Document:

EX-10.1

 Exhibit 10.1 

STANDBY EQUITY PURCHASE AGREEMENT 

THIS STANDBY EQUITY PURCHASE AGREEMENT (this “Agreement”), dated as of November 17, 2022, is made by and between
YA II PN, LTD., a Cayman Islands exempt limited partnership (the “Investor”), and SCILEX HOLDING COMPANY, a company incorporated under the laws of the State of Delaware (the “Company”). 

WHEREAS, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall have the right to
issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to $500 million of the Company’s shares of common stock, par value $0.0001 per share (the “Common
Shares”); and 
 WHEREAS, the Common Shares are listed for trading on the Nasdaq Capital Market under the symbol
“SCLX;” and 
 WHEREAS, the offer and sale of the Common Shares issuable hereunder will be made in reliance upon
Section 4(a)(2) under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Securities Act”), or upon such other exemption from the registration requirements of the Securities Act as
may be available with respect to any or all of the transactions to be made hereunder. 
 NOW, THEREFORE, the parties hereto
agree as follows: 
 Article I. Certain Definitions 

“Additional Shares” shall have the meaning set forth in Section 2.01(d)(ii). 

“Adjusted Advance Amount” shall have the meaning set forth in Section 2.01(d)(i). 

“Advance” shall mean any issuance and sale of Advance Shares by the Company to the Investor pursuant to Article II
hereof. 
 “Advance Date” shall mean the 1st Trading Day after
expiration of the applicable Pricing Period for each Advance. 
 “Advance Notice” shall mean a written notice in the form
of Exhibit A attached hereto to the Investor executed by an officer of the Company and setting forth the number of Advance Shares that the Company desires to issue and sell to the Investor. 

“Advance Notice Date” shall mean each date the Company is deemed to have delivered (in accordance with
Section 2.01(b) of this Agreement) an Advance Notice to the Investor, subject to the terms of this Agreement. 

“Advance Shares” shall mean the Common Shares that the Company shall issue and sell to the Investor pursuant to the terms of
this Agreement. 
 “Agreement” shall have the meaning set forth in the preamble of this Agreement. 

 

 “Applicable Laws” shall mean all applicable laws, statutes, rules,
regulations, orders, executive orders, directives, policies, guidelines and codes having the force of law, whether local, national, or international, as amended from time to time, including without limitation (i) all applicable laws that relate
to money laundering, terrorist financing, financial record keeping and reporting, (ii) all applicable laws that relate to anti-bribery, anti-corruption, books and records and internal controls, including the United States Foreign Corrupt
Practices Act of 1977, and (iii) any Sanctions laws. 
 “Black Out Period” shall have the meaning set forth in
Section 6.02(a). 
 “Closing” shall have the meaning set forth in
Section 2.02. 
 “Commitment Amount” shall mean $500,000,000 of Common Shares. 

“Commitment Shares” shall have the meaning set forth in Section 12.04. 

“Commitment Period” shall mean the period commencing on the date hereof and expiring upon the date of termination of this
Agreement in accordance with Section 10.01. 
 “Common Shares” shall have the meaning set forth
in the recitals of this Agreement. 
 “Company” shall have the meaning set forth in the preamble of this Agreement. 

“Company Indemnitees” shall have the meaning set forth in Section 5.02. 

“Condition Satisfaction Date” shall have the meaning set forth in Section 7.01. 

“Daily Traded Amount” shall mean the daily trading volume of the Company’s Common Shares on the Principal Market during
regular trading hours as reported by Bloomberg L.P. 
 “Environmental Laws” shall have the meaning set forth in
Section 4.13. 
 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder. 
 “Exchange Cap” shall have the meaning set forth in
Section 2.01(c)(iii). 
 “Excluded Day” shall have the meaning set forth in
Section 2.01(d)(i). 
 “Hazardous Materials” shall have the meaning set forth in
Section 4.13. 
 “Indemnified Liabilities” shall have the meaning set forth in
Section 5.01. 
 “Investor” shall have the meaning set forth in the preamble of this Agreement.

 “Investor Indemnitees” shall have the meaning set forth in Section 5.01. 

“Market Price” shall mean the lowest daily VWAP of the Common Shares during the relevant Pricing Period, other than the daily
VWAP on any Excluded Days. 

  
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 “Material Adverse Effect” shall mean any event, occurrence or condition
that has had or would reasonably be expected to have (i) a material adverse effect on the legality, validity or enforceability of this Agreement or the transactions contemplated herein, (ii) a material adverse effect on the results of
operations, assets, business or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its
obligations under this Agreement. 
 “Material Outside Event” shall have the meaning set forth in
Section 6.08. 
 “Maximum Advance Amount” in respect of each Advance Notice means an amount equal
to 200% of the average of the Daily Traded Amount during the five Trading Days immediately preceding an Advance Notice. 
 “Minimum
Acceptable Price” or “MAP” shall mean the minimum price notified by the Company to the Investor in each Advance Notice, if applicable. 

“OFAC” shall have the meaning set forth in Section 4.29. 

“Ownership Limitation” shall have the meaning set forth in Section 2.01(c)(i). 

“Person” shall mean an individual, a corporation, a partnership, a limited liability company, a trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “Plan of
Distribution” shall mean the section of a Registration Statement disclosing the plan of distribution of the Shares. 

“Pricing Period” shall mean the two (2) consecutive Trading Days commencing on the Advance Notice Date. 

“Principal Market” shall mean the Nasdaq Capital Market; provided however, that in the event the Common Shares are
ever listed or traded on the Nasdaq Global Market, the New York Stock Exchange, or the NYSE American, then the “Principal Market” shall mean such other market or exchange on which the Common Shares are then listed or traded to the extent
such other market or exchange is the principal trading market or exchange for the Common Shares. 
 “Prospectus” shall mean
any prospectus (including, without limitation, all amendments and supplements thereto) used by the Company in connection with a Registration Statement. 

“Prospectus Supplement” shall mean any prospectus supplement to a Prospectus filed with the SEC pursuant to Rule 424(b) under
the Securities Act, including, without limitation, any prospectus supplement to be filed in accordance with Section 6.01 hereof. 

“Purchase Price” shall mean the price per Advance Share obtained by multiplying the Market Price by 98%. 

“Registrable Securities” shall mean (i) the Shares, and (ii) any securities issued or issuable with respect to any
of the foregoing by way of exchange, stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. 

  
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 “Registration Limitation” shall have the meaning set forth in
Section 2.01(c)(ii). 
 “Registration Statement” shall mean a registration statement on Form S-1 or Form S-3 or on such other form promulgated by the SEC for which the Company then qualifies and which counsel for the Company shall deem appropriate, and which form
shall be available for the registration of the resale by the Investor of the Registrable Securities under the Securities Act, which registration statement provides for the resale from time to time of the Shares as provided herein. 

“Regulation D” shall mean the provisions of Regulation D promulgated under the Securities Act. 

“Sanctions” shall have the meaning set forth in Section 4.29. 

“Sanctioned Countries” shall have the meaning set forth in Section 4.29. 

“SEC” shall mean the U.S. Securities and Exchange Commission. 

“SEC Documents” shall have the meaning set forth in Section 4.05. 

“Securities Act” shall have the meaning set forth in the recitals of this Agreement. 

“Settlement Document” shall have the meaning set forth in Section 2.02(a). 

“Shares” shall mean the Commitment Shares and the Common Shares to be issued from time to time hereunder pursuant to an
Advance. 
 “Subsidiaries” shall mean any Person in which the Company, directly or indirectly, (x) owns a majority of
the outstanding capital stock or holds a majority of the equity or similar interest of such Person or (y) controls or operates all or substantially all of the business, operations or administration of such Person, and the foregoing are
collectively referred to herein as “Subsidiaries.” 
 “Trading Day” shall mean any day during which the
Principal Market shall be open for business. 
 “Transaction Documents” shall have the meaning set forth in
Section 4.02. 
 “VWAP” shall mean for any Trading Day, the daily volume weighted average price
of the Common Shares for such Trading Day on the Principal Market during regular trading hours as reported by Bloomberg L.P. 

  
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 Article II. Advances 

Section 2.01 Advances; Mechanics. Upon the terms and subject to the conditions of this Agreement, during the Commitment Period, the Company, at its
sole and absolute discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and the Investor shall purchase from the Company, Advance Shares by the delivery to the Investor of Advance Notices on the following
terms: 
  

	 	(a)	 Advance Notice. At any time during the Commitment Period the Company may require the Investor to
purchase Shares by delivering an Advance Notice to the Investor, subject to the satisfaction or waiver by the Investor of the conditions set forth in Section 7.01, and in accordance with the following provisions:

  

	 	(i)	 The Company shall, in its sole and absolute discretion, select the number of Advance Shares, not to exceed the
Maximum Advance Amount, it desires to issue and sell to the Investor in each Advance Notice and the time it desires to deliver each Advance Notice. 

  

	 	(ii)	 There shall be no mandatory minimum Advances and no non-usages fee for
not utilizing the Commitment Amount or any part thereof. 

 (b) Date of Delivery of Advance Notice. Advance Notices
shall be delivered in accordance with the instructions set forth on the bottom of Exhibit A attached hereto. An Advance Notice shall be deemed delivered on (i) the day it is received by the Investor if such notice is received by email at
or before 8:30 a.m. Eastern Time (or later if waived by the Investor in its sole discretion), or (ii) the immediately succeeding day if it is received by email after 8:30 a.m. Eastern Time. 

(c) Advance Limitations. Regardless of the number of Advance Shares requested by the Company in the Advance Notice, the final number of
Shares to be issued and sold pursuant to an Advance Notice shall be reduced (if at all) in accordance with each of the following limitations: 
  

	 	(i)	 Ownership Limitation; Commitment Amount. At the request of the Company, the Investor will inform the
Company in writing of the amount of shares the Investor currently beneficially owns. Notwithstanding anything to the contrary contained in this Agreement, the Investor shall not be obligated to purchase or acquire, and shall not purchase or acquire,
any Common Shares under this Agreement which, when aggregated with all other Common Shares beneficially owned by the Investor and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor and its affiliates (on an aggregated basis) to exceed 4.99% of the then outstanding voting power or number of Common Shares
(the “Ownership Limitation”). Upon the written request of the Investor, the Company shall promptly (but no later than the next business day on which the transfer agent for the Common Shares is open for business) confirm

  
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orally or in writing to the Investor the number of Common Shares then outstanding. In connection with each Advance Notice delivered by the Company, any portion of the number of Advance Shares
that would (i) cause the Investor to exceed the Ownership Limitation or (ii) cause the aggregate number of Shares issued and sold to the Investor hereunder to exceed the Commitment Amount shall automatically be withdrawn with no further
action required by the Company, and such Advance Notice shall be deemed automatically modified to reduce the number of Advance Shares requested by an amount equal to such withdrawn portion; provided that in the event of any such automatic
withdrawal and automatic modification, the Investor will promptly notify the Company of such event. 

  

	 	(ii)	 Registration Limitation. In no event shall an Advance exceed the amount registered in respect of the
transactions contemplated hereby under the Registration Statement then in effect (the “Registration Limitation”). In connection with each Advance Notice, any portion of an Advance that would exceed the Registration Limitation shall
automatically be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested Advance by an amount equal to such withdrawn portion;
provided that in the event of any such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event. 

  

	 	(iii)	 Exchange Cap. Notwithstanding anything to the contrary herein, the Company shall not effect any
sales under this Agreement and the Investor shall not have the obligation to purchase Common Shares under this Agreement to the extent (but only to the extent) that after giving effect to such purchase and sale the aggregate number of Common Shares
issued under this Agreement would exceed 19.9% of the aggregate amount of Common Shares issued and outstanding as of the date of this Agreement (the “Exchange Cap”); provided that, the Exchange Cap will not apply if
(a) the Company’s stockholders have approved issuances in excess of the Exchange Cap in accordance with the rules of the Principal Market, or (b) the average price of all applicable sales of Common Shares hereunder (including any
sales covered by an Advance Notice that has been delivered prior to the determination of whether this clause (b) applies) equals or exceeds $8.77 per share (which represents the lower of (i) the Nasdaq Official Closing Price (as reflected
on Nasdaq.com) immediately preceding the date of this Agreement or (ii) the average Nasdaq Official Closing Price for the five Trading Days immediately preceding the date of this Agreement). In connection with each Advance Notice, any portion
of an Advance that would exceed the Exchange Cap shall automatically be withdrawn with no further action required by the Company and such Advance Notice shall be deemed automatically modified to reduce the aggregate amount of the requested Advance
by an amount equal to such withdrawn portion in respect of each Advance Notice; provided that in the event of any such automatic withdrawal and automatic modification, the Investor will promptly notify the Company of such event.

  
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	 	(d)	 Minimum Acceptable Price. 

 

	 	(i)	 With respect to each Advance Notice, the Company may notify the Investor of the MAP with respect to such
Advance by indicating a MAP on such Advance Notice. If no MAP is specified in an Advance Notice, then no MAP shall be in effect in connection with such Advance. Each Trading Day during a Pricing Period for which (A) with respect to each Advance
Notice with a MAP, the VWAP of the Common Shares is below the MAP in effect with respect to such Advance Notice, or (B) there is no VWAP (each such day, an “Excluded Day”), shall result in an automatic reduction to the number
of Advance Shares set forth in such Advance Notice by one half (the resulting amount of each Advance being the “Adjusted Advance Amount”), and each Excluded Day shall be excluded from the Pricing Period for purposes of determining
the Market Price. 

  

	 	(ii)	 The total Advance Shares in respect of each Advance (after reductions have been made to arrive at the Adjusted
Advance Amount, if any) shall be automatically increased by such number of Common Shares (the “Additional Shares”) equal to the number of Common Shares sold by the Investor on such Excluded Day, if any, and the price paid per share
for each Additional Share shall be equal to the MAP in effect with respect to such Advance Notice multiplied by 98%, provided that this increase shall not cause the total Advance Shares to exceed the amount set forth in the original Advance
Notice or any limitations set forth in Section 2.01(c). 

