental Indenture and each Note shall be governed by and construed in accordance with the laws of the State of New York.

    

    

    Section 10.09     Counterparts. This
      Supplemental Indenture may be executed in any number of counterparts, and by each party hereto on separate 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 instrument. Signatures of the parties hereto transmitted by facsimile or electronic (i.e., “.pdf” or “.tif”) transmission shall be deemed to be their original signatures for all purposes.

    

    

    The words “execution,” “executed,” “signed,” signature,” and words of like import in this Supplemental Indenture shall include images of
      manually executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and electronic signatures using DocuSign and Adobe Sign. The use of electronic signatures and electronic
      records (including, without limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or
      use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
      applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to the foregoing, and anything in this Supplemental Indenture to the contrary
      notwithstanding, (a) any Officers’ Certificate, Company Order, Opinion of Counsel, Security, certificate of authentication appearing on or attached to any Note or any other certificate, instrument, agreement or other document delivered pursuant to
      this Supplemental Indenture may be executed, attested and transmitted by any of the foregoing electronic means and formats and (b) all references in Section 3.02 of this Supplemental Indenture, Section 2.04 of the Base Indenture, paragraph 19 of the
      Global Note or elsewhere in this Supplemental Indenture, the Base Indenture or the Global Note to the execution, attestation or authentication of any Security or any certificate of authentication appearing on or attached to any Security by means of a
      manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats.

    
      - 53 -

      
        

    

    Section 10.10     Tax Matters.
      Notwithstanding any other provision of this Indenture, if the Company or other applicable withholding agent pays withholding taxes or backup withholding on behalf of a Holder or beneficial owner as a result of an adjustment or the non-occurrence of
      an adjustment to the Conversion Rate, the Company or other applicable withholding agent may, at its option, set off such payments against payments of cash and shares of Common Stock on a Note (or any payments on the Common Stock) of or sales proceeds
      received by or other funds or assets of the Holder or beneficial owner.

    

    

        Section 10.11     Waiver of Jury Trial.
      EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE
      TRANSACTION CONTEMPLATED HEREBY.

    
      - 54 -

      
        

    

    IN WITNESS WHEREOF, the undersigned, being duly authorized, have executed this Supplemental Indenture on behalf of the respective
      parties hereto as of the date first above written.

    

    

    
      	 	
              HELIX ENERGY SOLUTIONS GROUP, INC.

            
	 	 	 
	 	 	 
	 	
              By: 

              

            	/s/ Erik Staffeldt
	 	
              Name:

            	
              Erik Staffeldt

            
	 	
              Title:

            	
              Executive Vice President and Chief Financial Officer

            
	 	

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

            
	 	 	 
	 	 	 
	 	
              By: 

              

            	/s/ Julie Hoffman-Ramos
	 	
              Name:

            	
              Julie Hoffman-Ramos

            
	 	
              Title:

            	
              Vice President

            

    

    
      

      

      
        
          

      

      

    EXHIBIT A

    

    

    [FORM OF FACE OF GLOBAL NOTE]

    

    

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

    

    

    TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR THEREOF OR
      SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN ARTICLE TWO OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

    
      A - 1

      
        

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    

    

    6.75% Convertible Senior Notes Due 2026

    

    

    CUSIP: [__]          Principal Amount:  $[__]

    

    

    No. [__]          Original Issue Date: [__]

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC., a Minnesota corporation, promises to pay to Cede & Co. or registered assigns, the principal
      amount of [__] Dollars ($[__]), on February 15, 2026.

    

    

    Interest Rate:  6.75% per year.

    

    

    Interest Payment Dates:  February 15 and August 15 of each year, commencing [__].

    

    

    Interest Record Date:  February 1 and August 1 of each year.

    

    

    Except as otherwise provided in the Indenture referred to on the reverse hereof, interest will accrue from, and including, the last
      Interest Payment Date as of which interest has been duly paid or provided for (or, if no such Interest Payment Date, from, and including, [__]) to, but excluding, the next Interest Payment Date.

    

    

    Reference is hereby made to the further provisions of this Note set forth on the reverse side of this Note, which further provisions
      shall for all purposes have the same effect as if set forth at this place.

    
      A - 2

      
        

    

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

    

    

    Date: [__]

     

    

    
      	 	
              HELIX ENERGY SOLUTIONS GROUP, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

  

  
    A - 3

    
      

  

  

    
      	
              TRUSTEE’S CERTIFICATE OF AUTHENTICATION

            
	 	 
	
              THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

            
	
              as Trustee, certifies that this is one

            
	
              of the Notes referred to in the

            
	
              within-mentioned Indenture.

            
	 	 
	
              By

            	 	 
	
              

              

            	
              Authorized Signatory

            

    

    

    Dated: [__]

    
      A - 4

      
        

    

    [FORM OF REVERSE OF GLOBAL NOTE]

    

    

    6.75% Convertible Senior Notes Due 2026

    

    

    This Note is one of a duly authorized issue of 6.75% Convertible Senior Notes Due 2026 (the “Notes”) of Helix Energy Solutions Group, Inc., a Minnesota corporation (including any successor corporation under the Indenture hereinafter referred to, the “Company”), issued under an Indenture, dated as of August 14, 2020 (the “Base
        Indenture”), as supplemented by a First Supplemental Indenture, dated as of August 14, 2020 (the “Supplemental Indenture” and together
      with the Base Indenture, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The terms of the Note include those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of
      1939, as amended (“TIA”), and those set forth in this Note. This Note is subject to all such terms, and Holders are referred to the Indenture and
      the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. Capitalized terms used
      but not defined herein have the meanings assigned to them in the Indenture unless otherwise indicated.

    

    

    
      
        1.            Interest.

      

    

    

    

    The Notes shall bear interest on the principal amount thereof at a rate of 6.75% per year.

    

    

    Interest shall be payable semi-annually in arrears on each Interest Payment Date to Holders at the close of business on the preceding
      Interest Record Date. Interest shall be computed on the basis of a 360-day year comprised of twelve 30 day months.

    

    

    The Company shall pay Interest to the Securityholder of record on the Interest Record Date even if the Company elects to redeem or
      Securityholders elect to require the Company to repurchase, the Notes on a date that is after an Interest Record Date but on or prior to the corresponding Interest Payment Date. In that instance, the Company shall pay accrued and unpaid Interest on
      the Notes being redeemed to, but not including, the Redemption Date or the Fundamental Change Repurchase Date, as the case may be, to the Securityholder of record on the Interest Record Date.

    

    

    If the principal amount of any Note, or any accrued and unpaid Interest, are not paid when due (whether upon acceleration pursuant to
      Section 7.02 of the Indenture, upon the date set for payment of the Conversion Price Trigger Redemption Price pursuant to Section 5 hereof, upon the date set for payment of the Fundamental Change Repurchase Price pursuant to Section 6 hereof, upon
      the Stated Maturity of the Notes, or upon the Interest Payment Dates), then in each such case the overdue amount shall, to the extent permitted by law, bear cash interest at the rate of 6.75% per annum, compounded semiannually, which interest shall
      accrue from the date such overdue amount was originally due to the date payment of such amount, including interest thereon, has been made or duly provided for. All such interest shall be payable in cash on demand but if not so demanded shall be paid
      quarterly to the Holders on the last day of each quarter.

    
      A - 5

      
        

    

    2.           Method of Payment.

    

    

    Except as provided below, the Company will pay, in money of the United States that at the time of payment is legal tender for payment of
      public and private debts, all amounts due in cash with respect to the Notes, which amounts shall be paid (A) in the case this Note is a Global Note, by wire transfer of immediately available funds to the account designated by the Depositary or its
      nominee; (B) in the case this Note is a Certificated Note held by a Holder of more than five million dollars ($5,000,000) in aggregate principal amount of Notes, by wire transfer of immediately available funds to the account specified by such Holder
      or, if such Holder does not specify an account, by mailing a check to the address of such Holder set forth in the register of the Registrar; and (C) in the case this Note is a Certificated Note held by a Holder of five million dollars ($5,000,000) or
      less in aggregate principal amount of Notes, by mailing a check to the address of such Holder set forth in the register of the Registrar.

    

    

    At Stated Maturity, the Company shall pay Interest on Certificated Notes at the Company’s office or agency maintained for that purpose,
      which initially shall be the office or agency of the Trustee located at 240 Greenwich Street, New York, NY 10286.

    

    

    Subject to the terms and conditions of the Indenture, the Company shall make payments in cash in respect of Conversion Price Trigger
      Redemption Prices, Fundamental Change Repurchase Prices, and at Stated Maturity to Holders who surrender Notes to a Paying Agent to collect such payments in respect of the Notes. The Company shall pay cash amounts in money of the United States that
      at the time of payment is legal tender for payment of public and private debts. However, the Company may make such cash payments by check payable in such money.

    

    

    3.           [Reserved].

    

    

    4.           Ranking; Additional Notes.

    

    

    The Notes are general unsecured obligations of the Company. The Company may, without the consent of the Holders, reopen the Indenture
      and issue additional Notes with the same terms (subject to certain exceptions) as the Notes in an unlimited aggregate principal amount, provided
      that if the additional Notes are not fungible with the Notes offered hereby for United States federal income tax purposes, then they must be issued with a different CUSIP number. The Notes and any such additional Notes would be treated as a single
      class for all purposes under the Indenture and would vote together as one class on all matters with respect to the Notes.

    

    

    The Indenture does not limit other indebtedness of the Company, secured or unsecured.

    

    

    5.           Redemption at the Option of the Company.

    

    

    No sinking fund is provided for the Notes. On or after August 15, 2023 (but, in the case of a partial redemption, no later than the 40th
      Scheduled Trading Day immediately before the Stated Maturity), the Company, at its option, may redeem (a “Conversion Price Trigger Redemption”) the
      Notes for U.S. legal tender (“cash”) at any time, in whole or in part, upon not less than 45 nor more than 65 Scheduled Trading Days’ notice, if
      the Closing Sale Price of the Common Stock has been at least 130% of the Conversion Price then in effect on (x) the Trading Day immediately preceding the date on which the Company provides a notice of redemption and (y) for at least 20 Trading Days
      (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides a notice of redemption in accordance with Section 4.03 of the
      Supplemental Indenture. The redemption price for each $1,000 principal amount of Notes to be redeemed (the “Conversion Price Trigger Redemption Price”)

      shall be payable in cash and shall be equal to the sum of (i) 100% of the principal amount of the Notes to be redeemed, plus (ii) accrued and unpaid interest, if any, to, but excluding, the Redemption Date, plus (iii) the Make-Whole Premium (as
      defined in the Indenture). The Company must make these Make-Whole Premium payments on all Notes called for redemption prior to the Stated Maturity, including Notes subject to redemption that are converted after the date the Company delivered a notice
      of redemption.

    
      A - 6

      
        

    

    In no event shall any Note be redeemable before August 15, 2023.

    

    

    6.           Purchase By the Company at the Option of the
        Holder.

    

    

    At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to repurchase
      the Notes held by such Holder after the occurrence of a Fundamental Change for a Fundamental Change Repurchase Price equal to the principal amount of those Notes plus accrued and unpaid Interest, if any, on those Notes up to, but not including, the
      Fundamental Change Repurchase Date.

    

    

    Holders have the right to withdraw any Note surrendered for repurchase by delivering to the Paying Agent a written notice of withdrawal
      in accordance with the provisions of the Indenture.

    

    

    If cash sufficient to pay the Fundamental Change Repurchase Price of all Notes or portions thereof to be purchased as of the Fundamental
      Change Repurchase Date, as the case may be, is deposited with the Paying Agent, Interest shall cease to accrue on such Notes (or portions thereof) on and following such Fundamental Change Repurchase Date, and the Holder thereof shall have no other
      rights as such other than the right to receive the Fundamental Change Repurchase Price upon surrender of such Note, subject to the terms of the Indenture.

    

    

    7.           Notice of Redemption.

    

    

    Notice of redemption pursuant to Section 5 of this Note shall be sent at least forty-five (45) Scheduled Trading Days before the
      Redemption Date to each Holder to be redeemed. If money sufficient to pay the Conversion Price Trigger Redemption Price of all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent prior to or on the
      Redemption Date, immediately on and after such Redemption Date, Interest shall cease to accrue on such Notes or portions thereof, subject to the terms of the Indenture. Notes in denominations larger than $1,000 principal amount may be redeemed in
      part but only in integral multiples of $1,000 of principal amount.

    

    

    8.           Conversion.

    

    

    Upon the occurrence of certain events and during certain periods, the Notes shall be convertible into cash, shares of Common Stock, or a
      combination thereof in accordance with Article 9 of the Supplemental Indenture. To convert a Note, a Holder must satisfy the requirements of Section 9.02(a) of the Supplemental Indenture. A Holder may convert a portion of a Note if the portion is
      $1,000 principal amount or an integral multiple of $1,000 principal amount.

    
      A - 7

      
        

    

    Notwithstanding anything herein to the contrary, no Note may be converted after the close of business on the Business Day immediately
      preceding the Stated Maturity.

    

    

    Upon conversion of a Note, the Holder thereof shall be entitled to receive the cash, shares of Common Stock, or a combination thereof,
      payable upon conversion in accordance with Article 9 of the Supplemental Indenture.

