Document:

EX-10.1

 Exhibit 10.1 

SAREPTA THERAPEUTICS, INC. 
 1.25%
Convertible Senior Notes due 2027 
 Purchase Agreement 

September 13, 2022 
 Goldman Sachs &
Co. LLC 
 J.P. Morgan Securities LLC 
 As
Representatives of the 
 several Initial Purchasers listed 

in Schedule 1 hereto 
 c/o Goldman
Sachs & Co. LLC 
 200 West Street 
 New York, New York
10282 
 c/o J.P. Morgan Securities LLC 
 383 Madison Avenue

 New York, New York 10179 
 Ladies and Gentlemen: 

Sarepta Therapeutics, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to the several initial
purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as representatives (the “Representatives”), $980,000,000 aggregate principal amount of its 1.25% Convertible Senior
Notes due 2027 (the “Underwritten Securities”) and, at the option of the Initial Purchasers, up to an additional $150,000,000 aggregate principal amount of its 1.25% Convertible Senior Notes due 2024 (the “Option
Securities”) if and to the extent that the Initial Purchasers shall have determined to exercise the option to purchase such Option Securities granted to the Initial Purchasers in Section 2 hereof. The Underwritten
Securities and the Option Securities are herein referred to as the “Securities.” The Securities will be convertible into cash, shares (the “Underlying Securities”) of common stock of the Company, par value $0.0001
per share (the “Common Stock”), or a combination of cash and Underlying Securities, at the Company’s election. The Securities will be issued pursuant to an Indenture to be dated as of September 16, 2022 (the
“Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). 

In connection with the offering of the Underwritten Securities, the Company is separately entering into capped call transactions with one or
more counterparties, which may include the Initial Purchasers or affiliates thereof (each, a “Capped Call Counterparty”), in each case pursuant to a capped call confirmation (each, a “Base Capped Call
Confirmation”), dated the date hereof, and in connection with the issuance of any Option Securities, the Company and each Capped Call Counterparty may enter into an additional capped call transaction pursuant to an

 
additional capped call confirmation (each, an “Additional Capped Call Confirmation” and, together with the Base Capped Call Confirmations, the “Capped Call
Confirmations”), to be dated the date on which the option granted to the Initial Purchasers pursuant to Section 2(a) hereof to purchase such Option Securities is exercised. This purchase agreement (this
“Agreement”), the Indenture, the Securities and the Capped Call Confirmations are referred to herein collectively as the “Transaction Documents.” 

The Company hereby confirms its agreement with the several Initial Purchasers concerning the purchase and sale of the Securities, as follows:

 1. Offering Memorandum and Transaction Information. The Securities will be sold to the Initial Purchasers without being registered
under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. The Company has prepared a preliminary offering memorandum dated September 12, 2022 (the “Preliminary
Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Company and the Securities. Copies of the Preliminary Offering
Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this Agreement. The Company hereby confirms that it has authorized the use of the Preliminary Offering
Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement (the
“Offering”). References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein as of the date of
such Preliminary Offering Memorandum, Time of Sale Information or Offering Memorandum, as the case may be, and any reference to “amend,” “amendment” or “supplement” with respect to the Preliminary Offering Memorandum or
the Offering Memorandum shall be deemed to refer to and include any documents filed after such date under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission (the
“Commission”) thereunder (collectively, the “Exchange Act”) and incorporated by reference therein. 
 As
of 10:30 P.M., New York City time, on the date of this Agreement (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time of Sale Information”): the Preliminary Offering
Memorandum, as supplemented and amended by the written communications listed on Annex A hereto. 
 2. Purchase and Resale of the
Securities. (a) The Company agrees to issue and sell the Underwritten Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set
forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Underwritten Securities set forth opposite such Initial Purchaser’s name in
Schedule 1 hereto at a price equal to 98.0% of the principal amount thereof (the “Purchase Price”) plus accrued interest, if any, from September 16, 2022 to the Closing Date (as defined below). 

  
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 In addition, the Company agrees to issue and sell the Option Securities to the several
Initial Purchasers as provided in this Agreement, and the Initial Purchasers, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the option to purchase,
severally and not jointly, from the Company the Option Securities at the Purchase Price plus accrued interest, if any, from September 16, 2022 to the date of payment and delivery. 

If any Option Securities are to be purchased, the principal amount of Option Securities to be purchased by each Initial Purchaser shall be the
principal amount of Option Securities which bears the same ratio to the aggregate principal amount of Option Securities being purchased as the principal amount of Underwritten Securities set forth opposite the name of such Initial Purchaser in
Schedule 1 hereto (or such amount increased as set forth in Section 10 hereof) bears to the aggregate principal amount of Underwritten Securities being purchased from the Company by the several Initial Purchasers,
subject, however, to such adjustments to eliminate Securities in denominations other than $1,000 as the Representatives in their sole discretion shall make. 

The Initial Purchasers may exercise the option to purchase the Option Securities at any time in whole, or from time to time in part, by
written notice from the Representatives to the Company. Such notice shall set forth the aggregate principal amount of Option Securities plus accrued interest as to which the option is being exercised and the date and time when the Option Securities
are to be delivered and paid for which may be the same date and time as the Closing Date (as hereinafter defined) but shall not be earlier than the Closing Date nor later than the tenth full business day (as hereinafter defined) after the date of
such notice (unless such time and date are postponed in accordance with the provisions of Section 10 hereof); provided that such 

settlement date for delivery of the Option Securities shall occur within a period of thirteen 

calendar days from, and including, the Closing Date. Any such notice shall be given at least one business day prior to the date and time of delivery specified
therein. 
 (b) The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the
Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it
is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation
D”); 
 (ii) it has not, and none of its affiliates or any other person acting on its behalf has, solicited offers
for, or offered or sold, and neither it nor such persons will solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner
involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and 

  
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 (iii) it has not, and none of its affiliates or any other person acting on
its behalf has, solicited offers for, or offered or sold, and neither it nor such persons will solicit offers for, or offer or sell, the Securities as part of their initial offering except to persons whom it reasonably believes to be QIBs in
transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is
being made in reliance on Rule 144A. 
 (c) Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the “no
registration” opinions to be delivered to the Initial Purchasers pursuant to Sections 6(d) and 6(f) hereof, counsel for the Company and counsel for the Initial Purchasers, as applicable, may rely upon the accuracy of the
representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above, and each Initial Purchaser hereby consents to such reliance. 

(d) The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial
Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser; provided that notwithstanding the forgoing, each Initial Purchaser shall remain responsible in all respects for the
fulfillment of its obligations under this Agreement, and for the actions of any affiliates acting on behalf of such Initial Purchaser. 
 (e)
Payment for the Securities shall be made by wire transfer in immediately available funds to the account specified by the Company to the Representatives in the case of the Underwritten Securities, at the offices of Goodwin Procter LLP, New York Times
Building, 620 Eighth Avenue, New York, New York 10018, at 10:00 A.M. New York City time on September 16, 2022, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the
Representatives and the Company may agree upon in writing or, in the case of the Option Securities, on the date and at the time and place specified by the Representatives in the written notice of the Initial Purchasers’ election to purchase
such Option Securities. The time and date of such payment for the Underwritten Securities is referred to herein as the “Closing Date” and the time and date for such payment for the Option Securities, if other than the Closing Date,
is herein referred to as the “Additional Closing Date.” 
 Payment for the Securities to be purchased on the Closing Date
or the Additional Closing Date, as the case may be, shall be made against delivery to the nominee of The Depository Trust Company (“DTC”), for the respective accounts of the several Initial Purchasers of the Securities to be
purchased on such date, of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of such Securities duly paid by the Company. The Global
Note will be made available for inspection by the Representatives at the office of Goldman Sachs & Co. LLC set forth above not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date or the Additional Closing
Date, as the case may be. 
 3. Representations and Warranties of the Company. The Company represents and warrants to each Initial
Purchaser, and agrees with each Initial Purchaser that: 

  
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 (a) Preliminary Offering Memorandum. The Preliminary Offering Memorandum, as of its
date, did not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the
Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through
the Representatives expressly for use in any Preliminary Offering Memorandum, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in
Section 7(b) hereof. 
 (b) Time of Sale Information. The Time of Sale Information, at the Time of Sale, did
not, and as of the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any
Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in such Time of Sale Information, it being understood and agreed that the only such information furnished by any Initial
Purchaser consists of the information described as such in Section 7(b) hereof. No statement of material fact included in the Offering Memorandum has been omitted from the Time of Sale Information and no statement of
material fact included in the Time of Sale Information that would be required to be included in a registration statement to be filed with the Commission has been omitted from the Offering Memorandum. 

(c) Additional Written Communications; Permitted General Solicitation. The Company (including its agents and representatives, other than
the Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under
the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i), (ii) and
(iii) below) an “Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet
substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) each electronic road show and any other written communications approved in writing in advance by the Representatives (other than
a Permitted General Solicitation (as defined below), in each case used in accordance with Section 4(c) or (y) any general solicitation other than any such solicitation listed on Annex C hereto or (ii) in accordance with
Section 4(s) hereof (each such solicitation referred to in clauses (i) and (ii), a “Permitted General Solicitation”). Each such Issuer Written Communication does not conflict with the information contained in the Time of
Sale Information, and when taken together with the Time of Sale Information, did not, and at the Closing Date and as of the Additional Closing Date, as the case may be, will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation or warranty with respect to any statements or
omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for
use in such Issuer Written Communication, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section 7(b) hereof. 

  
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 (d) Offering Memorandum. As of the date of the Offering Memorandum and as of the
Closing Date and as of the Additional Closing Date, as the case may be, the Offering Memorandum does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information
relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in the Offering Memorandum, it being understood and agreed that the only such information furnished by any
Initial Purchaser consists of the information described as such in Section 7(b) hereof. 
 (e) Incorporated
Documents. The documents incorporated by reference in the Offering Memorandum or the Time of Sale Information, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of such documents contained any untrue statement of a material fact or omitted to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Offering Memorandum or the
Time of Sale Information, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules
and regulations of the Commission thereunder and will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading. 
 (f) Organization and Good Standing. The Company and each of its subsidiaries (as
defined in Section 16 of this Agreement) have been duly organized and are validly existing as corporations or other legal entities in good standing (or the foreign equivalent thereof) under the laws of their respective jurisdictions of
incorporation or organization, as applicable. The Company and each of its subsidiaries are duly qualified to do business and are in good standing or validly existing, as the case may be, as foreign corporations or other legal entities in each
jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification and have all power and authority (corporate or other) necessary to own or hold their respective
properties and to conduct the businesses in which they are engaged, except where the failure to so qualify or have such power or authority would not (i) have, singly or in the aggregate, a material adverse effect on the condition (financial or
otherwise), results of operations, assets, properties, business or prospects of the Company and its subsidiaries taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under the
Transaction Documents or to consummate the Offering or any transactions contemplated by this Agreement (any such effect as described in clauses (i) or (ii), a “Material Adverse Effect”). The Company’s subsidiaries (whether
direct or indirect) consist of only those listed on Schedule 2 hereto. The Company’s only “significant subsidiaries” as defined in Rule 1-02(w) of Regulation of S-X are (i) Sarepta Securities Corp., (ii) ST International Holdings Two, Inc. and (iii) Sarepta Therapeutics Three, LLC. 

  
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 (g) Due Authorization. The Company has the full right, power and authority to enter
into the Transaction Documents, and to perform and discharge its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of each of the Transaction Documents and
the consummation by it of the transactions contemplated hereby or thereby or by the Time of Sale Information and the Offering Memorandum has been duly and validly taken. 

(h) The Agreement. This Agreement has been duly authorized, executed and delivered by the Company. 

(i) The Indenture. The Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance with its
terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or
similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”); and the Indenture will conform in all material
respects to the description thereof contained in the Time of Sale Information and the Offering Memorandum. 
 (j) The Securities. The
Securities to be issued and sold by the Company hereunder have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly
issued and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 

(k) The Underlying Securities. Upon issuance and delivery of the Securities in accordance with this Agreement and the Indenture, the
Securities will be convertible at the option of the holder thereof into shares of the Underlying Securities in accordance with the terms of the Securities; the maximum number of shares of Common Stock reserved for issuance upon conversion of the
Securities (including the maximum number of shares of Common Stock that may be issued upon conversion of the Securities in connection with a “make-whole fundamental change as defined in the “Description of Notes” section of the
Preliminary Offering Memorandum” (the “Maximum Underlying Shares”)) have been duly authorized and reserved and, when and to the extent issued upon conversion of the Securities in accordance with the terms of the Securities and
the Indenture, will be validly issued, fully paid and nonassessable; and the issuance of the Underlying Securities will not be subject to any preemptive rights, rights of first refusal, registration rights or similar rights and will conform to the
description thereof contained in the Time of Sale Information and the Offering Memorandum. 

  
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 (l) The Capped Call Confirmations. (x) Each Base Capped Call Confirmation has
been duly authorized, executed and delivered by the Company and constitutes, and (y) any Additional Capped Call Confirmation(s) has been duly authorized by the Company and, when duly executed and delivered by the Company, will constitute, in
each case, a valid and legally binding agreement of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. 

(m) Shell Company. The Company is not a “shell company” as described in Rule 144(i) under the Securities Act. 

(n) Capitalization. The Company has an authorized capitalization as set forth in the Time of Sale Information and the Offering
Memorandum under the heading “Capitalization,” and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable, have
been issued in compliance with federal and state securities laws, and conform to the description thereof contained in the Time of Sale Information and the Offering Memorandum. All of the stock options and awards and other rights to purchase or
exchange any securities for shares of the Company’s capital stock have been duly authorized, and were issued in compliance with U.S. federal and applicable state securities laws. None of the outstanding shares of Common Stock was issued in
violation of any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company. The description of the Company’s equity incentive plan and stock options or other rights granted
thereunder or pursuant to other stock option agreements, as described in the Time of Sale Information and the Offering Memorandum, fairly presents the information required to be shown with respect to the equity incentive plan and such other stock
option agreements, stock options and rights and are accurate in all material respects. 
 (o) Subsidiaries. All the outstanding shares
of capital stock or other equity interests of each subsidiary of the Company have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company directly or indirectly through one or more wholly-owned
subsidiaries, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third party, except as disclosed in the Time of Sale Information. 

(p) No Conflicts. The execution, delivery and performance of each of the Transaction Documents by the Company, the issuance and sale of
the Securities by the Company (including the issuance of the Underlying Securities upon conversion thereof) and the consummation of the transactions contemplated by the Transaction Documents will not (with or without notice or lapse of time or
both) (i) conflict with or result in a breach or violation of any of the terms or provisions of, constitute a default or Debt Repayment Triggering Event (as defined below) under, give rise to any right of termination or other right or the
cancellation or acceleration of any right or obligation or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any subsidiary
pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the
property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the 

  
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articles of incorporation or bylaws (or analogous governing instruments, as applicable) of the Company or any of its subsidiaries or (iii) result in any violation of any law, statute, rule,
regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets, except, in the case of clause (i) or
(iii) would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse Effect. A “Debt Repayment Triggering Event” means any event or condition that gives, or with the giving of notice or lapse of
time would give the holder of any note, debenture or other evidence of material indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by
the Company or any of its subsidiaries. 
 (q) No Consents Required. Except for such consents, approvals, authorizations,
registrations or qualifications as may be required under applicable state or foreign securities laws and the Nasdaq Global Select Market (the “NASDAQ GSM”) in connection with the Offering and the Transaction Documents, no consent,
approval, authorization or order of, or filing, qualification or registration with, any court or governmental agency or body, foreign or domestic, which has not been made, obtained or taken and is not in full force and effect, is required for the
execution, delivery and performance of each of the Transaction Documents by the Company, the offer or sale of the Securities (including the issuance of the Underlying Securities upon conversion thereof) or the consummation of the transactions
contemplated in the Transaction Documents. 
 (r) Independent Accountants. KPMG LLP, who have certified certain financial statements
and related schedules included or incorporated by reference in the Time of Sale Information and the Offering Memorandum, and have audited the Company’s internal control over financial reporting, is an independent registered public accounting
firm as required by the Securities Act, and the rules and regulations thereunder, and the Public Company Accounting Oversight Board (United States) (the “PCAOB”). Except as pre-approved
in accordance with the requirements set forth in Section 10A of the Exchange Act, KPMG LLP has not been engaged by the Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act). 

(s) Financial Statements. The Company’s financial statements, together with the related notes and schedules, included or
incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly present in all material respects the financial position and the results of operations and changes in financial position, shareholders’ equity and cash
flows of the Company and its consolidated subsidiaries as of the respective dates or for the respective periods therein specified. Such statements and related notes and schedules have been prepared in all material respects in accordance with
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis throughout the periods involved except as may be set forth in the related notes included or incorporated by reference in the Time
of Sale Information. The Company’s financial statements, together with the related notes and schedules, included or incorporated by reference in the Time of Sale Information and the Offering Memorandum comply in all material respects with
the Securities Act, the Exchange Act, and the rules and regulations under the Securities Act and the Exchange Act. No other financial statements or supporting schedules or exhibits would be required by the Securities Act

  
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or the rules and regulations thereunder to be described, or included or incorporated by reference in a registration statement to be filed with the Commission that are not so described, included
or incorporated by reference in the Time of Sale Information or the Offering Memorandum. There is no pro forma or as-adjusted financial information which would be required to be included in a registration
statement to be filed with the Commission that are not so included in the Time of Sale Information or the Offering Memorandum or any document incorporated by reference therein. The interactive data in eXtensible Business Reporting Language included
or incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines
applicable thereto. 
 (t) No Material Adverse Change. Neither the Company nor any of its subsidiaries has sustained, since the date
of the latest audited financial statements included or incorporated by reference in the Time of Sale Information, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Time of Sale Information or would not, singly or in the aggregate, reasonably be expected to result in a Material Adverse
Effect; and, since such date, there has not been any material change in the capital stock or long-term debt of the Company or any of its subsidiaries or any material adverse changes in or affecting the business, assets, general affairs, management,
financial position, prospects, shareholders’ equity or results of operations of the Company and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in the Time of Sale Information. 

(u) Legal Proceedings. Except as set forth in the Time of Sale Information, there is no legal or governmental action, suit, claim or
proceeding pending to which the Company or any of its subsidiaries is a party or of which any property or assets of the Company or any of its subsidiaries is the subject which is required to be described in the Time of Sale Information or the
Offering Memorandum or a document incorporated by reference therein and is not described therein, or which, singularly or in the aggregate, if determined adversely to the Company or any of its subsidiaries, would reasonably be expected to result in
a Material Adverse Effect or prevent the consummation of the transactions contemplated in the Transaction Documents; and, to the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or threatened
by others. 
 (v) No Violation or Default. Neither the Company nor any of its subsidiaries is in (i) violation of its articles of
incorporation or bylaws (or analogous governing instrument, as applicable), (ii) default in any respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of
any term, covenant, obligation, agreement or condition contained in any indenture, mortgage, deed of trust, loan or credit agreement, other evidence of indebtedness, or any license, lease, contract or other agreement or instrument to which it is a
party or by which the Company or its subsidiaries are bound or to which any of its property or assets is subject or (iii) violation in any respect of any statute, law, ordinance, governmental rule, regulation, ordinance, or court order, decree
or judgment to which it or its property or assets may be subject except, in the case of clauses (ii) and (iii) of this paragraph (v), for any violations or defaults which would not, singly or in the aggregate, have a Material Adverse
Effect. 

  
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 (w) Licenses and Permits. The Company and each of its subsidiaries have made all
filings, applications, declarations and submissions required by, and own or possess all approvals, licenses, certificates, clearances, consents, exemptions, marks, notifications, orders, authorizations and permits issued by the appropriate local,
state, federal or foreign regulatory agencies or bodies, including, without limitation, the Food and Drug Administration (the “FDA”) and any agency of any foreign government and any other foreign regulatory authority exercising
authority comparable to that of the FDA (including any non-governmental entity whose approval or authorization is required under foreign law comparable to that administered by the FDA), which are required for
the ownership of their respective properties or the conduct of their current respective businesses as described in the Time of Sale Information and the Offering Memorandum (collectively, the “Governmental Permits”) and is in
compliance with the terms and conditions of all such Governmental Permits, except where any failures to possess or any noncompliance would not, singly or in the aggregate, have a Material Adverse Effect. All such Governmental Permits are valid
and in full force and effect and the Company and each of its subsidiaries have fulfilled and performed all of their respective material obligations with respect to the Governmental Permits. Except as set forth in the Time of Sale Information,
neither the Company nor any of its subsidiaries has received any written notice of any pending or threatened revocation, modification or cancellation of, any such Governmental Permit, which, individually or in the aggregate, if the subject of an
unfavorable decision, ruling or finding, would have a Material Adverse Effect. 
 (x) Health Care Laws. The Company and its
subsidiaries are in compliance with applicable Health Care Laws (defined herein), including, but not limited to, the rules and regulations of the FDA, and all Health Care Laws, except for such noncompliance that would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this Agreement, “Health Care Laws” shall mean all applicable statutes, rules and regulations applicable to the conduct of the Company’s business,
including but not limited to the testing, development, registration, licensure, application approval, manufacture, packaging, labeling, processing, use, distribution, marketing, advertising, promotion, sale, offer for sale, recordkeeping, filing of
reports, storage, import, export or disposal of any product or product candidate under development by the Company, including, without limitation, Title XVIII of the Social Security Act, 42 U.S.C. §§ 1395-1395hhh (the Medicare statute);
Title XIX of the Social Security Act, 42 U.S.C. §§ 1396-1396v (the Medicaid statute); the federal Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)), the Physician Payments Sunshine Act (42 U.S.C.
§ 1320a-7h), all state drug transparency and pricing reporting laws, the civil False Claims Act (31 U.S.C. §§ 3729 et seq.), the criminal False Claims Act (42 U.S.C. § 1320a-7b(a)), applicable criminal laws relating to health care fraud and abuse, the exclusion laws (42 U.S.C. § 1320a-7), the civil monetary penalties law (42 U.S.C.
§ 1320a-7a), the exclusion law, (42 U.S.C. § 1320a-7), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. §§ 1320d et seq.),
as amended by the Health Information Technology for Economic and Clinical Health Act (42 U.S.C. §§ 17921 et seq.) (“HIPAA”), the Federal Food, Drug, and Cosmetic Act (21 U.S.C. §§ 301 et seq.), and the regulations
promulgated pursuant to such laws, and any similar federal, state and local laws and regulations of any governmental authority including the regulatory agencies 

  
 -11- 

 
applicable to the testing, development, registration, licensure, application approval, manufacture, packaging, labeling, processing, use, distribution, marketing, advertising, promotion, sale,
offer for sale, recordkeeping, filing of reports, storage, import, export or disposal of any product or product candidate under development by the Company. Neither the Company nor any of its subsidiaries is a party to or has any ongoing reporting
obligations pursuant to any corporate integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order, plan of correction or similar agreement imposed by any governmental authority. Neither the Company nor
any of its subsidiaries has received any written notification, correspondence or any other written communication, including, without limitation, any Form FDA 483, notice of adverse finding, warning letter, untitled letter or other correspondence or
notice from the FDA or any similar regulatory authority, or any written notification of any pending or, to the Company’s knowledge, threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action, from any
governmental authority of potential or actual material non-compliance by, or material liability of, the Company or its subsidiaries under any Health Care Laws. 

(y) Neither the Company nor its subsidiaries, nor any of its or their, officers, employees or directors, nor, to the Company’s knowledge,
any of its or their respective equity holders with more than five (5) percent interest, agents or clinical investigators, or licensors, has been excluded, suspended or debarred from participation in any U.S. federal or foreign health care
program or human clinical research or, is subject to a governmental inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment, suspension, or exclusion, or convicted of any crime or engaged
in any conduct that would reasonably be expected to result in debarment under 21 U.S.C. § 335a or comparable foreign law. 
 (z)
Investigational New Drug Applications. (i) Each Investigational New Drug application (“IND”) and New Drug Application (“NDA”) submitted by the Company to the FDA or equivalent application submitted by the
Company to foreign regulatory bodies, and related documents and information, when submitted to the FDA or other regulatory body was true, complete and correct in all material respects as of the date of submission and has been maintained in
compliance in all material respects with applicable statutes, rules and regulations administered or promulgated by the FDA or other regulatory body; (ii) the studies, tests and preclinical studies and clinical trials conducted by or on behalf
of the Company that are described in the Time of Sale Information or the Offering Memorandum were and, if still pending, are being, conducted in all material respects in accordance with experimental protocols, procedures and controls pursuant to,
where applicable, accepted professional and scientific standards and applicable statutes, rules and regulations, including, but not limited to, the Federal Food, Drug and Cosmetic Act and its applicable implementing regulations at 21 C.F.R. Parts
50, 54, 56, 58 and 312; and, to the Company’s knowledge, the drug substances used in the clinical trials have been manufactured in all material respects under current Good Manufacturing Practices, including, but not limited to, FDA’s
current good manufacturing practice regulations at 21 C.F.R. Parts 210-211; and (iii) the Company uses commercially reasonable efforts to review, from time to time, the progress and results of the
studies, tests and preclinical studies and clinical trials and, based upon (1) the information provided to the Company by the third parties conducting such studies, tests and preclinical studies and clinical trials that are described in the

  
 -12- 

 
Time of Sale Information and the Offering Memorandum and the Company’s review of such information, and (2) to the Company’s knowledge, such descriptions of the results of such
studies, tests and preclinical studies and clinical trials are accurate and complete in all material respects. The Company is not aware of any other preclinical studies or clinical trials conducted by or on behalf of the Company, the results of
which materially call into question the results described in the Time of Sale Information and the Offering Memorandum. The Company has not received any written notices or correspondence from the FDA or any foreign, state or local governmental body
exercising comparable authority or any Institutional Review Board or ethics committee or similar body requiring the termination, suspension, material adverse modification or clinical hold, as applicable, of any studies, tests or preclinical studies
or clinical trials conducted by or on behalf of the Company, other for such written notices or correspondences that have been disclosed or that which have been remedied by the Company. To the Company’s knowledge, no filing or submission to
the FDA or any other regulatory body, that is intended to be the basis for any approval of the Company’s product candidates, contained or contains any material omission or, material false information. 

(aa) Regulatory Correspondence. The Company has made available to counsel to the Initial Purchasers the FDA and regulatory
correspondence logs containing all material correspondence between the Company or its representatives and the FDA, relating to the clinical trials of the Company’s product candidates under development being conducted under any Company-sponsored
INDs, and relating to the NDAs. 
 (bb) Investment Company Act. Neither the Company nor any of its subsidiaries is or, after giving
effect to the transactions contemplated by the Capped Call Confirmations, the Offering and the application of the proceeds thereof as described in the Time of Sale Information and the Offering Memorandum, will be required to register as an
“investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder. 

(cc) No Stabilization. Neither the Company, its subsidiaries nor, to the Company’s knowledge, any of the Company’s or its
subsidiaries’ officers, directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate the price of any security of the Company, or which caused or resulted in, or which could
in the future reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of the Company. 