  

	 	(e)	 Unconditional Contract. Notwithstanding any other provision in this Agreement, the Company and the
Investor acknowledge and agree that upon the Investor’s receipt of a valid Advance Notice from the Company, the parties shall be deemed to have entered into an unconditional contract binding on both parties for the purchase and sale of Advance
Shares pursuant to such Advance Notice in accordance with the terms of this Agreement and (i) subject to Applicable Laws and (ii) subject to Section 3.10 (Trading Activities), the Investor may sell Common Shares
during the Pricing Period. 

 Section 2.02 Closings. The closing of each Advance and each sale and purchase of Advance Shares
(each, a “Closing”) shall take place as soon as practicable on or after each Advance Date in accordance with the procedures set forth below. The parties acknowledge that the Purchase Price is not known at the time the Advance Notice
is delivered (at which time the Investor is irrevocably bound) but shall be determined on each Closing based on the daily prices of the Common Shares that are the inputs to the determination of the Purchase Price as set forth further below. In
connection with each Closing, the Company and the Investor shall fulfill each of its obligations as set forth below: 

  
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	 	(a)	 On each Advance Date, the Investor shall deliver to the Company a written document, in the form attached hereto
as Exhibit B (each a “Settlement Document”), setting forth the final number of Shares to be purchased by the Investor (taking into account any adjustments pursuant to Section 2.01), the Market Price,
the Purchase Price, the aggregate proceeds to be paid by the Investor to the Company, and a report by Bloomberg, L.P. indicating the VWAP for each of the Trading Days during the Pricing Period (or, if not reported on Bloomberg, L.P., another
reporting service reasonably agreed to by the parties), in each case in accordance with the terms and conditions of this Agreement. 

  

	 	(b)	 Promptly after receipt of the Settlement Document with respect to each Advance (and, in any event, not later
than one Trading Day after such receipt), the Company will, or will cause its transfer agent to, electronically transfer such number of Advance Shares to be purchased by the Investor (as set forth in the Settlement Document) by crediting the
Investor’s account or its designee’s account at the Depository Trust Company through its Deposit Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto, and transmit
notification to the Investor that such share transfer has been requested. Promptly upon receipt of such notification, the Investor shall pay to the Company the aggregate purchase price of the Shares (as set forth in the Settlement Document) in cash
in immediately available funds to an account designated by the Company in writing and transmit notification to the Company that such funds transfer has been requested. No fractional shares shall be issued, and any fractional amounts shall be rounded
to the next higher whole number of shares. To facilitate the transfer of the Common Shares by the Investor, the Common Shares will not bear any restrictive legends so long as there is an effective Registration Statement covering the resale of such
Common Shares (it being understood and agreed by the Investor that notwithstanding the lack of restrictive legends, the Investor may only sell such Common Shares pursuant to the Plan of Distribution set forth in the Prospectus included in the
Registration Statement and otherwise in compliance with the requirements of the Securities Act (including any applicable prospectus delivery requirements) or pursuant to an available exemption). 

 

	 	(c)	 Notwithstanding Section 2.02(b), the certificate(s) or book-entry statement(s)
representing the Commitment Shares issued prior to the date the Registration Statement is declared effective by the SEC shall bear a restrictive legend in substantially the following form (and stop transfer instructions may be placed against
transfer of the Commitment Shares): 

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES REPRESENTED HEREBY HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH STATE SECURITIES LAWS
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. 

  
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	 	(d)	 On or prior to the Advance Date, each of the Company and the Investor shall deliver to the other all documents,
instruments and writings expressly required to be delivered by either of them pursuant to this Agreement in order to implement and effect the transactions contemplated herein. 

 

	 	(e)	 On or prior to the first Closing, the Investor shall deliver to the Company a duly executed IRS Form W-8BEN-E, IRS Form W-8IMY (with all relevant attachments), or other applicable IRS Form W-8 or W-9, and any other similar Tax documentation reasonably requested by the Company. The Investor shall update any such form or certification (or any applicable successor form) promptly upon the obsolescence or
invalidity of any form previously delivered by such Investor. 

  

	 	(f)	 Notwithstanding anything to the contrary in this Agreement, if on any day during the Pricing Period
(i) the Company notifies the Investor that a Material Outside Event has occurred, or (ii) the Company notifies the Investor of a Black Out Period, the parties agree that the pending Advance shall end and the final number of Advance Shares
to be purchased by the Investor at the Closing for such Advance shall be equal to the number of Common Shares sold by the Investor during the applicable Pricing Period prior to the notification from the Company of a Material Outside Event or Black
Out Period. 

 Section 2.03 Hardship. 
  

	 	(a)	 In the event the Investor sells Common Shares after receipt of an Advance Notice and the Company fails to
perform its obligations as mandated in Section 2.02, the Company agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which
the Investor is entitled at law or in equity, including, without limitation, specific performance, it will hold the Investor harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising
out of or in connection with such default by the Company and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Investor shall be entitled to an injunction or injunctions to prevent
such breaches of this Agreement and to specifically enforce (subject to Applicable Laws and the rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement. 

 

	 	(b)	 In the event the Company provides an Advance Notice and the Investor fails to perform its obligations as
mandated in Section 2.02, the Investor agrees that in addition to and in no way limiting the rights and obligations set forth in Article V hereto and in addition to any other remedy to which the Company is entitled
at law or in equity, including, without limitation, specific performance, it will hold the Company harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with
such default by the Investor and acknowledges that irreparable damage may occur in the event of any such default. It is accordingly agreed that the Company shall be entitled to an injunction or injunctions to prevent such breaches of this Agreement
and to specifically enforce (subject to the Securities Act and the rules of the Principal Market), without the posting of a bond or other security, the terms and provisions of this Agreement. 

  
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 Section 2.04 Completion of Resale Pursuant to the Registration Statement. The Company will be
under no further obligation to maintain the effectiveness of the Registration Statement after the earlier to occur of (a) the date on which the Investor has purchased the full Commitment Amount and has completed the subsequent resale of the
full Commitment Amount pursuant to the Registration Statement, in which case the Investor will notify the Company in writing that all subsequent resales are completed, (b) the 180th day
following the date on which the Investor has purchased the full Commitment Amount, or (c) the 180th day following the termination of this Agreement in accordance with its terms. 

Article III. Representations and Warranties of the Investor 

The Investor represents and warrants to the Company, as of the date hereof, as of each Advance Notice Date and as of each Advance Date that:

 Section 3.01 Organization and Authorization. The Investor is duly organized, validly existing and in good standing under the laws of the
Cayman Islands and has the requisite corporate power and authority to execute, deliver and perform this Agreement, including all transactions contemplated hereby. The decision to invest and the execution and delivery of this Agreement by the
Investor, the performance by the Investor of its obligations hereunder and the consummation by the Investor of the transactions contemplated hereby have been duly authorized and require no other proceedings on the part of the Investor. The
undersigned has the right, power and authority to execute and deliver this Agreement and all other instruments on behalf of the Investor or its shareholders. This Agreement has been duly executed and delivered by the Investor and, assuming the
execution and delivery hereof and acceptance thereof by the Company, will constitute the legal, valid and binding obligations of the Investor, enforceable against the Investor in accordance with its terms. 

Section 3.02 Evaluation of Risks. The Investor has such knowledge and experience in financial, tax and business matters as to be capable of
evaluating the merits and risks of, and bearing the economic risks entailed by, an investment in the Common Shares of the Company and of protecting its interests in connection with the transactions contemplated hereby. The Investor acknowledges and
agrees that its investment in the Company involves a high degree of risk, and that the Investor may lose all or a part of its investment. 

Section 3.03 No Legal, Investment or Tax Advice from the Company. The Investor acknowledges that it had the opportunity to review this Agreement
and the transactions contemplated by this Agreement with its own legal counsel and investment and tax advisors. The Investor is relying solely on such counsel and advisors and not on any statements or representations of the Company or any of the
Company’s representatives or agents for legal, tax, investment or other advice with respect to the Investor’s acquisition of Common Shares hereunder, the transactions contemplated by this Agreement or the laws of any jurisdiction, and the
Investor acknowledges that the Investor may lose all or a part of its investment. 
 Section 3.04 Investment Purpose. The Investor is acquiring
the Common Shares for its own account, for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration
requirements of the Securities Act; provided, however, that by making the 

  
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representations herein, the Investor does not agree, or make any representation or warranty, to hold any of the Shares for any minimum or other specific term and reserves the right to dispose of
the Shares at any time in accordance with, or pursuant to, a Registration Statement filed pursuant to this Agreement or an applicable exemption under the Securities Act. The Investor does not presently have any agreement or understanding, directly
or indirectly, with any Person to sell or distribute any of the Shares. The Investor is acquiring the Shares hereunder in the ordinary course of the business. The Investor acknowledges that it will be disclosed as an “underwriter” and a
“selling stockholder” in each Registration Statement and in any prospectus contained therein. 
 Section 3.05 Accredited Investor. The
Investor is an “Accredited Investor” as that term is defined in Rule 501(a)(3) of Regulation D. 
 Section 3.06 Information.
The Investor and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and operations of the Company and information the Investor deemed material to making an informed investment decision.
The Investor and its advisors (and its counsel), if any, have been afforded the opportunity to ask questions of the Company and its management and have received answers to such questions. Neither such inquiries nor any other due diligence
investigations conducted by such Investor or its advisors (and its counsel), if any, or its representatives shall modify, amend or affect the Investor’s right to rely on the Company’s representations and warranties contained in this
Agreement. The Investor acknowledges and agrees that the Company has not made to the Investor, and the Investor acknowledges and agrees it has not relied upon, any representations and warranties of the Company, its employees or any third party other
than the representations and warranties of the Company contained in this Agreement. The Investor understands that its investment involves a high degree of risk. The Investor has sought such accounting, legal and tax advice, as it has considered
necessary to make an informed investment decision with respect to the transactions contemplated hereby. 
 Section 3.07 Not an Affiliate. The
Investor is not an officer, director or a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with the Company or any “Affiliate” of the Company (as that term is
defined in Rule 405 promulgated under the Securities Act). 
 Section 3.08 No Prior Short Sales. At no time prior to the date of this Agreement
has the Investor, its sole member, any of their respective officers, or any entity managed or controlled by the Investor or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own principal account, any
(i) “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares that remains in
effect as of the date of this Agreement. 
 Section 3.09 General Solicitation. Neither the Investor, nor any of its affiliates, nor any person
acting on its or their behalf, has engaged or will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Common Shares by the Investor. 

  
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 Section 3.10 Trading Activities. The Investor’s trading activities with respect to the
Common Shares shall be in compliance with all applicable federal and state securities laws, rules and regulations and the rules and regulations of the Principal Market. Neither the Investor nor its affiliates has any open short position in the
Common Shares, and the Investor agrees that it shall not, and that it will cause its affiliates not to, engage in any short sales with respect to the Common Shares; provided that the Company acknowledges and agrees that upon receipt of an Advance
Notice the Investor has the right to sell (i) the Shares to be issued to the Investor pursuant to the Advance Notice prior to receiving such Shares, or (ii) other Common Shares sold by the Company to Investor pursuant to this Agreement and
which the Company has continuously held as a long position. 
 Article IV. Representations and Warranties of the Company 

Except as set forth in the SEC Documents, the Company represents and warrants to the Investor that, as of the date hereof, each Advance Notice
Date and each Advance Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct as written as of such certain date): 

Section 4.01 Organization and Qualification. Each of the Company and its Subsidiaries is an entity duly organized and validly existing under the
laws of their respective jurisdiction of organization, and has the requisite power and authority to own its properties and to carry on its business as now being conducted. Each of the Company and its Subsidiaries is duly qualified to do business and
is in good standing (to the extent applicable) in every jurisdiction in which the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not
have a Material Adverse Effect. 
 Section 4.02 Authorization, Enforcement, Compliance with Other Instruments. The Company has the requisite
corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue the Shares in accordance with the terms hereof and thereof. The execution and delivery by the Company of
this Agreement and the other Transaction Documents, and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) have been or (with respect to
consummation) will be duly authorized by the Company’s board of directors and no further consent or authorization will be required by the Company, its board of directors or its shareholders. This Agreement and the other Transaction Documents to
which the Company is a party have been (or, when executed and delivered, will be) duly executed and delivered by the Company and, assuming the execution and delivery thereof and acceptance by the Investor, constitute (or, when duly executed and
delivered, will be) the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles of equity or applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or other laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification and to contribution may be
limited by federal or state securities law. “Transaction Documents” means, collectively, this Agreement and each of the other agreements and instruments entered into or delivered by any of the parties hereto in connection with the
transactions contemplated hereby and thereby, as may be amended from time to time. 

  
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 Section 4.03 Authorization of the Shares. The Shares to be issued under this Agreement have
been, or with respect to Shares to be purchased by the Investor pursuant to an Advance Notice, will be, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, or a
duly authorized executive committee, against payment therefor as provided herein, duly and validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including
any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform to the description thereof
set forth in or incorporated into the Prospectus. 
 Section 4.04 No Conflict. The execution, delivery and performance of the Transaction
Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Common Shares) will not (i) result in a violation of the articles of
incorporation or other organizational documents of the Company or its Subsidiaries (with respect to consummation, as the same may be amended prior to the date on which any of the transactions contemplated hereby are consummated), (ii) conflict with,
or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which
the Company or its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to the Company or its Subsidiaries or by
which any property or asset of the Company or its Subsidiaries is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material Adverse Effect. 