    

    

    The initial Conversion Rate is 143.3795 shares of Common Stock per $1,000 principal amount of Notes (which results in an effective
      initial Conversion Price of approximately $6.97 per share) subject to adjustment in the event of certain circumstances as specified in the Indenture. The Company will deliver cash in lieu of any fractional share.

    

    

    The Conversion Rate applicable to each Note that is surrendered for conversion, in accordance with the Notes and Article 9 of the
      Supplemental Indenture, at any time during the Make-Whole Conversion Period with respect to a Make-Whole Fundamental Change shall be increased to an amount equal to the Conversion Rate that would, but for Section 9.15 of the Supplemental Indenture,
      otherwise apply to such Note pursuant to Article 9 of the Supplemental Indenture, plus an amount equal to the Make-Whole Applicable Increase.

    

    

    9.           Paying Agent, Conversion Agent and Registrar.

    

    

    Initially, the Trustee shall act as Paying Agent, Conversion Agent and Registrar. The Company may appoint and change any Paying Agent,
      Conversion Agent or Registrar without notice, other than notice to the Trustee. The Company or any of its Subsidiaries or any of their Affiliates may act as Paying Agent, Conversion Agent or Registrar.

    

    

    10.          Denominations; Transfer; Exchange.

    

    

    The Notes are in fully registered form, without coupons, in denominations of $1,000 of principal amount and integral multiples of
      $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or
      permitted by the Indenture. The Registrar need not transfer or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) for a period of 15 days before the sending of
      a notice of redemption of Notes to be redeemed or any Notes in respect of which a Fundamental Change Repurchase Notice has been given and not withdrawn (except, in the case of a Note to be purchased in part, the portion of the Note not to be
      purchased).

    

    

    11.          Persons Deemed Owners.

    

    

    The registered holder of this Note may be treated as the owner of this Note for all purposes.

    
      A - 8

      
        

    

    12.          Unclaimed Money or Notes.

    

    

    The Trustee and the Paying Agent shall return to the Company upon written request any money or securities held by them for the payment
      of any amount with respect to the Notes that remains unclaimed for two years, subject to applicable abandoned property law. After return to the Company, Holders entitled to the money or securities must look to the Company for payment as general
      creditors unless an applicable abandoned property law designates another person.

    

    

    13.         Amendment; Waiver.

    

    

    Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended with the written consent of the
      Holders of at least a majority in aggregate principal amount of the outstanding Notes and (ii) certain Events of Defaults may be waived with the written consent of the Holders of a majority in aggregate principal amount of the outstanding Notes.
      Subject to certain exceptions set forth in the Indenture, without the consent of any Securityholder, the Company and the Trustee may amend the Indenture or the Notes as set forth in Section 8.01 of the Indenture.

    

    

    14.         Defaults and Remedies.

    

    

    If any Event of Default with respect to Notes shall occur and be continuing, the principal amount of the Notes and any accrued and
      unpaid Interest on all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

    

    

    15.         Trustee Dealings with the Company.

    

    

    Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become
      the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee.

    

    

    16.         Calculations in Respect of Notes.

    

    

    The Company or its agents shall be responsible for making all calculations called for under the Notes including, but not limited to,
      determination of the market prices for the Notes and of the Common Stock, the Conversion of the Notes, the Closing Sale Prices, the Volume-Weighted Average Prices, Daily Settlement Amounts and the Conversion Rates of the Notes, including adjustments
      to any of the foregoing required by the Indenture. Any calculations made in good faith and without manifest error shall be final and binding on all Holders. The Company or its agents shall be required to deliver to each of the Trustee and the
      Conversion Agent a schedule of its calculations and each of the Trustee and Conversion Agent shall be entitled to conclusively rely upon the accuracy of such calculations without independent verification.

    

    

    17.         United States Federal Income Tax Treatment.

    

    

    The Company, and each Holder and beneficial owner of a Note, agree to treat the Notes as indebtedness for United States federal income
      tax purposes.

    
      A - 9

      
        

    

    18.         No Recourse Against Others.

    

    

    A director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company
      under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Securityholder waives and releases all such liability. The waiver and release are part of the
      consideration for the issuance of the Notes.

    

    

    19.         Authentication.

    

    

    This Note shall not be valid until an authorized signatory of the Trustee manually signs the Trustee’s Certificate of Authentication on
      the other side of this Note.

    

    

    20.         Abbreviations.

    

    

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

    

    

    Governing Law.

    

    

    THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE.

    

    

    Copy of Indenture.

    

    

    The Company shall furnish to any Securityholder upon written request and without charge a copy of the Indenture that has in it the text
      of this Note in larger type. Requests may be made to:

    

    

    Helix Energy Solutions Group, Inc.

    3505 West Sam Houston Parkway North Suite 400

    Houston, TX 77043

    Attn:  General Counsel

    Facsimile No.:  281-618-0505

    
      A - 10

      
        

    

    
       

        
          	
                  
                    Assignment Form

                  

                	 	
                  
                    Conversion Notice

                  

                
	
                  To assign this Note, fill in the form below:

                   

                  I or we assign and transfer this Note to

                   
                    

                    

                    

                    

                  

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

                   
                    

                    

                    

                    

                    

                    
                      

                  

                   

                  (Print or type assignee’s name, address and zip code)

                   

                  and irrevocably appoint

                   

                  __________ agent to transfer this Note on the books of
                    the Company. The agent may substitute another to act for him.

                	 	
                  To convert this Note, check the box ☐

                   

                  To convert only part of this Note, state the principal amount to be converted (which must be $1,000 or an integral multiple of $1,000):

                   

                  If you want the stock certificate made out in another person’s name fill in the form below:

                   

                  

                  
                    
 

                  
                    
 

                   

                  

                  (Insert the other person’s soc. sec. tax ID no.)

                   

                  
                    

                    

                    

                    
                      

                  

                   

                   

                  

                  
                    
 

                   

                   

                  

                  
                    
 

                  (Print or type other person’s name, address and zip code)

                
	
                   

                  

                  Date: __________ Your Signature: _______________

                   

                   

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

                   

                  Signature Guaranteed

                   

                  
                    
 

                	 	 
	
                  Participant in a Recognized Signature

                   

                  Guarantee Medallion Program

                   

                  By:  _________________________________________________

                  Authorized Signatory

                   

                   

                	 	 

        

        

      

    

    

    
      A - 11

      
        

    

    
    SCHEDULE OF INCREASES AND DECREASES

    OF GLOBAL NOTE

    

    

    Initial Principal Amount of Global Note: [__] ($[__]).

     

    

     

    

    
      	
              
                Date

              

            	 	
              
                Amount of

                  Increase in

                  Principal Amount

                  of

                  Global Note

              

            	 	
              
                Amount of

                  Decrease in

                  Principal Amount

                  of

                  Global Note

              

            	 	
              
                Principal Amount

                  of Global Note

                  After

                  Increase or

                  Decrease

              

            	 	
              
                Notation by

                  Registrar or

                  Note Custodian

              

            
	 	 	 	 	 	 	 	 	 

    

     

    

    

    

    

    

    
      A - 12

      
        

    

    
    EXHIBIT B

    

    

    [FORM OF FACE OF CERTIFICATED NOTE]

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    

    

    6.75% Convertible Senior Notes Due 2026

    

    

    CUSIP: [__]

    

    

    Principal Amount:  $[__]

    

    

    No.

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC., a Minnesota corporation, promises to pay to [__] or registered assigns, the principal amount of
      [__], on February 15, 2026.

    

    

    Interest Rate:  6.75% per year.

    

    

    Interest Payment Dates:  February 15 and August 15 of each year, commencing [__].

    

    

    Interest Record Date:  February 1 and August 1 of each year.

    

    

    Except as otherwise provided in the Indenture referred to on the reverse hereof, interest will accrue from, and including, the last
      Interest Payment Date as of which interest has been duly paid or provided for (or, if no such Interest Payment Date, from, and including, [__]) to, but excluding, the next Interest Payment Date.

    

    

    Reference is hereby made to the further provisions of this Note set forth on the reverse side of this Note, which further provisions
      shall for all purposes have the same effect as if set forth at this place.

    
      B - 1

      
        

    

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

    

    

    Date: [__]

    

    
      	 	
              HELIX ENERGY SOLUTIONS GROUP, INC.

            
	 	 	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 
	 	 	 
	 	
              By:

            	 
	 	
              Name:

            	 
	 	
              Title:

            	 

    

    
      B - 2

      
        

    

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    

    

    THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

    as Trustee, certifies that this is one

    of the Notes referred to in the

    within-mentioned Indenture.

    

    

    
      	
              By

            	 	 
	
              

              

            	
              Authorized Signatory

            

    

    

    Dated: [__]

    
      B - 3

      
        

    

    [FORM OF REVERSE OF CERTIFICATED NOTE IS IDENTICAL TO

    

    

    EXHIBIT A]

    
      B - 4

      
        

    

    
    EXHIBIT C

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    NOTICE OF REDEMPTION

    

    

    [DATE]

    

    

    CUSIP Number: [__]*

    

    

    To the Holders of the 6.75% Convertible Senior Notes Due 2026 issued by Helix Energy Solutions Group, Inc.:

    

    

    Helix Energy Solutions Group, Inc. (the “Issuer”)

      by this written notice hereby exercises, pursuant to Section 4.01 of that certain First Supplemental Indenture, dated as of August 14, 2020 (the “Supplemental

        Indenture”), to that certain Indenture, dated as of August 14, 2020 (the “Base Indenture” and together with the Supplemental Indenture,
      the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”) its right to redeem $[___] aggregate principal amount of its 6.75% Convertible Senior Notes Due 2026 (the “Notes”). All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture.

    

    

    Notice is hereby given pursuant to Section 4.03 of the Supplemental Indenture of the following:

    

    

    1.          Redemption Date: [__]

    

    

    2.          Conversion Price Trigger Redemption Price:
        $[__]

    

    

    3.          Conversion Rate: The Notes are convertible at
        your option based on a current Conversion Rate of [__] shares of the Issuer’s common stock, no par value, per $1,000 principal amount of Notes, subject to adjustment, during the period described below.

    

    

    4.          In order to receive payment of the
        [Conversion Price Trigger Redemption/Fundamental Change Repurchase] Price or the Conversion Price, as applicable, the Notes must be surrendered to the Paying Agent or the Conversion Agent, as applicable, at the appropriate address set forth below,
        by such method as you deem appropriate. If you mail your Notes, we recommend that for your own protection you may want to use registered mail, return receipt requested.

     

      

     
      

    
      *          The CUSIP numbers have been assigned to this issue by Standard & Poor’s Corporation and are included solely for the convenience of the Holders. Neither the Issuer nor the Trustee is responsible for the selection or use
            of the CUSIP number and no representation is hereby made regarding the correctness or accuracy of CUSIP number on the Notes.

       

    
      C - 1

      
        

    

    	
            
              By First Class/Registered/Certified Mail

            

          	 	
            
              By Express/Overnight Delivery

            

          	 	
            
              By Hand or In Person

            

          
	
            The Bank of New York Mellon Trust Company, N.A.

            [ ___________________________________________          

            

            ____________________________________________

            

            Attn:          ]

          	 	
            The Bank of New York Mellon Trust Company, N.A.

            [ ____________________________________________          

            

            _____________________________________________

            

            Attn:          ]

          	 	
            The Bank of New York Mellon Trust Company, N.A.

            [___________________________________________

            ____________________________________________         

            

            Attn:          ]

          

    

    

    

    

    1.          The Notes called for redemption may be
        converted at your option at any time from the date of this Notice of Redemption until 5:00 p.m. on the Business Day immediately prior to the Redemption Date set forth above.

    

    

    2.          The Notes called for redemption and not
        converted at your election prior to 5:00 p.m. on the Business Day immediately prior to Redemption Date set forth above shall be redeemed on the Business Day immediately following such Redemption Date.

    

    

    3.          If you elect to convert your Notes, you must
        satisfy the requirements for conversion set forth in your Notes.

    

    

    4.          In order for you to collect the Conversion
        Price Trigger Redemption Price, the Notes called for redemption must be surrendered by you by (i) effecting book entry transfer of the Notes or (ii) delivering Certificated Notes, together with necessary endorsements, as the case may be to the
        appropriate address set forth below, by such method as you deem appropriate. If you mail your Notes, we recommend that for your own protection you may want to use registered mail, return receipt requested.

     

      

    	
            
              By First Class/Registered/Certified Mail

            

          	 	
            
              By Express/Overnight Delivery

            

          	 	
            
              By Hand or In Person

            

          
	
            The Bank of New York Mellon Trust Company, N.A.

             

            [ ___________________________________________          

            

            ____________________________________________        

            

            Attn: __________]

          	 	
            The Bank of New York Mellon Trust Company, N.A.

             

            [_________________________________________________

                __________________________________________________           

            

            Attn: ____________]

          	 	
            The Bank of New York Mellon Trust Company, N.A.

             

            [ __________________________________________________

                ____________________________________________________                     

            

             Attn: ___________         ]

          

    

    

    5.          [The Notes bearing the following Certificate
        Number(s) in the principal amount set forth below opposite such Certificate Number(s) are being redeemed:

    

    

    Certificate Number(s)          Principal

        Amount]

    

    

    6.          Unless the Company defaults in making the
        payment of the Conversion Price Trigger Redemption Price owed to you, Interest on your Notes called for redemption shall cease to accrue on and after the Redemption Date.