(dd) Intellectual Property. Except as disclosed in the Time of Sale Information, the Company and each of its subsidiaries owns, or have
obtained valid and enforceable licenses for, or otherwise possesses the right to use all patents, trademarks, trademark registrations, service marks, service mark registrations, trade names, copyrights, licenses, inventions, software, databases, know-how, Internet domain names, trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures, and other intellectual property rights, including registrations
thereof (collectively, “Intellectual Property”) as described in the Time of Sale Information and the Offering Memorandum as being owned or licensed to them. Subject to the matters identified in the Time of Sale Information, the
Company believes it and its subsidiaries own the Intellectual Property necessary to carry on their respective businesses as currently conducted and as proposed to be conducted and described in the Time of Sale Information and the Offering
Memorandum. Except as 

  
 -13- 

 
described in the Time of Sale Information, as of the date of this Agreement, the Company has not received notice of any claim of infringement or any challenge, which to their knowledge is still
pending or threatened, by any other person to the rights of the Company and its subsidiaries with respect to the foregoing except for those described in the Time of Sale Information and the Offering Memorandum or as would not reasonably be expected
to have a Material Adverse Effect. Except as described in the Time of Sale Information or as would not reasonably be expected to have a Material Adverse Effect, none of the Intellectual Property owned by or exclusively licensed to the Company
or any of its subsidiaries has been judged invalid or unenforceable, in whole or in part, and there is no pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity, enforceability or
scope of any such Intellectual Property. The Intellectual Property licenses described in the Time of Sale Information and the Offering Memorandum are valid, binding upon, and enforceable against the Company and, to the Company’s knowledge,
the other parties thereto in accordance with their terms, except (i) as limited by laws of general application relating to bankruptcy, insolvency and the relief of debtors, and (ii) as limited by rules of law governing specific
performance, injunctive relief or other equitable remedies and by general principles of equity. As of the date of this Agreement and except as disclosed in Time of Sale Information, the Company and each of its subsidiaries has complied with,
and is not in material breach nor has received any asserted or threatened claim of breach of, any Intellectual Property license, and the Company has no knowledge of any breach or anticipated breach by any other person to any Intellectual Property
license. None of the technology employed by the Company has been obtained or is being used by the Company in violation of any material contractual obligation binding on the Company or, to the Company’s knowledge, upon any of its officers,
directors or employees. The Company and each of its subsidiaries have taken reasonable steps to protect, maintain and safeguard its rights in all Intellectual Property, including the execution of appropriate nondisclosure and confidentiality
agreements. Except as would not reasonably be expected to have a Material Adverse Effect, the Company is not aware of any facts that it believes would form a reasonable basis for a successful challenge that any of its employees are in or have
ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation
agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where such violation relates to such employee’s breach of a confidentiality obligation, obligation to assign to the Company Intellectual Property, or
obligation not to use third party Intellectual Property or other proprietary rights on behalf of the Company. Except as disclosed in the Time of Sale Information, to the Company’s knowledge, there is no prior art material to any patent or
patent application of the Intellectual Property that may render any U.S. patent held by the Company invalid or any U.S. patent application held by the Company unpatentable that has not been disclosed to the U.S. Patent and Trademark Office. The
consummation of the transactions contemplated by this Agreement will not result in the loss or impairment of or payment of any additional amounts with respect to, nor require the consent of any other person in respect of, the Company’s or any
of its subsidiaries’ right to own, use, or hold for use any of the Intellectual Property as owned, used or held for use in the conduct of their businesses as currently conducted. To the Company’s knowledge, the Company and each of its
subsidiaries have at all times complied in all material respects with all applicable laws relating to privacy, data protection, and the collection and use of personal information collected, used, or held for use by the Company and any of its
subsidiaries in the conduct of the Company’s and its subsidiaries’ 

  
 -14- 

 
businesses. No written claims have been asserted or threatened against the Company or any of its subsidiaries alleging a violation of any person’s privacy or personal information or
data rights and the consummation of the transactions contemplated hereby will not breach or otherwise cause any violation of any law related to privacy, data protection, or the collection and use of personal information collected, used, or held for
use by the Company or any of its subsidiaries in the conduct of the Company’s or any of its subsidiaries’ businesses. The Company and each of its subsidiaries take reasonable measures to ensure that such information is protected
against unauthorized access, use, modification, or other misuse. 
 (ee) Title to Real and Personal Property. The Company and
each of its subsidiaries have valid title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its subsidiaries taken as a whole, in each case
free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such
property by the Company or any of its subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries, considered as one enterprise, and under which the Company or any of its subsidiaries holds
properties described in the Time of Sale Information and the Offering Memorandum, are in full force and effect, except as disclosed in the Time of Sale Information. 

(ff) No Labor Disputes. No labor disturbance or dispute with the employees of the Company or any of the Company’s subsidiaries
exists or, to the Company’s knowledge, is threatened or imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’ principal suppliers, manufacturers, customers
or contractors, that would reasonably be expected, singly or in the aggregate, to have a Material Adverse Effect. The Company is not aware that any key employee or significant group of employees of the Company or any of the Company’s
subsidiaries plans to terminate employment with the Company or any of the Company’s subsidiaries. 
 (gg) Compliance with ERISA.
No “prohibited transaction” (as defined in Section 406 of the Employee Retirement Income Security Act of 1974, as amended, including the regulations and published interpretations thereunder (“ERISA”), or
Section 4975 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”)) or “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in
Section 4043(b) of ERISA (other than events with respect to which the thirty (30)-day notice requirement under Section 4043 of ERISA has been waived) has occurred or could reasonably be expected to
occur with respect to any employee benefit plan of the Company or any of its subsidiaries which could, singly or in the aggregate, have a Material Adverse Effect. Each employee benefit plan of the Company or any of its subsidiaries is in
compliance in all material respects with applicable law, including ERISA and the Code. The Company and its subsidiaries have not incurred and could not reasonably be expected to incur liability under Title IV of ERISA with respect to the termination
of, or withdrawal from, any pension plan (as defined in ERISA). Each pension plan for which the Company or any of its subsidiaries would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified,
and nothing has occurred, whether by action or by failure to act, which could, singly or in the aggregate, reasonably be expected to cause the loss of such qualification. 

  
 -15- 

 (hh) Certain Environmental Matters. Except as would not reasonably be expected to,
singly or in the aggregate, result in a Material Adverse Effect, the Company and its subsidiaries are in compliance in all respects with all applicable foreign, federal, state and local statutes, laws, including the common law rules, and
regulations, codes, ordinances, orders, judgments or decrees relating to the use, treatment, storage and disposal of hazardous or toxic substances or wastes and the protection of health and safety or the environment, including without
limitation, natural resources (“Environmental Laws”). There has been no use, storage, generation, transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of hazardous or toxic substances
or wastes by, due to, or caused by the Company or any of its subsidiaries (or, to the Company’s knowledge, any other entity for whose acts or omissions the Company or any of its subsidiaries is or may otherwise be liable) upon, under, at or
from any of the property now or previously owned, leased or operated by the Company or any of its subsidiaries, or upon any other property, in violation of any Environmental Law, or Governmental Permit issued thereunder or which would, give
rise to any liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Effect; and there has been no disposal, discharge, emission or other
release of any kind onto under, at or from such property or into the environment of any toxic hazardous substances or wastes with respect to which the Company has knowledge, except for any such disposal, discharge, emission, or other release of any
kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Effect. In the ordinary course of business, the Company and its subsidiaries conduct periodic reviews of the effect of
Environmental Laws on their business and assets, in the course of which they identify and evaluate any associated material costs and liabilities (including, without limitation, any capital or operating expenditures required for any environmental
remediation or compliance with Environmental Laws or Governmental Permits issued thereunder, any related material constraints on operating activities and any potential material liabilities to third parties). On the basis of such reviews, the
Company and its subsidiaries have reasonably concluded that such associated costs and liabilities would not have, singularly or in the aggregate, a Material Adverse Effect. 

(ii) Occupational Safety and Health Act. The Company and its subsidiaries are in compliance in all respects with all applicable
provisions of the Occupational Safety and Health Act of 1970, as amended, including all applicable regulations thereunder, except for such noncompliance as would not, singly or in the aggregate, have a Material Adverse Effect. 

(jj) Taxes. Each of the Company and its subsidiaries (i) has timely filed all necessary federal, state, local and foreign tax
returns (or timely filed applicable extensions therefor) that have been required to be filed, and all such returns were true, complete and correct, (ii) has paid all federal, state, local and foreign taxes, assessments, governmental or other
charges that are due and payable for which it is liable, including, without limitation, all sales and use taxes and all taxes which the Company or any of its subsidiaries is obligated to withhold from amounts owing to employees, creditors and third
parties, and (iii) does not have any tax deficiency or claims outstanding or assessed or, to its knowledge, proposed against any of them, except those, in each 

  
 -16- 

 
of the cases described in clauses (i), (ii) and (iii) of this paragraph (jj), that would not, singly or in the aggregate, have a Material Adverse Effect. Neither the Company nor any of
its subsidiaries has engaged in any transaction which is a corporate tax shelter or which could be characterized as such by the Internal Revenue Service or any other taxing authority. The accruals and reserves on the books and records of the
Company and its subsidiaries in respect of tax liabilities for any taxable period not yet finally determined are adequate to meet any assessments and related liabilities for any such period, and since January 1, 2018 neither the Company nor any
of its subsidiaries has incurred any liability for taxes other than in the ordinary course. 
 (kk) Insurance. The Company and
each of its subsidiaries carries or is covered by insurance provided by recognized, financially sound and reputable institutions with policies in such amounts and covering such risks as is adequate for the conduct of the businesses of the Company
and its subsidiaries taken as a whole, and the value of their properties, taken as a whole, as is customary for companies engaged in similar businesses in similar industries. The Company has no reason to believe that it and its subsidiaries
will not be able to renew their existing insurance coverage as and when such coverage expires or to obtain comparable coverage from similar insurers as may be necessary or appropriate to conduct its business as now conducted and at a cost that would
not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has been denied any insurance coverage that it has sought or for which it has applied. 

(ll) Accounting Controls. The Company and its subsidiaries maintain a system of internal accounting and other controls sufficient to
provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with
existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language incorporated by reference in the Time of Sale Information and the
Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. Except as described in the Time of Sale Information, since
the end of the Company’s most recent audited fiscal year, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no change in the Company’s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. 

(mm) Minutes. The minute books of the Company have been made available to the Initial Purchasers and counsel for the Initial
Purchasers, and, to the Company’s knowledge, such books (i) contain a complete summary of all meetings and actions of the board of directors (including each board committee) since October 1, 2021 through the date of the latest meeting
and action, and (ii) accurately in all material respects reflect all transactions referred to in such minutes; provided that the Initial Purchasers accept and acknowledge that certain minutes of the board or committees of the board have
been provided in draft form which are substantially complete, but which are not considered the final minutes of such meetings of the board. 

  
 -17- 

 (nn) Material Agreements. There is no material franchise, lease, contract, agreement
or document required by the Securities Act or by the rules and regulations thereunder to be described in the Time of Sale Information and in the Offering Memorandum or a document incorporated by reference therein which is not described or filed
therein as required; and all descriptions of any such franchises, leases, contracts, agreements or documents contained in the Time of Sale Information or in a document incorporated by reference therein are accurate and complete descriptions of such
documents in all material respects. Other than as described in the Time of Sale Information, no such franchise, lease, contract or agreement has been suspended or terminated for convenience or default by the Company or any of its subsidiaries
or any of the other parties thereto, and neither the Company nor any of its subsidiaries has received notice nor does the Company have any other knowledge of any such pending or threatened suspension or termination, except for such pending or
threatened suspensions or terminations that would not reasonably be expected to, singly or in the aggregate, have a Material Adverse Effect. 

(oo) No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company and any of its subsidiaries
on the one hand, and the directors, officers and shareholders (or analogous interest holders) of the Company or any of its subsidiaries or any of their affiliates on the other hand, which is required by the Securities Act to be described in a
registration statement to be filed with the Commission and that is not so described in the Time of Sale Information and the Offering Memorandum or a document incorporated by reference therein. 

(pp) No Registration Rights. No person or entity has the right to require registration of shares of Common Stock or other securities of
the Company or any of its subsidiaries, except for persons and entities who have, in connection with the issue and sale of the Securities, expressly waived such right in writing or who have been given timely and proper written notice and have failed
to exercise such right within the time or times required under the terms and conditions of such right. Except as described in the Time of Sale Information, there are no persons with registration rights or similar rights to have any securities
registered by the Company or any of its subsidiaries under the Securities Act. 
 (qq) Rule 144A Eligibility. On the Closing Date,
the Securities will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Time of Sale
Information, as of the Time of Sale, and the Offering Memorandum, as of its date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective
purchaser pursuant to Rule 144A(d)(4) under the Securities Act. 
 (rr) No Integration. Neither the Company nor any of its affiliates
(as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated
with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 

  
 -18- 

 (ss) No General Solicitation. None of the Company or any of its affiliates or any
other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising
within the meaning of Rule 502(c) of Regulation D other than by means of a Permitted General Solicitation or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. 

(tt) Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in
Section 2(b) hereof and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery
of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture under the Trust
Indenture Act. 
 (uu) Margin Rules. Neither the Company nor any of its subsidiaries owns any “margin securities” as that
term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of any of the Securities will be used, directly or indirectly, for the
purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Securities
to be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board. 
 (vv) No
Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than the Transaction Documents) that would give rise to a valid claim against the Company or the
Initial Purchasers for a brokerage commission, finder’s fee or like payment in connection with the Offering or any transaction contemplated by this Agreement. 

(ww) Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act) contained in either the Time of Sale Information or the Offering Memorandum has been made without a reasonable basis. 

(xx) Common Stock. The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act and is listed on the
NASDAQ GSM, and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from the NASDAQ GSM, nor has the Company
received any notification that the Commission, the Financial Industry Regulatory Authority (“FINRA”) or the Nasdaq Stock Market LLC is currently contemplating terminating such registration or listing. No consent, approval,
authorization or order of, or filing, notification or registration with, the NASDAQ GSM is required for the listing and trading of the shares of Common Stock on the NASDAQ GSM, except for (i) a Notification Form: Listing of Additional Shares;
and (ii) if applicable, a Notification Form: Change in the Number of Shares Outstanding. 

  
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 (yy) Sarbanes-Oxley Act. The Company is in material compliance with all applicable
effective provisions of the Sarbanes-Oxley Act of 2002 and any related rules and regulations promulgated by the Commission thereunder (the “Sarbanes-Oxley Act”). 

(zz) No Unlawful Payments. Neither the Company nor any of its subsidiaries or affiliates, nor any director, officer, or employee, nor,
to the Company’s knowledge, any agent or representative of the Company or of any of its subsidiaries or affiliates, has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the
payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any “government official” (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper
advantage; and the Company and its subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have instituted and maintain and will continue to maintain policies and procedures designed to
promote and achieve compliance with such laws and with the representation and warranty contained herein. 
 (aaa) Statistical and Market
Data. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical, industry-related and market-related data included or incorporated by reference in the Time of Sale Information or the Offering
Memorandum is not based on or derived from sources that are reliable and accurate in all material respects. 
 (bbb) Compliance with
Anti-Money Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the
Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 
 (ccc) Compliance with Sanctions Laws. None of
the Company or any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or
enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), or the U.S. Department of State and including, without limitation, the designation
as a “specially designated national” or “blocked person,” the European Union, Her Majesty’s Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively,
“Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, and the Company will not directly or indirectly use the

  
 -20- 

 
proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to
fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii) in any other manner that will result in a violation by any
person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. 

(ddd) Cybersecurity; Data Protection. The Company and its subsidiaries have taken measures necessary to protect the information
technology systems and data used in connection with the operation of the Company’s and its subsidiaries’ businesses. Without limiting the foregoing, the Company and its subsidiaries have used commercially reasonable efforts to establish
and maintain, and have established, maintained, implemented and complied with, reasonable information technology, information security, cyber security and data protection controls, policies and procedures that are designed to protect against and
prevent breach, destruction, loss, unauthorized distribution, use, access, disablement, misappropriation or modification, or other compromise or misuse of or relating to any information technology system or data used in connection with the operation
of the Company’s and its subsidiaries’ businesses (“Breach”). There has been no such Breach, and the Company and its subsidiaries have not been notified of and have no knowledge of any event or condition that would
reasonably be expected to result in, any such Breach except for those Breaches that have been remedied without material cost or liability or the duty to notify any other person. 

(eee) FINRA. Neither the Company nor any subsidiary nor any of their affiliates (within the meaning of FINRA’s Conduct Rule
5121(f)(1)) directly or indirectly controls, is controlled by, or is under common control with, or is an associated person (within the meaning of Article I, Section 1(ee) of the By-laws of FINRA) of, any
member firm of FINRA. 
 (fff) No Shareholder Approval. To the Company’s knowledge, no approval of the shareholders of the
Company under the rules and regulations of Nasdaq (including Rule 5635 of the Nasdaq Marketplace Rules) is required for the Company to issue and deliver to the Initial Purchasers the Securities. 

(ggg) No Ratings. The Company’s securities are not rated by any “nationally recognized statistical rating organization,”
as such term is defined for purposes of Rule 436(g)(2) under the Securities Act. 
 (hhh) Audit Committee. A member of the
Company’s audit committee (the “Audit Committee”) has confirmed to the Chief Executive Officer or Chief Financial Officer that, except as set forth in the Time of Sale Information and the Offering Memorandum, the Audit
Committee is not reviewing or investigating, and neither the Company’s independent auditors nor its internal auditors have recommended that the Audit Committee review or investigate, (i) adding to, deleting, changing the application of, or
changing the Company’s disclosure with respect to, any of the Company’s material accounting policies; (ii) any matter which could result in a restatement of the Company’s financial statements for any annual or interim period
during the current or prior three fiscal years; or (iii) any significant deficiency, material weakness, adverse change in the Company’s internal controls or fraud involving management or other employees who have a significant role in the
Company’s internal controls. 

  
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 (iii) Off Balance Sheet Arrangements. There are no off balance sheet
arrangements (as defined in Regulation S-K Item 303(a)(4)(ii)) that would reasonably be expected to have a material current or future effect on the Company’s financial condition, changes in financial
condition, results of operations, liquidity, capital expenditures or capital resources. 
 (jjj) Compliance with Export Laws.
Except as disclosed in the Time of Sale Information and Offering Memorandum, neither the Company nor, to the knowledge of the Company, any officer, director, affiliate, agent, distributor, or representative of the Company has any reason to
believe that the Company or any of the foregoing persons or entities have taken or omitted to take any action in violation of, or which may cause the Company to be in violation of, any applicable U.S. law governing imports into or exports from the
United States, reexports from one foreign country to another, disclosures of technology, or other cross-border transactions, including without limitation: the Arms Export Control Act (22 U.S.C.A. § 2278), the Export Administration Act (50
U.S.C. App. §§ 2401-2420), the International Traffic in Arms Regulations (22 C.F.R. §§ 120-130), the Export Administration Regulations (15 C.F.R. 730 et seq.), the Customs Laws of the
United States (19 U.S.C. § 1 et seq.), the International Emergency Economic Powers Act (50 U.S.C. §§ 1701-1706), the Trading With the Enemy Act (50 U.S.C. App. §§ 5, 16), the Foreign Assets Control Regulations administered
by the Office of Foreign Assets Control, any executive orders or regulations issued pursuant to the foregoing or by the agencies listed in Part 730 of the Export Administration Regulations, and any applicable
non-U.S. laws of a similar nature. Except as disclosed in the Time of Sale Information and the Offering Memorandum, to the Company’s knowledge, there has never been a claim or charge made,
investigation undertaken, violation found, or settlement of any enforcement action under any of the laws referred to in this paragraph (jjj) by any governmental entity with respect to matters arising under such laws against the Company, or
against its agents, distributors or representatives in connection with their relationship with the Company. Except as disclosed in the Time of Sale Information and the Offering Memorandum, the Company and any predecessors have maintained a
compliance program appropriate to the requirements of the aforementioned laws at all times that any such laws applied to the Company’s activities. 

(kkk) Descriptions of the Transaction Documents. Each Transaction Document conforms or will conform as of the Closing Date in all
material respects to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum. 
 (lll) No
Restrictions on Subsidiaries. No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any
other distribution on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets
to the Company or any other subsidiary of the Company. 
 (mmm) No Shareholder Approval Required. To the Company’s knowledge, no
approval of the shareholders of the Company under the rules and regulations of Nasdaq (including Rule 5635 of the Nasdaq Marketplace Rules) is required for the Company to issue and deliver the Maximum Underlying Shares upon conversion of the
Securities. 

  
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 Any certificate signed by or on behalf of the Company and delivered to the Representatives or to counsel for
the Initial Purchasers shall be deemed to be a representation and warranty by the Company to the Initial Purchasers as to the matters covered thereby. 

4. Further Agreements of the Company. The Company covenants and agrees with each Initial Purchaser that: 

(a) Delivery of Copies. At any time prior to the completion of the initial resale by the Initial Purchasers of the Securities, the
Company will deliver to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements thereto)
as the Representatives may reasonably request. 
 (b) Offering Memorandum, Amendments or Supplements. Before finalizing the Offering
Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Company will furnish to
the Representatives and counsel for the Initial Purchasers at any time prior to the completion of the initial resale by the Initial Purchasers of the Securities, a copy of the proposed Offering Memorandum or such amendment or supplement or document
to be incorporated by reference therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission without providing the Representatives a reasonable opportunity
to review and comment. 
 (c) Additional Written Communications. Before making, using, authorizing, approving or referring to any
Issuer Written Communication, at any time prior to the completion of the initial resale by the Initial Purchasers of the Securities, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written
communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Representatives reasonably object. 

(d) Notice to the Representatives. At any time prior to the completion of the initial resale by the Initial Purchasers of the
Securities, the Company will advise the Representatives promptly, and confirm such advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale
Information, any Issuer Written Communication, any Permitted General Solicitation or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence or development of any event at any time
prior to the completion of the initial resale by the Initial Purchasers of the Securities as a result of which any of the Time of Sale Information, any Issuer Written Communication, any Permitted General Solicitation or the Offering Memorandum as
then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when such Time of Sale Information,
Issuer Written 

  
 -23- 

 
Communication, any Permitted General Solicitation or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect
to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any
such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication, any Permitted General Solicitation or the Offering Memorandum or suspending any such qualification of the Securities and, if any
such order is issued, will obtain as soon as possible the withdrawal thereof. 
 (e) Ongoing Compliance of the Offering Memorandum and
Time of Sale Information. (1) If at any time prior to the completion of the initial resale by the Initial Purchasers of the Securities (i) any event or development shall occur or condition shall exist as a result of which the Offering
Memorandum, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Offering
Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Company will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject
to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the
statements in the Offering Memorandum as so amended or supplemented (or including such document to be incorporated by reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser,
be misleading or so that the Offering Memorandum will comply with applicable law and (2) if at any time prior to the Closing Date (i) any event or development shall occur or condition shall exist as a result of which any of the Time of
Sale Information, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with applicable law, the Company will promptly notify the Initial Purchasers thereof and forthwith prepare and, subject to
paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so
that the statements in any of the Time of Sale Information as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading. 

(f) Blue Sky Compliance. The Company will take promptly from time to time such actions as the Representatives may reasonably request to
qualify the Securities for offering and sale under the securities or blue sky laws of such jurisdictions (domestic or foreign) as the Representatives may designate and to continue such qualifications in effect, and to comply with such laws, for so
long as required to permit the offer and initial resale of Securities in such jurisdictions; provided that the Company and its subsidiaries shall not be obligated to qualify as foreign corporations in any jurisdiction in which they are not so
qualified or to file a general consent to service of process in any jurisdiction. 

  
 -24- 

 (g) Clear Market. For a period of sixty (60) days from the date of the Offering
Memorandum, the Company will not, without the prior written consent of the Representatives, directly or indirectly (i) offer, sell, assign, transfer, pledge, contract to sell, or otherwise dispose of, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock, (ii) publicly disclose the intention to undertake any of the foregoing, or (iii) enter into any swap or other agreement that transfers, in whole or in part, any
of the economic consequences of ownership of the Common Stock or such other securities that are convertible into or exercisable or exchangeable for Common Stock, whether any such transaction described in clauses (i), (ii) or (iii) above is to
be settled by delivery of Common Stock or such other securities, in cash or otherwise, other than (A) the Company’s sale of the Securities hereunder or any shares of Common Stock issued upon conversion thereof, (B) the entry into the
transactions contemplated by the Capped Call Confirmations, (C) the issuance of equity awards pursuant to the Company’s benefit plans, qualified equity incentive plans or other compensation plans as such plans are in existence on the date
hereof and described in the Time of Sale Information and the Offering Memorandum or is hereafter approved by the shareholders of the Company, (D) the issuance of options to induce personnel to accept employment with the Company (whether or not
pursuant to a plan), which in the aggregate shall not exceed 3% of the outstanding common stock of the Company, (E) the issuance of Common Stock pursuant to the valid exercises of options, warrants or rights outstanding on the date hereof, and
(F) the issuance of convertible securities to an entity affiliated with a member of the board of directors of the Company, in a private placement concurrently with the offering of Securities hereby. The Company also agrees that during such
period, the Company will not file any registration statement, preliminary prospectus or prospectus, or any amendment or supplement thereto, under the Securities Act for any such transaction or which registers, or offers for sale, Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock, except for a registration statement on Form S-8 in respect of any transaction or plan described in clause (C) or (D) of the
preceding sentence. 
 (h) Interim Financial Statements. Prior to the Closing Date, and any Additional Closing Date, the Company will
furnish to the Representatives, promptly after they have been prepared, copies of any unaudited interim consolidated financial statements of the Company for any periods subsequent to the periods covered by the financial statements appearing in the
Offering Memorandum. 
 (i) Press Releases. Prior to the Closing Date, the Company will not issue any press release or other
communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the
ordinary course of business and consistent with the past practices of the Company and of which the Representatives are notified), without the prior written consent of the Representatives, unless in the judgment of the Company and its counsel, and
after notification to the Representatives, such press release or communication is required by law or applicable stock exchange rules. 

  
 -25- 

 (j) No Stabilization. Until the Representatives shall have notified the Company of
the completion of the Offering, that the Company will not, and will cause its affiliated purchasers (as defined in Regulation M under the Exchange Act) not to, either alone or with one or more other persons, bid for or purchase, for any account in
which it or any of its affiliated purchasers has a beneficial interest, any Securities or Common Stock, or attempt to induce any person to purchase any Securities or Common Stock; and not to, and to cause its affiliated purchasers not to, make bids
or purchases for the purpose of creating actual, or apparent, active trading in or of raising the price of the Securities or Common Stock. The Representatives hereby agree to promptly notify the Company of the completion of the Offering. 

(k) Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of the Time of Sale
Information and the Offering Memorandum under the heading “Use of proceeds.” 
 (l) Underlying Securities. The Company will
reserve and keep available at all times, free of pre-emptive rights, shares of Common Stock for the purpose of enabling the Company to satisfy all obligations to issue the Maximum Underlying Securities upon
conversion of the Securities. The Company will use its commercially reasonable efforts to list, subject to notice of issuance, effect and maintain the quotation and listing of the Maximum Underlying Securities on the NASDAQ GSM. 

(m) Conditions Precedent. The Company will use its commercially reasonable efforts to do and perform all things required to be done or
performed under this Agreement by the Company prior to the Closing Date, and any Additional Closing Date, and to satisfy all conditions precedent to the delivery of the Underwritten Securities and Option Securities, if any. 

(n) Supplying Information. While the Securities remain outstanding and are “restricted securities” within the meaning
of Rule 144(a)(3) under the Securities Act, the Company will, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities, prospective purchasers
of the Securities designated by such holders, in each case upon request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(o) DTC. The Company will provide reasonable assistance to the Initial Purchasers in arranging for the Securities to be eligible for
clearance and settlement through DTC. 
 (p) Conversion Rate. Between the date hereof and the Closing Date, the Company will not do
or authorize any act or thing that would result in an adjustment of the conversion rate applicable to the Securities. 
 (q) No Resales
by the Company. During the period from the Closing Date until one year after the Closing Date or the Additional Closing Date, if applicable, the Company will not, and will not permit any of its affiliates (as defined in Rule 144 under the
Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and resold in a transaction registered under the Securities Act. 

  
 -26- 

 (r) No Integration. Neither the Company nor any of its affiliates (as defined in Rule
501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the
Securities in a manner that would require registration of the Securities under the Securities Act. 
 (s) No General Solicitation.
None of the Company or any of its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will solicit offers for, or offer or sell, the Securities by means of any form of
general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act. 

5. Payment of Expenses. The Company agrees to pay, or reimburse if paid by the Initial Purchasers, upon consummation of the
transactions contemplated hereby: (a) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities to the Initial Purchasers and any taxes payable in that connection; (b) the costs of reproducing and
distributing each of the Transaction Documents; (c) the costs incident to the preparation, printing and distribution of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication, any Permitted
General Solicitation and the Offering Memorandum, any amendments, supplements and exhibits thereto or any document incorporated by reference therein; (d) the fees and expenses (including reasonable related fees and expenses of counsel to the
Initial Purchasers) of qualifying the Securities under the securities laws of the several jurisdictions as provided in Section 4(f) and of preparing, printing and distributing wrappers, “Blue Sky Memoranda” and
“Legal Investment Surveys”, if any; (e) all fees and expenses of the Trustee, registrar and transfer agent of the Securities; (f) any fees charged by rating agencies for rating the Securities; (g) all expenses and
application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (h) all expenses and application fees related to the listing of the Underlying Securities on the NASDAQ GSM; and (i) all other
costs and expenses incident to the Offering or the performance of the obligations of the Company under this Agreement (including, without limitation, the fees and expenses of the Company’s counsel and the Company’s independent accountants
and the travel and other expenses incurred by the Company’s and Initial Purchasers’ personnel in connection with any “road show” including, without limitation, any expenses advanced by the Initial Purchasers on the Company’s
behalf (which will be promptly reimbursed)); provided, however, the Company shall not be obligated to pay any fees, disbursements and expenses of counsel to the Initial Purchasers pursuant to clause (d) of this
Section 5 in excess of $10,000 in the aggregate. 
 6. Conditions of Initial Purchasers’ Obligations.
The obligation of each Initial Purchaser to purchase the Underwritten Securities on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, as provided herein is subject to the performance by the Company of its
covenants and other obligations hereunder and to the following additional conditions: 

  
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 (a) Representations and Warranties. The representations and warranties of the Company
contained herein shall be true and correct on the date hereof and on and as of the Closing Date or the Additional Closing Date, as the case may be; and the statements of the Company and its officers made in any certificates delivered pursuant to
this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date, as the case may be. 
 (b)
Negative Assurance. The Representatives shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Additional Closing Date that the Preliminary Offering Memorandum, any other Time of Sale Information or the
Offering Memorandum or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of counsel for the Initial Purchasers, is material or omits to state any fact which, in the opinion of such counsel, is material
and is necessary in order to make the statements, in the light of the circumstances in which they were made, not misleading. 
 (c)
Transaction Documents. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of the Transaction Documents, the Preliminary Offering Memorandum, any other Time of Sale Information, each
Issuer Written Communication and the Offering Memorandum, and all other legal matters relating to the Transaction Documents and the transactions contemplated hereby and thereby shall be reasonably satisfactory to counsel for the Initial Purchasers,
and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. 