Section 4.05 SEC Documents; Financial Statements. The Company has timely filed (giving effect to permissible extensions in accordance with Rule 12b-25 under the Exchange Act) all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant to the Exchange Act since November 11, 2022 (such filings and
amendments of such filings after the date hereof or filed after the date hereof, and all exhibits included therein and financial statements and schedules thereto and documents incorporated by reference therein, and all registration statements filed
by the Company under the Securities Act (including any Registration Statements filed hereunder), being hereinafter referred to as the “SEC Documents”). The Company has delivered or made available to the Investor through the
SEC’s website at http://www.sec.gov, true and complete copies of the SEC Documents. As of their respective dates (or, with respect to any filing that has been amended or superseded, the date of such amendment or superseding filing), the SEC
Documents complied in all material respects with the requirements of the Exchange Act or the Securities Act, as applicable, and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents, and did not contain any
untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
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 Section 4.06 Financial Statements. The consolidated financial statements of the Company included
or incorporated by reference in the SEC Documents, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries as of the dates indicated and the
consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with
generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as are noted therein, (ii) in the case of unaudited
interim financial statements, to the extent such financial statements may not include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which are not material, either individually or in the
aggregate) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the SEC Documents are accurately and fairly presented and prepared on a basis
consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the SEC Documents that are not included or
incorporated by reference as required; the Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in
the SEC Documents (excluding the exhibits thereto); and all disclosures contained or incorporated by reference in the SEC Documents regarding “non-GAAP financial measures” (as such term is defined by
the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. The
interactive data in eXtensible Business Reporting Language included or incorporated by reference in the SEC Documents fairly presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules
and guidelines applicable thereto. 
 Section 4.07 Registration Statement and Prospectus. Each Registration Statement, if and when filed, and
the offer and sale of Shares as contemplated hereby, will meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required
to be described in a Registration Statement or a Prospectus, or to be filed as exhibits to a Registration Statement have been so described or filed. Copies of each Registration Statement, any Prospectus, and any such amendments or supplements
thereto and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to the Investor and its counsel. The Company has not
distributed and, prior to the later to occur of each Advance Date and completion of the distribution of the Shares, will not distribute any offering material in connection with the offering or sale of the Shares other than a Registration Statement
and the Prospectus to which the Investor has consented, other than as required by Applicable Laws. 
 Section 4.08 No Misstatement or Omission.
Each Registration Statement, when it became or becomes effective, and any Prospectus, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each
Advance Date, the Registration Statement, and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. Each Registration Statement, when it became or becomes effective, did not, and will
not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. Each Prospectus did not, or will not,

  
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include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
The documents incorporated by reference in a Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material
fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements
in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by the Investor specifically for use in the preparation thereof. 

Section 4.09 Conformity with Securities Act and Exchange Act. Each Registration Statement, each Prospectus, or any amendment or supplement
thereto, and the documents incorporated by reference in each Registration Statement, Prospectus or any amendment or supplement thereto, when such documents were or are filed with the SEC under the Securities Act or the Exchange Act or became or
become effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

Section 4.10 Equity Capitalization. As of the date hereof, the authorized capital of the Company consists of 785,000,000 shares of capital stock,
of which 740,000,000 shares are designated common stock, par value $0.0001 per share, and 45,000,000 shares of preferred stock, of which 29,057,097 shares are designated as “Series A Preferred Stock.” As of the date hereof, the Company had
141,098,856 shares of common stock outstanding and 29,057,097 shares of Series A Preferred Stock outstanding. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are currently listed on a Principal Market under
the trading symbol “SCLX.” The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Shares under the Exchange Act, delisting the Common Shares from the Principal Market, nor
has the Company received any notification that the Commission or the Principal Market is contemplating terminating such registration or listing. To the Company’s knowledge, it is in compliance with all applicable listing requirements of the
Principal Market. 
 Section 4.11 Intellectual Property Rights. The Company and its Subsidiaries own or possess adequate rights or licenses to
use all material trademarks, trade names, service marks, service mark registrations, service names, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and rights, if any, necessary to
conduct their respective businesses as now conducted, except as would not cause a Material Adverse Effect. The Company and its Subsidiaries have not received written notice of any infringement by the Company or its Subsidiaries of trademark, trade
name rights, patents, patent rights, copyrights, inventions, licenses, service names, service marks, service mark registrations, or trade secrets, except as would not cause a Material Adverse Effect. To the knowledge of the Company, there is no
claim, action or proceeding being made or brought against, or to the Company’s knowledge, being threatened against the Company or its Subsidiaries regarding trademark, trade name, patents, patent rights, invention, copyright, license, service
names, service marks, service mark registrations, trade secret or other infringement, except as would not cause a Material Adverse Effect. 

  
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 Section 4.12 Employee Relations. Neither the Company nor any of its Subsidiaries is involved in
any labor dispute nor, to the knowledge of the Company or any of its Subsidiaries, is any such dispute threatened, in each case which is reasonably likely to cause a Material Adverse Effect. 

Section 4.13 Environmental Laws. To the Company’s knowledge, the Company and its Subsidiaries (i) have not received written notice
alleging any failure to comply in all material respects with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective
businesses and (iii) have not received written notice alleging any failure to comply with all terms and conditions of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply
would be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. The term “Environmental Laws” means all applicable federal, state and local laws relating to pollution or protection of human health
or the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals,
pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered, promulgated
or approved thereunder. 
 Section 4.14 Title. Except as would not cause a Material Adverse Effect, the Company (or its Subsidiaries) has
indefeasible fee simple or leasehold title to its properties and material assets owned by it, free and clear of any pledge, lien, security interest, encumbrance, claim or equitable interest other than such as are not material to the business of the
Company. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Company and its Subsidiaries. 
 Section 4.15 Insurance. The Company and each of its
Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its
Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not have a Material Adverse Effect. 
 Section 4.16 Regulatory Permits. Except as would not cause a Material
Adverse Effect, the Company and its Subsidiaries possess or have applied for all material certificates, authorizations and permits issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct their respective
businesses, and neither the Company nor any such Subsidiary has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. 

  
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 Section 4.17 Internal Accounting Controls. The Company maintains a system of internal accounting
controls sufficient to provide reasonable assurance 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 generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 

Section 4.18 Absence of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending against or affecting the Company, the Common Shares or any of the Company’s Subsidiaries, wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect.

 Section 4.19 Subsidiaries. The Company does not, directly or indirectly, own or control any interest in any other corporation, partnership,
association or other business entity, except as set forth in Schedule I attached hereto or in the SEC Documents. 
 Section 4.20 Tax
Status. Except as would not have a Material Adverse Effect, each of the Company and its Subsidiaries (i) has timely made or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any
jurisdiction to which it is subject, (ii) has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being
contested in good faith and (iii) has set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. The Company has not received
written notification of any unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim where failure to pay would cause
a Material Adverse Effect. 
 Section 4.21 Certain Transactions. Except as not required to be disclosed pursuant to Applicable Laws, none of the
officers or directors of the Company is presently a party to any transaction with the Company (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer or director, or to the knowledge of the Company, any corporation, partnership, trust or other entity in which any
officer or director has a substantial interest or is an officer, director, trustee or partner. 
 Section 4.22 Rights of First Refusal. The
Company is not obligated to offer the Common Shares offered hereunder on a right of first refusal basis to any third parties including, but not limited to, current or former shareholders of the Company, underwriters, brokers, agents or other third
parties. 
 Section 4.23 Dilution. The Company is aware and acknowledges that issuance of Common Shares hereunder could cause dilution to
existing shareholders and could significantly increase the outstanding number of Common Shares. 

  
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 Section 4.24 Acknowledgment Regarding the Investor’s Purchase of Shares. The
Company acknowledges and agrees that the Investor is acting solely in the capacity of an arm’s length investor with respect to this Agreement and the transactions contemplated hereunder. The Company further acknowledges that the Investor is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereunder and any advice given by the Investor or any of its representatives or agents in
connection with this Agreement and the transactions contemplated hereunder is merely incidental to the Investor’s purchase of the Shares hereunder. The Company is aware and acknowledges that it shall not be able to request Advances under this
Agreement if the Registration Statement is not effective or if any issuances of Common Shares pursuant to any Advances would violate any rules of the Principal Market. The Company acknowledged and agrees that it is capable of evaluating and
understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement. 
 Section 4.25
Finder’s Fees. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated.

Section 4.26 Relationship of the Parties. Neither the Company, nor any of its subsidiaries, affiliates, nor any person acting on its or their
behalf is a client or customer of the Investor or any of its affiliates and neither the Investor nor any of its affiliates has provided, or will provide, any services to the Company or any of its affiliates, its subsidiaries, or any person acting on
its or their behalf. The Investor’s relationship to Company is solely as investor as provided for in the Transaction Documents.
 Section 4.27
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 the Registration Statement or a Prospectus has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith. 
 Section 4.28 Compliance with Laws. The Company and each
of its Subsidiaries are in compliance with Applicable Laws; the Company has not received a notice of non-compliance, nor knows of, nor has reasonable grounds to know of, any facts that any director, officer,
or employee of the Company or any Subsidiary nor, to the Company’s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary, has not complied with Applicable Laws, or could give rise to a notice of non-compliance with Applicable Laws, and is not aware of any pending change or contemplated change to any applicable law or regulation or governmental position; in each case that would have a Material Adverse
Effect. 
 Section 4.29 Sanctions Matters. Neither the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director,
officer or controlled affiliate of the Company or any director or officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions administered or enforced by the U.S. Department of
Treasury’s Office of Foreign Asset Control (“OFAC”), the United Nations Security Council, the European Union, His Majesty’s Treasury, or other relevant sanctions authorities with jurisdiction over the Company and its
Subsidiaries, including, without limitation, designation on OFAC’s Specially Designated Nationals and Blocked Persons List or OFAC’s Foreign Sanctions Evaders List or 

  
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other relevant sanctions authority (collectively, “Sanctions”), or (ii) located, organized or resident in a country or territory that is the subject of Sanctions that
broadly prohibit dealings with that country or territory (including, without limitation, the Crimea region, the Donetsk People’s Republic and Luhansk People’s Republic in Ukraine, Cuba, Iran, North Korea, Russia, Sudan and Syria (the
“Sanctioned Countries”)). Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds from the sale of Advance Shares, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other Person (a) for the purpose of funding or facilitating any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject
of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions or Applicable Laws by any Person (including any Person participating in the transactions contemplated by this Agreement, whether as
underwriter, advisor, investor or otherwise). For the past five years, neither the Company nor any of its Subsidiaries has engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any country or territory, that at
the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country. Neither the Company nor any of its Subsidiaries nor any director, officer or controlled affiliate of the Company or any of its Subsidiaries, has
ever had funds blocked by a United States bank or financial institution, temporarily or otherwise, as a result of OFAC concerns. 

Article V. Indemnification 

The Investor and the Company represent to the other the following with respect to itself: 

Section 5.01 Indemnification by the Company. In consideration of the Investor’s execution and delivery of this Agreement and acquiring the
Shares hereunder, and in addition to all of the Company’s other obligations under this Agreement, the Company shall defend, protect, indemnify and hold harmless the Investor and its investment manager, Yorkville Advisors Global, LP, and each of
their respective officers, directors, managers, members, partners, employees and agents (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the “Investor Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs,
penalties, fees, liabilities and damages, and reasonable and documented expenses in connection therewith (irrespective of whether any such Investor Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by the Investor Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of
or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written
information furnished to the Company by or on behalf of the Investor specifically for inclusion therein; (b) any material misrepresentation or breach of any 

  
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material representation or material warranty made by the Company in this Agreement or any other certificate, instrument or document contemplated hereby or thereby; or (c) any material breach
of any material covenant, material agreement or material obligation of the Company contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby. To the extent that the foregoing undertaking by the
Company may be unenforceable under Applicable Laws, the Company shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under Applicable Laws. 

Section 5.02 Indemnification by the Investor. In consideration of the Company’s execution and delivery of this Agreement, and in addition to
all of the Investor’s other obligations under this Agreement, the Investor shall defend, protect, indemnify and hold harmless the Company and all of its officers, directors, shareholders, employees and agents (including, without limitation,
those retained in connection with the transactions contemplated by this Agreement) and each person who controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the
“Company Indemnitees”) from and against any and all Indemnified Liabilities incurred by the Company Indemnitees or any of them as a result of, or arising out of, or relating to (a) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement for the registration of the Shares as originally filed or in any amendment thereof, or in any related prospectus, or in any amendment thereof or supplement thereto, or arise out of
or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Investor will only be liable for written
information relating to the Investor furnished to the Company by or on behalf of the Investor specifically for inclusion in the documents referred to in the foregoing indemnity, and will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Investor
by or on behalf of the Company specifically for inclusion therein; (b) any misrepresentation or breach of any representation or warranty made by the Investor in this Agreement or any instrument or document contemplated hereby or thereby
executed by the Investor; or (c) any breach of any covenant, agreement or obligation of the Investor contained in this Agreement or any other certificate, instrument or document contemplated hereby or thereby executed by the Investor. To the
extent that the foregoing undertaking by the Investor may be unenforceable under Applicable Laws, the Investor shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities, which is permissible under
Applicable Laws. 
 Section 5.03 Notice of Claim. Promptly after receipt by an Investor Indemnitee or Company Indemnitee of notice of the
commencement of any action or proceeding (including any governmental action or proceeding) involving an Indemnified Liability, such Investor Indemnitee or Company Indemnitee, as applicable, shall, if a claim for an Indemnified Liability in respect
thereof is to be made against any indemnifying party under this Article V, deliver to the indemnifying party a written notice of the commencement thereof; but the failure to so notify the indemnifying party will not relieve it of liability
under this Article V except to the extent the indemnifying party is prejudiced by such failure. The indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume control of the defense thereof with counsel 

  
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mutually reasonably satisfactory to the indemnifying party and the Investor Indemnitee or Company Indemnitee, as the case may be; provided, however, that an Investor Indemnitee or Company
Indemnitee shall have the right to retain its own counsel with the actual and reasonable third party fees and expenses of not more than one counsel for such Investor Indemnitee or Company Indemnitee to be paid by the indemnifying party, if, in the
reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor Indemnitee or Company Indemnitee and the indemnifying party would be inappropriate due to actual or potential differing interests
between such Investor Indemnitee or Company Indemnitee and any other party represented by such counsel in such proceeding. The Investor Indemnitee or Company Indemnitee shall cooperate fully with the indemnifying party in connection with any
negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Investor Indemnitee or Company Indemnitee which relates to such action or claim. The
indemnifying party shall keep the Investor Indemnitee or Company Indemnitee reasonably apprised as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any
action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written
consent of the Investor Indemnitee or Company Indemnitee, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Investor Indemnitee or Company Indemnitee of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor
Indemnitee or Company Indemnitee with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The indemnification required by this Article V shall be made by periodic payments of the
amount thereof during the course of the investigation or defense, as and when bills are received and payment therefor is due. 
 Section 5.04
Remedies. The remedies provided for in this Article V are not exclusive and shall not limit any right or remedy which may be available to any indemnified person at law or equity. The obligations of the parties to indemnify or make
contribution under this Article V shall survive expiration or termination of this Agreement. 
 Section 5.05 Limitation of liability.
Notwithstanding the foregoing, no party shall be entitled to recover from the other party for punitive, indirect, incidental or consequential damages. 