    
      C - 2

      
        

    

    PLEASE TAKE FURTHER NOTICE that, all payments of the [Conversion Price Trigger Redemption/Fundamental Change Repurchase] Price or
      Conversion Price, as applicable, in respect of the Notes shall be payable only to the extent that the requisite funds have actually been received or are being held by the Trustee in respect of the Notes, and the Trustee shall have no obligation to
      make any such payments to a holder of any Note except in respect of such funds.

    

    

    Any questions regarding the foregoing may be directed to the Issuer, at:

    

    

    Helix Energy Solutions Group, Inc.

    3505 West Sam Houston Parkway North, Suite 400

    Houston, Texas 77043

    Attention: General Counsel

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    

    

    IMPORTANT TAX INFORMATION

    

    

    Under current United States federal income tax law, an agent making payments with respect to the Notes may be obligated to withhold from payments to a
      Holder. Holders who are United States persons as defined in the Internal Revenue Code of 1986, as amended, who wish to avoid the application of these withholding provisions should submit a completed IRS Form W-9 when presenting the Notes for payment.
      Holders who are not United States persons should submit an appropriate completed IRS Form W‐8.

    
      C - 3

      
        

    

    
    EXHIBIT D

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    NOTICE OF OCCURRENCE

    OF FUNDAMENTAL CHANGE

    

    

    [DATE]

    

    

    CUSIP Number: [__]*

    

    

    To the Holders of the 6.75% Convertible Senior Notes Due 2026 (the “Notes”) issued by Helix Energy Solutions Group, Inc.:

    

    

    Helix Energy Solutions Group, Inc. (the “Issuer”)

      by this written notice hereby notifies you, pursuant to Section 4.07 of that certain First Supplemental Indenture, dated as of August 14, 2020 (the “Supplemental

        Indenture”) to that certain Indenture, dated as of August 14, 2020 (the “Base Indenture” and, together with the Supplemental Indenture,
      the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”) that a Fundamental Change (as such term and other capitalized terms used herein and not otherwise defined herein are defined in the Indenture) as described below has
      occurred. Included herewith is the form of Fundamental Change Repurchase Notice to be completed by you if you wish to have your Notes repurchased by the Issuer.

    

    

    1.          Fundamental Change:  [Insert brief description of the Fundamental Change and the date of the occurrence thereof].

    

    

    2.          Date by which Fundamental Change Repurchase
        Notice must be delivered by you to Paying Agent in order to have your Notes repurchased:

    

    

    3.          Fundamental Change Repurchase Date:

    

    

    4.          Fundamental Change Repurchase Price:

    

    

    5.          Paying Agent and Conversion Agent:

    

    

    6.          Conversion Rate: To the extent described in
        Item 7 below, the Notes are convertible based on a current Conversion Rate of [__] shares of the Issuer’s common stock, no par value (the “Common Stock”),

        per $1,000 principal amount of Notes, subject to adjustment.

    

    

    7.          The Notes as to which you have delivered a
        Fundamental Change Repurchase Notice to the Paying Agent may be converted if they are otherwise convertible pursuant to Article 9 of the Supplemental Indenture and the terms of the Notes only if you withdraw such Fundamental Change Repurchase
        Notice pursuant to the terms of the Indenture. You may be entitled to have your Notes converted into shares of Common Stock (or, at the option of the Issuer, cash or a combination of cash and shares of Common Stock):

     

      

    
      

    

    

    
      	*	
              The CUSIP numbers have been assigned to this issue by Standard & Poor’s Corporation and are included solely for the convenience of the Holders. Neither the Issuer
                nor the Trustee is responsible for the selection or use of the CUSIP number and no representation is hereby made regarding the correctness or accuracy of CUSIP number on the Notes.

            

    

    
      D - 1

      
        

    

    (i)          during any fiscal quarter
        commencing after September 30, 2020 (and only during such fiscal quarter), if the Closing Sale Price of the Common Stock for at least 20 Trading Days (whether or
        not consecutive) in the 30 Trading Day period ending on the last Trading Day of the preceding fiscal quarter was 130% or more of the Conversion Price on such last Trading Day;

    

    

    (ii)          if the Issuer has called
        the Notes for redemption; or

    

    

    (iii)          upon the occurrence of
        certain specified corporate transactions described in the Indenture.

    

    

    8.          In order for you to collect the Fundamental
        Change Repurchase Price, the Notes as to which you have delivered a Fundamental Change Repurchase Notice must be surrendered by you by (i) effecting book entry transfer of the Notes or (ii) delivering Certificated Notes, together with necessary
        endorsements, as the case may be to the appropriate address set forth below, by such method as you deem appropriate. If you mail your Notes, we recommend that for your own protection you may want to use registered mail, return receipt requested.

    

      	
              
                By First Class/Registered/Certified Mail

              

            	 	
              
                By Express/Overnight Delivery

              

            	 	
              
                By Hand or In Person

              

            
	
              The Bank of New York Mellon Trust Company, N.A.

               

              [ ___________________________________________          

              

              ____________________________________________        

              

              Attn: __________]

            	 	
              The Bank of New York Mellon Trust Company, N.A.

               

              [_________________________________________________

                  __________________________________________________           

              

              Attn: ____________]

            	 	
              The Bank of New York Mellon Trust Company, N.A.

               

              [ __________________________________________________

                  ____________________________________________________                     

              

               Attn: ___________         ]

            

    

     
    

    

    9.          The Fundamental Change Repurchase Price for
        the Notes as to which you have delivered a Fundamental Change Repurchase Notice and not withdrawn such Notice shall be paid promptly following the later of the Business Day immediately following such Fundamental Change Repurchase Date and the date
        you deliver such Notes to The Bank of New York Mellon Trust Company, N.A.

    

    

    10.          In order to have the Issuer repurchase your
        Notes, you must deliver the Fundamental Change Repurchase Notice attached hereto, duly completed by you with the information required by such Fundamental Change Repurchase Notice and deliver such Fundamental Change Repurchase Notice to the Paying
        Agent at any time from 9:00 a.m. on the date of the occurrence of the Change of Control until 5:00 p.m. on the Fundamental Change Repurchase Date.

    

    

    11.          In order to withdraw any Fundamental Change
        Repurchase Notice previously delivered by you to the Paying Agent, you must deliver to the Paying Agent, by 5:00 p.m. on the Fundamental Change Repurchase Date, a written notice of withdrawal specifying (i) the certificate number, if any, of the
        Notes in respect of which such notice of withdrawal is being submitted, (ii) the principal amount of the Notes in respect of which such notice of withdrawal is being submitted and (iii) if you are not withdrawing your Fundamental Change Repurchase
        Notice for all of your Notes, the principal amount of the Notes that still remain subject to the original Fundamental Change Repurchase Notice.

    

    

    12.          Unless the Issuer defaults in making the
        payment of the Fundamental Change Repurchase Price owed to you, Interest on your Notes as to which you have delivered a Fundamental Change Repurchase Notice shall cease to accrue on and after the Fundamental Change Repurchase Date.

    
      D - 2

      
        

    

    PLEASE TAKE FURTHER NOTICE that, all payments of the [Conversion Price Trigger Redemption/Fundamental Change Repurchase] Price or
      Conversion Price, as applicable, in respect of the Notes shall be payable only to the extent that the requisite funds have actually been received or are being held by the Trustee in respect of the Notes, and the Trustee shall have no obligation to
      make any such payments to a holder of any Note except in respect of such funds.

    

    

    Any questions regarding the foregoing may be directed to the Issuer, at:

    

    

    Helix Energy Solutions Group, Inc.

    3505 West Sam Houston Parkway North, Suite 400

    Houston, Texas 77043

    Attention: General Counsel

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

    

    

    IMPORTANT TAX INFORMATION

    

    

    Under current United States federal income tax law, an agent making payments with respect to the Notes may be obligated to withhold from payments to a
      Holder. Holders who are United States persons as defined in the Internal Revenue Code of 1986, as amended, who wish to avoid the application of these withholding provisions should submit a completed IRS Form W-9 when presenting the Notes for payment.
      Holders who are not United States persons should submit an appropriate completed IRS Form W‐8.

    
      D - 3

      
        

    

    FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE

    

    

    To:  [Name of Paying Agent]

    

    

    The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Helix Energy Solutions Group, Inc. (the “Issuer”) pursuant to Section 4.07 of that certain First Supplemental Indenture, dated as of August 14, 2020 (the “Supplemental Indenture”) to that certain Indenture, dated as of August 14, 2020 (the “Base Indenture”
      and, together with the Supplemental Indenture, the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as
      Trustee, and requests and instructs the Issuer to purchase the entire principal amount of this Note, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance with the terms of the Note and the Indenture
      at the Fundamental Change Repurchase Price, together with accrued and unpaid interest, to, but not including, the Fundamental Change Repurchase Date, to the registered Holder hereof.

     

    

    	Date: 

          	 	 	 
	

          	 	
            Signature(s)

             

            Signatures must be guaranteed by a qualified guarantor institution with membership in an approved signature guarantee program pursuant to Rule
              17Ad-15 under the Securities Exchange Act of 1934.

             

                       

             

            

            

          
	 	 	
            Signature Guaranty

          
	 	 	 
	
            Principal amount to be redeemed (in an integral multiple of $1,000, if less than all):

          	 	 
	 	 	 
	 	 	 
	
            Certificate number (if applicable):

          	 	 
	 	 	 
	 	 	 

             

    NOTICE: The signature to the foregoing election must correspond to the name as written upon the face of this Note in every particular, without any
      alteration or change whatsoever.

    
      D - 4

      
        

    

    

    EXHIBIT E

    

    

    CONVERSION NOTICE

    

    

    To convert this Note in accordance with the Indenture, check the box: ☐

    

    

    To convert only part of this Note, state the principal amount to be converted (must be in integral multiples of $1,000):

    

    

    $ __________________________________

    

    

    

    If you want the stock certificate representing the Common Stock, if any, issuable upon conversion made out in another person’s name, fill in the form
      below:

     

    

    _________________________________________________________________________________________________________________

    

     

    

    ________________________________________________________________________________________________________________

    

              

    

    

    

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

    

             

    

    (Print or type other person’s name, address and zip code)

    

    

              

    

    

    

    Date: _______________________         Signature(s):
        _______________________

      

    

    

    

    

    

    

    (Sign exactly as your name(s) appear(s) on the other side of this Note)

    

    

    Signature(s) guaranteed by:

    

    

    (All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in
      such other guarantee program acceptable to the Trustee.)

    

    

  

  E - 1Exhibit 10.1

    

    

    

    

    [Dealer name and address]

    

    

    	
            To:

          	
            Helix Energy Solutions Group, Inc.

            3505 West Sam Houston Parkway North, Suite 400

            Houston, Texas 77043

             

          
	
            From:

          	
            [Dealer]

             

          
	
            Re:

          	
            Capped Call Transaction

             

          
	
            Date:

          	
            August 11, 2020

             

          

    

    

    Dear Ladies and Gentlemen:

    The purpose of this communication (this “Confirmation”) is to set forth the terms and
      conditions of the above-referenced transaction entered into on the Trade Date specified below (the “Transaction”) between [_________] (“Dealer”) and Helix Energy
      Solutions Group, Inc. (“Counterparty”).  This communication constitutes a “Confirmation” as referred to in the Agreement specified below.

    1. This Confirmation is subject to, and incorporates, the definitions and provisions of the 2006 ISDA Definitions (the “2006 Definitions”) and the definitions and provisions of the 2002 ISDA Equity Derivatives Definitions (the “Equity Definitions”, and together with the 2006 Definitions, the “Definitions”), in each case as published by the International Swaps and Derivatives Association, Inc. (“ISDA”).  In the event of any inconsistency between the 2006
      Definitions and the Equity Definitions, the Equity Definitions will govern and in the event of any inconsistency between terms defined in the Equity Definitions and this Confirmation, this Confirmation shall govern.

    This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to
      which this Confirmation relates.  This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement as if Dealer and Counterparty had executed an agreement in
      such form on the Trade Date (but without any Schedule except for (i) the election of the laws of the State of New York as the governing law (without reference to choice of law doctrine, [(ii) the provision of an executed guarantee of [__________] (“Guarantor”) dated as of the Trade Date in substantially the form attached hereto as Schedule 1 as a Credit Support Document, (iii) the election of Guarantor as Credit Support Provider in relation to Dealer and
      (iv)]1 [and (ii)] the election that the “Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer, (a) with a “Threshold Amount” of 3% of the
      shareholders’ equity of [Dealer] [Dealer’s ultimate parent] on the Trade Date, (b) “Specified Indebtedness” having the meaning set forth in Section 14 of the Agreement, except that it shall not include any obligation in respect of deposits received
      in the ordinary course of Dealer’s banking business, (c) the phrase “, or becoming capable at such time of being declared,” shall be deleted from clause (1) of such Section 5(a)(vi) of the Agreement, and (d) the following sentence shall be added to
      the end of Section 5(a)(vi) of the Agreement:  “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by error or omission of an administrative or
      operational nature; (ii) funds were available to enable the relevant party to make payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”).

    All provisions contained in, or incorporated by reference to, the Agreement will govern this Confirmation except as expressly modified
      herein.  In the event of any inconsistency between this Confirmation and either the Definitions or the Agreement, this Confirmation shall govern.