(d) Opinion and 10b-5 Statement of Counsel for the Company. Ropes and Gray LLP shall have
furnished to the Representatives such counsel’s written opinion and negative assurances statement, as counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, and any Additional Closing Date (if such date is other
than the Closing Date), in form and substance satisfactory to the Representatives. 
 (e) Opinion of Intellectual Property Counsel for
the Company. Sterne, Kessler, Goldstein & Fox P.L.L.C. shall have furnished to the Representatives such counsel’s written opinion and negative assurance statement, as intellectual property counsel to the Company, addressed to the
Initial Purchasers and dated the Closing Date, and any Additional Closing Date (if such date is other than the Closing Date), in form and substance satisfactory to the Representatives. 

(f) Opinion and 10b-5 Statement of Counsel for the Initial Purchasers. The Initial Purchasers
shall have received from Goodwin Procter LLP, counsel for the Initial Purchasers, such opinion and negative assurances statement, dated the Closing Date and any Additional Closing Date (if such date is other than the Closing Date), with respect to
such matters as the Representatives may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters. 

  
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 (g) Comfort Letter. At the time of the execution of this Agreement, the
Representatives shall have received from KPMG LLP a letter, addressed to the Initial Purchasers, executed and dated such date, in form and substance satisfactory to the Representatives (A) confirming that they are an independent registered
accounting firm with respect to the Company and its subsidiaries within the meaning of the Securities Act and the rules and regulations thereunder and PCAOB and (B) stating the conclusions and findings of such firm, of the type ordinarily
included in accountants’ “comfort letters” to underwriters, with respect to the financial statements and certain financial information contained or incorporated by reference in the Time of Sale Information and the Offering Memorandum.

 (h) Bring-Down Comfort Letter. On the Closing Date and any Additional Closing Date (if such date is other than the Closing Date),
the Representatives shall have received a letter (the “Bring-Down Letter”) from KPMG LLP addressed to the Initial Purchasers and dated the Closing Date and any Additional Closing Date (if such date is other than the Closing Date)
confirming, as of the date of the Bring-Down Letter (or, with respect to matters involving changes or developments since the respective dates as of which specified financial information is given in the Time of Sale Information and the Offering
Memorandum, as the case may be, as of a date not more than three (3) business days prior to the date of the Bring-Down Letter), the conclusions and findings of such firm, of the type ordinarily included in accountants’ “comfort
letters” to underwriters, with respect to the financial information and other matters covered by its letter delivered to the Representatives concurrently with the execution of this Agreement pursuant to paragraph (g) of this
Section 6. 
 (i) Officers’ Certificate. The Company shall have furnished to the Representatives a
certificate, dated the Closing Date and any Additional Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer or its President and its Chief Financial Officer, its Vice president, Corporate Controller, or a Vice
President of Finance, each in his or her capacity as an officer of the Company, stating that (i) such officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, in their opinion, the representations set forth
in Sections 3(b) and 3(d) hereof are true and correct, (ii) since the date of the Offering Memorandum, no event has occurred which should have been set forth in a supplement or amendment to the Time of Sale Information or the
Offering Memorandum that has not been so set forth therein, (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date and any Additional Closing Date (if such date is other than the Closing Date), the
representations and warranties of the Company in this Agreement are true and correct, and the Company has complied in all material respects with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Date and any Additional Closing Date (if such date is other than the Closing Date) and (iv) there has not been, subsequent to the date of the most recent audited financial statements included or incorporated by reference in
the Time of Sale Information, any material adverse change in the financial position or results of operations of the Company and its subsidiaries or any change or development that, singly or in the aggregate, would involve a material adverse change
or a prospective material adverse change, in or affecting the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its subsidiaries taken as a whole, except as set forth in the Offering
Memorandum. 
 (j) [Reserved.] 

  
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 (k) No Material Adverse Change. Since the date of the latest audited financial
statements included in or incorporated by reference in the Time of Sale Information as of the date hereof, (i) neither the Company nor any of its subsidiaries shall have sustained any loss or interference with its business from fire, explosion,
flood or other calamity, whether or not covered by insurance, or from any labor dispute, otherwise than as set forth in the Time of Sale Information, and (ii) there shall not have been any material change in the capital stock or short-term or
long-term debt of the Company or any of its subsidiaries, or any material adverse change in or affecting the business, general affairs, management, financial position, prospects, shareholders’ equity or results of operations of the Company and
its subsidiaries otherwise than as set forth in the Time of Sale Information, the effect of which, in any such case described in clause (i) or (ii) of this paragraph (k), is, in the judgment of the Representatives, so material and
adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Information. 

(l) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been enacted,
adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Securities; and no injunction or order
of any federal, state or foreign court shall have been issued that would, as of the Closing Date or the Additional Closing Date, as the case may be, prevent the issuance or sale of the Securities. 

(m) Market Conditions. Subsequent to the execution and delivery of this Agreement there shall not have occurred any of the
following: (i)(A) trading in securities generally on the New York Stock Exchange, NASDAQ GSM or the NYSE American or in the over the counter market, or (B) trading in any securities of the Company on any exchange or in the over-the-counter market, shall have been suspended or materially limited, or minimum or maximum prices or maximum range for prices shall have been established on any such
exchange or such market by the Commission, by such exchange or market or by any other regulatory body or governmental authority having jurisdiction, (ii) a banking moratorium shall have been declared by Federal or state authorities or a
material disruption has occurred in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become engaged in hostilities, or the subject of an act of terrorism, or there shall
have been an outbreak of or escalation in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States or (iv) there shall have occurred such a material adverse change in
general economic, political or financial conditions (or the effect of international conditions on the financial markets in the United States shall be such) as to make it, in the judgment of the Representatives, impracticable or inadvisable to
proceed with the sale or delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Information and the Offering Memorandum. 

(n) Notification of Listing of Additional Shares. The Company shall have filed a Notification: Listing of Additional Shares with the
NASDAQ GSM, if required to do so, and shall have received no objection thereto from the NASDAQ GSM. 

  
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 (o) Lock-up Agreements. The Representatives
shall have received the written agreements, substantially in the form of Exhibit A hereto, of the parties listed in Schedule 3 to this Agreement. 

(p) DTC. The Securities shall be eligible for clearance and settlement through DTC. 

(q) Additional Documents. Prior to the Closing Date, the Company shall have furnished to the Representatives such good standing
certificates, secretary and officers’ certificates, or such other documents as the Representatives shall have reasonably requested. 

The several obligations of the Initial Purchasers to purchase Option Securities, if any, hereunder are subject to the delivery to the
Representatives on the applicable Additional Closing Date of such documents as it may reasonably request with respect to the good standing of the Company, opinions, comfort letters, certificates, letters, documents, the due authorization and
issuance of the Option Securities to be sold on such Additional Closing Date, and other matters related to the issuance of such Option Securities. 

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
 7.
Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchasers. The Company shall indemnify and hold
harmless each Initial Purchaser, each of their respective affiliates and each of its and their respective directors, officers, members, employees, representatives and agents and each person, if any, who controls such Initial Purchaser within the
meaning of Section 15 of the Securities Act of or Section 20 of the Exchange Act (collectively, the “Initial Purchaser Indemnified Parties,” and each an “Initial Purchaser Indemnified Party”) against any
loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or several, to which such Initial Purchaser Indemnified Party may become subject, under the Securities Act or otherwise,
insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering
Memorandum, any of the other Time of Sale Information, any Issuer Written Communication, any Permitted General Solicitation, any road show as defined in Rule 433(h) under the Securities Act (a “road show”) or the Offering
Memorandum, or in any amendment or supplement thereto or document incorporated by reference therein or (ii) the omission or alleged omission to state in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer
Written Communication, any road show or the Offering Memorandum, or in any amendment or supplement thereto or document incorporated by reference therein, a material fact required to be stated therein or necessary to make the statements therein not
misleading, and shall reimburse the Initial Purchaser Indemnified Party promptly upon demand for any legal fees or other expenses reasonably incurred by that Initial Purchaser Indemnified Party in connection with investigating, or preparing to
defend, or defending against, settling, compromising, or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, 

  
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damage, expense, liability, action, investigation or proceeding, as such fees and expenses are incurred; provided, however, that the Company shall not be liable in any such case to
the extent that any such loss, claim, damage, expense or liability arises out of or is based upon an untrue statement or alleged untrue statement in, or omission or alleged omission from the Preliminary Offering Memorandum, any of the other Time of
Sale Information, any Issuer Written Communication, any road show or the Offering Memorandum, or in any such amendment or supplement thereto, made in reliance upon and in conformity with written information furnished to the Company by the
Representatives by or on behalf of the Initial Purchasers specifically for use therein, which information the parties hereto agree is limited to the Initial Purchasers’ Information (as defined in Section 7(b)
hereof). This indemnity agreement is not exclusive and will be in addition to any liability which the Company might otherwise have and shall not limit any rights or remedies which may otherwise be available at law or in equity to each Initial
Purchaser Indemnified Party. 
 (b) Indemnification of the Company. Each Initial Purchaser, severally and not jointly, shall
indemnify and hold harmless the Company and its directors, its officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the
“Company Indemnified Parties,” and each a “Company Indemnified Party”) against any loss, claim, damage, expense or liability whatsoever (or any action, investigation or proceeding in respect thereof), joint or
several, to which such Company Indemnified Party may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, expense, liability, action, investigation or proceeding arises out of or is based upon (i) any
untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication, any Permitted General Solicitation, any road show or the
Offering Memorandum, or in any amendment or supplement thereto, or (ii) the omission or alleged omission to state in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication, any road show
or the Offering Memorandum, or in any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or alleged
untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by the Representatives by or on behalf of any Initial Purchaser specifically for use therein, which
information the parties hereto agree is limited to the Initial Purchasers’ Information as defined in this Section 7(b), and shall reimburse the Company Indemnified Party for any legal or other expenses reasonably
incurred by such party in connection with investigating or preparing to defend or defending against or appearing as third party witness in connection with any such loss, claim, damage, liability, action, investigation or proceeding, as such fees and
expenses are incurred. Notwithstanding the provisions of this Section 7(b), in no event shall any indemnity by any Initial Purchaser under this Section 7(b) exceed the total discount and
commission received by such Initial Purchaser in connection with the Offering. The parties hereto acknowledge and agree that, for all purposes of this Agreement, the “Initial Purchasers’ Information” consists solely of the
statements concerning the Initial Purchasers contained in the seventh paragraph, the fourth sentence of the eighth paragraph and the tenth paragraph, in each case, under the heading “Plan of Distribution” in the Time of Sale Information
and the Offering Memorandum. 

  
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 (c) Notice and Procedures. Promptly after receipt by an indemnified party under this
Section 7 of notice of the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 7, notify such
indemnifying party in writing of the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have under this
Section 7 except to the extent it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and, provided, further, that the failure to notify an indemnifying
party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 7. If any such action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action with counsel reasonably
satisfactory to the indemnified party (which counsel shall not, except with the written consent of the indemnified party, be counsel to the indemnifying party). After notice from the indemnifying party to the indemnified party of its election
to assume the defense of such action, except as provided herein, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense of such action other than reasonable costs of investigation; provided, however, that any indemnified party shall have the right to employ separate counsel in any such action and to
participate in the defense of such action but the fees and expenses of such counsel (other than reasonable costs of investigation) shall be at the expense of such indemnified party unless (i) the employment thereof has been specifically
authorized in writing by the Company in the case of a claim for indemnification under Section 7(a) or the Representatives in the case of a claim for indemnification under Section 7(b), (ii) such
indemnified party shall have been advised by its counsel that there may be one or more legal defenses available to it which are different from or additional to those available to the indemnifying party, or (iii) the indemnifying party has
failed to assume the defense of such action and employ counsel reasonably satisfactory to the indemnified party within a reasonable period of time after notice of the commencement of the action or the indemnifying party does not diligently defend
the action after assumption of the defense, in which case, if such indemnified party notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have
the right to assume the defense of (or, in the case of a failure to diligently defend the action after assumption of the defense, to continue to defend) such action on behalf of such indemnified party and the indemnifying party shall be responsible
for legal or other expenses subsequently incurred by such indemnified party in connection with the defense of such action; provided, however, that the indemnifying party shall not, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all such
indemnified parties (in addition to any local counsel), which firm shall be designated in writing by the Representatives if the indemnified parties under this Section 7 consist of any Initial Purchaser Indemnified Party or
by the Company if the indemnified parties under this Section 7 consist of any Company Indemnified Parties. Subject to this Section 7(c), the amount payable by an indemnifying party under this
Section 7 shall include, but not be limited to, (x) reasonable legal fees and expenses of counsel to the indemnified party and any other expenses in investigating, or preparing to defend or defending against, or
appearing as a third party witness in respect of, or 

  
 -33- 

 
otherwise incurred in connection with, any action, investigation, proceeding or claim, and (y) all amounts paid in settlement of any of the foregoing. No indemnifying party shall,
without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of judgment with respect to any pending or threatened action or any claim whatsoever, in respect of which indemnification or contribution
could be sought under this Section 7 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each
indemnified party in form and substance reasonably satisfactory to such indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party. Subject to the provisions of the following sentence, no indemnifying party shall be liable for settlement of any pending or threatened action or any claim whatsoever that is effected without its
written consent (which consent shall not be unreasonably withheld or delayed), but if settled with its written consent, if its consent has been unreasonably withheld or delayed or if there be a judgment for the plaintiff in any such matter, the
indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition, if at any time an indemnified party shall have requested that an
indemnifying party reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated herein effected without its written consent if (i) such
settlement is entered into more than forty-five (45) days after receipt by such indemnifying party of the request for reimbursement, (ii) such indemnifying party shall have received notice of the terms of such settlement at least thirty
(30) days prior to such settlement being entered into and (iii) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement, unless the indemnifying party is
objecting in good faith to the amount of such fees and expenses. 
 (d) Contribution; Limitation on Liability. If the indemnification
provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under Section 7(a) or Section 7(b) hereof, then each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount paid, payable or otherwise incurred by such indemnified party as a result of such loss, claim, damage, expense or liability (or any action, investigation or proceeding
in respect thereof), as incurred, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and each of the Initial Purchasers on the other hand from the Offering, or (ii) if
the allocation provided by clause (i) of this Section 7(d) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) of this
Section 7(d) but also the relative fault of the Company on the one hand and each of the Initial Purchasers on the other with respect to the statements, omissions, acts or failures to act which resulted in such loss, claim,
damage, expense or liability (or any action, investigation or proceeding in respect thereof) as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and each of the Initial
Purchasers on the other with respect to the Offering shall be deemed to be in the same proportion as the total net proceeds from the Offering under this Agreement (before deducting expenses) received by the Company bear to the total underwriting
discount and commission received by the Initial Purchasers in connection with the Offering, as provided in this Agreement. The relative fault of the Company on the one hand and the Initial Purchasers on the other shall be determined by
reference to, among other things, 

  
 -34- 

 
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or
the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto
agree that the written information furnished to the Company by the Representatives by or on behalf of any Initial Purchaser for use in the Preliminary Offering Memorandum or the Offering Memorandum, or in any amendment or supplement thereto,
consists solely of the Initial Purchasers’ Information as defined in Section 7(b) above. The Company and the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this
Section 7(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 7(d) shall be deemed to include, for purposes of this
Section 7(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or
otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 7(d), no Initial Purchaser shall be required
to contribute any amount in excess of the total discount and commission received by such Initial Purchaser in connection with the Offering, less the amount of any damages which such Initial Purchaser has otherwise paid or become liable to pay by
reason of any untrue or alleged untrue statement, omission or alleged omission, act or alleged act or failure to act or alleged failure to act. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 8.
Termination. The obligations of the Initial Purchasers hereunder may be terminated by the Representatives, in their absolute discretion, by notice given to the Company prior to delivery of and payment for the Securities if, prior to the
Closing Date or, in the case of the Option Securities, prior to the Additional Closing Date, any of the events described in Sections 6(k), 6(l) or 6(m) hereof have occurred or if the Initial Purchasers shall decline to
purchase the Securities for any reason permitted under this Agreement. 
 9. Reimbursement of Initial Purchasers’ Expenses.
Notwithstanding anything to the contrary in this Agreement, if (a) this Agreement shall have been terminated pursuant to Section 8 hereof as a result of an event described in Sections 6(k) or 6(l)
or 6(m)(i)(B) hereof, (b) the Company shall fail to tender the Securities for delivery to the Initial Purchasers for any reason not permitted under this Agreement, or (c) the sale of the Securities is not consummated because any
condition to the obligations of the Initial Purchasers set forth herein is not satisfied or because of the refusal, inability or failure on the part of the Company to perform any agreement herein or to satisfy any condition or to comply with the
provisions hereof, then, the Company shall reimburse the Initial Purchasers’ out-of-pocket expenses in accordance with Section 5 hereof
and, in addition, the Company shall reimburse the Initial Purchasers for the fees and expenses of the Initial Purchasers’ counsel and for all other accountable
out-of-pocket expenses as shall have been reasonably incurred by them in connection with this Agreement and the proposed Offering, and promptly upon demand the Company
shall pay the full amount thereof to the Representatives on behalf of the Initial Purchasers. 

  
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 10. Effectiveness; Defaulting Initial Purchasers. If, on the Closing Date or an
Additional Closing Date, as the case may be, any one or more of the Initial Purchasers shall fail or refuse to purchase Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate number of Securities which such
defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase is not more than one-tenth of the aggregate number of the Securities to be purchased on such date, the other Initial
Purchasers shall be obligated severally in the proportions that the number of Underwritten Securities set forth opposite their respective names in Schedule 1 to this Agreement bears to the aggregate number of Underwritten Securities set forth
opposite the names of all such non-defaulting Initial Purchasers, or in such other proportions as you may specify, to purchase the Securities which such defaulting Initial Purchaser or Initial Purchasers
agreed but failed or refused to purchase on such date; provided that in no event shall the number of Securities that any Initial Purchaser has agreed to purchase pursuant to this Agreement be increased pursuant to this
Section 10 by an amount in excess of one-ninth of such number of Securities without the written consent of such Initial Purchaser. If, on the Closing Date, any Initial Purchaser
or Initial Purchasers shall fail or refuse to purchase Underwritten Securities and the aggregate number of Underwritten Securities with respect to which such default occurs is more than one-tenth of the
aggregate number of Underwritten Securities to be purchased on such date, and arrangements satisfactory to you and the Company for the purchase of such Underwritten Securities are not made within thirty-six
(36) hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Initial Purchaser or the Company. In any such case either you or the Company shall
have the right to postpone the Closing Date, but in no event for longer than seven (7) days, in order that the required changes, if any, in the Time of Sale Information, the Offering Memorandum or in any other documents or arrangements may be
effected. If, on an Additional Closing Date, any Initial Purchaser or Initial Purchasers shall fail or refuse to purchase Option Securities and the aggregate number of Option Securities with respect to which such default occurs is more than one-tenth of the aggregate number of Option Securities to be purchased on such Additional Closing Date, the non-defaulting Initial Purchasers shall have the option to
(i) terminate their obligation hereunder to purchase the Option Securities to be sold on such Additional Closing Date or (ii) purchase not less than the number of Option Securities that such
non-defaulting Initial Purchasers would have been obligated to purchase in the absence of such default. Any action taken under this paragraph shall not relieve any defaulting Initial Purchaser from
liability in respect of any default of such Initial Purchaser under this Agreement. 
 11. Certain Agreements of the Initial
Purchasers. Each Initial Purchaser hereby represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the
solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2) under
the Securities Act) that was not included (including through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum, (iii) any written communication listed on Annex A hereto or prepared pursuant to
Section 4(c) above (including any electronic road show), (iv) any written 

  
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communication prepared by such Initial Purchaser and approved by the Company in advance in writing or (v) any written communication relating to or that contains the terms of the Securities
and/or other information that was included (including through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum. 

12. Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

(a) Each Initial Purchaser’s responsibility to the Company is solely contractual in nature, each Initial Purchaser has been retained
solely to act as an initial purchaser in connection with the Offering and no fiduciary, advisory or agency relationship between the Company and such Initial Purchaser has been created in respect of any of the transactions contemplated by this
Agreement, irrespective of whether any of the Initial Purchasers has advised or is advising the Company on other matters; 
 (b) the price
of the Securities set forth in this Agreement was established by the Company following discussions and arms-length negotiations with the Representatives, and the Company is capable of evaluating and understanding, and understands and accepts, the
terms, risks and conditions of the transactions contemplated by this Agreement; 
 (c) it has been advised that each of the Initial
Purchasers and each of their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Initial Purchasers have no obligation to disclose such interests and
transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and 
 (d) it waives, to the fullest extent
permitted by law, any claims it may have against the Initial Purchasers for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Initial Purchasers shall have no liability (whether direct or indirect) to the Company in
respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including shareholders, employees or creditors of the Company. 

13. Successors; Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the several
Initial Purchasers, the Company, and their respective successors and assigns. Notwithstanding the foregoing, the determination as to whether any condition in Section 6 hereof shall have been satisfied, and the waiver of any
condition in Section 6 hereof, may be made by the Representatives in their sole discretion, and any such determination or waiver shall be binding on each of the Initial Purchasers and shall not require the consent of any
Initial Purchaser. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, other than the persons mentioned in the preceding sentences, any legal or equitable right, remedy or claim under or in
respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person; except
that the indemnities of the Company contained in this Agreement shall also be for the benefit of the Initial Purchaser Indemnified Parties and the several indemnities of the Initial Purchasers shall be for the benefit of the Company Indemnified
Parties. It is understood that each Initial Purchaser’s responsibility to the Company is solely contractual in nature and the Initial Purchasers do not owe the Company, or any other party, any fiduciary duty as a result of this Agreement.

  
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 14. Survival. The respective indemnities, covenants, agreements, representations,
warranties and other statements of the Company and the several Initial Purchasers, as set forth in this Agreement or made by them respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation made
by or on behalf of any Initial Purchaser, the Company or any person controlling any of them and shall survive delivery of and payment for the Securities. Notwithstanding any termination of this Agreement, including without limitation any
termination pursuant to Section 8 hereof, the indemnity and contribution and reimbursement agreements contained in Sections 7 and 9 hereof and the covenants, representations, warranties set forth in this
Agreement shall not terminate and shall remain in full force and effect at all times. 
 15. Notices. All statements, requests,
notices and agreements hereunder shall be in writing, and: 
 (a) if to the Representatives, shall be delivered or sent by mail, facsimile
transmission or email to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Registration Department, with a copy to the Legal Department; and J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York
10179 (fax: (212) 622-8358); Attention: Equity Syndicate Desk, with an additional copy to Goodwin Procter LLP, Attention: Siavosh Salimi, Fax: (212) 656-1546 

(b) if to the Company, shall be delivered or sent by mail, facsimile transmission or email to: Sarepta Therapeutics, Inc., 215 First Street,
Suite 7, Cambridge, MA 02142 Attention: Ryan Brown, Senior Vice President, General Counsel, Fax: (857) 242-3708, with a copy to Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston,
Massachusetts 02199, Attention: Paul Kinsella, Fax: (617) 235-0822; 
 provided, however,
that any notice to the Initial Purchasers pursuant to Section 7 hereof shall be delivered or sent by mail or facsimile transmission to the Representatives c/o Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC
at the addresses set forth above in this Section 15. Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof, except that any such statement, request, notice or agreement
delivered or sent by email shall take effect at the time of confirmation of receipt thereof by the recipient thereof. 
 16. Certain
Defined Terms. For purposes of this Agreement, (a) “business day” means any day on which the NASDAQ GSM is open for trading, (b) “knowledge” means the knowledge of the executive officers of the Company after
reasonable inquiry and (c) “subsidiary” has the meaning set forth in Rule 405 of the Securities Act and the rules and regulations thereunder. 

  
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 17. Governing Law, Agent for Service and Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the State of New York, including without limitation Section 5-1401 of the New York General Obligations Law. No legal proceeding may be
commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have
jurisdiction over the adjudication of such matters, and the Company and the Initial Purchasers each hereby consent to the jurisdiction of such courts and personal service with respect thereto. The Company and the Initial Purchasers each hereby
waive all right to trial by jury in any legal proceeding (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Company agrees that a final judgment in any such legal proceeding brought in
any such court shall be conclusive and binding upon the Company and the Initial Purchasers and may be enforced in any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment. 

18. Partial Unenforceability. The invalidity or unenforceability of any section, paragraph, clause or provision of this Agreement shall
not affect the validity or enforceability of any other section, paragraph, clause or provision hereof. If any section, paragraph, clause or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 
 19. General.
This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. In
this Agreement, the masculine, feminine and neuter genders and the singular and the plural include one another. The section headings in this Agreement are for the convenience of the parties only and will not affect the construction or
interpretation of this Agreement. This Agreement may be amended or modified, and the observance of any term of this Agreement may be waived, only by a writing signed by the Company and the Representatives. 

20. Research Analyst Independence. The Company acknowledges that each Initial Purchaser’s research analysts and research
departments are required to be independent from its investment banking division and are subject to certain regulations and internal policies, and that such Initial Purchaser’s research analysts may hold views and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the Offering that differ from the views of their investment banking division. The Company hereby waives and releases, to the fullest extent permitted by law, any
claims that the Company may have against each Initial Purchaser with respect to any conflict of interest that may arise from the fact that the views expressed by its independent research analysts and research departments may be different from or
inconsistent with the views or advice communicated to the Company by such Initial Purchaser’s investment banking division. The Company acknowledges that each Initial Purchaser is a full service securities firm and as such from time to
time, subject to applicable securities laws, rules and regulations, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the Company; provided, however, that
nothing in this Section 20 shall relieve any Initial Purchaser of any responsibility or liability it may otherwise bear in connection with activities in violation of applicable securities laws, rules or regulations. 

  
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 21. Compliance with USA Patriot Act. In accordance with the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients,
including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients. 

22. Counterparts. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of
which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature complying with the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www. Docusign.com) or other transmission method any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 
 23. Xtract Research LLC. The Company hereby agrees that the Initial Purchasers may provide
copies of the Preliminary Offering Memorandum and the Offering Memorandum relating to the offering of the Securities and any other agreements or documents relating thereto, including, without limitation, trust indentures, to Xtract Research LLC
(“Xtract”) following the completion of the offering for inclusion in an online research service sponsored by Xtract, access to which is restricted to “qualified institutional buyers” as defined in Rule 144A under the
Securities Act. 
 24. Recognition of the U.S. Special Resolution Regimes. 

(i) In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. 

(ii) In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser 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 Agreement were governed by the laws of the United States or a state of the United States. 

As used in this section: 

“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12
U.S.C. § 1841(k). 
 “Covered Entity” means any of the following: 

  
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 (i) a “covered entity” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 252.82(b); 
 (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or 
 (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.
§§ 252.81, 47.2 or 382.1, as applicable. 
 “U.S. Special Resolution Regime” means each of (i) the Federal Deposit
Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder. 

[Remainder of page intentionally left blank] 
  

  
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 If the foregoing is in accordance with your understanding, please indicate your acceptance
of this Agreement by signing in the space provided below. 
  

			
	Very truly yours,
	
	SAREPTA THERAPEUTICS, INC.
		