  
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 Article VI. 

Covenants 
 The Company covenants with the
Investor, and the Investor covenants with the Company, as follows, which covenants of one party are for the benefit of the other party, during the Commitment Period: 

Section 6.01 Registration Statement. 
  

	 	(a)	 Filing of a Registration Statement. The Company shall prepare and file with the SEC a Registration
Statement, or multiple Registration Statements for the resale by the Investor of the Registrable Securities. The Company in its sole discretion may choose when to file such Registration Statements; provided, however, that the Company shall
not have the ability to request any Advances until the effectiveness of a Registration Statement covering such resale. 

  

	 	(b)	 Maintaining a Registration Statement. The Company shall use commercially reasonable efforts to maintain
the effectiveness of any Registration Statement with respect to the Shares that has been declared effective at all times during the Commitment Period, provided, however, that if the Company has received notification pursuant to
Section 2.04 that the Investor has purchased the full Commitment Amount and has completed the subsequent resale of all the Shares purchased hereunder pursuant to the Registration Statement, then the Company shall be under
no further obligation to maintain the effectiveness of the Registration Statement. Notwithstanding anything to the contrary contained in this Agreement, the Company shall ensure that, when filed, each Registration Statement (including, without
limitation, all amendments and supplements thereto) and the prospectus (including, without limitation, all amendments and supplements thereto) used in connection with such Registration Statement shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. During the Commitment Period,
the Company shall notify the Investor promptly if (i) the Registration Statement shall cease to be effective under the Securities Act, (ii) the Common Shares shall cease to be authorized for listing on the Principal Market, (iii) the
Common Shares cease to be registered under Section 12(b) or Section 12(g) of the Exchange Act or (iv) the Company fails to file in a timely manner all reports and other documents required of it as a reporting company under the
Exchange Act. 

  

	 	(c)	 Filing Procedures. The Company shall (A) permit counsel to the Investor an opportunity to review
and comment upon (i) each Registration Statement at least three (3) Trading Days prior to its filing with the SEC and (ii) all amendments and supplements to each Registration Statement (including, without limitation, the Prospectus
contained therein) (except for any amendments, post-effective amendments or supplements caused by the filing of any Annual Reports on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K, and any similar or successor reports or Prospectus Supplements) within a reasonable number of days prior to
their filing with the SEC, and (B) shall reasonably consider any comments of the Investor and its counsel on any such Registration Statement or amendment or supplement thereto or to any Prospectus contained therein. The Company shall promptly
furnish to the Investor, without charge, (i) electronic copies of any correspondence from the SEC or the Staff to the Company or its representatives relating to each Registration Statement (which correspondence shall be redacted to exclude any material, non-public information regarding the Company or any of its Subsidiaries), (ii) after the same is prepared and filed with the SEC, one (1) electronic copy of each Registration Statement and
any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated therein by reference, if requested by the Investor, and all exhibits and (iii) upon the effectiveness of
each Registration Statement, one (1) electronic copy of the Prospectus included in such Registration Statement and all amendments and supplements thereto; provided, however, the Company shall not be required to furnish any document to
the extent such document is available on EDGAR). 

  
 - 22 - 

	 	(d)	 Amendments and Other Filings. The Company shall (i) prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to a Registration Statement and the related prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under
the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Commitment Period, and prepare and file with the SEC such additional Registration Statements in order to register for resale under the
Securities Act all of the Registrable Securities; (ii) cause the related prospectus to be amended or supplemented by any required prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed
pursuant to Rule 424 promulgated under the Securities Act; (iii) provide the Investor copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein
which would constitute material non-public information, and (iv) comply with the provisions of the Securities Act with respect to the Registration Statement. In the case of amendments and supplements to a
Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 6.01(d) by reason of the Company’s filing a report on Form
10-K, Form 10-Q, or Form 8-K or any analogous report under the Exchange Act, the Company shall file such report in a prospectus
supplement filed pursuant to Rule 424 promulgated under the Securities Act to incorporate such filing into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC either on the day on which the Exchange
Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement, if feasible, or otherwise promptly thereafter. 

 

	 	(e)	 Blue-Sky. The Company shall use its commercially reasonable
efforts to, if required by Applicable Laws, (i) register and qualify the Common Shares covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investor
reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during
the Commitment Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Commitment Period, and (iv) take all other actions reasonably necessary or
advisable to qualify the Common Shares for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its Articles of Incorporation or
Bylaws or any other organizational documents of the Company or any of its Subsidiaries, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 6.01, (y)
subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investor of the receipt by the Company of any notification with
respect to the suspension of the registration or qualification of any of the Common Shares for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or
threat of any proceeding for such purpose. 

  
 - 23 - 

 Section 6.02 Suspension of Registration Statement. 

 

	 	(a)	 Establishment of a Black Out Period. During the Commitment Period, the Company from time to time may
suspend the use of the Registration Statement by written notice to the Investor in the event that the Company determines in its sole discretion in good faith that such suspension is necessary to (A) delay the disclosure of material nonpublic
information concerning the Company, the disclosure of which at the time is not, in the good faith opinion of the Company, in the best interests of the Company or (B) amend or supplement the Registration Statement or Prospectus so that such
Registration Statement or Prospectus shall not include an untrue statement of a material fact or omit to state a 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 (a “Black Out Period”). 

  

	 	(b)	 No Sales by the Investor During the Black Out Period. During such Black Out Period, the Investor agrees
not to sell any Common Shares of the Company pursuant to such Registration Statement, but may sell shares pursuant to an exemption from registration, if available, subject to the Investor’s compliance with Applicable Laws.

  

	 	(c)	 Limitations on the Black Out Period. The Company shall not impose any Black Out Period that is longer
than 45 days or in a manner that is more restrictive (including, without limitation, as to duration) than the comparable restrictions that the Company may impose on transfers of the Company’s equity securities by its directors and senior
executive officers. In addition, the Company shall not deliver any Advance Notice during any Black Out Period. If the public announcement of such material, nonpublic information is made during a Black Out Period, the Black Out Period shall terminate
immediately after such announcement, and the Company shall immediately notify the Investor of the termination of the Black Out Period. 

Section 6.03 Listing of Common Shares. As of each Advance Date, the Shares to be sold by the Company from time to time hereunder will have been
registered under Section 12(b) of the Exchange Act and approved for listing on the Principal Market, subject to official notice of issuance. 

Section 6.04 Opinion of Counsel. Prior to the date of the delivery by the Company of the first Advance Notice, the Investor shall have received an
opinion letter from counsel to the Company in form and substance reasonably satisfactory to the Investor. 
 Section 6.05 Exchange Act
Registration. The Company will file in a timely manner all reports and other documents required of it as a reporting company under the Exchange Act and will not take any action or file any document (whether or not permitted by Exchange Act or
the rules thereunder) to terminate or suspend its reporting and filing obligations under the Exchange Act. 

  
 - 24 - 

 Section 6.06 Transfer Agent Instructions. For any time while there is a Registration Statement
in effect for this transaction, the Company shall (if required by the transfer agent for the Common Shares) cause legal counsel for the Company to deliver to the transfer agent for the Common Shares (with a copy to the Investor) instructions to
issue Common Shares to the Investor free of restrictive legends upon each Advance if the delivery of such instructions are consistent with Applicable Laws; provided that legal counsel for the Company shall have been furnished with such
documents as they may require for the purposes of enabling them to render the opinions or make the statements required by the transfer agent, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any
of the covenants, obligations or conditions, contained herein. 
 Section 6.07 Corporate Existence. The Company will use commercially reasonable
efforts to preserve and continue the corporate existence of the Company during the Commitment Period. 
 Section 6.08 Notice of Certain Events
Affecting Registration; Suspension of Right to Make an Advance. The Company will promptly notify the Investor, and confirm in writing, upon its becoming aware of the occurrence of any of the following events in respect of a Registration
Statement or related Prospectus (in each of which cases the information provided to the Investor will be kept strictly confidential): (i) except for requests made in connection with SEC investigations disclosed in the SEC Documents, receipt of any
request for additional information by the SEC or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement or any request for amendments or supplements to the Registration Statement or related
Prospectus; (ii) the issuance by the SEC or any other Federal governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt of any
notification with respect to the suspension of the qualification or exemption from qualification of any of the Common Shares for sale in any jurisdiction or the initiation or written threat of any proceeding for such purpose; (iv) the happening
of any event that makes any statement made in the Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes
in the Registration Statement, related Prospectus or documents so that, in the case of the Registration Statement, it 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 not misleading, and that in the case of the related Prospectus, it 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 the light of the circumstances under which they were made, not misleading, or of the necessity to amend the Registration Statement or supplement a related Prospectus to comply with the Securities Act or any other law
(and the Company will promptly make available to the Investor any such supplement or amendment to the related Prospectus); (v) the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be
required under Applicable Laws; or (vi) the Common Shares shall cease to be authorized for listing on the Principal Market. The Company shall not deliver to the Investor any Advance Notice, and the Company shall not sell any Shares pursuant to
any pending Advance Notice (other than as required pursuant to Section 2.02(d)), during the continuation of any of the foregoing events (each of the events described in the immediately preceding clauses (i) through
(vi), inclusive, a “Material Outside Event”). 

  
 - 25 - 

 Section 6.09 Consolidation. If an Advance Notice has been delivered to the Investor, then the
Company shall not effect any consolidation of the Company with or into, or a transfer of all or substantially all the assets of the Company to another entity before the transaction contemplated in such Advance Notice has been closed in accordance
with Section 2.02 hereof, and all Shares in connection with such Advance have been received by the Investor. 
 Section 6.10
Issuance of the Company’s Common Shares. The issuance and sale of the Common Shares hereunder shall be made in accordance with the provisions and requirements of Section 4(a)(2) of the Securities Act and any applicable state
securities law. 
 Section 6.11 Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement
is terminated, will pay all expenses incident to the performance of its obligations hereunder, including but not limited to (i) the preparation, printing and filing of the Registration Statement and each amendment and supplement thereto, of
each prospectus and of each amendment and supplement thereto; (ii) the preparation, issuance and delivery of any Shares issued pursuant to this Agreement, (iii) all fees and disbursements of the Company’s counsel, accountants and
other advisors (but not, for the avoidance doubt, the fees and disbursements of the Investor’s counsel, accountants and other advisors), (iv) the qualification of the Shares under securities laws in accordance with the provisions of this
Agreement, including filing fees in connection therewith, (v) the printing and delivery of copies of any prospectus and any amendments or supplements thereto requested by the Investor, (vi) the fees and expenses incurred in connection with
the listing or qualification of the Shares for trading on the Principal Market, or (vii) filing fees of the SEC and the Principal Market. The Investor shall pay any transfer or other taxes and duties levied in connection with the resale of the
Shares purchased hereunder. 
 Section 6.12 Current Report. The Company shall, not later than 5:30 p.m., New York City time, on the fourth
business day after the date of this Agreement, file with the SEC a Current Report on Form 8-K disclosing the execution of this Agreement by the Company and the Investor (including any exhibits
thereto, the “Current Report”). The Company shall provide the Investor and its legal counsel a reasonable opportunity to comment on a draft of the Current Report prior to filing the Current Report with the SEC and shall give due
consideration to all such comments. The Company hereby agrees that any information disclosed to the Investor, or any of its affiliates, that may be considered “Confidential Information” as defined in the Mutual Confidential Disclosure
Agreement entered into between Yorkville Advisors Global, LP and the Company on November 8, 2022 (the “NDA”) shall be disclosed in the Current Report. The Company shall not, and the Company shall cause each of its Subsidiaries
and each of its and their respective officers, directors, employees and agents not to, provide the Investor with any material, non-public information regarding the Company or any of its Subsidiaries
(including, without limitation, any Confidential Information under the NDA) without the express prior written consent of the Investor (which may be granted or withheld in the Investor’s sole discretion); it being understood that the mere
notification of the Investor required pursuant to Section 6.08(iv) hereof shall not in and of itself be deemed to be material non-public information. Notwithstanding anything
contained in this Agreement to the contrary, the Company expressly agrees that it shall publicly disclose in the Current Report any information communicated to the Investor by or, to the knowledge of the Company, on behalf of the Company in
connection with the transactions contemplated herein, which, following the date hereof would, if not so disclosed, constitute material, non-public information regarding the Company or its Subsidiaries. The
Company understands and confirms that the Investor will rely on the foregoing representations in effecting resales of Shares. 

  
 - 26 - 

 Section 6.13 Advance Notice Limitation. The Company shall not deliver an Advance Notice if a
shareholder meeting or corporate action date, or the record date for any shareholder meeting or any corporate action, would fall during the period beginning two Trading Days prior to the date of delivery of such Advance Notice and ending two Trading
Days following the Closing of such Advance. 
 Section 6.14 Use of Proceeds. The proceeds from the sale of the Shares by the Company to the
Investor shall be used by the Company in the manner as will be set forth in the Prospectus included in any Registration Statement (and any post-effective amendment thereto) and any Prospectus Supplement thereto filed pursuant to this Agreement. 

Section 6.15 Compliance with Laws. The Company shall comply in all material respects with all Applicable Laws. 

Section 6.16 Market Activities. Neither the Company, nor any Subsidiary, nor any of their respective officers, directors or controlling persons
will, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute or result, in the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of Common Shares or (ii) sell, bid for, or purchase Common Shares in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Shares. 