    The Transaction hereunder shall be the sole Transaction under the Agreement.  If there exists any ISDA Master Agreement between Dealer
      and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA Master
      Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master Agreement.

    
      

      1 Include if Dealer provides a guarantee.

    

    
      

      Page 1 of 27

      
        

    

    2. The Transaction constitutes a Share Option Transaction for purposes of the Equity Definitions.  The terms of the particular
      Transaction to which this Confirmation relates are as follows:

    General Terms:

    	
            Trade Date:

          	
            August 11, 2020

          
	 	 
	
            Effective Date:

          	
            August 14, 2020, or such other date as agreed by the parties in writing.

          
	 	 
	
            Components:

          	
            The Transaction will be divided into individual Components, each with the terms set forth in this Confirmation, and, in particular, with the Number of Options and Expiration Date set
              forth in Annex A to this Confirmation.  The exercise, valuation and settlement of the Transaction will be effected separately for each Component as if each Component were a separate Transaction under the Agreement.

          
	 	 
	
            Option Style:

          	
            “European”, as described under “Procedures for Exercise” below.

          
	 	 
	
            Option Type:

          	
            Call

          
	 	 
	
            Seller:

          	
            Dealer

          
	 	 
	
            Buyer:

          	
            Counterparty

          
	 	 
	
            Shares:

          	
            The Common Stock of Counterparty, no stated par value (Exchange Symbol: “HLX”).

          
	 	 
	
            Number of Options:

          	
            For each Component, as provided in Annex A to this Confirmation.2

          
	 	 
	
            Option Entitlement:

          	
            One Share per Option

          
	 	 
	
            Strike Price:

          	
            USD [_____]

          
	 	 
	
            Cap Price:

          	
            USD [_____]; provided that in no event shall the Cap Price be reduced to an amount less than the Strike Price in connection with any adjustment
              by the Calculation Agent under this Confirmation.

          
	 	 
	
            Number of Shares:

          	
            As of any date, a number of Shares equal to the product of (i) the Number of Options and (ii) the Option Entitlement.

          

    

    

    

    

    2 The total should be equal to (i) the number of Convertible Securities in principal amount of
      $1,000 initially issued on the closing date for the Convertible Securities multiplied by (ii) the initial conversion rate multiplied by (iii) Dealer’s percentage
      allocation of the overall capped call.

    
      

      Page 2 of 27

      
        

      

    

    

    

    	
            Premium:

          	
            USD [_____]; Dealer and Counterparty hereby agree that notwithstanding anything to the contrary herein or in the Agreement, following the payment of the Premium, in the event that (a)
              an Early Termination Date (whether as a result of an Event of Default or a Termination Event) (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement that is within Counterparty’s control) occurs or is
              designated with respect to any Transaction and, as a result, Counterparty owes to Dealer the amount calculated under Section 6(d) and Section 6(e) or otherwise under the Agreement (calculated as if the Transactions terminated on such Early
              Termination Date were the sole Transactions under the Agreement) or (b) Counterparty owes to Dealer, pursuant to Sections 12.2, 12.3, 12.6, 12.7, 12.8 or 12.9 of the Equity Definitions or otherwise under the Equity Definitions, an amount
              calculated under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.

          
	 	 
	
            Premium Payment Date:

          	
            The Effective Date

          
	 	 
	
            Exchange:

          	
            The New York Stock Exchange

          
	 	 
	
            Related Exchange:

          	
            All Exchanges; provided that Section 1.26 of the Equity Definitions shall be amended to add the words “United States” before the word
              “exchange” in the tenth line of such Section.

          
	 	 
	
            Procedures for Exercise:

          	 
	 	 
	
            Expiration Time:

          	
            The Valuation Time

          
	 	 
	
            Expiration Date:

          	
            For any Component, as provided in Annex A to this Confirmation (or, if such date is not a Scheduled Valid Day, the next following Scheduled Valid Day that is not already an Expiration
              Date for another Component); provided that if that date is a Disrupted Day, the Expiration Date for such Component shall be the first succeeding Scheduled Valid Day that is not a Disrupted Day and is
              not or is not deemed to be an Expiration Date in respect of any other Component of the Transaction hereunder; and provided further that in no event shall the Expiration Date be postponed to a date
              later than the Final Termination Date and, notwithstanding anything to the contrary in this Confirmation or the Equity Definitions, if the Expiration Date is a Disrupted Day and is deemed to occur on the Final Termination Date as described in
              this proviso, the Relevant Price for such Expiration Date shall be the prevailing market value per Share determined by the Calculation Agent in a good faith and commercially reasonable manner. Notwithstanding the foregoing and anything to the
              contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date, the Calculation Agent may determine in a good faith and commercially reasonable manner that such Expiration Date is a Disrupted Day only in part,
              in which case the Calculation Agent shall make commercially reasonable adjustments to the Number of Options for the relevant Component for which such day shall be the Expiration Date, shall designate the Scheduled Valid Day determined in the
              manner described in the immediately preceding sentence as the Expiration Date for the remaining Options for such Component and may determine the Relevant Price in a commercially reasonable manner based on transactions in the Shares on such
              Disrupted Day taking into account the nature and duration of such Market Disruption Event on such day. Any Scheduled Valid Day on which, as of the date hereof, the Exchange is scheduled to close prior to its normal close of trading shall be
              deemed not to be a Scheduled Valid Day; if a closure of the Exchange prior to its normal close of trading on any Scheduled Valid Day is scheduled following the date hereof, then such Scheduled Valid Day shall be deemed to be a Disrupted Day
              in full. Section 6.6 of the Equity Definitions shall not apply to any Valuation Date occurring on an Expiration Date.

          

    

    

    
      

      Page 3 of 27

      
        

      

    

    

    

    	
            Final Termination Date:

          	
            [●]3

          
	 	 
	
            Automatic Exercise:

          	
            Applicable; and means that the Number of Options for the relevant Component will be deemed to be automatically exercised at the Expiration Time on the Expiration Date for such Component
              if at such time such Component is In-the-Money, unless Buyer notifies Seller (in writing) prior to the Expiration Time on such Expiration Date that it does not wish Automatic Exercise to occur with respect to such Component, in which case
              Automatic Exercise will not apply with respect to such Component.  “In-the-Money” means, in respect of any Component, that the Relevant Price on the Expiration Date for such Component is greater than
              the Strike Price for such Component.

          
	 	 
	
            Valuation Time:

          	
            At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the
              Calculation Agent shall determine the Valuation Time in a good faith and commercially reasonable manner.

          
	 	 
	
            Valuation Date:

          	
            For any Component, the Expiration Date therefor.

          
	 	 
	
            Market Disruption Event:

          	
            Section 6.3(a) of the Equity Definitions is hereby amended by deleting the words “during the one hour period that ends at the relevant Valuation Time, Latest Exercise Time, Knock-in
              Valuation Time or Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

            Section 6.3(d) of the Equity Definitions is hereby amended by deleting the remainder of the provision following the term “Scheduled Closing Time” in the fourth line thereof.

          
	 	 
	
            Settlement Terms:

          	 
	 	 
	
            Settlement Method Election:

          	
            Applicable; provided that (a) Section 7.1 of the Equity Definitions is hereby amended by replacing the term “Physical Settlement” with the term
              “Net Share Settlement”, (b) Counterparty must make a single irrevocable election for all Components and (c) if Counterparty is electing Cash Settlement, such Settlement Method Election would be effective only if Counterparty represents and
              warrants to Dealer in writing on the date of such Settlement Method Election that (i) Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, and (ii) such election is being made in good
              faith and not as part of a plan or scheme to evade compliance with the federal securities laws.

            Without limiting the generality of the foregoing, Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Sections 9 and 10(b) of the
              Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder in respect of such election.

          
	 	 
	
            Electing Party:

          	
            Counterparty

          

    

    

    

    3 [To be 2x valuation period, i.e., 80 STDs following the
      final Expiration Date.]

    
      

      Page 4 of 27

      
        

      

    

    

    

    	
            Settlement Method Election Date:

          	
            The second Scheduled Valid Day prior to the scheduled Expiration Date for the Component with the earliest scheduled Expiration Date.

          
	 	 
	
            Default Settlement Method:

          	
            Net Share Settlement

          
	 	 
	
            Net Share Settlement:

          	
            With respect to any Component, if Net Share Settlement is applicable to the Options exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the Settlement Date,
              a number of Shares (the “Net Share Settlement Amount”) equal to (i) the Daily Option Value on the Expiration Date of such Component divided by (ii) the Relevant
              Price on such Expiration Date.

             

            

            Dealer will deliver cash in lieu of any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the Expiration Date of such
              Component.

          
	 	 
	
            Cash Settlement:

          	
            With respect to any Component, if Cash Settlement is applicable to the Options exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay
              to Counterparty, on the Settlement Date, an amount of cash (the “Cash Settlement Amount”) equal to the Daily Option Value on the Expiration Date of such Component.

          
	 	 
	
            Delivery Obligation:

          	
            The Net Share Settlement Amount or the Cash Settlement Amount payable or deliverable in respect of all Components on the Settlement Date.

          
	 	 
	
            Daily Option Value:

          	
            For any Component, an amount equal to (i) the Number of Options in such Component, multiplied by (ii) the Option Entitlement multiplied by (iii)(A) the lesser of the Relevant Price on the Expiration Date of such Component and the Cap Price, minus (B) the Strike Price on such Expiration Date; provided
              that if the calculation contained in clause (iii) above results in a negative number, the Daily Option Value for such Component shall be deemed to be zero. In no event will the Daily Option Value be less than zero.

          
	 	 
	
            Valid Day:

          	
            A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange. If the Shares are not listed, quoted or traded on any U.S.
              securities exchange or any other market, “Valid Day” means a Business Day.

          
	 	 
	
            Scheduled Valid Day:

          	
            A day that is scheduled to be a Valid Day on the Exchange. If the Shares are not listed, quoted or traded on any U.S. securities exchange or any other market, “Scheduled Valid Day” means a Business Day.

          
	 	 
	
            Business Day:

          	
            Any day other than a Saturday, a Sunday or other day on which banking institutions are authorized or required by law, regulation or executive order to close or be closed in the State of
              New York.

          

    

    

    
      

      Page 5 of 27

      
        

      

    

    

    

    

    

    	
            Relevant Price:

          	
            On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “HLX <equity> AQR” (or its equivalent successor if
              such page is not available) (the “VWAP”) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Valid Day (or if such
              volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as determined by the Calculation Agent in a good faith and commercially reasonable manner using, if practicable, a volume-weighted
              average method substantially similar to the method for determining the VWAP). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

          
	 	 
	
            Settlement Date:

          	
            For all Components of the Transaction, the date one Settlement Cycle immediately following the Expiration Date for the Component with the latest scheduled Expiration Date.

          
	 	 
	
            Settlement Currency:

          	
            USD

          
	 	 
	
            Other Applicable Provisions:

          	
            The provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will be applicable, except that all references in such provisions to “Physical Settlement” shall be
              read as references to “Net Share Settlement.”

          
	 	 
	
            Representation and Agreement:

          	
            Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to
              Counterparty shall be, upon delivery, subject to restrictions, obligations and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be
              delivered hereunder in certificated form in lieu of delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the
              “Securities Act”)).

          
	 	 
	
            Adjustments:

          	 
	 	 
	
            Method of Adjustment:

          	
            Calculation Agent Adjustment; provided that the parties agree that (x) open market Share repurchases
              at prevailing market prices and (y) Share repurchases through a dealer pursuant to accelerated share repurchases, forward contracts or similar transactions (including, without limitation, any discount to average VWAP prices) that are entered
              into at prevailing market prices and in accordance with customary market terms for transactions of such type to repurchase the Shares shall not be considered Potential Adjustment Events if and so long as, after giving effect to any such
              proposed transaction described in clause (x) or (y), the aggregate number of Shares repurchased during the term of the Transaction pursuant to all such transactions described in clauses (x) and (y) would not exceed 20% of the number of Shares
              outstanding as of the Trade Date, as determined by the Calculation Agent and as adjusted by the Calculation Agent in a commercially reasonable manner to account for any subdivision or combination with respect to the Shares.

          

    

    

    
      

      Page 6 of 27

      
        

      

    

    

    

    	
            Extraordinary Events:

          	 
	 	 
	
            New Shares:

          	
            In the definition of New Shares in Section 12.1(i) of the Equity Definitions, (a) the text in clause (i) thereof shall be deleted in its entirety and replaced with “publicly quoted,
              traded or listed on any of The New York Stock Exchange, The NASDAQ Global Market or The NASDAQ Global Select Market (or their respective successors),” and (b) the following phrase shall be inserted immediately prior to the period: “and (iii)
              of a corporation organized under the laws of the United States, any State thereof or the District of Columbia that (x) also becomes the Counterparty under the Transaction or (y) agrees to be subject to Sections 8(d) and 8(e) of the
              Confirmation governing the Transaction, in either case, following such Merger Event or Tender Offer”.