	By	 	 /s/ Ian Estepan

		 	Name: Ian Estepan
		 	Title: Executive Vice President, Chief Financial Officer

 [Signature Page to Purchase Agreement] 

			
	Accepted: As of the date first written above
	
	GOLDMAN SACHS & CO. LLC
	J.P. MORGAN SECURITIES LLC
	
	For itself and on behalf of the several Initial Purchasers listed in Schedule 1 hereto.
	
	By: GOLDMAN SACHS & CO. LLC
		
	By	 	 /s/ Mike Voris

		 	Authorized Signatory
	
	By: J.P. MORGAN SECURITIES LLC
		
	By	 	 /s/ Santosh Sreenivasan

		 	Authorized Signatory

 [Signature Page to Purchase Agreement] 

 Schedule 1 
  

					
	 Initial Purchaser
	  	Principal
Amount	 
	 Goldman Sachs & Co. LLC
	  	$	392,000,000	 
	 J.P. Morgan Securities LLC
	  	$	343,000,000	 
	 Morgan Stanley & Co. LLC
	  	$	98,000,000	 
	 BofA Securities, Inc.
	  	$	98,000,000	 
	 Oppenheimer & Co. Inc.
	  	$	49,000,000	 
		  	  
	  
	 
	 Total
	  	$	980,000,000	 

 Schedule 2 

Subsidiaries 
  

	(1)	 Sarepta Therapeutics Investments, Inc. 

 

	(2)	 Sarepta Securities Corp. 

 

	(3)	 STIH Two, Inc. 

  

	(4)	 ST International Holdings Two Inc. 

 

	(5)	 Sarepta Therapeutics Holdings BV 

 

	(6)	 AVI BioPharma International Limited 

 

	(7)	 Myonexus Therapeutics, Inc. 

 

	(8)	 Sarepta International Holdings BV 

 

	(9)	 Sarepta Therapeutics KK 

 

	(10)	 Sarepta International Sweden AB 

 

	(11)	 Sarepta International Italy S.r.l. 

 

	(12)	 Sarepta Therapeutics Three, LLC 

 

	(13)	 Sarepta Therapeutics Ireland Limited 

 

	(14)	 Sarepta International UK Ltd. 

 

	(15)	 Sarepta International Holdings GmbH 

 

	(16)	 Sarepta Therapeutics Spain, S.L. 

 

	(17)	 Sarepta International France 

 

	(18)	 Sarepta Therapeutics Germany GmbH 

 

	(19)	 Sarepta Farmacêutica Brasil Ltda 

 

	(20)	 Sarepta International Holdings, Inc. 

 

	(21)	 Sarepta Therapeutics, LLC 

 

	(22)	 Sarepta Therapeutics Two LLC 

 

	(23)	 Sarepta Therapeutics Ireland Two LP 

 

	(24)	 Sarepta Therapeutics Ireland LP 

 

	(25)	 Sarepta Therapeutics S.R.L. 

 

	(26)	 90 River Road LLC 

 Schedule 3 

List of Lock-Up Parties 

Douglas S. Ingram 
 Ryan Brown 

Ian Estepan 
 Louise Rodino-Klapac 

William F. Ciambrone 
 Hans Wigzell, M.D., Ph.D. 

Richard J. Barry 
 M. Kathleen Behrens, Ph.D. 

Claude Nicaise, M.D. 
 Stephen L. Mayo, Ph.D. 

Kathryn Boor, Ph.D. 
 Michael Chambers 

 Annex A 

a. Time of Sale Information 
 Term sheet
containing the terms of the Securities, substantially in the form of Annex B. 

 Annex B 

Pricing Term Sheet 

[see attached] 

			
	PRICING TERM SHEET	  	STRICTLY CONFIDENTIAL

 DATED SEPTEMBER 13, 2022 
  

 
 SAREPTA THERAPEUTICS, INC. 

1.250% CONVERTIBLE SENIOR NOTES DUE 2027 

$980,000,000 
 (in
addition to $20,000,000 being sold in a separate concurrent private placement) 
 The information in this pricing term sheet supplements Sarepta
Therapeutics, Inc.’s preliminary offering memorandum, dated September 12, 2022 (the “Preliminary Offering Memorandum”), and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the
information in the Preliminary Offering Memorandum. In all other respects, this pricing term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum, including all documents incorporated by reference therein. Terms
used herein but not defined herein shall have the respective meanings as set forth in the Preliminary Offering Memorandum. All references to dollar amounts are references to U.S. dollars. 

 

			
	Issuer:	  	Sarepta Therapeutics, Inc., a Delaware corporation.
		
	Ticker/Exchange for the Issuer’s Common Stock:	  	“SRPT” / The Nasdaq Global Select Market.
		
	Notes:	  	1.250% Convertible Senior Notes due 2027.
		
	Principal Amount:	  	$980,000,000, plus up to an additional $150,000,000 principal amount pursuant to the initial purchasers’ option to purchase additional Notes.
		
	Concurrent Private Placement:	  	 An entity (the “affiliated investor”) affiliated with a member of the Issuer’s Board of Directors, has agreed to purchase
$20.0 million aggregate principal amount of Notes in a separate concurrent private placement (the “concurrent private placement”) under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).
The Notes purchased in the separate concurrent private placement are referred to herein as the “affiliated investor notes.” Such $20.0 million aggregate principal amount of affiliated investor notes is in addition to the
$980.0 million aggregate principal amount of Notes being sold in this offering (the “offering”). References in the Preliminary Offering Memorandum to the “notes” are to the Notes offered in this offering and not to the
affiliated investor notes sold in the concurrent private placement.
  
 The affiliated
investor notes will initially be issued in certificated form, will not initially be fungible with the Notes offered hereby and will be subject to different transfer restrictions than the Notes offered hereby. In particular, the affiliated investor
notes will not become freely transferable twelve months following their sale by the affiliated investor to a non-affiliate of the Issuer unless sold in a transaction registered under the Securities Act or
pursuant to Rule 144 under the Securities Act. This offering is not conditioned upon the closing of the sale and purchase of the affiliated investor notes by the affiliated investor, but the concurrent private placement of the affiliated investor
notes is conditioned upon the closing of this offering.
  

			
		  	In connection with the sale of the affiliated investor notes, the affiliated investor may request that the Issuer file a registration statement with the SEC, for resale by the affiliate investor of the affiliated investor notes and
any common stock issued upon conversion of the affiliated investor notes. Holders of the Notes offered hereby will not have any registration rights.
		
	Denominations:	  	$1,000 and multiples of $1,000 in excess thereof.
		
	Maturity:	  	September 15, 2027, unless earlier redeemed, repurchased or converted.
		
	Interest Rate:	  	1.250% per year, accruing from September 16, 2022.
		
	Interest Payment Dates:	  	March 15 and September 15 of each year, beginning on March 15, 2023.
		
	Interest Record Dates:	  	March 1 and September 1 of each year, immediately preceding any March 15 or September 15 interest payment date, as the case may be.
		
	Issue Price:	  	The Notes will be issued at a price of 100% of their principal amount.
		
	Trade Date:	  	September 14, 2022.
		
	Settlement Date:	  	September 16, 2022.
		
	Last Reported Sale Price of the Issuer’s Common Stock on September 13, 2022:	  	$105.16 per share.
		
	Initial Conversion Rate:	  	7.0439 shares of the Issuer’s common stock per $1,000 principal amount of Notes.
		
	Initial Conversion Price:	  	Approximately $141.97 per share of the Issuer’s common stock.
		
	Conversion Premium:	  	Approximately 35.0% above the Last Reported Sale Price of the Issuer’s common stock on September 13, 2022.

			
	Redemption at our Option:	  	The Issuer may not redeem the Notes prior to September 20, 2025. The Issuer may redeem for cash all or part of the Notes (subject to the partial redemption limitation described below), at its option, on or after
September 20, 2025 and on or prior to the 41st scheduled trading day immediately preceding the maturity date, if the last reported sale price of the Issuer’s common stock has been at least 130% of the conversion price then in effect for at
least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Issuer provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day
immediately preceding the date on which the Issuer provides notice of redemption, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If
the Issuer elects to redeem fewer than all the outstanding Notes, at least $150 million aggregate principal amount of Notes must be outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant notice of
redemption. No “sinking fund” is provided for the Notes, which means that the Issuer is not required to redeem or retire the Notes periodically.
		
	Joint Book-Running Managers:	  	 Goldman Sachs & Co. LLC
 J.P. Morgan
Securities LLC

		
	Co-Managers:	  	 Morgan Stanley & Co. LLC
 BofA
Securities, Inc.
 Oppenheimer & Co. Inc.

		
	Additional Amounts:	  	If the Issuer consolidates with or merges with or into, or sells, conveys, transfers or leases all or substantially all of its properties and assets to, another company and the resulting, surviving or transferee company is not
organized and existing under the laws of the United States of America, any State thereof or the District of Columbia (such company or any successor thereto, the “surviving entity”), then all payments made by the surviving entity under or
with respect to the Notes will be made without withholding or deduction for taxes unless the surviving entity is legally required to do so, in which case, subject to certain exceptions and limitations, the surviving entity will pay such additional
amounts as may be necessary so that the net amount received by beneficial owners of the Notes after such withholding or deduction shall equal the amount that would have been received in the absence of such withholding or deduction.
		
	CUSIP Number (144A):	  	803607 AC4
		
	ISIN (144A):	  	US803607AC42
		
	Use of Proceeds:	  	 The Issuer estimates that the net proceeds from the offering, after deducting the initial purchasers’ discount and estimated offering
expenses payable by the Issuer, will be approximately $959.4 million (or approximately $1,106.4 million if the initial purchasers exercise their option to purchase additional Notes in full). The Issuer expects that it will receive net
proceeds from the sale of the affiliated investor notes in the concurrent private placement of $20.0 million.
  

The Issuer intends to use the net proceeds from the offering and the sale of the affiliated investor notes as follows:

 
 (i) approximately $248.3 million to repurchase a portion of its 2024 Notes,
inclusive of any applicable premium and accrued interest;
  

			
		  	 (ii) approximately $585.5 million to repay borrowings under, to pay accrued and unpaid interest and prepayment fees under, and terminate
its Credit Agreement; and
  
 (iii) approximately $110.7 million to pay the cost of
the capped call transactions described below. If the initial purchasers exercise their option to purchase additional Notes, the Issuer expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped
call transactions. See “Description of Capped Call Transactions” in the Preliminary Offering Memorandum.
  

The Issuer intends to use the remaining net proceeds to fund general corporate purposes.

 
 See “Use of Proceeds” in the Preliminary Offering Memorandum.

		
	Capped Call Transactions:	  	 In connection with the pricing of the Notes, the Issuer entered into privately negotiated capped call transactions with certain of the
initial purchasers or their respective affiliates and certain other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce potential dilution to the Issuer’s common stock
upon any conversion of Notes and/or offset any potential cash payments the Issuer is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the
capped call transactions will initially be $210.32, which represents a premium of approximately 100% over the Last Reported Sale Price of the Issuer’s common stock on September 13, 2022.

 
 If the initial purchasers exercise their option to purchase additional Notes, the Issuer
expects to enter into additional capped call transactions with the option counterparties.
  

The Issuer has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their
respective affiliates expect to purchase shares of the Issuer’s common stock and/or enter into various derivative transactions with respect to the Issuer’s common stock concurrently with or shortly after the pricing of the Notes. This
activity could increase (or reduce the size of any decrease in) the market price of the Issuer’s common stock or the Notes at that time.
  

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with
respect to the Issuer’s common stock and/or purchasing or selling the common stock or other securities of the Issuer in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to
do so during any observation period related to a conversion of Notes). This activity could also cause or avoid an increase or a decrease in the market price of the Issuer’s common stock or the Notes, which could affect your ability to convert
the Notes and, to the extent the activity occurs following conversion or during any observation period related to a conversion of Notes, it could affect the number of shares and value of the consideration that you will receive upon conversion of the
Notes.
  
 For a discussion of the potential impact of any market or other activity by
the option counterparties or their respective affiliates in connection with these capped call transactions, see “Risk Factors—Risks Related to this Offering and the Notes—The capped call transactions may affect the value of the notes
and our common stock,” “Description of the Capped Call Transactions” and “Plan of Distribution—Capped Call Transactions” in the Preliminary Offering
Memorandum.

			
	2024 Notes Repurchase Transactions and Partial Unwind of Existing Capped Call Transactions:	  	 Contemporaneously with the pricing of the Notes in this offering, the Issuer entered into separate, privately negotiated transactions with
certain holders of its 2024 Notes to repurchase for cash approximately $150.6 million in aggregate principal amount of the 2024 Notes (the “concurrent note repurchases”).

 
 The terms of the concurrent note repurchases were individually negotiated with certain
holders of 2024 Notes. The Issuer negotiated the concurrent note repurchases through one of the initial purchasers and/or its affiliate who will repurchase any such 2024 Notes from holders and resell them to the Issuer on or about the closing date
of the offering. The Issuer expects that holders of any 2024 Notes that it agreed to repurchase that have hedged their equity price risk with respect to such notes (the “hedged holders”) will, concurrently with or shortly after the pricing
of the Notes, unwind their hedge positions by buying the Issuer’s common stock and/or entering into or unwinding various derivative transactions with respect to the Issuer’s common stock.

 
 In connection with the issuance of the 2024 Notes, the Issuer entered into capped call
transactions (the “existing capped call transactions”) with two of the initial purchasers of the offering (the “existing option counterparties”). The Issuer intends to enter into agreements with the existing option counterparties
concurrently with or shortly after the closing of this offering to terminate a portion of the existing capped call transactions in a notional amount corresponding to the principal amount of the 2024 Notes repurchased in the concurrent note
repurchases. In connection with any such termination of a corresponding portion of the existing capped call transactions, the Issuer expects that such existing option counterparties and/or their respective affiliates will sell shares of the
Issuer’s common stock in secondary market transactions, and/or unwind various derivative transactions with respect to the Issuer’s common stock. The Issuer intends to use the net proceeds that it receives from the existing counterparties
for general corporate purposes.
  
 Any repurchase of the 2024 Notes and the termination
of a corresponding portion of the existing capped call transactions described above, and the potential related market activities by holders of the 2024 Notes participating in the concurrent note repurchases and the existing counterparties, as
applicable, could increase (or reduce the size of any decrease in) or decrease (or reduce the size of any increase in) the market price of the Issuer’s common stock, which may affect the trading price of the Notes offered hereby at that time.
The Issuer cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or its common stock. See “Risk Factors—Risks Related to the Notes—Any repurchases or redemptions of our 2024
Notes may affect the value of the notes and our common stock, and could affect the conversion price of the notes” and “Risk Factors—Risks Related to the Notes—The partial termination of the existing capped call transactions is
likely to affect the value of the notes and our common stock, and could affect the conversion price of the notes” in the Preliminary Offering Memorandum.

 

			
	Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or Notice of Redemption:	  	 If (i) the “effective date” of a “make-whole fundamental change” (each as defined in the Preliminary Offering
Memorandum) occurs prior to the maturity date of the Notes, or (ii) the Issuer gives a notice of redemption with respect to any or all of the Notes, the Issuer will increase the Conversion Rate for a holder who elects to convert its Notes in
connection with such make-whole fundamental change or notice redemption in certain circumstances, as described under “Description of Notes—Conversion rights—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental
Change or Notice of Redemption” in the Preliminary Offering Memorandum.
  
 The
following table sets forth the number of additional shares by which the Conversion Rate will be increased per $1,000 principal amount of Notes for conversions in connection with a make-whole fundamental change or notice of redemption for each
“stock price” and “effective date” set forth below:

																																													
	 	  	Stock Price	 
	 Effective Date
	  	$105.16	 	  	$120.00	 	  	$141.97	 	  	$160.00	 	  	$184.56	 	  	$200.00	 	  	$300.00	 	  	$500.00	 	  	$750.00	 	  	$1,000.00	 	  	$1,300.00	 
	 September 16, 2022
	  	 	2.4654	 	  	 	1.9507	 	  	 	1.4280	 	  	 	1.1334	 	  	 	0.8511	 	  	 	0.7208	 	  	 	0.2934	 	  	 	0.0770	 	  	 	0.0178	 	  	 	0.0027	 	  	 	0.0000	 
	 September 15, 2023
	  	 	2.4654	 	  	 	1.9507	 	  	 	1.4118	 	  	 	1.0976	 	  	 	0.8024	 	  	 	0.6689	 	  	 	0.2500	 	  	 	0.0586	 	  	 	0.0116	 	  	 	0.0007	 	  	 	0.0000	 
	 September 15, 2024
	  	 	2.4654	 	  	 	1.9507	 	  	 	1.3499	 	  	 	1.0176	 	  	 	0.7147	 	  	 	0.5816	 	  	 	0.1914	 	  	 	0.0389	 	  	 	0.0064	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2025
	  	 	2.4654	 	  	 	1.8744	 	  	 	1.2079	 	  	 	0.8636	 	  	 	0.5652	 	  	 	0.4411	 	  	 	0.1181	 	  	 	0.0206	 	  	 	0.0025	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2026
	  	 	2.4654	 	  	 	1.6708	 	  	 	0.9356	 	  	 	0.5909	 	  	 	0.3281	 	  	 	0.2329	 	  	 	0.0437	 	  	 	0.0077	 	  	 	0.0004	 	  	 	0.0000	 	  	 	0.0000	 
	 September 15, 2027
	  	 	2.4654	 	  	 	1.2894	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

 The exact stock prices and effective dates may not be set forth in the table above, in which case: 

 

	 	•	 	 If the stock price is between two stock prices in the table above or the effective date is between two effective
dates in the table above, the number of additional shares by which the Conversion Rate will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and
the earlier and later effective dates, as applicable, based on a 365- or 366-day year, as applicable. 

 

	 	•	 	 If the stock price is greater than $1,300.00 per share (subject to adjustment in the same manner as the stock
prices set forth in the column headings of the table above as described in the Preliminary Offering Memorandum), no additional shares will be added to the Conversion Rate. 

 

	 	•	 	 If the stock price is less than $105.16 per share (subject to adjustment in the same manner as the stock prices
set forth in the column headings of the table above as described in the Preliminary Offering Memorandum), no additional shares will be added to the Conversion Rate. 

Notwithstanding the foregoing, in no event will the Conversion Rate per $1,000 principal amount of Notes exceed 9.5093 shares of the Issuer’s common
stock, subject to adjustment in the same manner as the Conversion Rate as set forth under “Description of Notes—Conversion rights—Conversion Rate Adjustments” in the Preliminary Offering Memorandum. 

 
  

This communication is intended for the sole use of the person to whom it is provided by the sender. This material is confidential and is for your
information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the Notes or the offering thereof. This communication does not constitute an offer to sell or the
solicitation of an offer to buy any Notes in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

 The Notes and any shares of the Issuer’s common stock issuable upon conversion of the Notes have not
been and will not be registered under the U.S. Securities Act, or any other securities laws, and may not be offered or sold within the United States or any other jurisdiction, except pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and any other applicable securities laws. The initial purchasers are initially offering the Notes only to persons reasonably believed to be qualified institutional buyers as defined in, and in
reliance on, Rule 144A under the Securities Act. 
 The Notes and any shares of the Issuer’s common stock issuable upon conversion of the Notes
are not transferable except in accordance with the restrictions described under “Transfer Restrictions” in the Preliminary Offering Memorandum. 

A copy of the Preliminary Offering Memorandum for the offering of the Notes may be obtained by contacting Goldman Sachs & Co. LLC or J.P. Morgan
Securities LLC. 
 Any legends, disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded.
Such legends, disclaimers or other notices have been automatically generated as a result of this communication having been sent via Bloomberg or another system. 

[Remainder of Page Intentionally Blank] 

 Annex C 

1. Launch press release issued on September 12, 2022 

2. Pricing press release to be issued on September 13, 2022 and in the form agreed to by the Representatives. 

 Exhibit A 

Form of Lock-Up Agreement 

[see attached] 

 EXECUTION VERSION 

Lock-Up Agreement 

September 12, 2022 
 Goldman Sachs & Co. LLC 

J.P. Morgan Securities LLC 
 As Representatives of the several
Initial Purchasers 
 c/o Goldman Sachs & Co. LLC 

200 West Street 
 New York, New York 10282 

c/o J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 Ladies and Gentlemen: 

The undersigned understands that Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representatives (the “Representatives”)
of the several initial purchasers (the “Initial Purchasers”), proposes to enter into a Purchase Agreement (the “Purchase Agreement”) with Sarepta Therapeutics, Inc., a Delaware corporation (the
“Company”), providing for the offering (the “Offering”) of convertible senior notes due 2027 of the Company (the “Securities”). The Securities will be convertible into cash, shares of the
Company’s common stock, par value $0.0001 per share (the “Common Stock”), or a combination of cash and shares of Common Stock, at the Company’s election. 

To induce the Initial Purchasers to participate in the Offering and to continue their efforts in connection with the Offering, the undersigned hereby agrees
that, without the prior written consent of the Representatives, it will not, and will not cause or direct any of its affiliates to, during the period commencing on the date hereof and ending 60 days after the date of the final offering memorandum
relating to the Offering (the “Restricted Period”), (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend,
or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock beneficially owned (as such term is used in Rule 13d-3 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)), by the undersigned or any other securities so owned convertible into or exercisable or exchangeable for Common Stock, including any shares or other securities now owned or hereafter acquired by the undersigned,
(2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock or such other securities that are convertible into or exercisable or exchangeable for
Common Stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise or (3) otherwise publicly announce any intention to engage in or
cause any action or activity described in clause (1) above or transaction or arrangement described in clause (2) above. The foregoing clauses (1)-(3) shall not apply to (a) transactions relating to shares of Common Stock or other
securities acquired in open market transactions after the completion of the Offering, provided that no filing under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made in connection with subsequent sales of Common
Stock or other securities acquired in such open market transactions, (b) transfers of shares of Common Stock or any security convertible into Common Stock as a bona fide gift, (c) transfers of shares to the spouse, domestic partner,
parent, child or grandchild (each, an “immediate family member”) of the undersigned or to a trust formed for the benefit of an immediate family member, or in transfers by testate succession or intestate succession,
(d) distributions of shares of Common Stock or any security convertible into Common Stock to limited partners or stockholders of the undersigned; provided that in the case of any transfer or distribution pursuant to clause (b), (c) or (d), (i)
each transferee, donee or distributee shall sign and deliver a lock-up letter substantially in the form of this Lock-Up Agreement and (ii) no filing under
Section 16(a) of the Exchange Act, reporting a reduction in beneficial ownership of shares of Common Stock, shall be required or shall be voluntarily made during the Restricted Period, (e) the establishment of a 10b5-1 plan for the transfer of shares of Common Stock; provided that, in the case of clause (e) such plan does not provide for the transfer of Common Stock

 
during the Restricted Period and to the extent a public announcement or filing under the Exchange Act, if any, is required by or on behalf of the undersigned or the Company regarding the
establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of Common Stock may be made under such plan during the Restricted Period; (f) any transactions effected pursuant to a Rule 10b5-1 plan established prior to the date of this agreement; provided that any filing required by Section 16 of the Exchange Act in connection with such transaction shall indicate in the footnotes thereto that
the filing relates to the applicable circumstances described in this clause, (g) transfers of shares of Common Stock or any security convertible into or exercisable or exchangeable for Common Stock that occurs by operation of law, such as
pursuant to a qualified domestic order or in connection with a divorce settlement; provided that any filing required by Section 16 of the Exchange Act in connection with such transaction shall indicate in the footnotes thereto that the filing
relates to the applicable circumstances described in this clause , or (h) the receipt by the undersigned from the Company of shares of common stock upon the exercise of any options, or the settlement of any other equity-based award, granted
under an employee benefit or equity compensation plan or agreement, or upon the exercise of warrants, insofar as such warrants are outstanding as of the date of the final offering memorandum, or the withholding by, or transfer to, the Company of
shares of common stock in connection with the vesting or settlement of any equity-based award or the exercise of any options or warrants, to purchase the Company’s securities on a “cashless” or “net exercise” basis to the
extent permitted by the instruments representing such options or warrants (and any transfer to the Company necessary to generate such amount of cash needed for the payment of taxes, including estimated taxes, due as a result of such vesting,
settlement or exercise, whether by means of a “cashless exercise,” “net exercise” or otherwise) so long as such “cashless exercise,” “net exercise” or settlement is effected solely by the surrender of
outstanding options, warrants or other equity-based awards (or the Common Stock issuable upon the exercise or settlement thereof) to the Company and the Company’s cancellation of all or a portion thereof to pay the exercise price and/or
withholding tax obligations; provided that any filing under Section 16 of the Exchange Act shall indicate in the footnotes thereto that the filing relates to the applicable circumstances described in this clause. In addition, the undersigned
agrees that, without the prior written consent of the Representatives, it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration of any shares of Common Stock or any security convertible
into or exercisable or exchangeable for Common Stock. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s shares of
Common Stock except in compliance with the foregoing restrictions. 
 The undersigned understands that the Company and the Initial Purchasers are relying
upon this agreement in proceeding toward consummation of the Offering. The undersigned further understands that this agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors and assigns. 

The undersigned acknowledges and agrees that the Initial Purchasers have not provided any recommendation or investment advice nor have the Initial Purchasers
solicited any action from the undersigned with respect to the Offering and the undersigned has consulted their own legal, accounting, financial, regulatory and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and
agrees that, although the Representatives may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Offering, the Representatives and the other Initial Purchasers are not making a
recommendation to you to participate in the Offering, enter into this agreement, or sell any Securities at the price determined in the Offering, and nothing set forth in such disclosures is intended to suggest that the Representatives or any
Initial Purchaser is making such a recommendation. 
 Whether or not the Offering actually occurs depends on a number of factors, including market
conditions. Any Offering will only be made pursuant to a Purchase Agreement, the terms of which are subject to negotiation between the Company and the Representatives. 

This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes. 
 [Signature page follows] 

 
			
	 Very truly yours,

		
	 By:
	 	          

		 	 Name:

		 	 Title:

 [Signature Page to Lock-Up Agreement]EX-10.2

 Exhibit 10.2 

PURCHASE AGREEMENT 
 Michael A. Chamber
Living Trust (the “Purchaser”), is entering into this Purchase Agreement (the “Agreement”) with Sarepta Therapeutics, Inc. (the “Company”) on September 13, 2022, whereby the Purchaser will
purchase (the “Purchase”) the Company’s 1.25% Convertible Senior Notes due 2027 (the “Notes”) having the terms set forth in the Notes that will be issued pursuant to the provisions of an Indenture to be dated
as of the Closing Date (as defined below) (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”), except as set forth herein. 

On and subject to the terms and conditions set forth in this Agreement, the parties hereto agree as follows: 

Article I: Purchase of Notes 

Subject to the terms set forth in this Agreement, at the Closing (as defined herein), the Purchaser hereby agrees to purchase and the Company hereby agrees to
issue and sell to the Purchaser $20,000,000 in aggregate principal amount of Notes (the “Purchased Notes”). This Agreement, the Indenture and the Purchased Notes are referred to herein as the “Transaction
Documents.” 
 The closing of the Purchase (the “Closing”) shall concurrently with the issuance of Notes to one or more other
purchasers, subject to the terms of the Indenture, pursuant to the Purchase Agreement dated as of the date hereof, by and among the Company, on the one hand, and Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as representatives of
the initial purchasers listed on Schedule I thereto (the “Rule 144A Offering”), such date the “Closing Date”. At the Closing, (a) the Purchaser shall deliver or cause to be delivered to the Company cash in an
amount equal to the aggregate principal amount of the Purchased Notes in immediately available funds, and (b) the Company shall deliver to the Purchaser a physical certificate representing the Purchased Notes registered in the name of the
Purchaser. 
 Article II: Covenants, Representations and Warranties of the Purchaser 

The Purchaser hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date
hereof and at the Closing, to the Company, and all such covenants, representations and warranties shall survive the Closing. 

Section 2.1 Power and Authorization. The Purchaser is duly organized, validly existing and in good standing, and has
the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Purchase contemplated hereby. 

Section 2.2 Valid and Enforceable Agreement; No Violations. This Agreement has been duly executed and delivered by the
Purchaser and constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, or (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (the
“Enforceability Exceptions”). This Agreement and consummation of the Purchase will not violate, conflict with or result in a breach of or default under (i) the Purchaser’s organizational documents, (ii) any agreement
or instrument to which the Purchaser is a party or by which the Purchaser or any of its assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Purchaser, except solely in
the case of clauses (ii) and (iii) above, for such violations, conflicts, breaches or defaults that would not, individually or in the aggregate, reasonably be expected to materially adversely affect the Purchaser’s ability to consummate
the transactions contemplated hereby. 