Section 6.17 Trading Information. Upon the Company’s request, the Investor agrees to provide the Company with trading reports setting forth
the number and average sales prices of the Common Shares sold by the Investor during the prior trading week. 
 Section 6.18 Selling
Restrictions. (i) Except as expressly set forth below, the Investor covenants that from and after the date hereof through and including the first Trading Day following the expiration or termination of this Agreement as provided in
Section 10.01 (the “Restricted Period”), none of the Investor, any of its officers, or any entity managed or controlled by the Investor (collectively, the “Restricted Persons” and each of
the foregoing is referred to herein as a “Restricted Person”) shall, directly or indirectly, engage in any “short sale” (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or
(ii) hedging transaction, which establishes a net short position with respect to any securities of the Company (including the Common Shares), with respect to each of clauses (i) and (ii) hereof, either for its own principal account or for
the principal account of any other Restricted Person. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any Restricted
Person during the Restricted Period from: (1) selling “long” (as defined under Rule 200 promulgated under Regulation SHO) the Shares; or (2) selling a number of Common Shares equal to the number of Advance Shares that such
Restricted Person is unconditionally obligated to purchase under a pending Advance Notice but has not yet received from the Company or the transfer agent pursuant to this Agreement. 

Section 6.19 Assignment. Neither this Agreement nor any rights or obligations of the parties hereto may be assigned to any other Person. 

  
 - 27 - 

 Article VII. 

Conditions for Delivery of Advance Notice 

Section 7.01 Conditions Precedent to the Right of the Company to Deliver an Advance Notice. The right of the Company to deliver an Advance Notice
and the obligations of the Investor hereunder with respect to an Advance are subject to the satisfaction or waiver, on each Advance Notice Date (a “Condition Satisfaction Date”), of each of the following conditions: 

 

	 	(a)	 Accuracy of the Company’s Representations and Warranties. The representations and
warranties of the Company in this Agreement shall be true and correct in all material respects as of the Advance Notice Date (other than representations and warranties which address matters only as of a certain date, which shall be true and correct
as written as of such certain date). 

  

	 	(b)	 Registration of the Common Shares with the SEC. There is an effective Registration Statement pursuant to
which the Investor is permitted to utilize the prospectus thereunder to resell all of the Common Shares issuable pursuant to such Advance Notice. The Company shall have filed with the SEC in a timely manner all reports, notices and other documents
required under the Exchange Act and applicable SEC regulations during the twelve-month period immediately preceding the applicable Condition Satisfaction Date. 

 

	 	(c)	 Authority. The Company shall have obtained all permits and qualifications required by any applicable
state for the offer and sale of all the Common Shares issuable pursuant to such Advance Notice, or shall have the availability of exemptions therefrom. The sale and issuance of such Common Shares shall be legally permitted by all laws and
regulations to which the Company is subject. 

  

	 	(d)	 No Material Outside Event. No Material Outside Event shall have occurred and be continuing.

  

	 	(e)	 Performance by the Company. The Company shall have performed, satisfied and complied in all material
respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior the applicable Condition Satisfaction Date. 

 

	 	(f)	 No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or directly, materially and adversely affects any of the transactions contemplated by this Agreement.

  

	 	(g)	 No Suspension of Trading in or Delisting of Common Shares. The Common Shares are quoted for trading on
the Principal Market and all of the Shares issuable pursuant to such Advance Notice will be listed or quoted for trading on the Principal Market. The issuance of Common Shares with respect to the applicable Advance Notice will not violate the
shareholder approval requirements of the Principal Market. The Company shall not have received any written notice that is then still pending threatening the continued quotation of the Common Shares on the Principal Market. 

  
 - 28 - 

	 	(h)	 Authorized. There shall be a sufficient number of authorized but unissued and otherwise unreserved
Common Shares for the issuance of all of the Shares issuable pursuant to such Advance Notice. 

  

	 	(i)	 Executed Advance Notice. The representations contained in the applicable Advance Notice shall be true
and correct in all material respects as of the applicable Condition Satisfaction Date. 

  

	 	(j)	 Consecutive Advance Notices. Except with respect to the first Advance Notice, the Company shall have
delivered all Shares relating to all prior Advances. 

 Article VIII. 

Non Exclusive Agreement 

Notwithstanding anything contained herein, this Agreement and the rights awarded to the Investor hereunder are
non-exclusive, and the Company may, at any time throughout the term of this Agreement and thereafter, issue and allot, or undertake to issue and allot, any shares and/or securities and/or convertible notes,
bonds, debentures, options to acquire shares or other securities and/or other facilities which may be converted into or replaced by Common Shares or other securities of the Company, and to extend, renew and/or recycle any bonds and/or debentures,
and/or grant any rights with respect to its existing and/or future share capital. 
 Article IX. 

Choice of Law/Jurisdiction 

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the principles of
conflict of laws. The parties further agree that any action between them shall be heard in New York County, New York, and expressly consent to the jurisdiction and venue of the Supreme Court of New York, sitting in New York County, New York and the
United States District Court of the Southern District of New York, sitting in New York, New York, for the adjudication of any civil action asserted pursuant to this Agreement. 

Article X. Termination 

Section 10.01 Termination. 
  

	 	(a)	 Unless earlier terminated as provided hereunder, this Agreement shall terminate automatically on the earliest
of (i) the first day of the month next following the 36-month anniversary of the date on which the initial Registration Statement with respect to the Shares has been declared effective by the SEC or
(ii) the date on which the Investor shall have made payment of Advances pursuant to this Agreement for Common Shares equal to the Commitment Amount. 

  

	 	(b)	 The Company may terminate this Agreement effective upon five Trading Days’ prior written notice to the
Investor; provided that (i) there are no outstanding Advance Notices, the Common Shares under which have yet to be issued, and (ii) the Company has paid all amounts owed to the Investor pursuant to this Agreement. This Agreement may
be terminated at any time by the mutual written consent of the parties, effective as of the date of such mutual written consent unless otherwise provided in such written consent.     

  
 - 29 - 

	 	(c)	 Nothing in this Section10.01 shall be deemed to release the Company or the Investor from any liability
for any breach under this Agreement, or to impair the rights of the Company and the Investor to compel specific performance by the other party of its obligations under this Agreement. The indemnification provisions contained in Article V
shall survive termination hereunder. 

 Article XI. Notices 

Other than with respect to Advance Notices, which must be in writing and will be deemed delivered on the day set forth in
Section 2.01(b), any notices, consents, waivers, or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by e-mail if sent on a Trading Day, or, if not sent on a Trading Day, on the immediately following Trading Day; (iii) 5 days after being
sent by U.S. certified mail, return receipt requested, (iv) 1 day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses for such communications (except
for Advance Notices which shall be delivered in accordance with Exhibit A hereof) shall be: 
  

			
	If to the Company, to:	  	 Scilex Holding Company
 960 San Antonio Road

Palo Alto, CA 94303

		
		  	Attention: Jaisim Shah
		  	 Telephone: (650) 386-6179

Email: jshah@scilexpharma.com

		
	With a copy to (which shall not constitute notice or delivery of process) to:	  	 Paul Hastings LLP
 1117 S. California Avenue

Palo Alto, CA 94304
 Attention: Jeffrey T. Hartlin, Esq.;
Elizabeth Razzano, Esq.
 Telephone: (650) 320-1804; (650) 320-1895

Email: jeffhartlin@paulhastings.com;

elizabethrazzano@paulhastings.com

		
	If to the Investor(s):	  	YA II PN, Ltd.
		  	1012 Springfield Avenue
		  	Mountainside, NJ 07092
		  	Attention:     Mark Angelo
		  	                     Portfolio Manager
		  	Telephone:   (201) 985-8300
		  	Email: mangelo@yorkvilleadvisors.com

  
 - 30 - 

			
	 With a Copy (which shall not
 constitute notice
or delivery of process) to:
	  	 David Fine, Esq.
 1012 Springfield Avenue

Mountainside, NJ 07092

		  	Telephone:     (201) 985-8300
		  	Email:            legal@yorkvilleadvisors.com

 or at such other address and/or e-mail and/or to the attention of such other person as
the recipient party has specified by written notice given to each other party three business days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other
communication, (ii) electronically generated by the sender’s email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service shall be rebuttable
evidence of personal service in accordance with clause (i), (ii) or (iii) above, respectively. 
 Article XII. Miscellaneous 

Section 12.01 Counterparts. This Agreement may be executed in identical counterparts, both which shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party. Facsimile or other electronically scanned and delivered signatures (including any electronic signature covered by the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been
duly and validly delivered and be valid and effective for all purposes of this Agreement. 
 Section 12.02 Entire Agreement; Amendments. This
Agreement supersedes all other prior oral or written agreements between the Investor, the Company, their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement contains the entire
understanding of the parties with respect to the matters covered herein and, except as specifically set forth herein, neither the Company nor the Investor makes any representation, warranty, covenant or undertaking with respect to such matters. No
provision of this Agreement may be waived or amended other than by an instrument in writing signed by the parties to this Agreement. 
 Section 12.03
Reporting Entity for the Common Shares. The reporting entity relied upon for the determination of the trading price or trading volume of the Common Shares on any given Trading Day for the purposes of this Agreement shall be Bloomberg, L.P. or
any successor thereto. The written mutual consent of the Investor and the Company shall be required to employ any other reporting entity. 

  
 - 31 - 

 Section 12.04 Commitment and Structuring Fee. 

 

	 	(a)	 Each of the parties shall pay its own fees and expenses (including the fees of any attorneys, accountants,
appraisers or others engaged by such party) in connection with this Agreement and the transactions contemplated hereby, except that the Company has paid YA Global II SPV, LLC, a subsidiary of the Investor, a structuring fee in the amount of $10,000,
which shall be paid within three (3) Trading Days after the date hereof. 

  

	 	(b)	 Within three (3) Trading Days after the date hereof, the Company will issue, or cause its transfer agent
to issue, to the Investor as a commitment fee, 250,000 Common Shares (the “Commitment Shares”). 

 Section 12.05
Brokerage. Each of the parties hereto represents that it has had no dealings in connection with this transaction with any finder or broker who will demand payment of any fee or commission from the other party. The Company on the one hand, and
the Investor, on the other hand, agree to indemnify the other against and hold the other harmless from any and all liabilities to any person claiming brokerage commissions or finder’s fees on account of services purported to have been rendered
on behalf of the indemnifying party in connection with this Agreement or the transactions contemplated hereby. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
 - 32 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Standby Equity Purchase
Agreement to be executed by the undersigned, thereunto duly authorized, as of the date first set forth above. 
  

			
	COMPANY:
	SCILEX HOLDING COMPANY
		
	By:	 	/s/ Jaisim Shah
	Name: Jaisim Shah
	Title:   Chief Executive Officer & President
	
	INVESTOR:
	YA II PN, LTD.
		
	By:	 	Yorkville Advisors Global, LP
	Its:	 	Investment Manager

 
			
		
	        By:	 	Yorkville Advisors Global II, LLC
	        Its:	 	General Partner
		
	        By:	 	/s/ Matt Beckman
	        Name: Matt Beckman
	        Title:   Member

  
 - 33 - 

 EXHIBIT A 

FORM OF ADVANCE NOTICE 

 EXHIBIT B 

FORM OF SETTLEMENT DOCUMENT 

 SCHEDULE I 

SUBSIDIARIESEXHIBIT 10.1

 

CARNIVAL CORPORATION

as Issuer

CARNIVAL PLC

AND THE OTHER GUARANTORS

NAMED ON THE SIGNATURE PAGES HERETO,

as Guarantors

AND

u.s. bANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

INDENTURE

Dated as of November 18, 2022

5.75% Convertible Senior Notes due 2027

 

 

     

     

    

TABLE OF CONTENTS

 

Page

	Article 1

                                                                                Definitions

	Section 1.01.  Definitions	1
	Section 1.02.  References to Interest	17
	Section 1.03.  No Incorporation by Reference of the Trust Indenture Act	17
	Article 2

                                                                                Issue, Description, Execution, Registration and Exchange of Notes

	Section 2.01.  Designation and Amount	17
	Section 2.02.  Form of Notes	17
	Section 2.03.  Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	18
	Section 2.04.  Execution, Authentication and Delivery of Notes	20
	Section 2.05.  Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	20
	Section 2.06.  Mutilated, Destroyed, Lost or Stolen Notes	27
	Section 2.07.  Temporary Notes	28
	Section 2.08.  Cancellation of Notes Paid, Converted, Etc.	28
	Section 2.09.  CUSIP Numbers	29
	Section 2.10.  Additional Notes; Purchases	29
	Article 3

                                                                                Satisfaction and Discharge

	Section 3.01.  Satisfaction and Discharge	30
	Article 4

                                                                                Particular Covenants of the Company and Carnival plc

	Section 4.01.  Payment of Principal, Settlement Amounts and Interest	30
	Section 4.02.  Maintenance of Office or Agency	31
	Section 4.03.  Appointments to Fill Vacancies in Trustee’s Office	31
	Section 4.04.  Provisions as to Paying Agent	32
	Section 4.05.  Additional Guarantors.	33
	Section 4.06.  Rule 144A Information Requirement; Reporting; and Additional Interest	33
	Section 4.07.  Additional Amounts	35
	Section 4.08.  Stay, Extension and Usury Laws	38
	Section 4.09.  Compliance Certificate; Statements as to Defaults	38
	Section 4.10.  Further Instruments and Acts	39
	Section 4.11.  No Rights as Stockholders	39
	Section 4.12.  No Use of Proceeds in Panama	39

     

     

    

	Article 5

                                                                                Optional Redemption

	Section 5.01.  Optional Redemption	39
	Section 5.02.  Notice of Optional Redemption; Selection of Notes	39
	Section 5.03.  Payment of Notes Called for Optional Redemption	41
	Section 5.04.  Restrictions on Optional Redemption	42
	Article 6

                                                                                Defaults and Remedies

	Section 6.01.  Events of Default	42
	Section 6.02.  Acceleration	44
	Section 6.03.  Additional Interest	45
	Section 6.04.  Payments of Notes on Default; Suit Therefor	46
	Section 6.05.  Application of Monies Collected by Trustee	48
	Section 6.06.  Proceedings by Holders	48
	Section 6.07.  Proceedings by Trustee	49
	Section 6.08.  Remedies Cumulative and Continuing	49
	Section 6.09.  Direction of Proceedings and Waiver of Defaults by Majority of Holders	49
	Section 6.10.  Notice of Defaults	50
	Section 6.11.  Undertaking to Pay Costs	50
	Article 7