          
	 	 
	
            Merger Events:

          	
            Applicable

          
	 	 
	
            Consequences of Merger Events:

          	
             

          
	 	 
	
            (a)   Share-for-Share:

          	
            Modified Calculation Agent Adjustment

          
	 	 
	
            (b)   Share-for-Other:

          	
            Cancellation and Payment (Calculation Agent Determination)

          
	 	 
	
            (c)   Share-for-Combined:

          	
            Cancellation and Payment (Calculation Agent Determination); provided that the Calculation Agent may elect Modified Calculation Agent Adjustment
              or Component Adjustment for all or part of the Transaction

          
	 	 
	
            Tender Offer:

          	
            Applicable; provided that the definition of “Tender Offer” in Section 12.1(d) of the Equity Definitions will be amended by replacing the phrase
              “greater than 10% and less than 100% of the outstanding voting shares of Counterparty” in the third and fourth line thereof with “(a) greater than 20% and less than 100% of the outstanding Shares of Counterparty”.

          
	 	 
	
            Consequences of Tender Offers:

          	
             

          
	 	 
	
            (a)   Share-for-Share:

          	
            Modified Calculation Agent Adjustment

          
	 	 
	
            (b)   Share-for-Other: 

          	
            Modified Calculation Agent Adjustment

          
	 	 
	
            (c)   Share-for-Combined:

          	
            Modified Calculation Agent Adjustment

          

    

    

    
      

      Page 7 of 27

      
        

      

    

    

    

    	
            Consequences of Announcement Events:

          	
            Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement
              Event, (x) references to “Tender Offer” shall be replaced by references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement,
              payment or any other terms of the Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the
              Strike Price)” and the words “whether within a commercially reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z)
              for the avoidance of doubt, the Calculation Agent shall, in good faith and a commercially reasonable manner, determine whether the relevant Announcement Event has had a material economic effect on the Transaction and, if so, shall adjust the
              Cap Price accordingly to take into account such economic effect in a commercially reasonable manner on one or more occasions on or after the date of the Announcement Event up to, and including, the final Expiration Date, any Early Termination
              Date and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same Announcement Event and shall not be duplicative with
              any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; provided that in no event shall the Cap Price be adjusted to be less than
              the Strike Price.  An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable; provided further that
              upon the Calculation Agent making an adjustment, determined in a commercially reasonable manner, to the Cap Price upon any Announcement Event, then the Calculation Agent shall make a commercially reasonable adjustment to the Cap Price upon
              any announcement regarding the same event that gave rise to the original Announcement Event regarding the abandonment of any such event to the extent necessary to reflect the economic effect of such subsequent announcement on the Transaction
              (provided that in no event shall the Cap Price be less than the Strike Price).

          
	 	 
	
            Announcement Event:

          	
            (i) The public announcement (whether by Counterparty or a Valid Third Party Entity) of any transaction or event that, if completed, would constitute a Merger Event or Tender Offer, or
              the announcement by Counterparty of any intention to enter into a Merger Event or Tender Offer, (ii) the public announcement by Counterparty of an intention by Counterparty to solicit or enter into, or to explore strategic alternatives or
              other similar undertaking that may include, a Merger Event or Tender Offer, (iii) there occurs a public announcement (whether by Counterparty or a Valid Third Party Entity) of any potential acquisition or disposition by Counterparty and/or
              its subsidiaries where the consideration exceeds 35% of the market capitalization of Counterparty as of the date of such announcement or (iv) any subsequent public announcement (whether by Counterparty or a Valid Third Party Entity) of a
              change to a transaction or intention that is the subject of an announcement of the type described in clause (i), (ii) or (iii) of this sentence (including, without limitation, a new announcement relating to such a transaction or intention or
              the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention); provided that, for the avoidance of doubt, the occurrence of an Announcement Event
              with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For purposes of this definition of “Announcement Event,” “Merger Event” shall mean
              such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of “Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger”
              therein shall be disregarded).

          

    

    

    
      

      Page 8 of 27

      
        

      

    

    

    

    

    

    	
            Valid Third Party Entity:

          	
            In respect of any transaction or event, any third party that has a bona fide intent to enter into or consummate such transaction or event (it being understood and agreed that in
              determining whether such third party has such a bona fide intent, the Calculation Agent may take into consideration the effect of the relevant announcement by such third party on the Shares and/or options relating to the Shares).

          
	 	 
	
            Notice of Merger Consideration and Consequences:

          	
            Upon the occurrence of a Merger Event that causes the Shares to be converted into the right to receive more than a single type of consideration (determined based in part upon any form
              of stockholder election), Counterparty shall reasonably promptly (but in any event prior to the relevant Merger Date) notify the Calculation Agent of (i) the type and amount of consideration that a holder of Shares would have been entitled to
              in the case of reclassifications, consolidations, mergers, sales or transfers of assets or other transactions that cause Shares to be converted into the right to receive more than a single type of consideration and (ii) the weighted average
              of the types and amounts of consideration to be received by the holders of Shares that affirmatively make such an election.

          
	 	 
	
            Nationalization, Insolvency or Delisting:

          	
            Cancellation and Payment (Calculation Agent Determination); provided that in addition to the provisions of Section 12.6(a)(iii) of the Equity
              Definitions, it will also constitute a Delisting if the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective
              successors); if the Shares are immediately re-listed, re-traded or re-quoted on any such exchange or quotation system, such exchange or quotation system shall thereafter be deemed to be the Exchange.

          
	 	 
	
            Additional Disruption Events:

          	 
	 	 
	
            (a) Change in Law:

          	
            Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in
              the third line thereof with the phrase “, or public announcement of, the formal or informal interpretation”, (ii) by adding the phrase “and/or Hedge Position” after the word “Shares” in clause (X) thereof and (iii) by immediately following
              the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by the Hedging Party on the Trade Date”.

          
	 	 
	
            (b) Failure to Deliver:

          	
            Applicable

          
	 	 
	
            (c) Insolvency Filing:

          	
            Applicable

          
	 	 
	
            (d) Hedging Disruption:

          	
            Applicable; provided that:

            (i) Section 12.9(a)(v) of the Equity Definitions is hereby amended by inserting the following sentence at the end of such Section:

             

            

            “For the avoidance of doubt, (i) the term “equity price risk” shall be deemed to include, but shall not be limited to, stock price and volatility risk, and (ii) the transactions or
              assets referred to in phrases (A) or (B) above must be available on commercially reasonable pricing and other terms.”; and

             

            

            (ii) Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of
              the Transaction affected by such Hedging Disruption”.

          

    
      

      Page 9 of 27

      
        

      

    

    

    

    	
            (e) Increased Cost of Hedging:

          	
            Not Applicable

          
	 	 
	
            Hedging Party:

          	
            Dealer

          
	 	 
	
            Determining Party:

          	
            For all applicable Extraordinary Events, Dealer; all calculations and determinations made by the Determining Party shall be made in good faith and in a commercially reasonable manner; provided that, upon receipt of written request from Counterparty, the Determining Party shall promptly provide Counterparty with a written explanation via email  describing in reasonable detail any
              calculation, adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, in a commonly used
              file format for the storage and manipulation of financial data, but without disclosing Determining Party’s proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not
              disclose such information), and shall use commercially reasonable efforts to provide such written explanation within five (5) Exchange Business Days from the receipt of such request.

          
	 	 
	
            Non-Reliance:

          	
            Applicable

          
	 	 
	
            Agreements and Acknowledgments Regarding Hedging Activities:

          	
            Applicable

          
	 	 
	
            Additional Acknowledgments:

          	
            Applicable

          

    3. Calculation Agent: Dealer; provided that, following the occurrence of an Event of
      Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party, if the Calculation Agent fails to timely make any calculation, adjustment or determination required to be made by the
      Calculation Agent hereunder or to perform any obligation of the Calculation Agent hereunder and such failure continues for five (5) Exchange Business Days following notice to the Calculation Agent by Counterparty of such failure, Counterparty shall
      have the right to designate a nationally recognized third-party dealer in over-the-counter corporate equity derivatives to act, during the period commencing on the date such Event of Default occurred and ending on the Early Termination Date with
      respect to such Event of Default, as the Calculation Agent.

    All calculations and determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner;
      provided that, upon receipt of written request from Counterparty, the Calculation Agent shall promptly provide Counterparty with a written explanation via email describing in reasonable detail any calculation,
      adjustment or determination made by it (including any quotations, market data or information from internal or external sources used in making such calculation, adjustment or determination, as the case may be, but without disclosing Dealer’s
      proprietary models or other information that may be proprietary or subject to contractual, legal or regulatory obligations to not disclose such information), and shall use commercially reasonable efforts to provide such written explanation within
      five (5) Exchange Business Days from the receipt of such request.

    
      

      Page 10 of 27

      
        

      

    

    4. Account Details:

    	 	
            Dealer Payment Instructions:

          
	 	 
	 	
            Bank:

          	
            [____________]

          
	 	
            SWIFT:

          	
            [____________]

          
	 	
            Bank Routing:

          	
            [____________]

          
	 	
            Acct Name:

          	
            [____________]

          
	 	
            Acct No.:

          	
            [____________]

          
	 	 	 

    Counterparty Payment Instructions: To be advised.

    5. Offices:

    The Office of Dealer for the Transaction is: [____________]

    

    

    [Dealer’s Office Address]

    The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

    6. Notices: For purposes of this Confirmation:

    (a) Address for notices or communications to Counterparty:

    	 	
            To:

          	
            Helix Energy Solutions Group, Inc.

          
	 	 	
            3505 West Sam Houston Parkway North, Suite 400

          
	 	 	
            Houston, Texas 77043

          
	 	
            Attention:

          	
            [__]

          
	 	
            Email:

          	
            [__]

          
	 	 	 
	 	 	
            With a copy to:

          
	 	 	 
	 	
            To:

          	
            Helix Energy Solutions Group, Inc.

          
	 	
            

            

          	 3505 West Sam Houston Parkway North, Suite 400
	 	
            

            

          	 Houston, Texas 77043
	 	
            Attention:

          	
            [__]

          
	 	
            Email:

          	
            [__]

          

    

    

    (b) Address for notices or communications to Dealer:

    

    

    	 	
            To:

          	
            [__]

          
	 	 	
            [__]

          
	 	 	
            [__]

          
	 	
            Attention:

          	
            [__]

          
	 	
            Telephone:

          	
            [__]

          
	 	
            Facsimile:

          	
            [__]

          
	 	
            Email:

          	
            [__]

          

    
      

      Page 11 of 27

      
        

      

    

    7. Representations, Warranties and Agreements:

    (a) In addition to the representations and warranties in the Agreement and those contained elsewhere herein, Counterparty represents
      and warrants to and for the benefit of, and agrees with, Dealer as follows:

    (i) On the Trade Date (A) none of Counterparty and its officers and directors is aware of any material non-public
      information regarding Counterparty or the Shares, and (B) all reports and other documents filed by Counterparty with the Securities and Exchange Commission pursuant to the Exchange Act when considered as a whole (with the more recent such reports and
      documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or any omission of a material fact required to be stated therein or necessary to make the
      statements therein, in the light of the circumstances in which they were made, not misleading .

    (ii)  Counterparty is not on the Trade Date engaged in a “distribution”, as such term is defined in Regulation M
      under the Exchange Act (“Regulation M”) of any securities of Counterparty, other than (i)  a distribution meeting the requirements of the exceptions set forth in Rule 101(b)(10) and Rule 102(b)(7) of Regulation
      M and (ii) the distribution of the Convertible Notes (as defined below). Counterparty shall not, until the Second Exchange Business Day immediately following the Trade Date, engage in any such distribution.

    (iii) On the Trade Date, neither Counterparty nor any “affiliated purchaser” (as defined in Rule 10b-18 of the
      Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including, without limitation, by means of any cash-settled or other derivative instrument) purchase, offer to purchase, place any bid or limit order
      that would effect a purchase of, or commence any tender offer relating to, any Shares (or an equivalent interest, including a unit of beneficial interest in a trust or limited partnership or a depository share) or any security convertible into or
      exchangeable or exercisable for Shares, except through Dealer and except for repurchase of Counterparty’s 4.25% Convertible Senior Notes due 2022 and Counterparty’s 4.125% Convertible Senior Notes due 2023 as contemplated by the prospectus supplement
      related to the offering of the Convertible Notes.

    (iv) Without limiting the generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges that
      neither Dealer nor any of its affiliates is making any representations or warranties or taking any position or expressing any view with respect to the treatment of the Transaction under any accounting standards including ASC Topic 260, Earnings Per Share, ASC Topic 815, Derivatives and Hedging, or ASC Topic 480, Distinguishing
        Liabilities from Equity and ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity (or any successor
      issue statements).

    (v)  Without limiting the generality of Section 3(a)(iii) of the Agreement, the Transaction will not violate Rule
      13e-1 or Rule 13e-4 under the Exchange Act.

    (vi) Prior to the Trade Date, Counterparty shall deliver to Dealer a resolution of Counterparty’s board of directors
      [(or an authorized committee thereof)] authorizing the Transaction, and approving the Transaction and any related hedging activity for purposes of Section 302A.673 of the Minnesota Business Corporation Act, and such other certificate or certificates
      as Dealer shall reasonably request.

    (vii) Counterparty is not entering into this Confirmation to create actual or apparent trading activity in the
      Shares (or any security convertible into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares) or otherwise in violation of the Exchange Act.

    (viii) Counterparty is not, and after giving effect to the transactions contemplated hereby will not be, required to
      register as an “investment company,” as such term is defined in the Investment Company Act of 1940, as amended.