 Section 2.3 Qualified Institutional Buyer. The Purchaser is either
(i) an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) a
“qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act. 
 Section 2.4
Adequate Information; No Reliance. The Purchaser acknowledges and agrees that (a) the Purchaser has been furnished with all materials it considers relevant to making an investment decision to enter into the Purchase and
has had the opportunity to review (i) the Company’s filings and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all information filed or furnished pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) (collectively, the “Public Filings”), (ii) this Agreement, including the terms of the Purchased Notes as set forth on Exhibit A hereto, and
(iii) the preliminary offering memorandum related to the Rule 144A Offering (collectively, the “Materials”), (b) the Purchaser has had the opportunity to ask questions of the Company concerning the Company, its business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Purchase and the Notes, and to obtain from the Company any information that it considers necessary in making an informed investment decision
and to verify the accuracy of the information set forth in the Public Filings and the Materials, (c) the Purchaser has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks
involved in the Purchase and to make an informed investment decision with respect to such Purchase, (d) the Purchaser is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other),
representation or warranty made by the Company or any of its affiliates or representatives or any other entity or person, and (e) the Purchaser is able to fend for itself in the Purchase, has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of the prospective investment in the Notes and has the ability to bear the economic risks of its investment and can afford the complete loss of such investment. 

Section 2.5 No Public Market. The Purchaser understands that no public market exists for the Notes, and that
there is no assurance that a public market will ever develop for the Notes. 
 Section 2.6 Investment in the
Notes. The Purchaser is acquiring the Notes solely for its own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Notes in violation of applicable securities
laws. 
 Section 2.7 Further Action. The Purchaser agrees that it will, upon written request, execute and deliver
any additional documents deemed by the Company or Trustee to be reasonably necessary to complete the Purchase. 
 Section 2.8
Terms. The terms of the Purchase are the result of bilateral negotiations between the parties. 
 Article III:
Covenants, Representations and Warranties of the Company 
 The Company hereby covenants as follows, and makes the following representations and
warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Purchaser. 
 Section 3.1
Organization and Good Standing. The Company and each of its subsidiaries (as defined in Section 16 of this Agreement) have been duly organized and are validly existing as corporations or other legal entities in good
standing (or the foreign equivalent thereof) under the laws of their respective jurisdictions of incorporation or organization, as applicable. The Company and each of its subsidiaries are duly qualified to do business and are in good standing or
validly existing, as the case may be, as foreign corporations or other legal entities in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification and have
all power and authority (corporate or other) necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to so qualify or have such power or authority would not
(i) have, singly or in the aggregate, a material adverse effect on the condition (financial or otherwise), results of operations, assets, properties, business or prospects of the Company and its subsidiaries taken as a whole, or
(ii) impair in any material respect the ability of the Company to perform its obligations under the Agreement or the Indenture or to consummate the Purchase or any transactions contemplated by this Agreement. 

 Section 3.2 Due Authorization. The Company has the full
right, power and authority to enter into the Transaction Documents, and to perform and discharge its obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery by it of each
of the Transaction Documents and the consummation by it of the transactions contemplated hereby or thereby has been duly and validly taken. 

Section 3.3 The Agreement. This Agreement has been duly authorized, executed and delivered by the Company. 

Section 3.4 The Indenture. The Indenture has been duly authorized by the Company and, when duly executed and
delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by the
Enforceability Exceptions. 
 Section 3.5 Validity of the Purchased Notes. The Purchased Notes have been duly
authorized by the Company, approved under Rule 16b-3 of the Exchange Act and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to the Purchaser pursuant to the
Purchase against delivery of the purchase price therefor in accordance with the terms of this Agreement, the Purchased Notes will be valid and binding obligations of the Company, enforceable in accordance with their terms, except that such
enforcement may be subject to the Enforceability Exceptions, and the Purchased Notes will not be subject to any preemptive, participation, rights of first refusal or other similar rights. 

Section 3.6 Validity of Underlying Common Stock. The Purchased Notes will be convertible into cash and/or shares of
common stock, par value $0.0001 per share (the “Common Stock”), of the Company (the “Conversion Shares”) at the election of the Company in accordance with the terms of the Indenture. The Conversion Shares have been
duly authorized, approved under Rule 16b-3 of the Exchange Act and reserved by the Company for issuance upon conversion of the Purchased Notes. To the extent that the Company elects to deliver Conversion
Shares in lieu of cash upon conversion of the Purchased Notes in accordance with the terms of the Purchased Notes and the Indenture, the Conversion Shares will be validly issued, fully paid and non-assessable,
and the issuance of the Conversion Shares will not be subject to any preemptive, participation, rights of first refusal or other similar rights. 

Section 3.7 No Conflicts. The execution, delivery and performance of each of the Transaction Documents by the Company,
the issuance and sale of the Purchased Notes by the Company (including the issuance of the Conversion Shares upon conversion thereof) and the consummation of the transactions contemplated by the Transaction Documents will not (with or without notice
or lapse of time or both) (i) conflict with or result in a breach or violation of any of the terms or provisions of, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation or loss of
a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the articles of incorporation or bylaws (or analogous governing instruments, as applicable) of the Company or any of its subsidiaries or (iii) result in any violation of any law, statute,
rule, regulation, judgment, order or decree of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of their properties or assets, except, in the case of clause
(i) or (iii) would not, singly or in the aggregate, reasonably be expected to result in a material adverse effect. 

Section 3.8 Listing Approval. At the Closing, the Conversion Shares shall be listed on the Nasdaq Global Select
Market. 
 Section 3.9 No Litigation. There is no action, lawsuit, arbitration, claim or proceeding pending or, to
the knowledge of the Company, threatened, against the Company or any of its subsidiaries that would reasonably be expected to impede the consummation of the transactions contemplated hereby. 

 Section 3.10 Investment Company. The Company is not and, after
giving effect to the Purchase contemplated by this Agreement, will not be required to register as an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC
thereunder. 
 Section 3.11 Compliance with Laws. Except for such matters as have not had and would not be
reasonably likely to have a material adverse effect on the business, properties, assets, liabilities, operations, prospects, financial position or results of operations of the Company and its subsidiaries, taken as a whole, or affect the
Company’s ability to timely consummate the transactions contemplated hereby in any material respect, the Company is in compliance with all laws applicable to the conduct of the business of the Company. 

Section 3.12 Terms. The terms of the Purchase are the result of bilateral negotiations between the parties. 

Article IV: Additional Covenants 

Section 4.1 Lockup. The Purchaser understands and agrees that the Purchased Notes are not transferrable until
the one-year anniversary of the Closing Date and thereafter may only be transferred pursuant to an effective registration statement or a transaction exempt from registration in which the subsequent purchaser
of the Purchased Notes acquires unrestricted securities. Upon a valid transfer pursuant to this Section 4.1, the Company shall cause an exchange of the restricted CUSIP number for the Purchased Notes with the unrestricted CUSIP number for the
Notes issued in the 144A Offering, pursuant to the terms of the Indenture and without further action on part of the transferor or transferee. 

Section 4.2 Registration. If requested by the Purchaser, following the
one-year anniversary of the Closing Date, the Company and the Purchaser agree to cooperate to prepare and file with the SEC (at the Company’s sole cost and expense) a registration statement registering
the resale of the Notes, Conversion Shares and any other equity security issued or issuable to the Purchaser by way of share split, dividend, distribution, recapitalization, merger, exchange, or replacement. The Purchaser agrees to execute such
documents as the Company may reasonably request that are customary of a selling securityholder in similar situations. 
 Article V:
Closing Conditions & Notification 
 Section 5.1 Conditions to Obligations of the Purchaser and the
Company. There shall not be a material adverse effect on the condition (financial or otherwise), results of operations, assets, properties, business or prospects of the Company that is continuing.  

Section 5.2 Additional Conditions to Obligations of the Purchaser. The Closing shall be conditioned upon, and occur
concurrently with, the closing of the Rule 144A Offering. 
 Section 5.3 Notification. The Purchaser hereby
covenants and agrees to promptly notify the Company upon the occurrence of any event prior to the Closing that would cause any representation, warranty, or covenant contained in Article II to be false or incorrect in any material respect (or in all
respects with respect to those representations and warranties that are qualified by materiality or material adverse effect). 
 Article
VI: Miscellaneous 
 Section 6.1 Entire Agreement. This Agreement and any documents and agreements executed
in connection with the Purchase embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties,
contracts, correspondence, conversations, memoranda and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any term sheets, emails or
draft documents. 

 Section 6.2 Construction. References in the singular shall include
the plural, and vice versa, unless the context otherwise requires. References in the masculine shall include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience of reference
only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all
language in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party. 

Section 6.3 Notices. All communications hereunder shall be in writing and effective only upon receipt and if to
the Purchaser shall be delivered, mailed or sent to 3155 Bluestem Drive #174, West Fargo, ND 58078. 
 Section 6.4 Governing
Law. This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules. 

Section 6.5 Counterparts; Electronic Signatures. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act
of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

Section 6.6 Assignment; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the
parties and their successors and assigns. No party shall assign this Agreement or any rights or obligations hereunder without the prior written consent of the Company (in the case of assignment by a Purchaser) or the Purchaser (in the case of
assignment by the Company). 
 Section 6.7 Further Assurances. The parties hereto each hereby agree to execute and
deliver, or cause to be executed and delivered, such other documents, instruments and agreements, and take such other actions, including giving any further assurances, as any party may reasonably request in connection with the transactions
contemplated by and in this Agreement. In addition, subject to the terms and conditions set forth in this Agreement, each of the parties shall use its reasonable best efforts (subject to, and in accordance with, applicable law) to take promptly, or
to cause to be taken, all actions, and to do promptly, or to cause to be done, and to assist and to cooperate with the other parties in doing, all things reasonably necessary under applicable laws to consummate and make effective the Purchase
contemplated hereby, including the obtaining of all reasonably necessary approvals or waivers from third parties and the execution and delivery of any additional instruments reasonably necessary to consummate the transactions contemplated hereby.

 Section 6.8 Waiver; Consent. This Agreement may not be changed, amended, terminated, augmented, rescinded or
discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. No waiver of any of the provisions or conditions of this Agreement or any of the rights of a party hereto shall be
effective or binding unless such waiver shall be in writing and signed by the party claimed to have given or consented thereto. Except to the extent otherwise agreed in writing, no waiver of any term, condition or other provision of this Agreement,
or any breach thereof shall be deemed to be a waiver of any other term, condition or provision or any breach thereof, or any subsequent breach of the same term, condition or provision, nor shall any forbearance to seek a remedy for any non-compliance or breach be deemed to be a waiver of a party’s rights and remedies with respect to such non-compliance or breach. 

Section 6.9 Third-Party Beneficiaries. Nothing herein shall grant to or create in any person not a party hereto, or
any such person’s dependents or heirs, any right to any benefits hereunder, and no such party shall be entitled to sue any party to this Agreement with respect thereto. 

Section 6.10 Termination. Notwithstanding any other provision hereof to the contrary, this Agreement may be terminated
upon mutual agreement by the parties. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first
above written. 
  

									
	“PURCHASER”:	  		  	“COMPANY”
			
	Michael A. Chamber Living Trust	  	        	  	Sarepta Therapeutics, Inc.
					
	By:	  	 /s/ Michael A. Chambers
	  		  	By:	  	 /s/ Ian Estepan

	Name: Michael A. Chambers	  		  	Name: Ian Estepan
	Title: Trustee	  		  	Title: Executive Vice President, Chief Financial Officer

 EXHIBIT A 

Description of Notes 

 Description of Notes 

We will issue the notes under an indenture to be dated as of the date of initial issuance of the notes (the “indenture”) between us
and U.S. Bank Trust Company, National Association, as trustee (the “trustee”). 
 You may request a copy of the indenture from us
as described under “Where You Can Find More Information.” 
 The following description is a summary of the material provisions of
the notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the notes and the indenture, including the definitions of certain terms used in the indenture. We urge
you to read these documents because they, and not this description, define your rights as a holder of the notes. 
 For purposes of this
description, references to “we,” “our” and “us” refer only to Sarepta Therapeutics, Inc. and not to its subsidiaries. 

General 
 The notes will:

  

	 	•	 be our general unsecured, senior obligations ranking equally in right of payment to all of our existing and
future senior unsecured indebtedness, including the 2024 Notes; 

  

	 	•	 initially be limited to an aggregate principal amount of $1,000,000,000 (or $1,150,000,000 if the initial
purchasers’ option to purchase additional notes is exercised in full); 

  

	 	•	 bear cash interest from September    , 2022 at an annual rate of     %
payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2023; 

  

	 	•	 be subject to redemption at our option, in whole or in part, on or after September 20, 2025 if the
“last reported sale price” (as defined below under “—Conversion Rights—Conversion upon Satisfaction of Sale Price Condition”) of our common stock has been at least 130% of the conversion price then in effect for at
least 20 “trading days” (as defined below under “—Conversion Rights—Conversion Upon Satisfaction of Sale Price Condition”) (whether or not consecutive), including the trading day immediately preceding the date on which
we provide notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal
amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date; 

  

	 	•	 be subject to repurchase by us at the option of the holders following a fundamental change (as defined below
under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes”), at a fundamental change repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but
excluding, the fundamental change repurchase date; 

  

	 	•	 mature on September 15, 2027 (the “maturity date”), unless earlier redeemed, repurchased or
converted; 

  

	 	•	 be issued in minimum denominations of $1,000 and multiples of $1,000; 

 

	 	•	 be subject to, including any common stock issuable upon conversion thereof, transfer restrictions as set forth
under “Transfer Restrictions”; and 

	 	•	 be represented by one or more registered notes in global form, but in certain limited circumstances may be
represented by notes in definitive form. See “Book-entry, Settlement and Clearance.” 

 Subject to satisfaction
of certain conditions and during the periods described below, the notes may be converted at an initial conversion rate of                 shares of common stock per
$1,000 principal amount of notes (equivalent to an initial conversion price of approximately $                per share of common stock). The conversion rate is subject
to adjustment if certain events occur. 
 We will settle conversions of notes by paying or delivering, as the case may be, cash, shares of
our common stock or a combination of cash and shares of our common stock, at our election, as described under “—Conversion Rights—Settlement upon Conversion.” You will not receive any separate cash payment for interest, if any,
accrued and unpaid to the conversion date except under the limited circumstances described below. 
 The indenture will not limit the amount
of debt, including secured debt, that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture will not contain any financial covenants and will not restrict us from paying dividends or issuing or repaying, prepaying
or repurchasing our other securities or indebtedness. Other than restrictions described under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” and “—Consolidation, Merger and Sale of Assets” below
and except for the provisions set forth under “—Conversion Rights—Increase in Conversion Rate upon Conversion upon a Make-whole Fundamental Change or Notice of Redemption,” the indenture will not contain any covenants or other
provisions designed to afford holders of the notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction
or similar restructuring involving us that could adversely affect such holders. 
 The notes will not be guaranteed by any of our
subsidiaries. 
 We may, without the consent of the holders, reopen the indenture for the notes and issue additional notes under the
indenture with the same terms as the notes offered hereby (other than differences in the issue date, the issue price and interest accrued prior to the issue date of such additional notes) in an unlimited aggregate principal amount; provided that if
any such additional notes are not fungible with the notes initially offered hereby for U.S. federal income tax or securities law purposes, such additional notes will have a separate CUSIP number or no CUSIP number. The notes offered by this offering
memorandum and any additional notes would rank equally and ratably and would be treated as a single series for all purposes under the indenture. 

We do not intend to list the notes on any securities exchange or any automated dealer quotation system. 

Except to the extent the context otherwise requires, we use the term “notes” in this offering memorandum to refer to each $1,000
principal amount of notes. We use the term “common stock” in this offering memorandum to refer to our common stock, par value $0.0001 per share. References in this offering memorandum to a “holder” or “holders” of notes
that are held through The Depository Trust Company (“DTC”) are references to owners of beneficial interests in such notes, unless the context otherwise requires. However, we and the trustee will treat the person in whose name the notes are
registered (Cede & Co., in the case of notes held through DTC) as the owner of such notes for all purposes. References herein to the “close of business” refer to 5:00 p.m., New York City time, and to the “open of
business” refer to 9:00 a.m., New York City time. 
 Purchase and Cancellation 

We will cause all notes surrendered for payment at maturity, redemption, registration of transfer or exchange or conversion, if surrendered to
us or any person that we control, to be delivered to the trustee for cancellation and they will no longer be considered “outstanding” under the indenture upon their payment at maturity, registration of transfer or exchange or conversion.
All notes delivered to the trustee shall be cancelled promptly by the trustee. Except for notes surrendered for registration of transfer or exchange, no notes shall be authenticated in exchange for any notes cancelled as provided in the indenture.

  

 We may, to the extent permitted by law and without notice to or the consent of holders,
directly or indirectly (regardless of whether such notes are surrendered to us), repurchase notes in the open market or otherwise, whether by us or our subsidiaries or through a private or public tender or exchange offer or through counterparties to
private agreements, including by cash-settled swaps or other derivatives. We may, at our option and to the extent permitted by applicable law, reissue, resell or surrender to the trustee for cancellation any notes that we may repurchase, in the case
of a reissuance or resale, so long as such notes do not constitute restricted securities upon such reissuance or resale; provided that if any such notes are not fungible with the notes initially offered hereby for U.S. federal income tax law
purposes, such additional notes will have a separate CUSIP number or no CUSIP number. Any notes that we may repurchase will be considered outstanding for all purposes under the indenture (other than, at any time when such notes are held by us, any
of our subsidiaries or affiliates or any subsidiary of any of our affiliates, for the purpose of determining whether holders of the requisite aggregate principal amount of notes have concurred in any direction, consent, waiver or other action under
the indenture) unless and until such time we surrender them to the trustee for cancellation and, upon receipt of a written order from us, the trustee will cancel all notes so surrendered. 

Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange 

We will pay the principal of, and interest on, notes in global form registered in the name of or held by DTC or its nominee in immediately
available funds to DTC or its nominee, as the case may be, as the registered holder of such global note. 
 We will pay the principal of any
certificated notes at the office or agency designated by us for that purpose. We have initially designated the trustee as our paying agent and registrar and its agency in New York, New York as a place where notes may be presented for payment or for
registration of transfer. We may, however, change the paying agent or registrar without prior notice to the holders of the notes, and we may act as paying agent or registrar. Interest on certificated notes will be payable (i) to holders having
an aggregate principal amount of $5,000,000 or less, by check mailed to the holders of these notes and (ii) to holders having an aggregate principal amount of more than $5,000,000, either by check mailed to each holder or, upon application by
such a holder to the registrar not later than the relevant regular record date, by wire transfer in immediately available funds to that holder’s account within the United States, which application shall remain in effect until the holder
notifies, in writing, the registrar to the contrary. 
 A holder of notes may transfer or exchange notes at the office of the registrar in
accordance with the indenture. The registrar and the trustee may require a holder, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the trustee or the registrar for any
registration of transfer or exchange of notes, but we may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture. You may not sell or otherwise transfer
notes or any common stock issuable upon conversion of notes except in compliance with the provisions set forth below under “Transfer Restrictions.” We are not required to transfer or exchange any note selected for redemption or surrendered
for conversion or required repurchase. 
 The registered holder of a note will be treated as its owner for all
purposes.     
 Interest 

The notes will bear cash interest at a rate of     % per year until maturity. Interest on the notes will accrue from
September    , 2022 or from, and including, the most recent date on which interest has been paid or duly provided for. Interest will be payable semiannually in arrears on March 15 and September 15 of each year (each, an
“interest payment date”), beginning on March 15, 2023. 

 Interest will be paid to the person in whose name a note is registered at the close of
business on March 1 or September 1, as the case may be, immediately preceding the relevant interest payment date (each, a “regular record date”). Interest on the notes will be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of days actually elapsed in a 30-day
month. 
 If any interest payment date, the maturity date, any redemption date or any earlier required repurchase date upon a fundamental
change of a note falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term “business day” means, with
respect to any note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order to close or be closed. 

Unless the context otherwise requires, all references to interest in this offering memorandum include additional interest, if any, payable as
described under “—No Registration Rights; Additional Interest” and at our election as the sole remedy relating to the failure to comply with our reporting obligations as described under “—Events of Default.” 

Additional Amounts 
 If
we consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all of our properties and assets to, another company and the resulting, surviving or transferee company is not organized and existing under the laws
of the United States of America, any State thereof or the District of Columbia (such company or any successor thereto, the “surviving entity”), then all payments and deliveries made by, or on behalf of, the surviving entity under or with
respect to the notes, including, but not limited to, payments of principal (including, if applicable, the fundamental change repurchase price and redemption price), payments of interest and deliveries of common stock or other reference property
and/or payments of cash, in each case, upon conversion, will be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by a taxing
authority within any jurisdiction in which the surviving entity is, for tax purposes, organized or resident or doing business or through which payment is made or deemed made (or any political subdivision or taxing authority thereof or therein)
(each, as applicable, a “relevant taxing jurisdiction”), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so
required, the surviving entity will pay such additional amounts (the “additional amounts”) as may be necessary to ensure that the net amount received by the beneficial owner after such withholding or deduction (and after deducting or
withholding any taxes on the additional amounts) will equal the amounts that would have been received by such beneficial owner had no such withholding or deduction been required; provided that no additional amounts will be payable: 

(1) for or on account of: 

(a) any tax, duty, assessment or other governmental charge that would not have been imposed but for: 

(i) the existence of any present or former connection between the holder or beneficial owner of such note and the relevant
taxing jurisdiction, other than merely holding such note or the receipt of payments thereunder, including, without limitation, such holder or beneficial owner being or having been a national, domiciliary or resident of such relevant taxing
jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein; 

(ii) the presentation of such note (in cases in which presentation is required) more than 30 days after the later of the date
on which the payment of the principal of (including the fundamental change repurchase price and redemption price, if applicable) and interest on, such note or the delivery of common stock and other reference property and/or payments of cash, in each
case, upon conversion of such note became due and payable pursuant to the terms thereof or was made or duly provided for; or 

 (iii) the failure of the holder or beneficial owner to comply with a timely
request from the surviving entity to provide certification, information, documents or other evidence concerning such holder’s or beneficial owner’s nationality, residence, identity or connection with the relevant taxing jurisdiction, or to
make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the relevant taxing
jurisdiction in order to reduce or eliminate any withholding or deduction as to which additional amounts would have otherwise been payable to such holder or beneficial owner; 

(b) any estate, inheritance, gift, sale, transfer, excise, personal property or similar tax, assessment or other governmental
charge; 
 (c) any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or
deduction from payments under or with respect to the notes; 
 (d) any tax, assessment, withholding or deduction required by
sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (“FATCA”), any current or future Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in
any jurisdiction implementing FATCA, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA or any law, regulation or other official guidance enacted by such other jurisdiction to give effect to such
agreement, or any agreement with the U.S. Internal Revenue Service under FATCA; 
 (e) any tax, duty, assessment or other
governmental charge required to be withheld or deducted by any paying agent from any payment of principal of, or interest on any note, if such payment could have been made without such withholding or deduction by at least one other paying agent; or

 (f) all United States backup withholding taxes; or 

(g) any combination of taxes referred to in the preceding clauses (a), (b), (c), (d), (e) or (f), 

(2) with respect to any payment of the principal of (including the fundamental change repurchase price and redemption price, if applicable)
and interest on, such note or the delivery of common stock or other reference property and/or payments of cash, in each case, upon conversion of such note to a holder, if the holder is a fiduciary, partnership or person other than the sole
beneficial owner of that payment to the extent that such payment would be required to be included in the income under the laws of the relevant taxing jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, a
partner or member of that partnership or a beneficial owner who would not have been entitled to such additional amounts had that beneficiary, settlor, partner, member or beneficial owner been the holder thereof. 

If the surviving entity is required to make any deduction or withholding from any payments with respect to the notes, the surviving entity
will deliver to the trustee official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted or other evidence reasonably satisfactory to the trustee. 

Whenever there is mentioned in any context the delivery of common stock or other reference property and/or payments of cash, in each case,
upon conversion of any note or the payment of principal of (including the fundamental change repurchase price and redemption price, if applicable) and interest on, any note or any other amount payable with respect to such note, such mention shall be
deemed to include payment of additional amounts provided for in the indenture to the extent that, in such context, additional amounts are, were or would be payable in respect thereof. 

 Ranking 

The notes will be our general unsecured obligations that rank senior in right of payment to all of our indebtedness that is expressly
subordinated in right of payment to the notes. The notes will rank equal in right of payment with all of our unsecured indebtedness that is not so subordinated, including the 2024 Notes. The notes will effectively rank junior to any of our secured
indebtedness to the extent of the value of the assets securing such indebtedness. In the event of our bankruptcy, liquidation, reorganization or other winding up, our assets that secure secured debt will be available to pay obligations on the notes
only after all indebtedness under such secured debt has been repaid in full from such assets. The notes will rank structurally junior to all indebtedness and other liabilities of our subsidiaries (including trade payables but excluding intercompany
obligations and liabilities of a type not required to be reflected on a balance sheet of such subsidiaries in accordance with GAAP). We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the notes then
outstanding. 
 As of June 30, 2022, our total consolidated indebtedness was $1.1 billion, of which an aggregate of
$536.1 million was secured indebtedness. As of June 30, 2022, our subsidiaries had $387.0 million of indebtedness and other liabilities (including trade payables, but excluding intercompany obligations and liabilities of a type not
required to be reflected on a balance sheet of such subsidiaries in accordance with GAAP) to which the notes would have been structurally subordinated. After giving effect to the issuance of the notes (assuming no exercise of the initial
purchasers’ option to purchase additional notes), our repurchase of approximately $                million aggregate principal amount of the 2024 Notes and the use
of approximately $                million to repay borrowings, pay accrued and unpaid interest and prepayment fees under, and terminate our Credit Agreement, our total
consolidated indebtedness would have been $                million. 

The ability of our subsidiaries to pay dividends and make other payments to us is restricted by, among other things, applicable corporate and
other laws and regulations as well as agreements to which our subsidiaries may become a party. We may not be able to pay the cash portions of any settlement amount upon conversion of the notes, or to pay cash for the fundamental change repurchase
price upon a fundamental change if a holder requires us to repurchase notes as described below. See “Risk Factors—Risks Related to this Offering and the Notes—We may not have the ability to raise the funds necessary to settle for cash
conversions of the notes or to repurchase the notes for cash upon a fundamental change, and our existing debt agreements contain, and our future debt agreements may contain, limitations on our ability to pay cash upon conversion of the notes or to
repurchase the notes.” 
 Optional Redemption 

No “sinking fund” is provided for the notes, which means that we are not required to redeem or retire the notes periodically. Prior
to September 20, 2025, the notes will not be redeemable. On or after September 20, 2025, we may redeem for cash all or part of the notes (subject to the partial redemption limitation set forth below), at our option, if the last reported
sale price of our common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of
redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. In the case of any optional redemption, we will provide not less than 45 nor
more than 60 scheduled trading days’ notice before the redemption date (provided that if, in accordance with the provisions described under the caption “—Conversion Rights—Settlement upon Conversion,” we elect to settle all
conversions of notes called for redemption (or deemed called for redemption as described below under “—Conversion upon Notice of Redemption”) with a conversion date that occurs during the related “redemption period” (as
defined under “—Conversion Rights—General”) by “physical settlement” (as defined under “—Conversion Rights—Settlement upon Conversion”), then we will provide not less than 15 nor more than 60
scheduled trading days’ notice before the redemption date) to the trustee, the conversion agent (if other than the trustee), the paying agent (if other than the trustee) and each holder of notes. The redemption price will be equal to 100% of
the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date (unless the redemption date falls after a regular record date but on or prior to the immediately succeeding interest payment
date, in which case we will pay the full amount of accrued and unpaid interest to the holder of record as of the close of business on such regular record date, and the 

 
redemption price will be equal to 100% of the principal amount of the notes to be redeemed). The redemption date must be a business day, and we may not specify a redemption date that falls on or
after the 41st scheduled trading day immediately preceding the maturity date. In addition, calling any note for redemption will constitute a “make-whole fundamental change” (as defined under “—Increase in Conversion Rate upon
Conversion upon a Make-whole Fundamental Change or Notice of Redemption”) with respect to that note, in which case the conversion rate applicable to the conversion of that note will be increased in certain circumstances if it is converted after
it is called for redemption. If we elect to redeem less than all of the outstanding notes, then the redemption will not constitute a make-whole fundamental change with respect to the notes not called for redemption, and holders of the notes not
called for redemption will not be entitled to an increased conversion rate for such notes as described above on account of the redemption, except to the limited extent described further below. 