                                                                                Concerning the Trustee

	Section 7.01.  Duties and Responsibilities of Trustee	51
	Section 7.02.  Certain Rights of the Trustee	52
	Section 7.03.  No Responsibility for Recitals, Etc.	54
	Section 7.04.  Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	54
	Section 7.05.  Monies and Shares of Common Stock to Be Held in Trust	54
	Section 7.06.  Compensation and Expenses of Trustee	54
	Section 7.07.  [Reserved]	55
	Section 7.08.  Eligibility of Trustee	55
	Section 7.09.  Resignation or Removal of Trustee	55
	Section 7.10.  Acceptance by Successor Trustee	56
	Section 7.11.  Succession by Merger, Etc.	57
	Section 7.12.  Trustee’s Application for Instructions from the Company	57
	Section 7.13.  Conflicting Interests of Trustee	58
	Article 8

                                                                                Concerning the Holders

	Section 8.01.  Action by Holders	58
	Section 8.02.  Proof of Execution by Holders	58
	Section 8.03.  Who Are Deemed Absolute Owners	58

     

     

    

	Section 8.04.  Company-Owned Notes Disregarded	59
	Section 8.05.  Revocation of Consents; Future Holders Bound	59
	Article 9

                                                                                [Reserved]

	Article 10

                                                                                Supplemental Indentures

	Section 10.01.  Supplemental Indentures Without Consent of Holders	60
	Section 10.02.  Supplemental Indentures with Consent of Holders	61
	Section 10.03.  Effect of Amendment, Supplement and Waiver	62
	Section 10.04.  Notation on Notes	62
	Section 10.05.  Evidence of Compliance of Amendment, Supplement or Waiver to Be Furnished to Trustee	63
	Article 11

                                                                                Consolidation, Merger and Sale

	Section 11.01.  Company May Consolidate, Etc. on Certain Terms	63
	Section 11.02.  Carnival plc May Consolidate, Etc. on Certain Terms	64
	Section 11.03.  Opinion of Counsel and Officer’s Certificate to be Given to Trustee	65
	Article 12

                                                                                Immunity of Incorporators, Stockholders, Officers and Directors

	Section 12.01.  Indenture, Notes and Guarantees Solely Corporate Obligations	65
	Article 13

                                                                                Guarantees

	Section 13.01.  Guarantees	66
	Section 13.02.  Execution and Delivery	67
	Section 13.03.  Release of Guarantees	68
	Section 13.04.  Limitation on the Guarantors’ Liability	68
	Section 13.05.  Limitation on the Italian Guarantor’s Liability	69
	Section 13.06.  Subrogation	70
	Section 13.07.  Benefits Acknowledged	70
	Section 13.08.  “Trustee” to Include Paying Agent	70
	Article 14

                                                                                Conversion of Notes

	Section 14.01.  Conversion Privilege	70
	Section 14.02.  Conversion Procedure; Settlement Upon Conversion	74
	Section 14.03.  Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or a Redemption	79

     

     

    

	Section 14.04.  Adjustment of Conversion Rate	82
	Section 14.05.  Adjustments of Prices	92
	Section 14.06.  Shares to Be Fully Reserved	92
	Section 14.07.  Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	92
	Section 14.08.  Certain Covenants	95
	Section 14.09.  Responsibility of Trustee	95
	Section 14.10.  Notice to Holders Prior to Certain Actions	96
	Section 14.11.  Stockholder Rights Plans	96
	Article 15

                                                                                Purchase of Notes at Option of Holders

	Section 15.01.  Intentionally Omitted	97
	Section 15.02.  Repurchase at Option of Holders Upon a Fundamental Change	97
	Section 15.03.  Withdrawal of Fundamental Change Repurchase Notice	100
	Section 15.04.  Deposit of Fundamental Change Repurchase Price	100
	Section 15.05.  Covenant to Comply with Applicable Laws Upon Repurchase of Notes	101
	Article 16

                                                                                Redemption for Taxation Reasons

	Section 16.01.  Redemption for Taxation Reasons	102
	Section 16.02.  Notice of Tax Redemption	102
	Section 16.03.  Payment of Notes Called for Tax Redemption	104
	Section 16.04.  Holders’ Right to Avoid Redemption	104
	Section 16.05.  Restrictions on Tax Redemption	105
	Section 16.06.  Mutatis Mutandis	105
	Article 17

                                                                                Miscellaneous Provisions

	Section 17.01.  Provisions Binding on Company’s and the Guarantors’ Successors	105
	Section 17.02.  Official Acts by Successor Entity	105
	Section 17.03.  Addresses for Notices, Etc.	105
	Section 17.04.  Governing Law	106
	Section 17.05.  Intentionally Omitted	106
	Section 17.06.  Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	106
	Section 17.07.  Legal Holidays	107
	Section 17.08.  No Security Interest Created	107
	Section 17.09.  Benefits of Indenture	107
	Section 17.10.  Table of Contents, Headings, Etc.	107
	Section 17.11.  Authenticating Agent	107
	Section 17.12.  Execution in Counterparts	108
	Section 17.13.  Severability	108
	Section 17.14.  Waiver of Jury Trial; Submission to Jurisdiction	108

     

     

    

	Section 17.15.  Force Majeure	109
	Section 17.16.  Calculations	109
	Section 17.17.  U.S.A. Patriot Act	110
	Section 17.18.  FATCA	110

 

EXHIBITS

 

	Exhibit A     Form of Note	A-1
	Exhibit B     Form of Free Transferability Certificate	B-1
	Exhibit C     Form of Supplemental Indenture	C-1
	 	 

 

     

     

    

INDENTURE, dated as of November 18, 2022, among
Carnival Corporation, a corporation duly organized and existing under the laws of the Republic of Panama, as issuer (the “Company”,
as more fully set forth in Section 1.01), Carnival plc, a company incorporated and registered under the laws of England and Wales (“Carnival
plc”), the Subsidiary Guarantors listed on the signature pages hereto and U.S. Bank Trust Company, National Association, a national
banking association organized under the laws of the United States of America, as trustee (the “Trustee”, as more fully
set forth in Section 1.01).

W I T N E S S E T H:

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 5.75% Convertible Senior Notes due 2027 (the “Notes”), initially
in an aggregate principal amount of $1,000,000,000 (as automatically increased by the aggregate principal amount of Notes, if any, purchased
by the initial purchasers of the Notes pursuant to the option granted to them in the Purchase Agreement), and each of the Guarantors has
duly authorized the issuance of its Guarantee and in order to provide the terms and conditions upon which the Notes are to be authenticated,
issued and delivered, the Company and the Guarantors have duly authorized the execution and delivery of this Indenture; and

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

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

Article
1

Definitions

Section 1.01. Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for all
purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01.
The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Indenture as
a whole and

     

     

    

not to any particular Article, Section or other
subdivision. The terms defined in this Article include the plural as well as the singular.

“2023 Convertible Notes”
means the Company’s 5.75% Convertible Senior Notes due 2023.

“2024 Convertible Notes”
means the Company’s 5.75% Convertible Senior Notes due 2024.

“Additional Amounts”
shall have the meaning specified in Section 4.07(a).

“Additional Capital Markets Indebtedness”
means secured or unsecured capital markets debt securities (including both convertible and non-convertible debt securities) issued in
a public offering registered under the Securities Act or a “Rule 144A” offering similar to that in which the Existing Unsecured
Notes were issued.

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

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

“Adequate Cash Conversion Provisions”
shall have the meaning specified in Section 15.02(e).

“Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person
means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing.

“Applicable Procedures”
means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary, if any, that are applicable
to such matter at such time.

“Authorized Denomination”
means, with respect to a Note, a minimum principal amount thereof equal to $1,000 or any integral multiple of $1,000 in excess thereof.

“Bankruptcy Law” means
Title 11 of the United States Code, as amended, or any similar U.S. federal or state law or the laws of any other jurisdiction (or any
political subdivision thereof) relating to bankruptcy, insolvency, voluntary or judicial liquidation, composition with creditors, reprieve
from payment, controlled management, fraudulent conveyance, general settlement with creditors, reorganization or similar or equivalent
laws affecting the rights of creditors generally. For the avoidance of doubt, the provisions of the UK Companies Act 2006 governing a
solvent reorganisation or a voluntary liquidation thereunder shall not be deemed to be Bankruptcy Laws.

    	 	2	 

     

    

“Bid Solicitation Agent”
means the Person appointed by the Company to solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The
Company shall initially act as the Bid Solicitation Agent.

“Board of Directors”
means, with respect to the Company or any Guarantor, the board of directors or equivalent body of the Company or such Guarantor, as the
case may be, or a committee of such board duly authorized to act for it hereunder.

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

“Business Day” means
any day other than a Saturday, a Sunday or a day on which banking institutions in New York City or London are authorized or required by
law, regulation or executive order to close.

“Capital Markets Indebtedness”
means the Existing Secured Notes, the Existing Unsecured Notes, the 2024 Convertible Notes or any other series of Additional Capital Markets
Indebtedness in existence on the date hereof or thereafter having an aggregate outstanding principal amount in excess of $300.0 million
(other than the 2023 Convertible Notes and the Senior Priority Notes).

“Capital Stock” means,
for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) stock issued by that entity; provided that securities that are convertible into or exchangeable for Capital
Stock shall not constitute Capital Stock prior to their conversion or exchange, as the case may be.

“Carnival Group” means
Company, Carnival plc and all of their respective direct and indirect Subsidiaries.

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

“Cash Settlement” shall
have the meaning provided in Section 14.02(a).

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

“Change in Tax Law”
shall have the meaning provided in Section 16.01(b).

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

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

    	 	3	 

     

    

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

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

“Code” means the Internal
Revenue Code of 1986, as amended.

“Collateral” means
collateral secured by the Company’s existing first-lien indebtedness.

“Combination Settlement”
shall have the meaning provided in Section 14.02(a).

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

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

“Common Stock” means
the common stock of the Company, par value $0.01 per share, subject to Section 14.07, and provided, that references to shares of “Common
Stock” issuable upon conversion of the Notes shall be deemed to include the trust shares of beneficial interest in the P&O Princess
Special Voting Trust (the “P&O Trust Shares”), which trust shares represent a beneficial interest in the special
voting share issued by Carnival plc and are paired with, are not separable from and are listed together with the Common Stock on the New
York Stock Exchange.

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

“Company Order” means
a written order of the Company, signed by an Officer of the Company.

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

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

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

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

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

“Corporate Trust Office”
means the principal designated office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at West Side Flats St Paul, 60 Livingston Ave, Saint Paul, MN 55107, EP-MN-WS3C Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the
principal designated corporate trust office of any successor Trustee (or

    	 	4	 

     

    

such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Company).

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

“Daily Conversion Value”
means, for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, 1/40th of the product of (i) the Conversion
Rate on such VWAP Trading Day and (ii) the Daily VWAP for such VWAP Trading Day.

“Daily Measurement Value”
shall have the meaning specified in the definition of “Daily Settlement Amount.”

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

(a)      cash
in an amount equal to the lesser of (i) the Specified Dollar Amount, if any, divided by 40 (such quotient, the “Daily
Measurement Value”) and (ii) the Daily Conversion Value for such VWAP Trading Day; and

(b)      if
the Daily Conversion Value on such VWAP Trading Day exceeds the Daily Measurement Value, a number of shares of Common Stock equal to (i)
the difference between the Daily Conversion Value and the Daily Measurement Value, divided by (ii) the Daily VWAP for such VWAP
Trading Day.

“Daily VWAP” means,
for each of the 40 consecutive VWAP Trading Days during the relevant Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “CCL<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 VWAP Trading Day (or if such volume-weighted average price is unavailable, the market value of one share
of Common Stock on such VWAP Trading Day determined, using a volume-weighted average method, by a U.S. nationally recognized independent
investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall be determined without regard
to after-hours trading or any other trading outside of the regular trading session trading hours.

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

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

“Depositary” means,
with respect to each Global Note, the Person specified in Section 2.05(b) as the Depositary with respect to such Notes, until a successor
shall have

    	 	5	 

     

    

been appointed and become such pursuant to the applicable
provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor.

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

“effective date” means
the first date on which shares of the Common Stock trade on the Relevant Stock Exchange, regular way, reflecting the relevant share split
or share combination, as applicable.

“EIB Facility” means
the finance contract, dated as of June 5, 2009, between the Italian Guarantor, as borrower, and the European Investment Bank, as lender,
as amended on September 7, 2015, and as further amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including
any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the
indebtedness under such agreement or agreement or any successor or replacement agreement or agreements or increasing the amount loaned
thereunder.

“Event Effective Date”
shall have the meaning specified in Section 14.03(c).

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

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

“Existing Secured Notes”
means the First Priority Secured Notes, 7.875% Debentures due 2027 of Carnival plc and the Second Priority Secured Notes.

“Existing Term Loan Facility”
means the Term Loan Agreement, dated as of June 30, 2020, among the Company, as lead borrower, Carnival Finance, LLC, as co-borrower,
and Carnival plc and the other Guarantors, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and certain financial institutions,
as lenders, as amended on December 3, 2020, June 30, 2021, October 5, 2021 and October 18, 2021.

“Existing Unsecured Notes”
means the Company’s U.S. dollar-denominated 7.625% Senior Unsecured Notes due 2026, euro-denominated 7.625% Senior Unsecured Notes
due 2026, 5.750% Senior Unsecured Notes due 2027, 6.000% Senior Unsecured Notes due 2029 and 10.500% Senior Unsecured Notes due 2030.

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

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

    	 	6	 

     

    

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

“FATCA” means Section
1471 through 1474 of the Code and any Treasury regulations thereunder.

“First Priority Secured Notes”
shall mean the Company’s 4.000% First-Priority Senior Secured Notes due 2028.