    
      

      Page 12 of 27

      
        

      

    

    (ix) On and immediately after each of the Trade Date and the Premium Payment Date, (A)  Counterparty is not
      “insolvent” (as such term is defined under Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (B) Counterparty would be able to purchase the aggregate
      Number of Shares with respect to the Transaction in compliance with the laws of the jurisdiction of Counterparty’s incorporation.

    (x) To Counterparty’s knowledge, no U.S. state or local law, rule, regulation or regulatory order applicable to the
      Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however
      defined) Shares; provided that no such representation shall be made by Counterparty with respect to any rules and regulations applicable to Dealer (including the Financial Industry Regulatory Authority, Inc.)
      arising from Dealer’s status as a regulated entity under applicable law.

    (xi) Counterparty (A) is capable of evaluating investment risks independently, both in general
      and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise
      notified the broker-dealer in writing, and (C) has total assets of at least $50 million on the date hereof.

    (xii) [Counterparty represents and warrants that it and any of its subsidiaries has not
      applied, and shall not until after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct
      loan (as that term is defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or to receive any financial assistance or relief under any program or facility
      (collectively “Financial Assistance”) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES
      Act and the Federal Reserve Act, as amended, and (ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of
      such Financial Assistance, that Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of
      Counterparty, and that it has not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the Transaction would cause Counterparty under any circumstances to fail to
      satisfy any condition for application for or receipt or retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided, that
      Counterparty may apply for Restricted Financial Assistance if Counterparty either (x) determines based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty to fail to satisfy any
      condition for application for or receipt or retention of such Financial Assistance based on the terms of the program or facility as of the date of such advice or (y) delivers to Dealer evidence or other guidance from a governmental authority with
      jurisdiction for such program or facility that the Transaction is permitted under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant
      respects).  Counterparty further represents and warrants that the Premium is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business
      Administration’s “Paycheck Protection Program”, that (a) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve
      Act, as amended, and (b) requires under such applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or
      enumerated purposes that do not include the purchase of the Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects).]4

    

    

    4 Subject to review by bidding Dealers.

    
      

      Page 13 of 27

      
        

      

    

    (b) Each of Dealer and Counterparty agrees and represents that it is an “eligible contract participant” as defined in Section 1a(18) of
      the U.S. Commodity Exchange Act, as amended, and is entering into the Transaction as principal (and not as agent or in any other capacity, fiduciary or otherwise) and not for the benefit of any third party.

    (c) Each of Dealer and Counterparty acknowledges that the offer and sale of the Transaction to it is intended to be exempt from
      registration under the Securities Act, by virtue of Section 4(a)(2) thereof.  Accordingly, Counterparty represents and warrants to Dealer that (i) it has the financial ability to bear the economic risk of its investment in the Transaction and is able
      to bear a total loss of its investment and its investments in and liabilities in respect of the Transaction, which it understands are not readily marketable, are not disproportionate to its net worth, and it is able to bear any loss in connection
      with the Transaction, including the loss of its entire investment in the Transaction, (ii) it is an “accredited investor” as that term is defined in Regulation D as promulgated under the Securities Act, (iii) it is entering into the Transaction for
      its own account and without a view to the distribution or resale thereof, (iv) the assignment, transfer or other disposition of the Transaction has not been and will not be registered under the Securities Act and is restricted under this
      Confirmation, the Securities Act and state securities laws, and (v) its financial condition is such that it has no need for liquidity with respect to its investment in the Transaction and no need to dispose of any portion thereof to satisfy any
      existing or contemplated undertaking or indebtedness and is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the
      Transaction.

    (d) Each of Dealer and Counterparty agrees and acknowledges that Dealer is a “financial institution,” “swap participant” and “financial
      participant” within the meaning of Sections 101(22), 101(53C) and 101(22A) of the Bankruptcy Code. The parties hereto further agree and acknowledge (A) that this Confirmation is (i) a “securities contract,” as such term is defined in Section 741(7)
      of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a
      “settlement payment” within the meaning of Section 546 of the Bankruptcy Code, and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in connection
      herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “transfer” within the meaning of Section 546 of the Bankruptcy Code, and (B) that Dealer is entitled to
      the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(b)(27), 362(o), 546(e), 546(g), 546(j), 548(d)(2), 555, 560 and 561 of the Bankruptcy Code.

    (e) As a condition to the effectiveness of the Transaction, Counterparty shall deliver to Dealer an opinion of counsel, dated as of the
      Effective Date and reasonably acceptable to Dealer in form and substance, with respect to certain of the matters set forth in Section 3(a)(i), (ii), (iii) and (iv) of the Agreement,  Section 7(a)(viii) hereof; provided
      that any such opinion of counsel may contain customary exceptions and qualifications, including, without limitation, exceptions and qualifications relating to indemnification provisions.

    (f) Counterparty understands that notwithstanding any other relationship between Counterparty and Dealer and its affiliates, in
      connection with the Transaction and any other over-the-counter derivative transactions between Counterparty and Dealer or its affiliates, Dealer or its affiliates is acting as principal and is not a fiduciary or advisor in respect of any such
      transaction, including any entry, exercise, amendment, unwind or termination thereof.

    (g) Each party acknowledges and agrees to be bound by the Conduct Rules of the Financial Industry Regulatory Authority, Inc. applicable
      to transactions in options, and further agrees not to violate the position and exercise limits set forth therein.

    (h) Counterparty represents and warrants that it has received, read and understands the OTC Options Risk Disclosure Statement and a
      copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.

    
      

      Page 14 of 27

      
        

      

    

    8. Other Provisions:

    (a) Right to Extend.  Dealer may divide any Component into additional Components and
      designate the Expiration Date and the Number of Options for each such Component if Dealer determines, in good faith and a commercially reasonable manner, that such further division is necessary or advisable to preserve Dealer’s commercially
      reasonable hedging or hedge unwind activity hereunder in light of existing liquidity conditions or to enable Dealer to effect transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement
      activity hereunder in a manner that would, if Dealer were Counterparty or an affiliated purchaser of Counterparty, be compliant and consistent with applicable legal, regulatory or self-regulatory requirements, or with related policies and procedures,
      generally applicable to transactions of the type of the Transaction; provided that in no event shall any Expiration Date for any Component be postponed to a date later than the Final Termination Date.

    (b) Additional Termination Events.  Promptly (but in any event within ten Scheduled Trading
      Days) following any repurchase, redemption or conversion of any of Counterparty’s [_____]% Convertible Senior Notes due 2026 (the “Convertible Notes”) issued pursuant to an indenture, to be dated as of or about
      August 14, 2020, between Counterparty and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by the First Supplemental Indenture thereto, to be dated as of or about August 14, 2020, Counterparty may, but is not required to,
      notify Dealer in writing of (i) such repurchase, redemption or conversion, (ii) the number of Convertible Notes so repurchased, redeemed or converted and (iii) the number of Shares underlying such repurchased, redeemed or converted Convertible Notes
      (any such notice, a “Repurchase Notification” and any such event, a “Repurchase Event”).  Notwithstanding anything to the contrary in this Confirmation, the receipt by
      Dealer from Counterparty of (x) any Repurchase Notification, within the applicable time period set forth in the preceding sentence, and (y) a written representation and warranty by Counterparty that, as of the date of such Repurchase Notification,
      Counterparty is not in possession of any material non-public information regarding Counterparty or the Shares, shall constitute an Additional Termination Event as provided in this paragraph.  Upon receipt of any such Repurchase Notification and the
      related written representation and warranty, Dealer shall promptly designate an Exchange Business Day following receipt of such Repurchase Notification as an Early Termination Date with respect to the portion of the Transaction corresponding to a
      number of Options (the “Repurchase Options”) equal to the lesser of (A) the product of (I) [__]%5 and (II) the number of Shares
      underlying the Convertible Notes specified in such Repurchase Notification as described in clause (iii) above  and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options
      shall be reduced by the number of Repurchase Options on a pro rata basis across the Components for the Transaction, as determined by the Calculation Agent in a commercially reasonable manner.  Any payment hereunder with respect to such termination
      shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and an aggregate Number of Options equal to the number of
      Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (3) the terminated portion of the Transaction were the sole Affected Transaction.

    (c) Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. 
      If (a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an Extraordinary
      Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to all holders of Shares consists solely of cash, (ii) a Merger Event or Tender Offer that is within Counterparty’s control, or (iii)
      an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party, which Event of Default or Termination Event resulted from an event or events within Counterparty’s control), and if
      Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) and 6(e) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment
        Obligation”), then Dealer shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below) unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading
      Day, no later than 12:00 p.m. (New York City time) on the Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election
      that the Share Termination Alternative shall not apply, (b) as of the date of such election, Counterparty represents that is not in possession of any material non-public information regarding Counterparty or the Shares, and that such election is
      being made in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws, and (c) Dealer agrees, in its sole commercially reasonable discretion, to such election, in which case the provisions of Section 12.7
      or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) and 6(e) of the Agreement, as the case may be, shall apply.

    

    

    5 Insert Dealer’s percentage allocation of the overall capped call.

    
      

      Page 15 of 27

      
        

      

    

    	
             Share Termination Alternative:

          	
            If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant
              Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested
              by Counterparty free of payment.

          
	 	 
	
            Share Termination Delivery Property:

          	
            A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent
              shall adjust the Share Termination Delivery Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination
              Unit Price.

          
	 	 
	
            Share Termination Unit Price:

          	
            The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the
              Calculation Agent to Dealer at the time of notification of the Payment Obligation. For the avoidance of doubt, the parties agree that in determining the Share Termination Delivery Unit Price the Calculation Agent may consider a variety of
              factors, including the market price of the Share Termination Delivery Units and/or the purchase price paid in connection with the commercially reasonable purchase of Share Termination Delivery Property.

          
	 	 
	
            Share Termination Delivery Unit:

          	
            One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger
              Event (any such cash or other property, the “Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other
              consideration in lieu of fractional amounts of any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent.

          
	 	 
	
            Failure to Deliver:

          	
            Applicable

          
	 	 
	
            Other Applicable Provisions:

          	
            If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the
              caption “Representation and Agreement” in Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be
              read as references to “Share Termination Delivery Units”.  “Share Termination Settled” in relation to the Transaction means that the Share Termination Alternative is applicable to the Transaction.

          

    

    

    
      

      Page 16 of 27

      
        

      

    

    (d) Disposition of Hedge Shares.  Counterparty hereby agrees that if, in the good faith
      reasonable judgment of Dealer, based on the advice of legal counsel, the Shares acquired by Dealer for the purpose of hedging its obligations pursuant to the Transaction in a commercially reasonable manner (the “Hedge Shares”) cannot be sold in the U.S. public market by Dealer without registration under the Securities Act, Counterparty shall, at its election: (i) in order to allow Dealer to sell the Hedge Shares in a registered
      offering, use its commercially reasonable efforts to make available to Dealer an effective registration statement under the Securities Act to cover the resale of such Hedge Shares and (A) enter into an agreement, in form and substance reasonably
      satisfactory to Dealer, substantially in the form of an underwriting agreement for a registered offering for companies of a similar size in a similar industry, (B) provide accountant’s “comfort” letters in customary form for registered offerings of
      equity securities for companies of a similar size in a similar industry, (C) provide disclosure opinions of nationally recognized outside counsel to Counterparty in customary form for registered offerings of equity securities for companies of a
      similar size in a similar industry, (D) provide other customary opinions, certificates and closing documents customary in form for registered offerings of equity securities for companies of a similar size in a similar industry and (E) afford Dealer a
      reasonable opportunity to conduct a “due diligence” investigation with respect to Counterparty customary in scope for underwritten offerings of equity securities for companies of a similar size in a similar industry; provided, however, that, if Counterparty elects clause (i) above but Dealer, in its commercially reasonable discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the
      procedures and documentation for the registered offering referred to above, then clause (ii) or clause (iii) of this Section 8(d) shall apply at the election of Counterparty; (ii) in order to allow Dealer to sell the Hedge Shares in a private
      placement, enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of companies of a similar size in a similar industry, in form and substance
      commercially reasonably satisfactory to Dealer using best efforts to include customary representations, covenants, blue sky and other governmental filings and/or registrations, indemnities to Dealer, due diligence rights (for Dealer or any designated
      buyer of the Hedge Shares from Dealer), opinions and certificates and such other documentation as is customary for private placements agreements of equity securities of companies of a similar size in a similar industry, as is reasonably acceptable to
      Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its good faith and commercially reasonable judgment, to compensate Dealer for any customary liquidity discount from the
      public market price of the Shares incurred on the sale of Hedge Shares in a private placement); or (iii) purchase the Hedge Shares from Dealer at the Relevant Price on such Exchange Business Days, and in the amounts, requested by Dealer.