If we decide to redeem fewer than all of the outstanding notes and the notes to be redeemed are global notes, the notes to be redeemed will be
selected by DTC in accordance with applicable DTC procedures. If we decide to redeem fewer than all of the outstanding notes and the notes to be redeemed are not global notes then held by DTC, the trustee will select the notes to be redeemed (in
principal amounts of $1,000 or multiples thereof) by lot, on a pro rata basis or by another method the trustee considers to be fair and appropriate. 

If we elect to redeem fewer than all of the outstanding notes, at least $150 million aggregate principal amount of notes must be
outstanding and not subject to redemption as of, and after giving effect to, delivery of the relevant redemption notice (such requirement, the “partial redemption limitation”). If the trustee (or DTC, with respect to global notes) selects
a portion of your note for partial redemption and you convert a portion of the same note, the converted portion will be deemed to be from the portion selected for redemption. 

In the event of any redemption in part, we will not be required to register the transfer of or exchange for other notes any note so selected
for redemption, in whole or in part, except the unredeemed portion of any note being redeemed in part. 
 No notes may be redeemed if the
principal amount of the notes has been accelerated, and such acceleration has not been rescinded, on or prior to the redemption date (except in the case of an acceleration resulting from a default by us in the payment of the redemption price with
respect to such notes). 
 Conversion Rights 

General 
 Prior to
the close of business on the business day immediately preceding March 15, 2027, the notes will be convertible only upon satisfaction of one or more of the conditions described under the headings “—Conversion upon Satisfaction of Sale
Price Condition,” “—Conversion upon Satisfaction of Trading Price Condition,” “—Conversion upon Notice of Redemption,” and “—Conversion upon Specified Corporate Events.” On or after March 15,
2027 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes at the conversion rate at any time irrespective of the foregoing conditions. 

The conversion rate will initially be                  shares
of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $                 per share of common stock). The
conversion rate is subject to adjustment if certain events occur. The conversion price at any given time will be computed by dividing $1,000 by the applicable conversion rate at such time. Accordingly, an adjustment to the conversion rate will
result in a corresponding (but inverse) adjustment to the conversion price. Upon conversion of a note, we will satisfy our conversion obligation by paying or delivering, as the case may be, cash, shares of our common stock or a combination of cash
and shares of our common stock, at our election, all as set forth below under “—Settlement upon Conversion.” If we satisfy our conversion obligation solely in cash or through payment and delivery, as the case may be, of a combination
of cash and shares of our common stock, the amount of cash and shares of common stock, if any, due upon conversion will be based on a daily conversion value (as defined below) calculated on a proportionate basis for each trading day in a 40 trading
day observation period (as defined below under “—Settlement upon Conversion”). The trustee will initially act as the conversion agent. 

 A holder may convert fewer than all of such holder’s notes so long as the notes
converted are in minimum denominations of $1,000 or an integral multiple of $1,000 principal amount thereof. 
 If we call any or all of the
notes for redemption, a holder of notes may surrender for conversion notes that have been so called for redemption (or deemed called for redemption as described below under “—Conversion upon Notice of Redemption”) at any time from,
and including, the date we deliver the notice of redemption until the close of business on the scheduled trading day immediately preceding the redemption date or, if we default in the payment of the redemption price, a holder of notes so called for
redemption (or deemed called for redemption) may convert its notes until the redemption price has been paid or duly provided for (any such period, a “redemption period”). If a holder elects to convert notes that have been called for
redemption (or deemed called for redemption) during a redemption period, we will, under certain circumstances, increase the conversion rate for such notes as described under “—Increase in Conversion Rate upon Conversion upon a Make-Whole
Fundamental Change or Notice of Redemption.” If a holder of notes has submitted notes for repurchase upon a fundamental change, the holder may convert those notes only if that holder withdraws its repurchase notice in accordance with the terms
of the indenture. 
 Upon conversion, you will not receive any separate cash payment for accrued and unpaid interest, if any, except as
described below. We will not issue fractional shares of our common stock upon conversion of notes. Instead, we will pay cash in lieu of delivering any fractional share as described under “—Settlement upon Conversion.” Our payment and
delivery, as the case may be, to you of the cash, shares of our common stock or a combination thereof, as the case may be, into which a note is convertible will be deemed to satisfy in full our obligation to pay: 

 

	 	•	 the principal amount of the note; and 

 

	 	•	 accrued and unpaid interest, if any, to, but not including, the relevant conversion date.

 As a result, accrued and unpaid interest, if any, to, but not including, the relevant conversion date will be deemed to
be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of notes into a combination of cash and shares of our common stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such
conversion. 
 Notwithstanding the immediately preceding paragraph, if notes are converted after the close of business on a regular record
date for the payment of interest, holders of such notes at the close of business on such regular record date will receive the full amount of interest payable on such notes on the corresponding interest payment date notwithstanding the conversion.
Notes surrendered for conversion during the period from the close of business on any regular record date to the open of business on the immediately following interest payment date must be accompanied by funds equal to the amount of interest payable
on the notes so converted; provided that no such payment need be made: 
  

	 	•	 for conversions following the close of business on the regular record date immediately preceding the maturity
date; 

  

	 	•	 for notes called (or deemed called) for redemption, if we have specified a redemption date that is after a
regular record date and on or prior to the scheduled trading day immediately following the corresponding interest payment date; 

  

	 	•	 if we have specified a fundamental change repurchase date that is after a regular record date and on or prior
to the business day immediately following the corresponding interest payment date; or 

	 	•	 to the extent of any overdue interest, if any overdue interest exists at the time of conversion with respect to
such note. 

 Therefore, for the avoidance of doubt, all record holders on the regular record date immediately preceding
the maturity date, any redemption date described in the second bullet in the immediately preceding paragraph and any fundamental change repurchase date described in the third bullet in the immediately preceding paragraph will receive the full
interest payment due on the maturity date or other applicable interest payment date in cash regardless of whether their notes have been converted, redeemed or repurchased, as applicable, following such regular record date. 

If a holder converts notes, we will pay any documentary, stamp or similar issue or transfer tax due on any issuance of any shares of our
common stock upon the conversion, unless the tax is due because the holder requests such shares to be issued in a name other than the holder’s name, in which case the holder will pay that tax. 

Holders may surrender their notes for conversion under the following circumstances: 

Conversion upon Satisfaction of Sale Price Condition 

Prior to the close of business on the business day immediately preceding March 15, 2027, a holder may surrender all or any portion of its
notes for conversion at any time during any calendar quarter commencing after the calendar quarter ending on December 31, 2022 (and only during such calendar quarter), if the last reported sale price of the common stock for at least 20 trading
days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each
applicable trading day. If the sale price condition has been met, we will so notify the holders, the trustee and the conversion agent (if other than the trustee). 

The “last reported sale price” of our common stock (or other security for which a closing sale price must be determined) on any date
means the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
composite transactions for the principal U.S. national or regional securities exchange on which our common stock (or such other security) is traded. If our common stock (or such other security) is not listed for trading on a U.S. national or
regional securities exchange on the relevant date, the “last reported sale price” will be the last quoted bid price for our common stock (or such other security) in the
over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If our common stock (or such other security) is not so
quoted, the “last reported sale price” will be the average of the mid-point of the last bid and ask prices for our common stock (or such other security) on the relevant date from each of at least
three nationally recognized independent investment banking firms selected by us for this purpose. 
 “Trading day” means a day on
which (i) trading in our common stock (or other security for which a closing sale price must be determined) generally occurs on The Nasdaq Global Select Market or, if our common stock (or such other security) is not then listed on The Nasdaq
Global Select Market, on the principal other U.S. national or regional securities exchange on which our common stock (or such other security) is then listed or, if our common stock (or such other security) is not then listed on a U.S. national or
regional securities exchange, on the principal other market on which our common stock (or such other security) is then traded, and (ii) a last reported sale price for our common stock (or closing sale price for such other security) is available
on such securities exchange or market. If our common stock (or such other security) is not so listed or traded, “trading day” means a “business day.” 

Conversion upon Satisfaction of Trading Price Condition 

Prior to the close of business on the business day immediately preceding March 15, 2027, a holder of notes may surrender all or any
portion of its notes for conversion at any time during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 principal amount of notes, as
determined following a request by a holder of notes in accordance with the procedures described below, for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the
conversion rate on each such trading day (the “trading price condition”). 
  

 The “trading price” of the notes on any date of determination means the average of
the secondary market bid quotations obtained by the bid solicitation agent for $5,000,000 principal amount of notes at approximately 3:30 p.m., New York City time, on such determination date from three independent nationally recognized securities
dealers we select for this purpose; provided that if three such bids cannot reasonably be obtained by the bid solicitation agent but two such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably
be obtained by the bid solicitation agent, that one bid shall be used. If the bid solicitation agent cannot reasonably obtain at least one bid for $5,000,000 principal amount of notes from a nationally recognized securities dealer, then the trading
price per $1,000 principal amount of notes will be deemed to be less than 98% of the product of the last reported sale price of our common stock and the conversion rate. If (x) we are not acting as bid solicitation agent, and we do not, when we
are required to, instruct the bid solicitation agent to obtain bids, or if we give such instruction to the bid solicitation agent, and the bid solicitation agent fails to make such determination, or (y) we are acting as bid solicitation agent
and we fail to make such determination, then, in either case, the trading price per $1,000 principal amount of notes will be deemed to be less than 98% of the product of the last reported sale price of our common stock and the conversion rate on
each trading day of such failure. 
 The bid solicitation agent (if other than us) shall have no obligation to determine the trading price
per $1,000 principal amount of notes unless we have requested such determination; and we shall have no obligation to make such request (or, if we are acting as bid solicitation agent, we shall have no obligation to determine the trading price)
unless a holder of a note provides us with reasonable evidence that the trading price per $1,000 principal amount of notes would be less than 98% of the product of the last reported sale price of our common stock and the conversion rate. At such
time, we shall instruct the bid solicitation agent (if other than us) to determine, or if we are acting as bid solicitation agent, we shall determine, the trading price per $1,000 principal amount of notes beginning on the next trading day and on
each successive trading day until the trading price per $1,000 principal amount of notes is greater than or equal to 98% of the product of the last reported sale price of our common stock and the conversion rate. If the trading price condition has
been met, we will so notify the holders, the trustee and the conversion agent (if other than the trustee). If, at any time after the trading price condition has been met, the trading price per $1,000 principal amount of notes is greater than or
equal to 98% of the product of the last reported sale price of our common stock and the conversion rate for such date, we will so notify the holders, the trustee and the conversion agent (if other than the trustee). 

Conversion upon Notice of Redemption 

If we call any or all of the notes for redemption, then holders may surrender for conversion notes that have been so called (or deemed called)
for redemption at any time prior to the close of business on the scheduled trading day immediately prior to the redemption date, even if such notes are not otherwise convertible at such time. After that time, the right to convert such notes on
account of such notice of redemption will expire, unless we default in the payment of the redemption price, in which case a holder of notes called (or deemed called) for redemption may convert such notes called (or deemed called) for redemption
until the redemption price has been paid or duly provided for. 
 If we elect to redeem less than all of the outstanding notes, as described
under “—Optional Redemption,” and the holder of any note (or any owner of a beneficial interest in any global note) is reasonably not able to determine, before the close of business on the 42nd scheduled trading day immediately before
the relevant redemption date (or if, as permitted under “—Optional redemption,” we deliver a notice of redemption electing physical settlement not less than 15 nor more than 60 scheduled trading days prior to the related redemption
date, then prior to close of business on the 14th scheduled trading day immediately before the relevant redemption date), whether such note or beneficial interest, as applicable, is to be redeemed pursuant to such redemption, then such holder or
owner, as applicable, will be entitled to convert such note or beneficial interest, as applicable, at any time before the close of business on the scheduled trading day immediately prior to such redemption date, unless we default in the payment of
the redemption price, in which case such holder or owner, as applicable, will be entitled to convert such note or beneficial interest, as applicable, until the redemption price has been paid or duly provided for, and in each case each such
conversion will be deemed to be of a note called for redemption. 

 If a holder elects to convert notes called for redemption (or deemed called for redemption)
during the related redemption period, we will, under certain circumstances, increase the conversion rate for such notes as described under “—Increase in Conversion Rate upon Conversion upon a Make-Whole Fundamental Change or Notice of
Redemption.” Accordingly, if we elect to redeem fewer than all of the outstanding notes as described under “—Optional Redemption,” holders of the notes not called (or deemed called) for redemption will not be entitled to convert
such notes on account of the notice of redemption and will not be entitled to an increased conversion rate on account of the notice of redemption for conversions of such notes during the related redemption period if such notes are otherwise
convertible, except in the limited circumstances set forth in the immediately preceding paragraph. 
 Conversion upon Specified
Corporate Events 
 Certain Distributions 

If, prior to the close of business on the business day immediately preceding March 15, 2027, we elect to: 

 

	 	•	 issue to all or substantially all holders of our common stock any rights, options or warrants (other than
pursuant to a stockholder rights plan, so long as such rights have not separated from the shares of common stock) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or
purchase shares of our common stock at a price per share that is less than the average of the last reported sale prices of our common stock for the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the
date of announcement of such issuance; or 

  

	 	•	 distribute to all or substantially all holders of our common stock our assets, securities or rights to purchase
our securities (other than pursuant to a stockholder rights plan, so long as such rights have not separated from the shares of common stock), which distribution has a per share value, as reasonably determined by our board of directors or a committee
thereof, exceeding 10% of the last reported sale price of our common stock on the trading day preceding the date of announcement for such distribution, 

then, in either case, we must notify the holders of the notes at least 50 scheduled trading days prior to the
ex-dividend date for such issuance or distribution. Once we have given such notice, holders may surrender all or any portion of their 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 issuance or distribution and our announcement that such issuance or distribution will not take place, even if the notes are not otherwise
convertible at such time. 
 Certain Corporate Events 

If a transaction or event that constitutes a “fundamental change” (as defined under “—Fundamental Change Permits Holders to
Require Us to Repurchase Notes”) or a “make-whole fundamental change” (as defined under “—Increase in Conversion Rate upon Conversion upon a Make-whole Fundamental Change or Notice of
Redemption”) occurs prior to the close of business on the business day immediately preceding March 15, 2027, regardless of whether a holder has the right to require us to repurchase the notes as described under “—Fundamental
Change Permits Holders to Require Us to Repurchase Notes,” or if we are a party to a share exchange event (as defined under “—Recapitalizations, Reclassifications and Changes of Our Common Stock”) that occurs prior to the close
of business on the business day 

 
immediately preceding March 15, 2027 (each such fundamental change, make-whole fundamental change or share exchange event, a “corporate event”), all or any portion of a
holder’s notes may be surrendered for conversion at any time from or after the effective date of the corporate event until 35 trading days after the effective date of such corporate event (or, if we give notice after the effective date of such
corporate event, until 35 trading days after the date we give notice) or, if such corporate event also constitutes a fundamental change, until the close of business on the business day immediately preceding the related fundamental change repurchase
date. We will notify holders, the trustee and the conversion agent (if other than the trustee) of the effective date of any corporate event as promptly as practicable following the date we publicly announce such corporate event (but in no event
later than the business day after the effective date of such corporate event). 
 Conversions on or after March 15, 2027

 On or after March 15, 2027, a holder may convert all or any portion of its notes at any time prior to the close of business
on the second scheduled trading day immediately preceding the maturity date regardless of the foregoing conditions. 
 Conversion
Procedures 
 If you hold a beneficial interest in a global note, to convert you must comply with DTC’s procedures for
converting a beneficial interest in a global note and, if required, pay funds equal to interest payable on the next interest payment date to which you are not entitled. As such, if you are a beneficial owner of the notes, you must allow for
sufficient time to comply with DTC’s procedures if you wish to exercise your conversion rights. 
 If you hold a certificated note, to
convert you must: 
  

	 	•	 complete and manually sign the conversion notice on the back of the note, or a facsimile of the conversion
notice; 

  

	 	•	 deliver the conversion notice, which is irrevocable, and the note to the conversion agent;

  

	 	•	 if required, furnish appropriate endorsements and transfer documents; and 

 

	 	•	 if required, pay funds equal to the interest payable on the next interest payment date to which you are not
entitled. 

 We will pay any documentary, stamp or similar issue or transfer tax on the issuance of any shares of our
common stock upon conversion of the notes, unless the tax is due because the holder requests such shares to be issued in a name other than the holder’s name, in which case the holder will pay the tax. 

We refer to the date you comply with the relevant procedures for conversion described above as the “conversion date.” 

If a holder has already delivered a repurchase notice as described under “—Fundamental Change Permits Holders to Require Us to
Repurchase Notes” with respect to a note, the holder may not surrender that note for conversion until the holder has withdrawn the repurchase notice in accordance with the relevant provisions of the indenture. If a holder submits its notes for
required repurchase, the holder’s right to withdraw the repurchase notice and convert the notes that are subject to repurchase will terminate at the close of business on the business day immediately preceding the relevant fundamental change
repurchase date. 
 Settlement upon Conversion 

Upon conversion, we may choose to pay or deliver, as the case may be, either cash (“cash settlement”), shares of our common stock
(“physical settlement”) or a combination of cash and shares of our common stock (“combination settlement”), as described below. We refer to each of these settlement methods as a “settlement method.” 

 All conversions for which the relevant conversion date occurs on or after March 15,
2027 and all conversions during a redemption period of notes called (or deemed called) for redemption will be settled using the same settlement method. Except for any conversions of notes called (or deemed called) for redemption for which the
relevant conversion date occurs during a redemption period, and any conversions for which the relevant conversion date occurs on or after March 15, 2027, we will use the same settlement method for all conversions with the same conversion date,
but we will not have any obligation to use the same settlement method with respect to conversions with different conversion dates. That is, prior to March 15, 2027 and other than conversions of notes called (or deemed called) for redemption
during a redemption period, we may choose for notes converted on one conversion date to settle conversions using one settlement method (for example, physical settlement), and choose for notes converted on another conversion date to use a different
settlement method (for example, cash settlement or combination settlement). 
 If we elect a settlement method, we will inform holders so
converting through the trustee of the settlement method we have selected no later than the close of business on the trading day immediately following the related conversion date (or in the case of any conversions of notes (x) called (or deemed
called) for redemption for which the relevant conversion date occurs during the related redemption period, in such notice of redemption or (y) for which the relevant conversion date occurs on or after March 15, 2027, no later than
March 15, 2027 (in each case, the “settlement method election deadline”)). If we do not timely elect a settlement method as described in the preceding sentence, we will no longer have the right to elect a settlement method with
respect to any conversion on such conversion date or during such period, and we will be deemed to have elected the “default settlement method” (as defined below) with respect to such conversion. If we timely elect combination settlement
(or are deemed to have elected combination settlement) with respect to a conversion but do not timely notify the converting holder of the applicable “specified dollar amount” (as defined below), then the specified dollar amount for such
conversion will be deemed to be $1,000 per $1,000 principal amount of notes. For the avoidance of doubt, our failure to timely elect a settlement method or specify the applicable specified dollar amount will not constitute a default under the
indenture. 
 The “default settlement method” will initially be combination settlement with a specified dollar amount per $1,000
principal amount of notes of $1,000. However, we may, from time to time, change the default settlement method by sending notice of the new default settlement method to the holders, the trustee and the conversion agent (if other than the trustee)
prior to March 15, 2027. In addition, we may, by notice to the holders, the trustee and the conversion agent (if other than the trustee) prior to March 15, 2027, at our option, elect to irrevocably fix the settlement method to any
settlement method that we are then permitted to elect, including combination settlement with a specified dollar amount per $1,000 principal amount of notes of $1,000 or with an ability to continue to set the specified dollar amount per $1,000
principal amount of notes at or above any specific amount set forth in such election notice. Concurrently with providing notice to all holders of an election to change the default settlement method or irrevocably fix the settlement method, we will
promptly either post an announcement on our website or issue a report on Form 8-K (or any successor form) disclosing such default settlement method or irrevocably fixed settlement method. If we change the
default settlement method or elect to irrevocably fix the settlement method, in either case, to combination settlement with an ability to continue to set the specified dollar amount per $1,000 principal amount of notes at or above a specified
amount, we will, after the date of such change or election, as the case may be, inform holders converting their notes of such specified dollar amount no later than the relevant settlement method election deadline, or, if we do not timely notify
holders, such specified dollar amount will be the specific amount set forth in the change or election notice or, if no specific amount was set forth in the change or election notice, such specified dollar amount will be $1,000 per $1,000 principal
amount of notes. A change in the default settlement method or an irrevocable election will apply to all note conversions on conversion dates occurring subsequent to delivery of such notice; provided, however, that no such change or election will
affect any settlement method theretofore elected (or deemed to be elected) with respect to any conversion. 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 the provisions described in clause (10) of the second paragraph under the caption “—Modification and Amendment” below. However, we may nonetheless choose to execute such an amendment at our option. 

 Settlement amounts will be computed as follows: 

 

	 	•	 if we elect (or are deemed to have elected) physical settlement, we will deliver to the converting holder in
respect of each $1,000 principal amount of notes being converted a number of shares of common stock equal to the conversion rate; 

  

	 	•	 if we elect (or are deemed to have elected) cash settlement, we will pay to the converting holder in respect of
each $1,000 principal amount of notes being converted cash in an amount equal to the sum of the daily conversion values for each of the 40 consecutive trading days during the related observation period; and 

 

	 	•	 if we elect (or are deemed to have elected) combination settlement, we will pay or deliver, as the case may be,
to the converting holder in respect of each $1,000 principal amount of notes being converted a “settlement amount” equal to the sum of the daily settlement amounts for each of the 40 consecutive trading days during the related observation
period. 

 If more than one note is surrendered for conversion at any one time by the same holder, the conversion
obligation with respect to such notes shall be computed on the basis of the aggregate principal amount of the notes surrendered. 
 The
“daily settlement amount,” for each of the 40 consecutive trading days during the observation period, shall consist of: 
  

	 	•	 cash equal to the lesser of (i) the maximum cash amount per $1,000 principal amount of notes to be
received upon conversion as specified in the notice specifying our chosen settlement method (or deemed specified as set forth above) (the “specified dollar amount”), if any, divided by 40 (such quotient, the “daily measurement
value”) and (ii) the daily conversion value; and 

  

	 	•	 if the daily conversion value exceeds the daily measurement value, a number of shares equal to (i) the
difference between the daily conversion value and the daily measurement value, divided by (ii) the daily VWAP for such trading day. 

The “daily conversion value” means, for each of the 40 consecutive trading days during the observation period, 2.5% of the product
of (1) the conversion rate on such trading day and (2) the daily VWAP for such trading day. 
 The “daily VWAP” means,
for each of the 40 consecutive trading days during the relevant observation period, the per share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page “SRPT <equity> AQR” (or its
equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such trading day (or if such volume-weighted average price is
unavailable, the market value of one share of our common stock on such trading day determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by us). The “daily
VWAP” will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

The “observation period” with respect to any note surrendered for conversion means: 

 

	 	•	 subject to the immediately succeeding bullet, if the relevant conversion date occurs prior to March 15,
2027, the 40 consecutive trading day period beginning on, and including, the second trading day immediately succeeding such conversion date; 

	 	•	 with respect to any notes called for redemption (or deemed called for redemption) as described above under
“—Conversion upon Notice of Redemption,” if the relevant conversion date occurs during a redemption period with respect to such notes, the 40 consecutive trading days beginning on, and including, the 41st scheduled trading day
immediately preceding such redemption date; and 

  

	 	•	 subject to the immediately preceding bullet, if the relevant conversion date occurs on or after March 15,
2027, the 40 consecutive trading days beginning on, and including, the 41st scheduled trading day immediately preceding the maturity date. 

For the purposes of determining amounts due upon conversion only, “trading day” means a day on which (i) there is no
“market disruption event” (as defined below) and (ii) trading in our common stock generally occurs on The Nasdaq Global Select Market or, if our common stock is not then listed on The Nasdaq Global Select Market, on the principal
other U.S. national or regional securities exchange on which our common stock is then listed or, if our common stock is not then listed on a U.S. national or regional securities exchange, on the principal other market on which our common stock is
then listed or admitted for trading. If our common stock is not so listed or admitted for trading, “trading day” means a “business day.” 

“Scheduled trading day” means a day that is scheduled to be a trading day on the principal U.S. national or regional securities
exchange or market on which our common stock is listed or admitted for trading. If our common stock is not so listed or admitted for trading, “scheduled trading day” means a “business day.” 

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

Except as described under “—Increase in Conversion Rate upon Conversion upon a Make-whole Fundamental Change or Notice of
Redemption” and “—Recapitalizations, Reclassifications and Changes of our Common Stock,” we will deliver the consideration due in respect of conversion on the second business day immediately following the relevant conversion
date, if we elect physical settlement, or on the second business day immediately following the last trading day of the relevant observation period, in the case of any other settlement method. 

We will pay cash in lieu of delivering any fractional share of common stock issuable upon conversion based on the daily VWAP for the relevant
conversion date (or, if such conversion date is not a trading day, the immediately preceding trading day), in the case of physical settlement, or based on the daily VWAP for the last trading day of the relevant observation period, in the case of
combination settlement. 
 Each conversion will be deemed to have been effected as to any notes surrendered for conversion on the conversion
date; provided, however, that the person in whose name any shares of our common stock shall be issuable upon such conversion will be treated as the holder of record of such shares as of the close of business on the conversion date (in the case of
physical settlement) or the last trading day of the relevant observation period (in the case of combination settlement). 
 Exchange
in Lieu of Conversion 
 When a holder surrenders its notes for conversion, we may, at our election (a “conversion exchange
election”), direct the conversion agent to surrender, on or prior to the close of business on the trading day following the conversion date, such notes to a financial institution designated by us for exchange in lieu of conversion. In order to
accept any notes surrendered for conversion, the designated financial institution must agree to timely deliver, in exchange for such notes, the cash, shares of our common stock or combination thereof due upon conversion as described above under
“—Settlement upon Conversion.” If we make a conversion exchange election, we will, by the close of business on the trading day following 

 
the relevant conversion date, notify the holder surrendering its notes for conversion that we have made the conversion exchange election, and we will notify the designated financial institution
of the settlement method we have elected with respect to such conversion and the relevant deadline for payment and/or delivery of cash, shares of our common stock or a combination thereof due upon conversion. 

Any notes exchanged by the designated financial institution will remain outstanding. If the designated financial institution accepts any such
notes, it will deliver, in exchange for such notes, the cash, shares of our common stock or a combination thereof, as the case may be, due upon conversion directly to the holder of such notes on the date we would have otherwise been required to
deliver such consideration. If the designated financial institution agrees to accept any notes for exchange but does not timely pay and/or deliver the required cash, shares of our common stock or a combination thereof due upon conversion, or if such
designated financial institution does not accept the notes for exchange, we will pay and/or deliver the required cash, shares of our common stock or a combination thereof due upon conversion to the converting holder at the time and in the manner
required under the indenture as if we had not made a conversion exchange election. 
 Our designation of a financial institution to which
the notes may be submitted for exchange does not require that financial institution to accept any notes (unless the financial institution has separately made an agreement with us to do so). We may, but will not be obligated to, enter into a separate
agreement with any designated financial institution that would compensate it for any such transaction. 
 Conversion Rate Adjustments

 The conversion rate will be adjusted as described below, except that we will not make any adjustments to the conversion rate if
holders of the notes participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of our common stock and solely as a result of
holding the notes, in any of the transactions described below without having to convert their notes as if they held a number of shares of common stock equal to the conversion rate, multiplied by the principal amount (expressed in thousands) of notes
held by such holder. 
 (1) If we exclusively issue shares of our common stock as a dividend or distribution on shares of our common stock,
or if we effect a share split or share combination, the conversion rate will be adjusted based on the following formula: 
  

 
 where, 
  

			
	CR0 =	  	the conversion rate in effect immediately prior to the open of business on the ex-dividend date of such dividend or distribution, or immediately prior to the open of business on the effective
date of such share split or share combination, as applicable;
		
	CR1 =	  	the conversion rate in effect immediately after the open of business on such ex-dividend date or effective date;
		
	OS0 =	  	the number of shares of our common stock outstanding immediately prior to the open of business on such ex-dividend date or effective date before giving effect to such dividend, distribution,
share split or share combination; and
		
	OS1 =	  	the number of shares of our common stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this clause (1) shall become effective immediately after the
open of business on the ex-dividend date for such dividend or distribution, or immediately after the open of business on the effective date for such share split or share combination, as applicable. If any
dividend or distribution of the type described in this clause (1) is declared but not so paid or made, the conversion rate shall be immediately readjusted, effective as of the date our board of directors or a committee thereof determines not to
pay such dividend or distribution, to the conversion rate that would then be in effect if such dividend or distribution had not been declared. 