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

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

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

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

(a)      (1)
a “person” or “group” (as such terms are used for the purposes of Section 13(d) and 14(d) of the Exchange Act),
other than Permitted Holders, is or becomes the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange
Act), directly or indirectly of such Capital Stock of the Company and Carnival plc, in each case is entitled to exercise or direct the
exercise of more than 50% of the rights to vote to elect members of the Board of Directors of each of the Company and Carnival plc; or
(2) any Permitted Holder or Permitted Holders has become, directly or indirectly, the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Agent) of more than 50% of the Company’s Common Equity;

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

    	 	7	 

     

    

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

(d)      the
Common Stock (or other common equity or American Depositary Shares in respect of common equity for which the Notes are convertible) ceases
to be listed or quoted on any of the New York Stock Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or any of their
respective successors);

provided, however, that a transaction or transactions
described in clauses (a) or (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be
received by the holders of the Company’s Common Stock, excluding cash payments for fractional shares and cash payments made in respect
of dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of common equity or American
Depositary Shares in respect of common stock that are listed or quoted on any of the New York Stock Exchange, the NASDAQ Global Select
Market or the NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in
connection with such transaction or transactions, and as a result of such transaction or transactions such consideration becomes the Reference
Property for the Notes (subject to the provisions set forth in Section 14.02). In addition, no Fundamental Change shall be deemed to occur
under clause (a) or clause (b) of this definition solely as a result of (i) either the Company (or any Subsidiary thereof) or Carnival
plc (or any Subsidiary thereof) acquiring or owning, at any time, any or all of the Capital Stock of each other, so long as such transaction
otherwise complies with this Indenture or (ii) a transaction in which the Company and Carnival plc become Subsidiaries of another Person
(other than a Person that is an individual, such Person that is not an individual, the “New Parent”) if the equityholders
of the Company and Carnival plc immediately prior to such transaction beneficially own, directly or indirectly through one or more intermediaries,
at least a majority of the voting power of the outstanding common equity of such New Parent immediately following the consummation of
such transaction, substantially in proportion to their holdings of the equity of Company and Carnival plc prior to such transaction.

Any event, transaction or series of related transactions that
constitute a Fundamental Change under both clause (a) and clause (b) above (determined without regard to the proviso in clause (b) above)
shall be deemed to be a Fundamental Change solely under clause (b) above.

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

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

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

    	 	8	 

     

    

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

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

“Guarantees” means
the joint and several guarantees of the Company’s payment obligations under this Indenture and the Notes, issued by the Guarantors
pursuant to Article 13 of this Indenture.

“Guarantors” means
Carnival plc and the Subsidiary Guarantors.

“Holder,” as applied
to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any person in whose name at the
time a particular Note is registered on the Note Register. The registered Holder of a Note shall be treated as its owner for all purposes.

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

“Interest Payment Date”
means June 1 and December 1 of each year, beginning on June 1, 2023.

“Issue Date” means
November 18, 2022.

“Italian Guarantor”
means Costa Crociere S.p.A.

“Last Reported Sale Price”
per share of the Common Stock (or any other security) on any date means:

(a)      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 such date as reported in composite transactions for the Relevant Stock
Exchange;

(b)      if
the Common Stock (or such other security) is not listed for trading on a Relevant Stock Exchange on such date, the last quoted bid price
per share for the Common Stock in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar organization;
and

(c)      if
the Common Stock (or such other security) is not so quoted, the average of the mid-point of the last bid and ask prices per share for
the Common Stock on such date from each of at least three nationally recognized independent investment banking firms selected by the Company
for this purpose.

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

    	 	9	 

     

    

“Make-Whole Fundamental Change
Company Notice” shall have the meaning specified in Section 14.03(b).

“Market Disruption Event”
means:

(a)       a
failure by the Relevant Stock Exchange to open for trading during its regular trading session; or

(b)       the
occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Common Stock for more than one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the Relevant Stock Exchange or otherwise) in the Common Stock or in any options contracts or futures contracts
relating to the Common Stock.

“Maturity Date” means
December 1, 2027.

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

“No Tax Redemption Notice”
shall have the meaning specified in Section 16.04.

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

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

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

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

“Notice of Optional Redemption”
shall have the meaning specified in Section 5.02.

“Notice of Redemption”
means a Notice of Tax Redemption or Notice of Optional Redemption, as the case may be, pursuant to this Indenture.

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

“Observation Period”
with respect to any Note surrendered for conversion means:

(a)      subject
to (b) below, if the relevant Conversion Date occurs prior to September 1, 2027, the 40 consecutive VWAP Trading Day period beginning
on, and including, the second VWAP Trading Day immediately succeeding such Conversion Date;

    	 	10	 

     

    

(b)      if
the relevant Conversion Date occurs after the date the Company issues a Notice of Redemption and prior to the close of business on the
second Scheduled Trading Day immediately preceding the related Redemption Date, the 40 consecutive VWAP Trading Day period beginning on,
and including, the 41st Scheduled Trading Day immediately preceding such Redemption Date; and

(c)      subject
to (b) above, if the relevant Conversion Date occurs on or after September 1, 2027, the 40 consecutive VWAP Trading Day period beginning
on, and including, the 41st Scheduled Trading Day immediately preceding the Maturity Date.

“Offering Memorandum”
means the offering memorandum dated November 15, 2022 relating to the offering and sale of the Notes.

“Officer” means, with
respect to any Person, the Chairman or Vice Chairman of the Board of Directors, the President, an Executive Vice President, a Vice President,
the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary, an Assistant Secretary, or any individual
designated by the Board of Directors of such Person.

“Officer’s Certificate”
means a certificate signed on behalf of the Company by an Officer of the Company that meets the requirements of Section 17.06.

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

“Opinion of Counsel”
means an opinion from legal counsel which is reasonably acceptable to the Trustee, that meets the requirements of Section 17.06, which
opinion may contain customary exemptions and qualifications as to the matters set forth herein. The counsel may be an employee of or counsel
to the Company or any Subsidiary of the Company.

“Optional Redemption”
shall have the meaning specified in Section 5.01.

“Optional Redemption Date”
shall have the meaning specified in Section 5.02(a).

“Optional Redemption Notice Date”
shall have the meaning specified in Section 5.01.

“Optional Redemption Price”
means, for any Notes to be redeemed pursuant to Section 5.01, 100% of the principal amount of the Notes to be redeemed, plus accrued
and unpaid interest to, but excluding, the Optional Redemption Date. However, if the Optional Redemption Date is after a Regular Record
Date and on or before the next Interest Payment Date, then (i) the Holder at the close of business on such Regular Record Date will be
entitled, notwithstanding such Optional Redemption, to receive, on or before such Interest Payment Date, the unpaid interest that would
have accrued on such Note to, but excluding, such Interest Payment Date; and (ii) the Optional Redemption Price will not include accrued
and unpaid interest on such Note to, but excluding, such Optional Redemption Date.

    	 	11	 

     

    

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

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

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

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

(d)      Notes
surrendered for purchase in accordance with Article 15 for which the Paying Agent holds money sufficient to pay the Fundamental Change
Repurchase Price, in accordance with Section 15.04(b);

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

(f)      Notes
redeemed pursuant to Article 5 and Article 16; and

(g)      Notes
repurchased by the Company.

“Ownership Limitation”
means the restrictions contained in Article XII of the Company’s Articles of Incorporation (or a successor provision in the Company’s
Articles of Incorporation as it may be further amended).

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

“Permitted Holder”
means:

(a)       
each of Marilyn B. Arison, Micky Arison, Shari Arison, Michael Arison or their spouses, the children or lineal descendants of Marilyn
B. Arison, Micky Arison, Shari Arison, Michael Arison or their spouses, any trust established for the benefit of (or any charitable trust
or non-profit entity established by) any Arison family member mentioned in this clause (a), or any trustee, protector or similar person
of such trust or non-profit entity or any “person” (as such term is used in Section 13(d) or 14(d) of the Exchange Act), directly
or indirectly, controlling, controlled by or under common control with any Permitted Holder mentioned in this clause (a); and

(b)       
any “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) the members of which include
any of the Permitted Holders

    	 	12	 

     

    

specified in clause (a) above, and that (directly or indirectly)
hold or acquire beneficial ownership of Capital Stock of the Company and/or Carnival plc (a “Permitted Holder Group”),
provided that in the case of this clause (b), the Permitted Holders specified in clause (a) collectively, directly or indirectly, beneficially
own more than 50% on a fully diluted basis of the Capital Stock of the Company and Carnival plc held by such Permitted Holder Group. Any
one or more persons or group whose acquisition of beneficial ownership constitutes a Fundamental Change in respect of which an offer by
the Company is made to repurchase the Notes in accordance with the requirements of this Indenture will thereafter, together with its (or
their) affiliates, constitute an additional Permitted Holder or Permitted Holders, as applicable, and the addition of such persons or
group will not result in a Fundamental Change pursuant to clause (a)(2) of the definition thereof.

“Permitted Jurisdictions”
means (i) any state of the United States of America, the District of Columbia or any territory of the United States of America, (ii) Panama,
(iii) Bermuda, (iv) the Commonwealth of The Bahamas, (v) the Isle of Man, (vi) the Marshall Islands, (vii) Malta, (viii) the United Kingdom,
(ix) Curaçao, (x) Liberia, (xi) Barbados, (xii) Singapore, (xiii) Hong Kong, (xiv) the People's Republic of China, (xv) the Commonwealth
of Australia, (xvi) the British Virgin Islands, (xvii) the Cayman Islands and (xviii) any member state of the European Economic Area as
of the Issue Date and any states that may accede to the European Economic Area following the Issue Date.

“Person” means any
individual, association, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

“Physical Settlement”
shall have the meaning provided in Section 14.02(a).

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

“Purchase Agreement”
means the purchase agreement, dated November 15, 2022, among the Company, Carnival plc, the subsidiary guarantors party thereto and Barclays
Capital Inc., BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the several initial purchasers named therein,
relating to the Notes.

“Record Date” means,
with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security)
have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged
for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock
(or other applicable security) entitled to receive such cash, securities or

    	 	13	 

     

    

other property (whether such date is fixed by the Board of
Directors, statute, contract or otherwise).

“Redemption” means
a Tax Redemption or an Optional Redemption, as the case may be, pursuant to this Indenture.

“Redemption Date” means
the Tax Redemption Date or Optional Redemption Date, as applicable.

“Redemption Price”
means the Tax Redemption Price or the Optional Redemption Price, as applicable.

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

“Regular Record Date,”
with respect to any Interest Payment Date, shall mean the May 15 and November 15 (whether or not such day is a Business Day), as the case
may be, immediately preceding such Interest Payment Date.

“Relevant Stock Exchange”
means the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, the principal other U.S.
national or regional securities exchange on which the Common Stock (or any other security) is then listed.

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

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

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

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

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

“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the Relevant Stock Exchange. If the Common Stock is not so listed or admitted for
trading on a Relevant Stock Exchange, “Scheduled Trading Day” means a “Business Day.”

“Second Priority Secured Notes”
means the Company’s 10.500% Second Priority Senior Secured Notes due 2026, 10.125% Second Priority Senior Secured Notes due 2026
and 9.875% Second Priority Senior Secured Notes due 2027.

    	 	14	 

     

    

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

“Senior Priority Notes”
means the 10.375% Senior Priority Notes due 2028 and issued by Carnival Holdings (Bermuda) Limited, a subsidiary of the Company.

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

“Settlement Method”
means, with respect to any conversion of Notes, Physical Settlement, Cash Settlement or Combination Settlement, as elected (or deemed
to have been elected) by the Company.

“Significant Subsidiary”
means a Subsidiary of the Company that is a “significant subsidiary” as defined under Rule 1-02(w) of Regulation S-X.

“Specified Corporate Event”
shall have the meaning specified in Section 14.07(a).

“Specified Dollar Amount”
means, with respect to any conversion of Notes, the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion
as specified by the Company (or deemed specified) in the notice specifying the Company’s chosen Settlement Method.

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

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

“Subsidiary” means,
with respect to any specified Person:

(a)      any
corporation, company, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, company, association
or other business entity is at the time owned or controlled, directly or indirectly, by that person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and

(b)      any
partnership or limited liability company of which (1) more than 50% of the capital accounts, distribution rights, total equity and voting
interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special
or limited partnership interests or otherwise, and (2) such Person or any Subsidiary of such Person is a controlling general partner or
otherwise controls such entity.

“Subsidiary Guarantor”
means each of (1) the Company’s and Carnival plc’s Subsidiaries listed on the signature pages to this Indenture and (2) any
other Subsidiary of

    	 	15	 

     

    

the Company or Carnival plc that becomes a Guarantor in accordance
with Section 4.05 of this Indenture, in each case until such time as any such Guarantor shall be released and relieved of its obligations
pursuant to Section 13.03 of this Indenture.

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

“Successor Guarantor”
shall have the meaning specified in Section 11.02(a)(i).

“Tax Jurisdiction”
shall have the meaning specified in Section 4.07(a).

“Tax Redemption” shall
have the meaning set forth in Section 16.01.

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

“Tax Redemption Price”
means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes, plus accrued and unpaid
interest, if any, to, but not including, the Tax Redemption Date and all Additional Amounts (if any) then due or which will become due
on the Tax Redemption Date as a result of the Redemption or otherwise (subject to the right of Holders on the Regular Record Date to receive
interest due on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof).

“Trading Day” means
a day on which:

(a)      trading
in the Common Stock (or any other security for which a Last Reported Sale Price must be determined) generally occurs on the Relevant Stock
Exchange or, if the Common Stock (or such other security) is not then listed on a Relevant Stock Exchange, on the principal other market
on which the Common Stock (or such other security) is then traded; and

(b)      a
Last Reported Sale Price per share for the Common Stock (or any other security for which a Last Reported Sale Price must be determined)
is available on the Relevant Stock Exchange or such other market;

provided, that, if the Common Stock
(or such other security) is not so listed or traded, “Trading Day” means a “Business Day.”