    (e) Repurchase Notices. Counterparty shall, at least one Scheduled Valid Day prior to any day
      on which Counterparty intends to effect any repurchase of Shares, give Dealer written notice of such repurchase (a “Repurchase Notice”) on such day if, following such repurchase, the Notice Percentage would
      reasonably be expected to be (i) greater than [_____]6% and (ii) greater by 0.5% than the Notice Percentage included in the immediately preceding Repurchase Notice (or,
      in the case of the first such Repurchase Notice, greater than the Notice Percentage as of the date hereof); provided that, in the case of any repurchases of Shares pursuant to a plan under Rule 10b5-1 under
      the Exchange Act, Counterparty may elect to satisfy such requirement by promptly giving Dealer written notice of entry into such plan, the maximum number of Shares that may be purchased thereunder and the approximate dates or periods during which
      such repurchases may occur (with such maximum number of Shares deemed repurchased on the date of such notice for purposes of this Section 8(e)).  The “Notice Percentage” as of any day is the fraction, expressed
      as a percentage, the numerator of which is the aggregate Number of Shares plus the number of Shares underlying any other capped call transactions sold by Dealer to Counterparty and the denominator of which is
      the number of Shares outstanding on such day.  In the event that Counterparty fails to provide Dealer with a Repurchase Notice on the day and in the manner specified in this Section 8(e) then Counterparty agrees to indemnify and hold harmless Dealer,
      its affiliates and their respective directors, officers, employees, agents and controlling persons (Dealer and each such person being an “Indemnified Party”) from and against any and all reasonable losses
      (including losses relating to Dealer’s commercially reasonable hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of
      hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages and liabilities (or actions in respect thereof), joint or several, to which such Indemnified Party may become subject under applicable
      securities laws, including without limitation, Section 16 of the Exchange Act or under any U.S. state or federal law, regulation or regulatory order, in each case relating to or arising out of such failure. If for any reason the foregoing
      indemnification is unavailable to any Indemnified Party or insufficient to hold harmless any Indemnified Party, then Counterparty shall contribute, to the maximum extent permitted by law, to the amount paid or payable by the Indemnified Party as a
      result of such loss, claim, damage or liability.  In addition, Counterparty will reimburse any Indemnified Party for reasonable out-of-pocket expenses (including reasonable out-of-pocket counsel fees and expenses) as they are incurred (after notice
      to Counterparty) in connection with the investigation of, preparation for or defense or settlement of any pending or threatened claim or any action, suit or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto and
      whether or not such claim, action, suit or proceeding is initiated or brought by or on behalf of Counterparty, in each case relating to or arising out of such failure. This indemnity shall survive any assignment and delegation of the Transaction made
      pursuant to this Confirmation or the Agreement shall inure to the benefit of any permitted assignee of Dealer.  Counterparty will not be liable under this indemnity provision to the extent any loss, claim, damage, liability or expense is found in a
      final judgment by a court of competent jurisdiction to have resulted from Dealer’s gross negligence or willful misconduct.

    

    

    

    6 To be 0.5% higher than the number of Shares underlying the capped call of the Dealer with the
      highest Applicable Percentage.

    
      

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    (f) Transfer and Assignment.

    (i)          Dealer may transfer or
        assign any of its rights or obligations under the Transaction with the prior written consent of Counterparty, such consent not to be unreasonably withheld or delayed; provided that Dealer may transfer or
        assign without any consent of Counterparty its rights and obligations hereunder, in whole or in part, to (A) any affiliate or branch of Dealer (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the time
        of such transfer or assignment, or (2) whose obligations would be guaranteed by [Dealer] [Dealer’s ultimate parent] or (B) any person (including any affiliate or branch of Dealer not satisfying clause (A)) or any person whose obligations would be
        guaranteed by a person (a “Designated Transferee”), in either case under this clause (B), with a rating for its long-term, unsecured and unsubordinated indebtedness at least equivalent to Dealer's (or its
        guarantor's), provided, however, that, in the case of this clause (B), in no event shall the credit rating of the Designated Transferee or of its guarantor
        (whichever is higher) be lower than A3 from Moody's Investor Service, Inc. or its successor or A- from Standard and Poor's Rating Group, Inc. or its successor; provided further that (i) Dealer will notify
        Counterparty in writing promptly following any transfer or assignment to a Designated Transferee, (ii) as a result of any such transfer or assignment, Counterparty will not be required to pay the transferee or assignee of such rights or obligations
        on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than the amount, if any, that Counterparty would have been required to pay Dealer in the absence of such transfer or assignment, (iii) after such transfer, Counterparty
        will not, as a result of any withholding or deduction made by the transferee or assignee as a result of any Tax, receive from the transferee or assignee on any payment date or delivery date (after accounting for amounts paid by the transferee or
        assignee under Section 2(d)(i)(4) of the Agreement as well as such withholding or deduction) an amount or a number of Shares, as applicable, lower than the amount or the number of Shares, as applicable that Dealer would have been required to pay or
        deliver to Counterparty in the absence of such Transfer, and (iv) prior to becoming a party to the Transaction, the transferee or assignee shall have made the Payee Tax Representations and provided such tax documentation as may be reasonably
        requested by Counterparty to permit Counterparty to determine that results described in clauses (ii) through (iii) of the immediately preceding proviso will not occur upon or after such transfer and assignment. If at any time at which (1) the
        Equity Percentage exceeds 8.0%, (2) Dealer, Dealer Group (as defined below) or any person whose ownership position would be aggregated with that of Dealer or Dealer Group (Dealer, Dealer Group or any such person, a “Dealer
          Person”) under Section 302A.673 of the Minnesota Business Corporation Act or any other federal, state or local law, rule, regulation or regulatory order or organizational documents or contracts of Counterparty applicable to ownership of
        Shares (“Applicable Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership in excess of a number of Shares equal
        to (x) the number of Shares that would give rise to reporting, registration, filing or notification obligations or other requirements (including obtaining prior approval by a state or federal regulator) of a Dealer Person under Applicable
        Restrictions and with respect to which such requirements have not been met or the relevant approval has not been received minus (y) 1% of the number of Shares outstanding on the date of determination
        (either such condition described in clause (1) or (2), an “Excess Ownership Position”), if Dealer, in its reasonable discretion, is unable to effect a transfer or assignment to a third party in accordance
        with the requirements set forth above after its commercially reasonable efforts on pricing and terms and within a time period reasonably acceptable to Dealer such that an Excess Ownership Position no longer exists, Dealer may designate any
        Scheduled Valid Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that an Excess Ownership Position no longer exists following such partial
        termination. In the event that Dealer so designates an Early Termination Date with respect to a portion of the Transaction, a payment or delivery shall be made pursuant to Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i)
        an Early Termination Date had been designated in respect of a Transaction having terms identical to the Terminated Portion of the Transaction, (ii) Counterparty were the sole Affected Party with respect to such partial termination, (iii) such
        portion of the Transaction were the only Terminated Transaction and (iv) Dealer were the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement and to determine the amount payable pursuant to Section 6(e) of
        the Agreement. The “Equity Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any of its affiliates subject to aggregation
        with Dealer for purposes of the “beneficial ownership” test under Section 13 of the Exchange Act and all persons who may form a “group” (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) with Dealer (collectively, “Dealer Group”) “beneficially own” (within the meaning of Section 13 of the Exchange Act) without duplication on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the
        Exchange Act and the rules and regulations thereunder results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day.

    
      

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    (ii)          Counterparty may
        transfer or assign any of its rights or obligations under the Transaction with the prior written consent of Dealer, such consent not to be unreasonably withheld or delayed. In the case of a transfer or assignment by Counterparty of its rights and
        obligations hereunder and under the Agreement, in whole or in part (any such Options so transferred or assigned, the “Transfer Options”), to any party, withholding of such consent by Dealer shall not be
        considered unreasonable if such transfer or assignment does not meet the following conditions:

    (A) With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
      obligations pursuant to Section 8(e) or any obligations under Section 2 (regarding Extraordinary Events) or 8(d) of this Confirmation;

    (B) Any Transfer Options shall only be transferred or assigned to a third party that is a U.S. person (as defined in
      the U.S. Internal Revenue Code of 1986, as amended (the “Code”));

    (C) Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third
      party (including, but not limited to, undertakings with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
      execution of any documentation and delivery of customary legal opinions with respect to securities laws and other matters by such third party and Counterparty as are reasonably requested and reasonably satisfactory to Dealer;

    (D) Dealer will not, as a result of such transfer or assignment, be required to pay or deliver, as the case may be,
      the transferee or assignee on any payment date an amount or number of Shares under Section 2(d)(i)(4) of the Agreement greater than the amount or number of Shares that Dealer would have been required to pay or deliver to Counterparty in the absence
      of such transfer or assignment;

    (E) An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such transfer
      and assignment;

    (F) Without limiting the generality of clause (B), Counterparty shall have caused the transferee or assignee to make
      such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clause (D) will not occur upon or after such transfer or assignment; and

    (G) Counterparty shall be responsible for all reasonable costs and expenses, including reasonable counsel fees,
      incurred by Dealer in connection with such transfer or assignment.

    (iii)          Notwithstanding any
        other provision in this Confirmation to the contrary requiring or allowing Dealer to purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its
        affiliates to purchase, sell, receive or deliver such Shares or other securities, or to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such
        obligations.  Dealer shall be discharged of its obligations to Counterparty solely to the extent of any such performance.

    
      

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    (g) Staggered Settlement.  If Dealer determines reasonably and in good faith that the number
      of Shares required to be delivered to Counterparty hereunder on any Settlement Date would result in an Excess Ownership Position, then Dealer may, by notice to Counterparty prior to such Settlement Date (a “Nominal
        Settlement Date”), elect to deliver any Shares due to be delivered on two or more dates (each, a “Staggered Settlement Date”) or at two or more times on the Nominal Settlement Date as follows:

    (i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will
      be on or prior to the 20th Exchange Business Day after such Nominal Settlement Date) or delivery times and how it will allocate the Shares it is required to deliver
      under “Delivery Obligation” (above) among the Staggered Settlement Dates or delivery times; and

    (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
      Settlement Dates and delivery times will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; provided that in no event shall any Staggered Settlement
      Date be a date later than the Final Termination Date.

    (h) Disclosure.  Effective from the date of commencement of discussions concerning the
      Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind (including
      opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure.

    (i) No Netting and Set-off.  The provisions of Section 2(c) of the Agreement shall not apply
      to the Transaction.  Each party waives any and all rights it may have to set-off delivery or payment obligations it owes to the other party under the Transaction against any delivery or payment obligations owed to it by the other party, whether
      arising under the Agreement, under any other agreement between parties hereto, by operation of law or otherwise.

    (j) Equity Rights.  Dealer acknowledges and agrees that this Confirmation is not intended to
      convey to it rights with respect to the Transaction that are senior to the claims of common stockholders in the event of Counterparty’s bankruptcy.  For the avoidance of doubt, the parties agree that the preceding sentence shall not apply at any time
      other than during Counterparty’s bankruptcy to any claim arising as a result of a breach by Counterparty of any of its obligations under this Confirmation or the Agreement. For the avoidance of doubt, the parties acknowledge that the obligations of
      Counterparty under this Confirmation are not secured by any collateral that would otherwise secure the obligations of Counterparty herein under or pursuant to any other agreement.

    (k) Early Unwind. In the event the sale of the Notes (as defined in the Underwriting
      Agreement, dated as of  August 11, 2020, between Wells Fargo Securities, LLC and Evercore Group L.L.C., as representatives of the several underwriters, and Counterparty (the “Underwriting Agreement”)) is not
      consummated pursuant to the Underwriting Agreement for any reason by the close of business in New York on August 14, 2020 (or such later date as agreed upon by the parties which in no event shall be later than the second Scheduled Valid Day following
      August 14, 2020) (such date or such later date as agreed upon being the “Early Unwind Date”), the Transaction shall automatically terminate on the Early Unwind Date and (i) the Transaction and all of the
      respective rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party
      with respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date.

    (l) Illegality.  The parties agree that, for the avoidance of doubt, for purposes of Section
      5(b)(i) of the Agreement, “any applicable law” shall include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any similar law or regulation, without regard to Section 739 of
      the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated, on or after the Trade Date, and the consequences specified in the Agreement,
      including without limitation, the consequences specified in Section 6 of the Agreement, shall apply to any Illegality arising from any such act, rule or regulation.

    
      

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    (m) Amendments to Equity Definitions and the Agreement. The following amendments shall be
      made to the Equity Definitions:

    (i) solely for purposes of applying the Equity Definitions and for purposes of this Confirmation, any reference in
      the Equity Definitions to a Strike Price shall be deemed to be a reference to either of the Strike Price or the Cap Price, or both, as appropriate;

    (ii) for the purpose of any adjustment under Section 11.2(c) of the Equity Definitions, the first sentence of
      Section 11.2(c) of the Equity Definitions, prior to clause (A) thereof, is hereby amended to read as follows: (c) If “Calculation Agent Adjustment” is specified as the Method of Adjustment in the related Confirmation of a Share Option Transaction,
      then following the announcement or occurrence of any Potential Adjustment Event, the Calculation Agent will determine whether such Potential Adjustment Event has, in the commercially reasonable judgment of the Calculation Agent, a material economic
      effect on the theoretical value of the relevant Shares or options on the Shares (provided that such event is not based on (x) an observable market, other than the market for Counterparty’s own stock or (y) an
      observable index, other than an index calculated and measured solely by reference to Counterparty’s own operations) and, if so, will (i) make appropriate adjustment(s), if any, determined in a commercially reasonable manner, to any one or more of:
      and, the portion of such sentence immediately preceding clause (ii) thereof is hereby amended by deleting the words “diluting or concentrative” and the words “(provided that no adjustments will be made to
      account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)” and replacing such latter phrase with the words “(provided that, solely in the case
      of Sections 11.2(e)(i), (ii)(A) and (iv), no adjustments will be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares but, for the avoidance of doubt, solely in the case of
      Sections 11.2(e)(ii)(B) through (D), (iii), (v), (vi) and (vii) adjustments may be made to account solely for changes in volatility, expected dividends, stock loan rate or liquidity relative to the relevant Shares)”;

    (iii) Section 11.2(a) of the Equity Definitions is hereby amended by (1) deleting the words “in the determination of
      the Calculation Agent, a diluting or concentrative effect” and replacing these words with “in the commercially reasonable judgment of the Calculation Agent, a material economic effect”; and (2) adding at the end thereof “; provided that such event is not based on (i) an observable market, other than the market for Counterparty’s own stock or (ii) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own
      operations”;

    (iv) Section 11.2(e)(vii) of the Equity Definitions is hereby amended and restated as follows: “any other corporate
      event involving the Issuer that in the commercially reasonable judgment of the Calculation Agent has a material economic effect on the theoretical value of the Shares or options on the Shares; provided that
      such corporate event involving the Issuer is not based on (a) an observable market, other than the market for Counterparty’s own stock or (b) an observable index, other than an index calculated and measured solely by reference to Counterparty’s own
      operations.”; and

    (v) Section 12.7(b) of the Equity Definitions is hereby amended by deleting the words “(and in any event within five
      Exchange Business Days) by the parties after” appearing after the words “agreed promptly” and replacing with the words “by the parties on or prior to”;.