(2) If we issue to all or substantially all holders of our common stock any rights, options or warrants (other than pursuant to a stockholder
rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of our common stock at a price per share that is less than the average of the last reported
sale prices of our common stock for the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the date of announcement of such issuance, the conversion rate 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 such issuance;
		
	CR1 =	  	the conversion rate in effect immediately after the open of business on such ex-dividend date;
		
	OS0 =	  	the number of shares of our common stock outstanding immediately prior to the open of business on such ex-dividend date;
		
	X =	  	the total number of shares of our common stock issuable pursuant to such rights, options or warrants; and
		
	Y =	  	the number of shares of our common stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the last reported sale prices of our common stock over the 10 consecutive trading
day period ending on, and including, the trading day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this clause (2) will be made successively whenever any such rights, options
or warrants are issued and shall become effective immediately after the open of business on the ex-dividend date for such issuance. To the extent that such rights, options or warrants are not exercised prior
to their expiration or 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
issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of common stock actually delivered. If such rights, options or warrants are not so issued or if no such right, option or warrant is
exercised prior to its expiration, the conversion rate shall be decreased to the conversion rate that would then be in effect if such ex-dividend date for such issuance had not occurred. 

For the purpose of this clause (2) and for the purpose of the first bullet point under “—Conversion upon Specified Corporate
Events—Certain Distributions,” in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase shares of the common stock at less than such average of the last reported sale prices for the 10
consecutive trading day period ending on, and including, the trading day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such shares of common stock, there shall be taken into
account any consideration received by us for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by our board of directors or a committee
thereof. 

 (3) If we distribute shares of our capital stock, evidences of our indebtedness, other
assets or property of ours or rights, options or warrants to acquire our capital stock or other securities, to all or substantially all holders of our common stock, excluding: 
  

	 	•	 dividends, distributions or issuances as to which an adjustment was effected or will be so effected in
accordance with the 1% provision (as defined below) pursuant to clause (1) or (2) above; 

  

	 	•	 except as otherwise described below, rights issued pursuant to any stockholder rights plan of ours then in
effect; 

  

	 	•	 dividends or distributions paid exclusively in cash as to which the provisions set forth in clause
(4) below shall apply; 

  

	 	•	 any dividends or distributions of reference property in exchange for or upon conversion of our common stock in
a share exchange event (as defined below under “—Recapitalizations, Reclassifications and Changes of Our Common Stock”); 

  

	 	•	 spin-offs as to which the provisions set forth below in this clause (3) shall apply; and

  

	 	•	 tender offers and exchange offers as to which an adjustment is effected (or would be effected, disregarding the
1% provision) pursuant to clause (5) below. 

 then 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 such distribution;
		
	CR1 =	  	the conversion rate in effect immediately after the open of business on such ex-dividend date;
		
	SP0 =	  	the average of the last reported sale prices of our common stock over the 10 consecutive trading day period ending on, and including, the trading day immediately preceding the ex-dividend date
for such distribution; and
		
	FMV =	  	the fair market value (as determined by our board of directors or a committee thereof) of the shares of capital stock, evidences of indebtedness, assets, property, rights, options or warrants distributed with respect to each
outstanding share of our common stock on the ex-dividend date for such distribution.

 Any increase made under the portion of this clause (3) above will 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. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each holder of a note shall
receive, in respect of each $1,000 principal amount thereof, at the same time and upon the same terms as holders of our common stock, the amount and kind of our capital stock, evidences of our indebtedness, other assets or property of ours or
rights, options or warrants to acquire our capital stock or other securities that such holder would have received if such holder owned a number of shares of common stock equal to the conversion rate in effect on the
ex-dividend date for the distribution. 

 With respect to an adjustment pursuant to this clause (3) where there has been a
payment of a dividend or other distribution on our common stock of shares of capital stock of any class or series, or similar equity interest, of or relating to a subsidiary or other business unit, that are, or, when issued, will be, listed or
admitted for trading on a U.S. national securities exchange, which we refer to as 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 end of the valuation period (as defined below);
		
	CR1 =	  	the conversion rate in effect immediately after the end of the valuation period;
		
	FMV0 =	  	the average of the last reported sale prices of the capital stock or similar equity interest distributed to holders of our common stock applicable to one share of our common stock (determined by reference to the definition of last
reported sale price set forth under “—Conversion upon Satisfaction of Sale Price Condition” as if references therein to our common stock were to such capital stock or similar equity interest) over the first 10 consecutive trading day
period after, and including, the ex-dividend date of the spin-off (the “valuation period”); and
		
	MP0 =	  	the average of the last reported sale prices of our common stock over the valuation period.

 The increase to the conversion rate under the preceding paragraph will occur at the close of business on
the last trading day of the valuation period; provided that (x) in respect of any conversion of notes for which physical settlement is applicable, if the relevant conversion date occurs during the valuation period, the reference to
“10” in the preceding paragraph shall be deemed replaced with such lesser number of trading days as have elapsed from, and including, the ex-dividend date for such
spin-off to, and including, such conversion date in determining the conversion rate and (y) in respect of any conversion of notes for which cash settlement or combination settlement is applicable, for any
trading day that falls within the relevant observation period for such conversion and within the valuation period, the reference to “10” in the preceding paragraph shall be deemed replaced with such lesser number of trading days as have
elapsed from, and including, the ex-dividend date for such spin-off to, and including, such trading day in determining the conversion rate as of such trading day of such
observation period. If any dividend or distribution that constitutes a spin-off is declared but not so paid or made, the conversion rate shall be immediately decreased, effective as of the date our board of
directors or a committee thereof determines not to pay or make such dividend or distribution, to the conversion rate that would then be in effect if such dividend or distribution had not been declared or announced. 

(4) If any cash dividend or distribution is made to all or substantially all holders of our common stock, the conversion rate will 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;
		
	CR1 =	  	the conversion rate in effect immediately after the open of business on the ex-dividend date for such dividend or distribution;
		
	SP0 =	  	the last reported sale price of our 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 we dividend or distribute to all or substantially all holders of our common stock.

 Any increase to the conversion rate made under this clause (4) 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 our board
of directors or a committee thereof determines not to make or pay such dividend or distribution, to be the conversion rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if
“C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each holder of a note shall receive, for each $1,000 principal amount of notes, at the same time and upon the same
terms as holders of shares of our common stock, the amount of cash that such holder would have received if such holder owned a number of shares of our common stock equal to the conversion rate on the
ex-dividend date for such cash dividend or distribution. 
 (5) If we or any of our subsidiaries
make a payment in respect of a tender or exchange offer for our common stock, to the extent that the cash and value of any other consideration included in the payment per share of common stock exceeds the average of the last reported sale prices of
our common stock over the 10 consecutive trading day period commencing on, and including, the trading day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the conversion rate will be
increased based on the following formula: 
  
 

 
 where, 
  

			
	CR0 =	  	the conversion rate in effect immediately prior to the close of business on the 10th trading day immediately following, and including, the trading day next succeeding the date such tender or exchange offer expires;
		
	CR1 =	  	the conversion rate in effect immediately after the close of business on the 10th trading day immediately following, and including, the trading day next succeeding the date such tender or exchange offer expires;
		
	AC =	  	the aggregate value of all cash and any other consideration (as determined by our board of directors or a committee thereof) paid or payable for shares purchased in such tender or exchange offer;
		
	OS0 =	  	the number of shares of our common stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares accepted for purchase or exchange in such tender or
exchange offer);
		
	OS1 =	  	the number of shares of our common stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares accepted for purchase or exchange in such tender or exchange
offer); and
		
	SP1 =	  	the average of the last reported sale prices of our common stock over the 10 consecutive trading day period commencing on, and including, the trading day next succeeding the date such tender or exchange offer expires.

 The increase to the conversion rate under the preceding paragraph will occur at the close of
business on the 10th trading day immediately following, and including, the trading day next succeeding the date such tender or exchange offer expires; provided that (x) in respect of any conversion of notes for which physical settlement is
applicable, if the relevant conversion date occurs during the 10 trading days immediately following, and including, the trading day next succeeding the expiration date of any tender or exchange offer, references to “10” or “10th”
in the preceding paragraph shall be deemed replaced with such lesser number of trading days as have elapsed from, and including, the trading day next succeeding the expiration date of such tender or exchange offer to, and including, such conversion
date in determining the conversion rate and (y) in respect of any conversion of notes for which cash settlement or combination settlement is applicable, for any trading day that falls within the relevant observation period for such conversion
and within the 10 trading days immediately following, and including, the trading day next succeeding the expiration date of any tender or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed
replaced with such lesser number of trading days as have elapsed from, and including, the trading day next succeeding the expiration date of such tender or exchange offer to, and including, such trading day in determining the conversion rate as of
such trading day. 
 In the event that we or one of our subsidiaries is obligated to purchase shares of common stock pursuant to any such
tender offer or exchange offer, but we are, or such subsidiary is, permanently prevented by applicable law from effecting any such purchases, or all such purchases are rescinded, then the conversion rate shall again be adjusted to be the conversion
rate that would then be in effect if such tender offer or exchange offer had not been made or had been made only in respect of the purchases that have been effected. 

Notwithstanding the foregoing, if a conversion rate adjustment becomes effective on any ex-dividend
date as described above, and a holder that has converted its notes on or after such ex-dividend date and on or prior to the related record date would be treated as the record holder of shares of our common
stock as of the related conversion date as described under “—Settlement upon Conversion” based on an adjusted conversion rate for such ex-dividend date, then, notwithstanding the foregoing
conversion rate adjustment provisions, the conversion rate adjustment relating to such ex-dividend date will not be made for such converting holder. Instead, such holder will be treated as if such holder were
the record owner of the shares of our common stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

Except as stated herein, we will not adjust the conversion rate for the issuance of shares of our common stock or any securities convertible
into or exchangeable for shares of our common stock or the right to purchase shares of our common stock or such convertible or exchangeable securities. 

As used in this section, “ex-dividend date” means the first date on which the shares of our
common stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from us or, if applicable, from the seller of our common stock on such exchange
or market (in the form of due bills or otherwise) as determined by such exchange or market, and “effective date” means the first date on which the shares of our common stock trade on the applicable exchange or in the applicable market,
regular way, reflecting the relevant share split or share combination, as applicable. 
 As used in this section, “record date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of our common stock (or other applicable security) have the right to receive any cash, securities or other property or in which our common stock (or
such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of our common stock (or such other security) entitled to receive such cash, securities or
other property (whether such date is fixed by our board of directors or a duly authorized committee thereof, statute, contract or otherwise). 

 Subject to the applicable rules of The Nasdaq Global Select Market, we are permitted to
increase the conversion rate of the notes by any amount for a period of at least 20 business days if our board of directors or a committee thereof determines that such increase would be in our best interest. Subject to the applicable rules of The
Nasdaq Global Select Market, we may also (but are not required to) increase the conversion rate to avoid or diminish income tax to holders of our common stock or rights to purchase shares of our common stock in connection with a dividend or
distribution of shares (or rights to acquire shares) or similar event. 
 A holder may, in some circumstances, including a distribution of
cash dividends to holders of our shares of common stock, be deemed to have received a distribution subject to U.S. federal income tax as a result of an adjustment or the nonoccurrence of an adjustment to the conversion rate. Subject in all respect
to the provisions of “—Additional Amounts” above, we or the trustee, as the case may be, shall be entitled to make a deduction or withholding from any payment which it makes under the indenture for or on account of any present or
future taxes, duties or charges if and to the extent so required by any applicable law and any current or future regulations or agreements thereunder or official interpretations thereof or any law implementing an intergovernmental approach thereto
or by virtue of the relevant holder failing to satisfy any certification or other requirements in respect of the notes, in which event we or the trustee, as the case may be, shall make such payment after such withholding or deduction has been made
and shall account to the relevant authorities for the amount so withheld or deducted and shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax. For a discussion of the U.S.
federal income tax treatment of an adjustment to the conversion rate, see “Certain U.S. Federal Income Tax Considerations.” 
 If
we have a rights plan in effect upon conversion of the notes into common stock, you will receive, in addition to any shares of common stock received in connection with such conversion, the rights under the rights plan, if any. However, if, prior to
any conversion, the rights have separated from the shares of common stock in accordance with the provisions of the applicable rights plan, the conversion rate will be adjusted at the time of separation as if we distributed to all or substantially
all holders of our common stock, shares of our capital stock, evidences of indebtedness, assets, property, rights, options or warrants as described in clause (3) above, subject to readjustment in the event of the expiration, termination or
redemption of such rights. 
 Notwithstanding any of the foregoing, the conversion rate will not be adjusted: 

 

	 	•	 	 upon the issuance of any shares of our common stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on our securities and the investment of additional optional amounts in shares of our common stock under any plan; 

 

	 	•	 	 upon the issuance of any shares of our common stock or options or rights to purchase those shares pursuant to any
present or future employee, director or consultant benefit plan or program of or assumed by us or any of our subsidiaries; 

  

	 	•	 	 upon the issuance of any shares of our common stock pursuant to any option, warrant, right or exercisable,
exchangeable or convertible security not described in the preceding bullet and outstanding as of the date the notes were first issued; 

  

	 	•	 	 solely for a change in the par value of the common stock; 

 

	 	•	 	 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 kind described under clause (5) above; or 

 

	 	•	 	 for accrued and unpaid interest, if any. 

 If an adjustment to the conversion rate otherwise required by the provisions described above
would result in a change of less than 1% to the conversion rate, then, notwithstanding the foregoing, we may, at our election, defer and carry forward such adjustment, except that all such deferred adjustments must be given effect immediately upon
the occurrence of any of the following: (i) when all such deferred adjustments would result in an aggregate change of at least 1% to the conversion rate; (ii) on the conversion date of (if physical settlement applies to such conversion),
or each trading day of the applicable observation period for (if cash or combination settlement applies to such conversion), any note; (iii) on any date on which we deliver a notice of redemption; (iv) on the date a fundamental change or
make-whole fundamental change occurs; and (v) March 15, 2027. The provisions described in the preceding sentence are referred to herein as the “1% provision.” 

Adjustments to the conversion rate will be calculated to the nearest 1/10,000th of a share. 

Recapitalizations, Reclassifications and Changes of Our Common Stock 

In the case of: 
  

	 	•	 	 any recapitalization, reclassification or change of our common stock (other than changes resulting from a
subdivision or combination), 

  

	 	•	 	 any consolidation, merger or combination involving us, 

 

	 	•	 	 any sale, lease or other transfer to a third party of the consolidated assets of ours and our subsidiaries
substantially as an entirety, or 

  

	 	•	 	 any statutory share exchange, 

in each case, as a result of which our common stock would be converted into, or exchanged for, stock, other securities, other property or
assets (including cash or any combination thereof) (any such event, a “share exchange event”), then we or the successor or purchasing company, as the case may be, will execute with the trustee, without the consent of the holders, a
supplemental indenture providing that, at and after the effective time of the share exchange event, the right to convert each $1,000 principal amount of notes will be changed into a right to convert such principal amount of notes into the kind and
amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of common stock equal to the conversion rate immediately prior to such share exchange event would
have owned or been entitled to receive (the “reference property”) upon such share exchange event. However, at and after the effective time of the share exchange event, (i) we or the successor or purchasing company, as the case may be,
will continue to have the right to determine the form of consideration to be paid or delivered, as the case may be, upon conversion of notes, as set forth under “—Settlement upon Conversion” and (ii)(x) any amount payable in cash upon
conversion of the notes as set forth under “—Settlement upon Conversion” will continue to be payable in cash, (y) any shares of our common stock that we would have been required to deliver upon conversion of the notes as set
forth under “—Settlement upon Conversion” will instead be deliverable in the amount and type of reference property that a holder of that number of shares of our common stock would have received in such share exchange event and
(z) the daily VWAP will be calculated based on the value of a unit of reference property that a holder of one share of our common stock would have received in such share exchange event. If the share exchange event causes our common stock to be
converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of stockholder election), the reference property into which the notes will be convertible will be deemed to be
the weighted average of the types and amounts of consideration actually received by the holders of our common stock. If the holders of our common stock receive only cash in such share exchange event, then for all conversions that occur after the
effective date of such share exchange event (i) the consideration due upon conversion of each $1,000 principal amount of notes shall be solely cash in an amount equal to the conversion rate in effect on the conversion date (as may be increased
as described under “—Increase in Conversion Rate upon Conversion upon a Make-whole Fundamental Change or Notice of Redemption”), multiplied by the price paid per share of common stock in such share exchange event and (ii) we will
satisfy our conversion obligation by paying such cash amount to converting holders on the second business day immediately following the conversion date. We will notify holders, the trustee and the conversion agent (if other than the trustee) of the
weighted average as soon as practicable after such determination is made. 

 The supplemental indenture providing that the notes will be convertible into reference
property will also provide for anti-dilution and other adjustments that are as nearly equivalent as possible to the adjustments described under “—Conversion Rate Adjustments” above. If the reference property in respect of any such
share exchange event includes shares of stock, securities or other property or assets of a company other than us or the successor or purchasing company, as the case may be, in such share exchange event, such other company will also execute such
supplemental indenture, and such supplemental indenture will contain such additional provisions to protect the interests of the holders, including the right of holders to require us to repurchase their notes upon a fundamental change as described
under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” below, as the board of directors reasonably considers necessary by reason of the foregoing. We will agree in the indenture not to become a party to any such
share exchange event unless its terms are consistent with the foregoing. 
 Adjustments of Prices 

Whenever any provision of the indenture requires us to calculate the last reported sale prices, the daily VWAPs, the daily conversion values or
the daily settlement amounts over a span of multiple days (including, without limitation, an observation period and the period, if any, for determining “stock price” for purposes of a make-whole fundamental change or notice of redemption),
our board of directors or a committee thereof will make appropriate adjustments to each to account for any adjustment to the conversion rate that becomes effective, or any event requiring an adjustment to the conversion rate where the ex-dividend date, effective date or expiration date of the event occurs, at any time during the period when the last reported sale prices, the daily VWAPs, the daily conversion values or the daily settlement amounts
are to be calculated. 
 Increase in Conversion Rate upon Conversion upon a Make-whole Fundamental Change or Notice of Redemption

 If (i) the “effective date” (as defined below) of a “fundamental change” (as defined below and determined
after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (2) of the definition thereof, a “make-whole fundamental change”) occurs prior to the maturity date of the notes
or (ii) we give a notice of redemption with respect to any or all of the notes as provided for under “—Optional Redemption” and, in each case, a holder elects to convert its notes in connection with such make-whole fundamental
change or notice of redemption, we will, under certain circumstances, increase the conversion rate for the notes so surrendered for conversion by a number of additional shares of common stock (the “additional shares”), as described below.
A conversion of notes will be deemed for these purposes to be “in connection with” such make-whole fundamental change if the relevant notice of conversion of the notes is received by the conversion agent from, and including, the effective
date of the make-whole fundamental change up to, and including, the business day immediately prior to the related fundamental change repurchase date (or, in the case of a make-whole fundamental change that would have been a fundamental change but
for the proviso in clause (2) of the definition thereof, the 35th trading day immediately following the effective date of such make-whole fundamental change) (such period, the “make-whole fundamental change period”). A conversion of
notes will be deemed for these purposes to be “in connection with” a notice of redemption if such conversion is of notes called for redemption (or deemed called for redemption) and the relevant conversion date occurs during the related
redemption period. 
 If we issue a notice of redemption as set forth under “—Optional Redemption,” we will increase the
conversion rate during the related redemption period only with respect to conversions of notes called (or deemed called) for redemption, and not for notes not called (or deemed called) for redemption. Accordingly, if we elect to redeem fewer than
all of the outstanding notes as described under “—Optional Redemption,” holders of the notes not called (or deemed called) for redemption will not be entitled to convert such notes on account of the notice of redemption and will not
be entitled to an increased conversion rate for conversions of such notes on account of the notice of redemption during the related redemption period if such notes are otherwise convertible, except in the limited circumstances set forth under
“—Conversion upon Notice of Redemption.” 

 Upon surrender of notes for conversion in connection with a make-whole fundamental change or
notice of redemption, we will, at our option, satisfy our conversion obligation by physical settlement, cash settlement or combination settlement, as described under “—Conversion Rights—Settlement upon Conversion.” However, if
the consideration for our common stock in any make-whole fundamental change described in clause (2) of the definition of fundamental change is composed entirely of cash, for any conversion of notes following the effective date of such
make-whole fundamental change, the conversion obligation will be calculated based solely on the “stock price” (as defined below) for the transaction and will be deemed to be an amount of cash per $1,000 principal amount of converted notes
equal to the conversion rate (including any increase to reflect the additional shares as described in this section), multiplied by such stock price. In such event, the conversion obligation will be determined and paid to holders in cash on the
second business day following the conversion date. We will notify holders of the effective date of any make-whole fundamental change and issue a press release announcing such effective date no later than five business days after such effective date.

 The number of additional shares, if any, by which the conversion rate will be increased will be determined by reference to the table
below, based on the date on which the make-whole fundamental change occurs or becomes effective or the date of the notice of redemption, as the case may be (in each case, the “effective date”) and
the price (the “stock price”) paid (or deemed to be paid) per share of our common stock in the make-whole fundamental change or with respect to the notice of redemption. If the holders of our common stock receive in exchange for their
common stock only cash in a make-whole fundamental change described in clause (2) of the definition of fundamental change, the stock price will be the cash amount paid per share. Otherwise, the stock price will be the average of the last
reported sale prices of our common stock over the five trading day period ending on, and including, the trading day immediately preceding the effective date of the make-whole fundamental change or the date of the notice of redemption, as the case
may be. In the event that a conversion in connection with a notice of redemption would also be deemed to be in connection with a make-whole fundamental change, a holder of the notes to be converted will be entitled to a single increase to the
conversion rate with respect to the first to occur of the date of the applicable notice of redemption or the effective date of the applicable make-whole fundamental change, and the later event will be deemed not to have occurred for purposes of such
conversion. 
 The stock prices set forth in the column headings of the table below will be adjusted as of any date on which the conversion
rate of the notes is otherwise adjusted. The adjusted stock prices will equal the stock prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the conversion rate immediately prior to the adjustment giving
rise to the stock price adjustment and the denominator of which is the conversion rate as so adjusted. The number of additional shares as set forth in the table below will be adjusted in the same manner and at the same time as the conversion rate as
set forth under “—Conversion Rate Adjustments.” 
 The following table sets forth the number of additional shares by which
the conversion rate will be increased per $1,000 principal amount of notes for each stock price and effective date set forth below: 
  

																																																					
	 	  	Stock Price	 
	 Effective Date
	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 
	 September , 2022
	  				  				  				  				  				  				  				  				  				  				  				  				  			
	 September 15, 2023
	  				  				  				  				  				  				  				  				  				  				  				  				  			
	 September 15, 2024
	  				  				  				  				  				  				  				  				  				  				  				  				  			
		
	 	  	Stock Price	 
	 Effective Date
	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 	  	$	 
	September 15, 2025	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 September 15, 2026
	  				  				  				  				  				  				  				  				  				  				  				  				  			
	 September 15, 2027
	  				  				  				  				  				  				  				  				  				  				  				  				  			

 The exact stock prices and effective dates may not be set forth in the table above, in which
case 
  

	 	•	 	 If the stock price is between two stock prices in the table or the effective date is between two effective dates
in the table, the number of additional shares by which the conversion rate will be increased will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and the earlier
and later effective dates, as applicable, based on a 365- or 366-day year, as applicable. 

 

	 	•	 	 If the stock price is greater than
$                 per share (subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will
be added to the conversion rate. 

  

	 	•	 	 If the stock price is less than
$                 per share (subject to adjustment in the same manner as the stock prices set forth in the column headings of the table above), no additional shares will
be added to the conversion rate. 

 Notwithstanding the foregoing, in no event will the conversion rate per $1,000
principal amount of notes exceed                 shares of common stock, subject to adjustment in the same manner as the conversion rate as set forth under
“—Conversion Rate Adjustments.” 
 Our obligation to increase the conversion rate for notes converted in connection with a
make-whole fundamental change or a notice of redemption could be considered a penalty, in which case the enforceability thereof would be subject to general principles of reasonableness and equitable remedies. 

Fundamental Change Permits Holders to Require Us to Repurchase Notes 

If a “fundamental change” (as defined below in this section) occurs at any time, holders will have the right, at their option, to
require us to repurchase for cash all of their notes, or any portion of the principal thereof that is equal to $1,000 or a multiple of $1,000. The fundamental change repurchase date will be a date specified by us that is not less than 10 or more
than 35 calendar days following the date of our fundamental change notice as described below. 
 The fundamental change repurchase price we
are required to pay will be equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date (unless the fundamental change repurchase date falls after a
regular record date but on or prior to the interest payment date to which such regular record date relates, in which case we will instead pay the full amount of accrued and unpaid interest to the holder of record on such regular record date, and the
fundamental change repurchase price will be equal to 100% of the principal amount of the notes to be repurchased). 
 A “fundamental
change” will be deemed to have occurred at the time after the notes are originally issued if any of the following occurs: 
 (1) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than us, our wholly owned subsidiaries and our and their employee benefit plans, files a Schedule TO or any schedule, form or report under
the Exchange Act disclosing that such “person” or “group” has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of our common
stock representing more than 50% of the voting power of our common stock; 

 (2) the consummation of (A) any recapitalization, reclassification or change of our
common stock (other than changes resulting from a subdivision or combination) as a result of which our common stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange,
consolidation or merger of us pursuant to which our common stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or
substantially all of the consolidated assets of us and our subsidiaries, taken as a whole, to any person other than one of our wholly owned subsidiaries; provided, however, that a share exchange, consolidation or merger of us pursuant to which the
holders of all classes of our common equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of common equity of the continuing or surviving company or transferee or the parent thereof immediately after
such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a fundamental change pursuant to this clause (2); 

(3) our stockholders approve any plan or proposal for the liquidation or dissolution of us; or 

(4) our common stock (or other common stock, American depositary receipts, ordinary shares or other common equity interests underlying the
notes) ceases to be listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors). 

A transaction or transactions described in clause (1) or clause (2) above will not constitute a fundamental change, however, if at
least 90% of the consideration received or to be received by our common stockholders, excluding cash payments for fractional shares, in connection with such transaction or transactions consists of shares of common stock, American depositary
receipts, ordinary shares or other common equity interests, in any such case, that are listed or quoted on any of The New York Stock Exchange, The Nasdaq Global Select Market or The Nasdaq Global Market (or any of their respective successors) or
will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or transactions the notes become convertible into such consideration, excluding cash payments for fractional
shares (subject to the provisions set forth above under “—Conversion Rights—Settlement upon Conversion”). 
 Any event,
transaction or series of related transactions that constitute a fundamental change under both clause (1) and clause (2) above (determined without regard to the proviso in clause (2) above) will be deemed to be a fundamental change
solely under clause (2) above (subject to such proviso). 
 If any transaction in which our common stock is replaced by the securities
of another entity occurs, following completion of any related make-whole fundamental change period (or, in the case of a transaction that would have been a fundamental change or a make-whole fundamental change but for the immediately preceding
paragraph, following the effective date of such transaction), references to us in the definition of “fundamental change” above shall instead be references to such other entity. 

On or before the 20th day after the occurrence of a fundamental change, we will provide to all holders of the notes and the trustee and paying
agent a notice of the occurrence of the fundamental change and of the resulting repurchase right. Such notice shall state, among other things: 
  

	 	•	 	 the events causing a fundamental change; 

 

	 	•	 	 the effective date of the fundamental change; 

 

	 	•	 	 the last date on which a holder may exercise the repurchase right; 

 

	 	•	 	 the fundamental change repurchase price; 

 

	 	•	 	 the fundamental change repurchase date; 

	 	•	 the name and address of the paying agent and the conversion agent, if applicable; 

 

	 	•	 if applicable, the conversion rate and any adjustments to the conversion rate; 

 

	 	•	 that the notes with respect to which a fundamental change repurchase notice has been delivered by a holder may
be converted only if the holder withdraws the fundamental change repurchase notice in accordance with the terms of the indenture; and 

  

	 	•	 the procedures that holders must follow to require us to repurchase their notes. 

To exercise the fundamental change repurchase right, you must deliver, on or before the business day immediately preceding the fundamental
change repurchase date, the notes to be repurchased, duly endorsed for transfer, together with a written repurchase notice, to the paying agent. Each repurchase notice must state: 

 

	 	•	 if certificated, the certificate numbers of your notes to be delivered for repurchase; 

 

	 	•	 the portion of the principal amount of notes to be repurchased, which must be $1,000 or an integral multiple
thereof; and 

  

	 	•	 that the notes are to be repurchased by us pursuant to the applicable provisions of the notes and the
indenture. 