    
      

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    (n) Governing Law; Exclusive Jurisdiction.

    (i) THE AGREEMENT, THIS CONFIRMATION AND ALL MATTERS ARISING
        IN CONNECTION WITH THE AGREEMENT AND THIS CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE, OTHER THAN TITLE 14 OF ARTICLE 5 OF THE
        NEW YORK GENERAL OBLIGATIONS LAW).

    (ii) Section 13(b) of the Agreement is deleted in its entirety and replaced by the
        following:

    “Each party hereby irrevocably and unconditionally submits for itself and
      its property in any suit, legal action or proceeding relating to this Confirmation or the Agreement, or for recognition and enforcement of any judgment in respect thereof, (each, “Proceedings”) to the exclusive jurisdiction of the Supreme Court of
      the State of New York, sitting in New York County, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof. Nothing in this Confirmation or the Agreement precludes either party from
      bringing Proceedings in any other jurisdiction if (A) the courts of the State of New York or the United States of America for the Southern District of New York lack jurisdiction over the parties or the subject matter of the Proceedings or decline to
      accept the Proceedings on the grounds of lacking such jurisdiction; (B) the Proceedings are commenced by a party for the purpose of enforcing against the other party’s property, assets or estate any decision or judgment rendered by any court in which
      Proceedings may be brought as provided hereunder; (C) the Proceedings are commenced to appeal any such court’s decision or judgment to any higher court with competent appellate jurisdiction over that court’s decisions or judgments if that higher
      court is located outside the State of New York or Borough of Manhattan, such as a federal court of appeals or the U.S. Supreme Court; or (D) any suit, action or proceeding has been commenced in another jurisdiction by or against the other party or
      against its property, assets or estate and, in order to exercise or protect its rights, interests or remedies under this Confirmation or the Agreement, the party (1) joins, files a claim, or takes any other action, in any such suit, action or
      proceeding, or (2) otherwise commences any Proceeding in that other jurisdiction as the result of that other suit, action or proceeding having commenced in that other jurisdiction.”

    (o) Adjustments.  For the avoidance of doubt, whenever the Calculation Agent or Determining
      Party is called upon to make any calculation, determination or adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event, the Calculation Agent or Determining Party shall make such
      calculation, determination or adjustment by reference to the effect of such event on the Hedging Party, assuming that the Hedging Party maintains a commercially reasonable hedge position.

    (p) Delivery or Receipt of Cash.  For the avoidance of doubt, other than payment of the
      Premium by Counterparty, nothing in this Confirmation shall be interpreted as requiring Counterparty to cash settle the Transaction, except in circumstances where cash settlement is within Counterparty’s control (including, without limitation, where
      Counterparty elects to deliver or receive cash) or in those circumstances in which holders of Shares would also receive cash.

    (q) Waiver of Jury Trial.  EACH PARTY HEREBY IRREVOCABLY
        WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE AGREEMENT, THIS CONFIRMATION OR ANY TRANSACTIONS CONTEMPLATED HEREBY.

    (r) Amendment.  This Confirmation and the Agreement may not be modified, amended or
      supplemented, except in a written instrument signed by Counterparty and Dealer.

    (s) Counterparts.  This Confirmation may be executed in several counterparts, each of which
      shall be deemed an original but all of which together shall constitute one and the same instrument.

    
      

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    (t) Tax Matters.

    (i) Payee Tax Representations.

    

    

    For the purpose of Section 3(f) of the Agreement, Counterparty makes the following representation to Dealer:

    

    

    Counterparty is a corporation and a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the Treasury
      Regulations) for U.S. federal income tax purposes.  Counterparty is “exempt” within the meaning of Sections 1.6041-3(p) and 1.6049-4(c) of the Treasury Regulations from information reporting on U.S. Internal Revenue Service Form 1099 and backup
      withholding.

    

    

    For the purpose of Section 3(f) of the Agreement, Dealer makes the following representation to Counterparty:

    

    

    [Dealer is a U.S. person (as that term is defined in Section 7701(a)(30) of the Code and used in Section 1.1441-4(a)(3)(ii) of the Treasury Regulations) for U.S. federal
      income tax purposes.]7

    

    

    (ii) Tax Documentation.  For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Counterparty agrees to
      deliver to Dealer one duly executed and completed United States Internal Revenue Service Form W-9 (or successor thereto) and [Dealer agrees to deliver to Counterparty, as applicable, a U.S. Internal Revenue Service Form W-8 or Form W-9 (or successor
      thereto)]8.  Such forms or documents shall be delivered upon (i) execution of this Confirmation, (ii) Counterparty or Dealer, as applicable, learning that any such tax
      form previously provided by it has become obsolete or incorrect, and (iii) reasonable request of the other party.

    (u) Withholding Tax imposed on payments to non-US counterparties under the United States Foreign
        Account Tax Compliance Act.  “Indemnifiable Tax”, as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future
      regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in
      connection with the implementation of such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by
      applicable law for the purposes of Section 2(d) of the Agreement.

    (v) Incorporation of ISDA 2015 Section 871(m) Protocol Provisions.  To the extent that either
      party to the Agreement with respect to this Transaction is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may
      be amended, supplemented, replaced or superseded from time to time (the “871(m) Protocol”), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are
      incorporated into and apply to the Agreement with respect to this Transaction as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions and amendments to the Agreement with respect to this
      Transaction, references to “each Covered Master Agreement” in the 871(m) Protocol will be deemed to be references to the Agreement with respect to this Transaction, and references to the “Implementation Date” in the 871(m) Protocol will be deemed to
      be references to the Trade Date of this Transaction.

    (w) Wall Street Transparency and Accountability Act.  In connection with Section 739 of the
      Wall Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment
      made by WSTAA, shall limit or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure,
      illegality, increased costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess
      Ownership Position, or Illegality (as defined in the Agreement)).

    

    

    

    7 Include appropriate tax representation for each Dealer.

    8 Include appropriate tax form for each Dealer.

    
      

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    (x) [QFC Stay Provisions.

    (i) Recognition of the U.S. Special Resolution Regimes.

    (A) In the event that Dealer becomes subject to a proceeding under (I) the Federal Deposit Insurance Act and the
      regulations promulgated thereunder or (II) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder (a “U.S. Special Resolution Regime”), the transfer
      from Dealer of this Confirmation, and any interest and obligation in or under, and any property securing, this Confirmation, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
      Confirmation, and any interest and obligation in or under, and any property securing, this Confirmation were governed by the laws of the United States or a state of the United States.

    (B) In the event that Dealer or an Affiliate becomes subject to a proceeding under a U.S. Special Resolution Regime,
      any Default Rights (as defined in 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable (“Default Right”)) under this Confirmation that may be exercised against Dealer are permitted to be exercised to no greater
      extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Confirmation were governed by the laws of the United States or a state of the United States.

    (ii) Limitation on Exercise of Certain Default Rights Related to an Affiliate’s
        Entry Into Insolvency Proceedings.  Notwithstanding anything to the contrary in this Confirmation, the Parties expressly acknowledge and agree that:

    (A) Counterparty shall not be permitted to exercise any Default Right with respect to this Confirmation or any
      Affiliate Credit Enhancement that is related, directly or indirectly, to an Affiliate of Dealer becoming subject to receivership, insolvency, liquidation, resolution, or similar proceeding (an “Insolvency Proceeding”),
      except to the extent that the exercise of such Default Right would be permitted under the provisions of 12 C.F.R. 252.84, 12 C.F.R. 47.5 or 12 C.F.R. 382.4, as applicable; and

    (B) Nothing in this Confirmation shall prohibit the transfer of any Affiliate Credit Enhancement, any interest or
      obligation in or under such Affiliate Credit Enhancement, or any property securing such Affiliate Credit Enhancement, to a transferee upon or following an Affiliate of Dealer becoming subject to an Insolvency Proceeding, unless the transfer would
      result in the Counterparty being the beneficiary of such Affiliate Credit Enhancement in violation of any law applicable to the Counterparty.

    (iii) U.S. Protocol.  If Counterparty has previously adhered to, or
      subsequently adheres to, the ISDA 2018 U.S. Resolution Stay Protocol as published by the International Swaps and Derivatives Association, Inc. as of July 31, 2018 (the “ISDA U.S. Protocol”), the terms of such
      protocol shall be incorporated into and form a part of this Confirmation and the terms of the ISDA U.S. Protocol shall supersede and replace the terms of this Section 8(x). For purposes of incorporating the ISDA U.S. Protocol, Dealer shall be deemed
      to be a Regulated Entity, Counterparty shall be deemed to be an Adhering Party, and this Confirmation shall be deemed to be a Protocol Covered Agreement. Capitalized terms used but not defined in this paragraph shall have the meanings given to them
      in the ISDA U.S. Protocol.

    (iv) Pre-existing In-Scope Agreements.  Dealer and Counterparty agree that
      to the extent there are any outstanding “in-scope QFCs,” as defined in 12 C.F.R. § 252.82(d), that are not excluded under 12 C.F.R. § 252.88, between Dealer and Counterparty that do not otherwise comply with the requirements of 12 C.F.R. § 252.2,
      252.81–8 (each such agreement, a “Preexisting In-Scope Agreement”), then each such Preexisting In-Scope Agreement is hereby amended to include the foregoing provisions in this Section 8(x), with references to
      “this Confirmation” being understood to be references to the applicable Preexisting In-Scope Agreement.

    For purposes of this Section 8(x):

    “Affiliate” is defined in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

    “Credit Enhancement” means any credit enhancement or credit support arrangement in support of
      the obligations of Dealer under or with respect to this Confirmation, including any guarantee, collateral arrangement (including any pledge, charge, mortgage or other security interest in collateral or title transfer arrangement), trust or similar
      arrangement, letter of credit, transfer of margin or any similar arrangement.]9

    (y) [Insert Agency and other Dealer Boilerplate, If
        Applicable]

    

    

    

    9 Include applicable QFC boilerplate for each Dealer

    
      

      Page 24 of 27

      
        

      

    

    Please confirm that the foregoing correctly sets forth the terms of our agreement by sending to us a letter agreement substantially
      similar to this document, which letter agreement sets forth the material terms of the Transaction to which this Confirmation relates and indicates your agreement to those terms.

    	 	
            Yours faithfully,

          
	 	 
	 	
            [DEALER]

          	 	 
	 	 	 	 
	 	
            By:

          	

          
	 	
            

            

          	Name: 

          	 
	 	 	
            Title:

          	 

    

    

    Agreed and Accepted By:

    

    

    HELIX ENERGY SOLUTIONS GROUP, INC.

     

    

    	
            By

          	 	 
	
            

            

          	Name: 

          	 
	 	
            Title:

          	 

    
      

      Page 25 of 27

      
        

      

    

    Schedule 1

    [Form of Guarantee]

    
      

      Page 26 of 27

      
        

      

    

    Annex A

    For each Component of the Transaction, the Number of Options and Expiration Date is set forth below.

    	
            Component Number

          	
            Number of Options

          	
            Expiration Date

          
	
            1

          	 	 
	
            2

          	 	 
	
            3

          	 	 
	
            4

          	 	 
	
            5

          	 	 
	
            6

          	 	 
	
            7

          	 	 
	
            8

          	 	 
	
            9

          	 	 
	
            10

          	 	 
	
            11

          	 	 
	
            12

          	 	 
	
            13

          	 	 
	
            14

          	 	 
	
            15

          	 	 
	
            16

          	 	 
	
            17

          	 	 
	
            18

          	 	 
	
            19

          	 	 
	
            20

          	 	 
	
            21

          	 	 
	
            22

          	 	 
	
            23

          	 	 
	
            24

          	 	 
	
            25

          	 	 
	
            26

          	 	 
	
            27

          	 	 
	
            28

          	 	 
	
            29

          	 	 
	
            30

          	 	 
	
            31

          	 	 
	
            32

          	 	 
	
            33

          	 	 
	
            34

          	 	 
	
            35

          	 	 
	
            36

          	 	 
	
            37

          	 	 
	
            38

          	 	 
	
            39

          	 	 
	
            40

          	 	 

  

  

  Page 27 of 27

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