 If the notes are not in certificated form, such repurchase notice must comply with appropriate DTC
procedures. 
 Holders may withdraw any repurchase notice (in whole or in part) by a written notice of withdrawal delivered to the paying
agent prior to the close of business on the business day immediately preceding the fundamental change repurchase date. The notice of withdrawal shall state: 
  

	 	•	 the principal amount of the withdrawn notes; 

 

	 	•	 if certificated notes have been issued, the certificate numbers of the withdrawn notes; and

  

	 	•	 the principal amount, if any, which remains subject to the repurchase notice. 

If the notes are not in certificated form, such notice of withdrawal must comply with appropriate DTC procedures. 

We will be required to repurchase the notes on the fundamental change repurchase date. Holders who have exercised the repurchase right will
receive payment of the fundamental change repurchase price on the later of (i) the fundamental change repurchase date and (ii) the time of book-entry transfer or the delivery of the notes. If the paying agent holds money sufficient to pay
the fundamental change repurchase price of the notes on the fundamental change repurchase date, then, with respect to the notes that have been properly surrendered for repurchase and have not been validly withdrawn: 

 

	 	•	 the notes will cease to be outstanding and interest will cease to accrue (whether or not book-entry transfer of
the notes is made or whether or not the notes are delivered to the paying agent); and 

  

	 	•	 all other rights of the holder will terminate (other than the right to receive the fundamental change
repurchase price). 

 In connection with any repurchase offer pursuant to a fundamental change repurchase notice, we will,
if required: 

	 	•	 comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable; 

  

	 	•	 file a Schedule TO or any other required schedule under the Exchange Act; and 

 

	 	•	 otherwise comply with all federal and state securities laws in connection with any offer by us to repurchase
the notes; 

 in each case, so as to permit the rights and obligations under this “—Fundamental Change Permits
Holders to Require Us to Repurchase Notes” to be exercised in the time and in the manner specified in the indenture. 
 No notes may be
repurchased on any date at the option of holders upon a fundamental change if the principal amount of the notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration
resulting from a default by us in the payment of the fundamental change repurchase price with respect to such notes). 
 The repurchase
rights of the holders could discourage a potential acquirer of us. The fundamental change repurchase feature, however, is not the result of management’s knowledge of any specific effort to obtain control of us by any means or part of a plan by
management to adopt a series of anti-takeover provisions. 
 Notwithstanding anything to the contrary in the foregoing, we will not be
required to purchase or make an offer to purchase, the notes upon a fundamental change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by us as set forth
in the indenture and such third party purchases all notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by us as set forth in
the indenture. 
 To the extent that the provisions of any securities laws or regulations conflict with the provisions of the indenture
relating to our obligations to repurchase the notes upon a fundamental change, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under such provisions of the indenture by
virtue of such conflict. 
 The term fundamental change is limited to specified transactions and may not include other events that might
adversely affect our financial condition. In addition, the requirement that we offer to repurchase the notes upon a fundamental change may not protect holders in the event of a highly leveraged transaction, reorganization, merger or similar
transaction involving us. 
 The definition of fundamental change includes a phrase relating to the sale, lease or other transfer of
“all or substantially all” of our consolidated assets. There is no precise, established definition of the phrase “substantially all” under applicable law. Accordingly, the ability of a holder of the notes to require us to
repurchase its notes as a result of the sale, lease or other transfer of less than all of our assets may be uncertain. 
 If a fundamental
change were to occur, we may not have enough funds to pay the fundamental change repurchase price. Our ability to repurchase the notes for cash may be limited by restrictions on our ability to obtain funds for such repurchase through dividends from
our subsidiaries, the terms of our then existing borrowing arrangements or otherwise. See “Risk Factors—Risks Related to this Offering and the Notes—We may not have the ability to raise the funds necessary to settle for cash
conversions of the notes or to repurchase the notes for cash upon a fundamental change, and our existing debt agreements contain, and] our future debt agreements may contain, limitations on our ability to pay cash upon conversion of the notes or to
repurchase the notes.” If we fail to repurchase the notes when required following a fundamental change, we will be in default under the indenture. In addition, we have, and may in the future incur, other indebtedness with similar change in
control provisions permitting our holders to accelerate or to require us to repurchase our indebtedness upon the occurrence of similar events, as is the case with our 2024 Notes, or on some specific dates. 

 Exchange in Lieu of Repurchase 

When a holder surrenders notes for repurchase upon a Fundamental Change, we may, at our election (a “repurchase exchange election”),
direct the paying agent to surrender, on or prior to the second business day following the fundamental change repurchase date, such notes to a financial institution designated by us for exchange in lieu of repurchase. In order to accept any
notes surrendered for repurchase, the designated financial institution must agree to pay, in exchange for such notes, the fundamental change repurchase price on the fundamental change repurchase date as described in the indenture. If we make a
repurchase exchange election, we will, by the close of business on the business day prior to the fundamental change repurchase date, notify the Holder surrendering its notes for repurchase that we have made the repurchase exchange election. 

Any notes exchanged by the designated financial institution will remain outstanding. If the designated financial institution accepts any such
notes, it shall pay the fundamental change repurchase price due upon repurchase of such notes directly to the holder of such notes on the date we would have otherwise been required to deliver such consideration. If the designated financial
institution agrees to accept any notes for exchange but does not timely pay the related fundamental change repurchase price, or if such designated financial institution does not accept the notes for exchange, we will repurchase the notes and pay the
fundamental change repurchase price at the time and in the manner required under the indenture as if we had not made a repurchase exchange election. 

Our designation of a financial institution to which the notes may be submitted for exchange does not require the financial institution to
accept any notes (unless the financial institution has separately made an agreement with us to do so). We may, but will not be obligated to, enter into a separate agreement with any designated financial institution that would compensate it for
any such transaction. 
 Consolidation, Merger and Sale of Assets 

The indenture will provide that we shall not consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially
all of the consolidated assets of us and our subsidiaries, taken as a whole, to another person, unless (i) the resulting, surviving or transferee person (if not us) is (A) a corporation or entity treated as a corporation for U.S. federal
income tax purposes organized and existing under the laws of the United States of America, any State thereof or the District of Columbia or (B) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and
existing under the laws of the Islands of Bermuda, the Netherlands, Belgium, Switzerland, Luxembourg, the Republic of Ireland, Canada or the United Kingdom, and such company (if not us) expressly assumes by supplemental indenture all of our
obligations under the notes and the indenture (including, for the avoidance of doubt, the obligation to pay additional amounts, as set forth above under “—Additional Amounts”); and (ii) immediately after giving effect to such
transaction, no default or event of default has occurred and is continuing under the indenture. Upon any such consolidation, merger or sale, conveyance, transfer or lease, the resulting, surviving or transferee person (if not us) shall succeed to,
and may exercise every right and power of, ours under the indenture, and we shall be discharged from our obligations under the notes and the indenture except in the case of any such lease. 

Although these types of transactions will be permitted under the indenture, certain of the foregoing transactions could constitute a
fundamental change permitting each holder to require us to repurchase the notes of such holder as described above.     

 Events of Default 

Each of the following is an event of default with respect to the notes: 

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

(2) default in the payment of principal of any note when due and payable at its stated maturity, upon optional redemption, upon any required
repurchase, upon declaration of acceleration or otherwise; 
 (3) our failure to comply with our obligation to convert the notes in
accordance with the indenture upon exercise of a holder’s conversion right, and such failure continues for five business days; 
 (4)
our failure to give a fundamental change notice as described under “—Fundamental Change Permits Holders to Require Us to Repurchase Notes” or notice of a corporate event as described under “—Conversion Rights—Conversion
upon Specified Corporate Events,” in each case when due and such failure continues for three business days; 
 (5) our failure to
comply with our obligations under “—Consolidation, Merger and Sale of Assets”; 
 (6) our failure for 60 days after written
notice from the trustee or the holders of at least 25% in principal amount of the notes then outstanding has been received to comply with any of our other agreements contained in the notes or indenture; 

(7) default by us or any of our significant subsidiaries, as defined in Article 1, Rule 1-02 of
Regulation S-X (each, a “significant subsidiary”) with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any
indebtedness for money borrowed in excess of $100,000,000 (or its foreign currency equivalent) in the aggregate of us and/or any such significant subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in
such indebtedness becoming or being declared due and payable prior to its stated maturity or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable (after the expiration of all applicable grace
periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, if such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not have been cured or waived, or if
such indebtedness shall not have been paid or discharged, as the case may be, within 30 days after written notice to us by the trustee or to us and the trustee by holders of at least 25% in aggregate principal amount of notes then outstanding in
accordance with the indenture; and 
 (8) certain events of bankruptcy, insolvency, or reorganization of us or any of our significant
subsidiaries. 
 If an event of default occurs and is continuing, the trustee by notice to us, or the holders of at least 25% in principal
amount of the outstanding notes by notice to us and the trustee, may, and the trustee at the request of such holders shall, declare 100% of the principal of and accrued and unpaid interest, if any, on all the notes to be due and payable. In case of
certain events of bankruptcy, insolvency or reorganization, involving us or a significant subsidiary, 100% of the principal of and accrued and unpaid interest on the notes will automatically become due and payable. Upon such a declaration of
acceleration, such principal and accrued and unpaid interest, if any, will be due and payable immediately. 
 Notwithstanding the foregoing,
the indenture will provide that, to the extent we elect, the sole remedy for an event of default relating to our failure to comply with our obligations as set forth under “—Reports” below, will, for the first 180 days after the
occurrence of such an event of default, consist exclusively of the right to receive additional interest on the notes (in addition to any additional interest that may accrue as described below under the caption “—No Registration Rights;
Additional Interest”) at a rate equal to: 
  

	 	•	 0.25% per annum of the principal amount of the notes outstanding for each day during which such event of
default is continuing during the 90-day period beginning on, and including, the date on which such an event of default first occurs; and 

	 	•	 0.50% per annum of the principal amount of the notes outstanding for each day during which such event of
default is continuing during the 90-day period beginning on, and including, the 91st day following, and including, the date on which such an event of default first occurs. 

If we so elect, such additional interest will be payable in the same manner and on the same dates as the stated interest payable on the notes.
On the 181st day after such event of default (if such event of default is not cured or waived prior to such 181st day), the notes will be subject to acceleration as provided above. The provisions of the indenture described in this paragraph will not
affect the rights of holders of notes in the event of the occurrence of any other event of default. In the event we do not elect to pay the additional interest following an event of default in accordance with this paragraph or we elected to make
such payment but do not pay the additional interest when due, the notes will be immediately subject to acceleration as provided above. 
 In
order to elect to pay the additional interest as the sole remedy during the first 180 days after the occurrence of an event of default relating to the failure to comply with the reporting obligations in accordance with the immediately preceding
paragraph, we must notify all holders of notes, the trustee and the paying agent of such election prior to the beginning of such 180-day period. Upon our failure to timely give such notice, the notes will be
immediately subject to acceleration as provided above. 
 If any portion of the amount payable on the notes upon acceleration is considered
by a court to be unearned interest (through the allocation of the value of the instrument to the embedded warrant or otherwise), the court could disallow recovery of any such portion. 

The holders of a majority in principal amount of the outstanding notes may waive all past defaults (except with respect to nonpayment of
principal or interest or with respect to the failure to deliver the consideration due upon conversion) and rescind any such acceleration with respect to the notes and its consequences if (i) rescission would not conflict with any judgment or
decree of a court of competent jurisdiction and (ii) all existing events of default, other than the nonpayment of the principal of and interest on the notes that have become due solely by such declaration of acceleration, have been cured or
waived. 
 Each holder shall have the right to receive payment or delivery, as the case may be, of: 

 

	 	•	 the principal (including the redemption price and the fundamental change repurchase price, if applicable) of;

  

	 	•	 accrued and unpaid interest, if any, on; and 

 

	 	•	 the consideration due upon conversion of, 

its notes, on or after the respective due dates expressed or provided for in the indenture, or to institute suit for the enforcement of any
such payment or delivery, as the case may be. 
 Subject to the provisions of the indenture relating to the duties of the trustee, if an
event of default occurs and is continuing, the trustee will be under no obligation to exercise any of the rights or powers under the indenture at the request or direction of any of the holders unless such holders have offered to the trustee
indemnity or security reasonably satisfactory to it against any loss, liability or expense. Except to enforce the right to receive payment of principal or interest when due, or the right to receive payment or delivery of the consideration due upon
conversion, no holder may pursue any remedy with respect to the indenture or the notes unless: 
 (1) such holder has previously given the
trustee notice that an event of default is continuing; 
 (2) holders of at least 25% in aggregate principal amount of the outstanding notes
have requested the trustee to pursue the remedy; 

 (3) such holders have offered the trustee security or indemnity reasonably satisfactory to
it against any loss, liability or expense; 
 (4) the trustee has not complied with such request within 60 days after the receipt of the
request and the offer of such security or indemnity; and 
 (5) the holders of a majority in principal amount of the outstanding notes have
not given the trustee a direction that, in the opinion of the trustee, is inconsistent with such request within such 60-day period. 

Subject to certain restrictions, the holders of a majority in principal amount of the outstanding notes are given the right to direct the
time, method and place of conducting any proceeding for any remedy available to the trustee or of exercising any trust or power conferred on the trustee. 

The indenture will provide that in the event an event of default has occurred and is continuing, the trustee will be required in the exercise
of its powers to use the degree of care that a prudent person would use in the conduct of its own affairs. The trustee, however, may refuse to follow any direction that conflicts with law or the indenture or that the trustee determines is unduly
prejudicial to the rights of any other holder or that would involve the trustee in personal liability. Prior to taking any action under the indenture, the trustee will be entitled to indemnification reasonably satisfactory to it against any loss,
liability or expense caused by taking or not taking such action. 
 The indenture will provide that if a default occurs and is continuing
and is known to the trustee, the trustee must deliver to each holder notice of the default within 90 days after it occurs. Except in the case of a default in the payment of principal of or interest on any note or a default in the payment or delivery
of the consideration due upon conversion, the trustee may withhold notice if and so long as a committee of trust officers of the trustee in good faith determines that withholding notice is in the interests of the holders. In addition, we are
required to deliver to the trustee, within 120 days after the end of each fiscal year, a certificate indicating whether the signers thereof know of any default that occurred during the previous year. We are also required to deliver to the trustee,
within 30 days after the occurrence thereof, written notice of any defaults, their status and what action we are taking or proposing to take in respect thereof.     

Payments of the redemption price, the fundamental change repurchase price, principal and interest that are not made when due will accrue
interest per annum at the then-applicable interest rate from the required payment date. 
 Modification and Amendment 

Subject to certain exceptions, the indenture or the notes may be amended with the consent of the holders of at least a majority in principal
amount of the notes then outstanding (including without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, notes) and, subject to certain exceptions, any past default or compliance with any provisions
may be waived with the consent of the holders of a majority in principal amount of the notes then outstanding (including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, notes). However,
without the consent of each holder of an outstanding note affected, no amendment may, among other things: 
 (1) reduce the amount of notes
whose holders must consent to an amendment; 
 (2) reduce the rate of or extend the stated time for payment of interest on any note; 

(3) reduce the principal of or extend the stated maturity of any note; 

(4) make any change that adversely affects the conversion rights of any notes other than as required by the indenture; 

 (5) reduce the redemption price or the fundamental change repurchase price of any note or
amend or modify in any manner adverse to the holders of notes our obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(6) make any note payable in money, or at a place of payment, other than that stated in the note; 

(7) change the ranking of the notes; 

(8) eliminate the contractual right of any holder to institute suit for the enforcement of its right to receive payment or delivery, as the
case may be, of the principal (including the fundamental change repurchase price or redemption price, if applicable) of, accrued and unpaid interest, if any, on, and the consideration due upon conversion of, its notes, on or after the respective due
dates expressed or provided for in the notes or the indenture; 
 (9) change the provisions described under “—Additional
Amounts” above; or 
 (10) make any change in the amendment provisions that require each holder’s consent or in the waiver
provisions. 
 Without the consent of any holder, we and the trustee may amend the indenture to: 

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

(2) provide for the assumption by a successor company of our obligations under the indenture; 

(3) add guarantees with respect to the notes; 

(4) secure the notes; 
 (5) add
to our covenants or events of default for the benefit of the holders or surrender any right or power conferred upon us; 
 (6) make any
change that does not adversely affect the rights of any holder; 
 (7) in connection with any share exchange event described under
“—Conversion Rights—Recapitalizations, Reclassifications and Changes of Our Common Stock” above, provide that the notes are convertible into reference property, subject to the provisions described under “—Conversion
Rights—Settlement upon Conversion” above, and make certain related changes to the terms of the notes to the extent expressly required by the indenture; 

(8) increase the conversion rate as provided in the indenture; 

(9) provide for the issuance of additional notes in accordance with the limitations set forth in the indenture; 

(10) irrevocably elect or eliminate one of the settlement methods and/or irrevocably elect a specified dollar 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 the provisions described above under the caption “—Conversion Rights—Settlement upon
Conversion”; 
 (11) comply with the rules of any applicable securities depositary in a manner that does not adversely affect the
rights of any holder; or 
 (12) conform the provisions of the indenture to the “Description of Notes” section in the preliminary
offering memorandum, as supplemented by the related pricing term sheet. 

 Holders do not need to approve the particular form of any proposed amendment. It will be
sufficient if such holders approve the substance of the proposed amendment. After an amendment under the indenture becomes effective, we are required to deliver to the holders a notice briefly describing such amendment. However, the failure to give
such notice to all the holders, or any defect in the notice, will not impair or affect the validity of the amendment.     

Discharge 
 We may
satisfy and discharge our obligations under the indenture by delivering to the securities registrar for cancellation all outstanding notes or by depositing with the trustee or delivering to the holders, as applicable, after the notes have become due
and payable, whether at maturity, at any redemption date, at any fundamental change repurchase date, upon conversion or otherwise, cash or cash and/or shares of common stock, solely to satisfy outstanding conversions, as applicable, sufficient to
pay all of the outstanding notes and paying all other sums payable under the indenture by us. Such discharge is subject to terms contained in the indenture.     

Calculations in Respect of Notes 

Except as otherwise provided above, we will be responsible for making all calculations called for under the notes. These calculations include,
but are not limited to, determinations of the stock price, the last reported sale prices of our common stock, the redemption price, the daily VWAPs, the daily conversion values, the daily settlement amounts, accrued interest payable on the notes and
the conversion rate of the notes. We will make all these calculations in good faith and, absent manifest error, our calculations will be final and binding on holders of notes. We will provide a schedule of our calculations to each of the trustee and
the conversion agent, and each of the trustee and the conversion agent is entitled to rely conclusively upon the accuracy of our calculations without independent verification. The trustee will forward our calculations to any holder of notes upon the
request of that holder.     
 Reports 

The indenture will provide that any documents or reports that we are required to file with the SEC pursuant to Section 13 or 15(d) of the
Exchange Act (excluding, for the avoidance of doubt, any such documents or reports (or portions thereof) that are subject to confidential treatment and any correspondence with the SEC) must be filed by us with the trustee within 15 days after the
same are required to be filed with the SEC (giving effect to any grace periods provided by Rule 12b-25 under the Exchange Act). Documents filed by us with the SEC via the EDGAR system will be deemed to be
filed with the trustee as of the time such documents are filed via EDGAR. 
 Rule 144A Information 

At any time we are not subject to Section 13 or 15(d) of the Exchange Act, we will, so long as any of the notes or any shares of our
common stock issuable upon conversion thereof will, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the trustee and will, upon written request, provide to
any holder, beneficial owner or prospective purchaser of such notes or any shares of our common stock issuable upon conversion of such notes the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate
the resale of such notes or shares of our common stock pursuant to Rule 144A under the Securities Act. We will take such further action as any holder or beneficial owner of such notes may reasonably request to the extent from time to time required
to enable such holder or beneficial owner to sell such notes or shares of our common stock in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time. 

 Trustee 

U.S. Bank Trust Company, National Association is the trustee, security registrar, paying agent, bid solicitation agent and conversion agent.
U.S. Bank Trust Company, National Association, in each of its capacities, including without limitation as trustee, security registrar, paying agent and conversion agent, assumes no responsibility for the accuracy or completeness of the information
concerning us or our affiliates or any other party contained in this document or the related documents or for any failure by us or any other party to disclose events that may have occurred and may affect the significance or accuracy of such
information. 
 We may in the future maintain banking relationships in the ordinary course of business with the trustee and its affiliates.
In addition, U.S. Bank Trust Company, National Association (as successor in interest) is the trustee in respect of our 2024 Notes. 

Governing Law 
 The
indenture will provide that it and the notes, and any claim, controversy or dispute arising under or related to the indenture or the notes, will be governed by and construed in accordance with the laws of the State of New
York.     
 No Registration Rights; Additional Interest 

We do not intend to file a shelf registration statement for the resale of the notes or the common stock, if any, issuable upon conversion of
the notes. As a result, you may only resell your notes or shares of common stock issued upon conversion of the notes, if any, pursuant to an exemption from the registration requirements of the Securities Act and other applicable securities laws.

 Under Rule 144 under the Securities Act (“Rule 144”) as currently in effect, a person who acquired notes from us or our
affiliate and who has beneficially owned notes or shares of our common stock issued upon conversion of the notes for at least one year is entitled to sell such notes or shares of our common stock without registration, but only if such person is not
deemed to have been our affiliate at the time of, or at any time during three months immediately preceding, the sale. Furthermore, under Rule 144, a person who acquired notes from us or our affiliate and who has beneficially owned notes or shares of
our common stock issued upon conversion of the notes for at least six months is entitled to sell such notes or shares of our common stock without registration, so long as (i) such person is not deemed to have been our affiliate at the time of,
or at any time during three months immediately preceding, the sale and (ii) we have filed all required reports under Section 13 or 15(d) of the Exchange Act, as applicable, during the twelve months preceding such sale (other than current
reports on Form 8-K). If we are not current in filing our Exchange Act reports, a person who acquires from our affiliate notes or shares of our common stock issued upon conversion of the notes could be
required to hold such notes or shares of our common stock for up to one year following such acquisition. If we are not current in filing our Exchange Act reports, a person who is our affiliate and who owns notes or shares of our common stock issued
upon conversion of the notes could be required to hold such notes or shares of our common stock indefinitely. 
 With respect to the notes,
if, at any time during the six-month period beginning on, and including, the date that is six months after the last date of original issuance of the notes (including any notes issued pursuant to the initial
purchasers’ option to purchase additional notes), we fail to timely file any document or report that we are required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all
applicable grace periods thereunder and other than reports on Form 8-K), or the notes are not otherwise freely tradable pursuant to Rule 144 by holders other than our affiliates or holders that were our
affiliates at any time during the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of the indenture or the notes), we will pay additional interest on the notes. Additional interest will
accrue on the notes at the rate of 0.25% per annum of the principal amount of notes outstanding for each day during the first 90-day period for which our failure to file has occurred and is continuing or the
notes are not otherwise freely tradable as described above by holders other than our affiliates (or holders that were our affiliates at any time during the three months immediately preceding) and 0.50% per annum of the principal amount of notes
outstanding for each day thereafter during which our failure to file has occurred and is continuing or the notes are not otherwise freely tradable as described above by holders other than our affiliates (or holders that were our affiliates at any
time during the three months immediately preceding). 

 Further, with respect to the notes, if, and for so long as, the restrictive legend on the
notes has not been removed, the notes are assigned a restricted CUSIP or the notes are not otherwise freely tradable pursuant to Rule 144 by holders other than our affiliates or holders that were our affiliates at any time during the three months
immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of the indenture or the notes) as of the 380th day after the last date of original issuance of the notes offered hereby, we will pay additional interest on the
notes at a rate equal to 0.50% per annum of the principal amount of notes outstanding until the restrictive legend has been removed from the notes, the notes are assigned an unrestricted CUSIP and the notes are freely tradable as described above by
holders other than our affiliates (or holders that were our affiliates at any time during the three months immediately preceding)). 
 We
cannot assure you that we will be able to remove the restrictive legend from the notes or from any shares of our common stock issued upon conversion of the notes. 

Any note or common stock issued upon the conversion or exchange of a note that is repurchased or owned by any affiliate of us may not be
resold by such affiliate unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such note or common stock, as the case may be, no longer
being a “restricted security” (as defined in Rule 144). 
 The notes will be issued with a restricted CUSIP number. 

Additional interest pursuant to the foregoing provisions will be payable in arrears on each interest payment date following accrual in the
same manner as regular interest on the notes and will be in addition to any additional interest that may accrue at our election as the sole remedy relating to the failure to comply with our reporting obligations as described under “—Events
of Default.” 
 Book-entry, Settlement and Clearance 

The Global Notes 

The notes will be initially issued in the form of one or more registered notes in global form, without interest coupons (the “global
notes”). Upon issuance, each of the global notes will be deposited with the trustee as custodian for DTC and registered in the name of Cede & Co., as nominee of DTC. 

Ownership of beneficial interests in a global note will be limited to persons who have accounts with DTC (“DTC participants”) or
persons who hold interests through DTC participants. We expect that under procedures established by DTC: 
  

	 	•	 upon deposit of a global note with DTC’s custodian, DTC will credit portions of the principal amount of
the global note to the accounts of the DTC participants designated by the initial purchasers; and 

  

	 	•	 ownership of beneficial interests in a global note will be shown on, and transfer of ownership of those
interests will be effected only through, records maintained by DTC (with respect to interests of DTC participants) and the records of DTC participants (with respect to other owners of beneficial interests in the global note). 

Beneficial interests in global notes may not be exchanged for notes in physical, certificated form except in the limited circumstances
described below. 
 The global notes and beneficial interests in the global notes will be subject to restrictions on transfer as described
under “Transfer Restrictions.” 

 Book-entry Procedures for the Global Notes 

All interests in the global notes will be subject to the operations and procedures of DTC and, therefore, you must allow for sufficient time
in order to comply with these procedures if you wish to exercise any of your rights with respect to the notes. We provide the following summary of those operations and procedures solely for the convenience of investors. The operations and procedures
of DTC are controlled by that settlement system and may be changed at any time. Neither we nor the initial purchasers are responsible for those operations or procedures. 

DTC has advised us that it is: 
  

	 	•	 a limited purpose trust company organized under the laws of the State of New York; 

 

	 	•	 a “banking organization” within the meaning of the New York State Banking Law; 

 

	 	•	 a member of the Federal Reserve System; 

 

	 	•	 a “clearing corporation” within the meaning of the Uniform Commercial Code; and

  

	 	•	 a “clearing agency” registered under Section 17A of the Exchange Act. 

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its
participants through electronic book-entry changes to the accounts of its participants. DTC’s participants include securities brokers and dealers, including the initial purchasers; banks and trust companies; clearing corporations and other
organizations. Indirect access to DTC’s system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either
directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC. 

So long as DTC’s nominee is the registered owner of a global note, that nominee will be considered the sole owner or holder of the notes
represented by that global note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a global note: 
  

	 	•	 will not be entitled to have notes represented by the global note registered in their names;

  

	 	•	 will not receive or be entitled to receive physical, certificated notes; and 

 

	 	•	 will not be considered the owners or holders of the notes under the indenture for any purpose, including with
respect to the giving of any direction, instruction or approval to the trustee under the indenture. 

 As a result, each
investor who owns a beneficial interest in a global note must rely on the procedures of DTC to exercise any rights of a holder of notes under the indenture (and, if the investor is not a participant or an indirect participant in DTC, on the
procedures of the DTC participant through which the investor owns its interest). 
 Payments of principal and interest with respect to the
notes represented by a global note will be made by the trustee to DTC’s nominee as the registered holder of the global note. Neither we nor the trustee will have any responsibility or liability for the payment of amounts to owners of beneficial
interests in a global note, for any aspect of the records relating to or payments made on account of those interests by DTC, or for maintaining, supervising or reviewing any records of DTC relating to those interests. 

Payments by participants and indirect participants in DTC to the owners of beneficial interests in a global note will be governed by standing
instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC. 

 Transfers between participants in DTC will be effected under DTC’s procedures and will
be settled in same-day funds. 
 Certificated Notes 

Notes in physical, certificated form will be issued and delivered to each person that DTC identifies as a beneficial owner of the related
notes only if: 
  

	 	•	 DTC notifies us at any time that it is unwilling or unable to continue as depositary for the global notes and a
successor depositary is not appointed within 90 days; 

  

	 	•	 DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not
appointed within 90 days; or 

  

	 	•	 an event of default with respect to the notes has occurred and is continuing and such beneficial owner requests
that its notes be issued in physical, certificated form.

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