“Trading Price” per
$1,000 principal amount of the Notes on any date of determination means the average of the secondary market bid quotations obtained in
writing 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 U.S. nationally recognized securities dealers the Company selects for this purpose; provided
that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two such bids are obtained, then the average of
such 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 an independent
U.S. nationally recognized securities dealer, then the Trading Price per $1,000 principal

    	 	16	 

     

    

amount of Notes shall be deemed to be less than 98% of the
product of the Last Reported Sale Price per share of the Common Stock and the Conversion Rate on such day.

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

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

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture.

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

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

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

“VWAP Trading Day”
means a day on which:

(a)      there
is no Market Disruption Event; and

(b)      trading
in the Common Stock generally occurs on the Relevant Stock Exchange.

If the Common Stock is not so listed or
admitted for trading on any Relevant Stock Exchange, “VWAP Trading Day” means a “Business Day.”

“Wholly-Owned Subsidiary”
of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

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

Section 1.03. No Incorporation
by Reference of the Trust Indenture Act This Indenture is not qualified under the Trust Indenture Act, and, except as expressly provided
for in Section 7.13, the Trust Indenture Act shall not apply to or in any way govern the terms of this Indenture. As a result, no provisions
of the Trust Indenture Act are incorporated into this Indenture unless expressly incorporated pursuant to this Indenture.

    	 	17	 

     

    

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01. Designation
and Amount. The Notes shall be designated as the “5.75% Convertible Senior Notes due 2027.” The aggregate principal amount
of Notes that may be authenticated and delivered under this Indenture is initially limited to $1,000,000,000 (as automatically increased
by the aggregate principal amount of Notes, if any, purchased by the initial purchasers of the Notes pursuant to the option granted to
them in the Purchase Agreement), subject to Section 2.10 and except for Notes authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder.

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

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

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

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

    	 	18	 

     

    

Section 2.03. Date and
Denomination of Notes; Payments of Interest and Defaulted Amounts(a).

(a)     
The Notes shall be issuable in registered form without coupons in minimum denominations of $1,000 principal amount and integral
multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified
on the face of the form of Note attached as Exhibit A hereto. Accrued interest on the Notes shall be computed on the basis of a 360-day
year composed of twelve 30-day months and, for a partial month, on the basis of the number of days actually elapsed in a 30-day month.

(b)     
The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on the
Regular Record Date immediately preceding the relevant Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. However, the Company shall not pay in cash accrued interest on any Notes when they are converted, except in the
circumstances described in Article 14. Interest shall be payable at the office or agency of the Company maintained by the Company for
such purposes, which shall initially be the Corporate Trust Office. The Company shall pay interest:

(i)     
on any Certificated Notes (A) to Holders holding Certificated Notes having an aggregate principal amount of $5,000,000 or less,
by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B) to Holders holding Certificated
Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to such Holders or, upon application by such
a Holder to the Paying Agent 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 the Note Registrar
to the contrary in writing; and

(ii)     
on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

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

(i)     
The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed
in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on
each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice,
unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money
equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory to the Trustee for
such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Amounts as in this clause provided. Thereupon the

    	 	19	 

     

    

Company shall fix a special record date for the payment of
such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not
less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee
in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Amounts and the special record date therefor to be sent to each Holder at its address as it appears in the Note
Register, not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special
record date therefor having been sent, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the
following clause (ii) of this Section 2.03(c).

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

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

Section 2.04. Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual, electronic
or facsimile signature of at least one of its Officers.

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication, together
with a Company Order, Officer’s Certificate and Opinion of Counsel for the authentication and delivery of such Notes and the documents
required under Section 17.06, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without
any further action by the Company hereunder. Notwithstanding anything to the contrary in this Indenture, no Opinion of Counsel shall be
required for the Trustee to authenticate and make available for delivery of Notes on the Issue Date.

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

    	 	20	 

     

    

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

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

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

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

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

No service charge shall be imposed by the Company,
the Trustee, the Note Registrar or any co-Note Registrar for any registration of transfer or exchange of Notes, but the Company or the
Trustee may require a Holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or
permitted pursuant to this Indenture.

None of the Company, the Trustee, the Note Registrar
or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion
of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note,
surrendered for repurchase (and not

    	 	21	 

     

    

withdrawn) in accordance with Article 15 or (iii) any Notes, or
a portion of any Note, surrendered for Redemption in accordance with Article 5 or ‎Article 16.

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

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

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

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

THIS SECURITY AND THE COMMON STOCK, IF ANY,
ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE

    	 	22	 

     

    

WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF
A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

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

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

(A)      TO
THE COMPANY, CARNIVAL PLC OR ANY SUBSIDIARY THEREOF;

(B)      PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

(C)      TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR

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

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

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

    	 	23	 

     

    

On any Resale Restriction Termination Date,
the Company shall, at its option, deliver to the Trustee a certificate in the form of Exhibit B hereto executed by an Officer of
the Company, and upon the Trustee’s receipt of such certificate the restrictive legend required by this Section 2.05(b) shall be
deemed removed from any Global Notes representing such Notes without further action on the part of Holders. If the Company delivers such
a certificate to the Trustee, the Company shall: (i) notify Holders of the Notes that the restrictive legend required by this Section
2.05(b) has been removed or deemed removed; and (ii) instruct the Depositary to change the CUSIP number for the Notes to the unrestricted
CUSIP number for the Notes. It is understood that the Depositary of any Global Note may require a mandatory exchange or other process
to cause such Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary. For the avoidance of
doubt, for Notes that are not in certificated form, the Notes shall continue to bear Additional Interest pursuant to this paragraph until
such time as they are identified by an unrestricted CUSIP number in the facilities of the Depositary or any successor depositary for the
Notes, as a result of completion of the Depositary’s mandatory exchange process or otherwise.

Any Note (or security issued in exchange or
substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that has
been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided
by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such Note for exchange to the Note
Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate principal
amount, which shall not bear the restrictive legend required by this Section 2.05(b) and shall not be assigned a restricted CUSIP number.

The Company shall be entitled to instruct the
Custodian in writing to so surrender any Global Note as to which such restrictions on transfer shall have expired in accordance with their
terms for exchange, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global Note
so exchanged therefor shall not bear the restrictive legend specified in this Section 2.05(b) and shall not be assigned a restricted CUSIP
number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after
a registration statement, if any, with respect to the Notes or any Common Stock issued upon conversion of the Notes has been declared
effective under the Securities Act.

Notwithstanding any other provisions of this
Indenture (other than the provisions set forth in this Section 2.05(b)), a Global Note may not be transferred as a whole or in part except
(i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for transfers of
portions of a Global Note in certificated form made upon request of a member of, or a participant in, the Depositary (for itself or on
behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in accordance with the Applicable
Procedures and in compliance with this Section 2.05(b).

    	 	24	 

     

    

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

If:

(a)      the
Depositary (i) notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes
and a successor depositary is not appointed within 90 days or (ii) ceases to be a clearing agency registered under the Exchange Act and
a successor depositary is not appointed within 90 days; or

(b)      there
has occurred and is continuing an Event of Default and a beneficial owner of any Note requests through the Depositary that its beneficial
interest therein be issued in a Certificated Note,

the Company shall execute, and the Trustee, upon
receipt of an Officer’s Certificate, an Opinion of Counsel and a Company Order for the authentication and delivery of Notes, shall
authenticate and deliver Certificated Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate
principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of
the Global Notes to the Trustee such Global Notes shall be canceled.

Certificated Notes issued in exchange for all
or a part of the Global Note pursuant to this Section 2.05(b) shall be registered in such names and in such Authorized Denominations as
the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution
and authentication, the Trustee shall deliver such Certificated Notes to the Persons in whose names such Certificated Notes are so registered.

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

Neither the Company, the Guarantors, the Trustee
nor any agent of the Company, the Guarantors or the Trustee shall have any responsibility or liability for any aspect of the records relating
to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records
relating to such beneficial ownership interests.

    	 	25	 

     

    

Neither the Company, the Guarantors nor the Trustee shall have any
responsibility or liability for any act or omission of the Depositary.

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

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

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

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

(A)      TO
THE COMPANY, CARNIVAL PLC OR ANY SUBSIDIARY THEREOF;

(B)      PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

(C)      TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT; OR

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

    	 	26	 

     

    

AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT.

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

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

(e)     
Any Note that is repurchased or owned by an Affiliate of the Company (or any Person who was an Affiliate of the Company at any
time during the three months immediately preceding) may not be resold by such Affiliate 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 no
longer being a “restricted security” (as defined under Rule 144 under the Securities Act). The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among members of, or participants in,
the Depositary or beneficial owners of interests in any Global Note) other than to require delivery of such certificates and other documentation
or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine
the same to determine substantial compliance as to form with the express requirements hereof.

(f)     
Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions taken or not taken by the Depositary.

Section 2.06. Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion
may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver,
a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in
lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the

    	 	27	 

     

    

applicant for a substituted Note shall furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be reasonably required
by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in
every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

The Trustee or such authenticating agent may
authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company
and, if applicable, such authenticating agent may reasonably require. Upon the issuance of any substitute Note, the Company or the Trustee
may require the payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed
in relation thereto and any other expenses connected therewith. In case any Note that has matured or is about to mature, is subject to
Redemption or has been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated
or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment
of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case
may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating
agent such security or indemnity as may be reasonably required by them to save each of them harmless from any loss, liability, cost or
expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the
Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence to their satisfaction of the destruction, loss
or theft of such Note and of the ownership thereof.

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

Section 2.07. Temporary
Notes. Pending the preparation of Certificated Notes, the Company may execute and the Trustee or an authenticating agent appointed
by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary
Notes shall be issuable in any Authorized Denomination, and substantially in the form of the Certificated Notes but with such omissions,
insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note
shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially
the same manner, and with the same effect, as the Certificated Notes. Without unreasonable delay, the Company shall execute and deliver
to the Trustee or such authenticating agent Certificated Notes (other than any Global Note) and thereupon any or all temporary Notes (other
than any Global Note) may be

    	 	28	 

     

    

surrendered in exchange therefor, at each office
or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver
in exchange for such temporary Notes an equal aggregate principal amount of Certificated Notes. Such exchange shall be made by the Company
at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same
benefits and subject to the same limitations under this Indenture as Certificated Notes authenticated and delivered hereunder.

Section 2.08. Cancellation
of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, Redemption, repurchase (but
excluding Notes repurchased pursuant to cash-settled swaps or other derivatives that are not physically settled), registration of transfer
or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries
or Affiliates), to be delivered to the Trustee for cancellation, and such Notes shall no longer be considered outstanding for purposes
of this Indenture upon their payment, Redemption, repurchase, registration of transfer or exchange or conversion. All Notes delivered
to the Trustee shall be canceled promptly by it in accordance with its customary procedures. No Notes shall be authenticated in exchange
for any Notes cancelled, except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled
Notes in accordance with its customary procedures and, after such disposition, shall deliver evidence of such disposition to the Company,
at the Company’s written request in a Company Order. If the Company, the Guarantors or any of the Company’s or the Guarantors’
Subsidiaries shall acquire any of the Notes, such acquisition shall not operate as a purchase or satisfaction of the indebtedness represented
by such Notes unless and until the same are delivered to the Trustee for cancellation.

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

Section 2.10. Additional
Notes; Purchases(a). (a) The Company may, from time to time, without the consent of, or notice to, the Holders, reopen this
Indenture and issue additional Notes under this Indenture with the same terms as the Notes issued on the Issue Date (other than differences
in the issue date, the issue price and interest accrued prior to the issue date of such additional Notes and, if applicable, the initial
Interest Payment Date and restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount; provided
that if any such additional Notes are not fungible with the Notes issued on the Issue Date for U.S. federal income tax or securities law
purposes, such additional Notes shall have one or more separate CUSIP numbers. Such Notes issued on the Issue Date and the additional
Notes shall rank equally and ratably and shall be treated as a single series for all purposes under this Indenture. Prior to the issuance
of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an Officer’s Certificate and an Opinion
of Counsel, such Officer’s Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.06,
as the Trustee shall reasonably request.

(b)     
The Company may, to the extent permitted by law and without the consent of Holders, directly or indirectly (regardless of whether
such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company,

    	 	29	 

     

    

Carnival plc or their respective Subsidiaries or through private
or public tenders or exchange offers or through counterparties to private agreements, including by cash-settled swaps or other derivatives.
The Company shall cause any Notes so purchased (but excluding Notes repurchased pursuant to cash-settled swaps or other derivatives that
are not physically settled) to be surrendered to the Trustee for cancellation in accordance with Section 2.08, and they will no longer
be considered outstanding under this Indenture upon their repurchase.

Article
3

Satisfaction and Discharge

Section 3.01. Satisfaction
and Discharge. This Indenture, the Notes and the Guarantees shall upon request of the Company contained in an Officer’s Certificate
cease to be of further effect (except as set forth in the last paragraph of this Section 3.01), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when:

(i)     
either:

(A)     
all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 2.06 and (y) Notes for whose payment money has theretofore been deposited in trust with the
Trustee or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section 4.04(d)) have been delivered to the Trustee for cancellation; or

(B)     
the Company or any Guarantor has deposited with the Trustee or delivered to Holders, as applicable, after all of the outstanding
Notes have (i) become due and payable, whether at the Maturity Date, upon a Redemption or at any Fundamental Change Repurchase Date, and/or
(ii) have been converted (and the related Settlement Amounts have been determined), cash or, solely to satisfy the Company’s Conversion
Obligations, cash and/or shares of Common Stock (or if applicable, Reference Property), as applicable, sufficient to pay all of the outstanding
Notes and/or satisfy all conversions, as the case may be, and pay all other sums due and payable under this Indenture by the Company and
the Guarantors; and

(ii)     
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company and the Guarantors to the Trustee under Section 7.06 and, if cash or shares
of Common Stock shall have been deposited with the Trustee pursuant to Section 3.01(i)(B), Section 4.04 shall survive such satisfaction
and discharge.

    	 	30	 

     

    

Article
4

Particular Covenants of the Company and Carnival plc

Section 4.01. Payment of
Principal, Settlement Amounts and Interest. The Company shall pay or cause to be paid the principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on conversion of, and interest on the Notes
on the dates and in the manner provided in the Notes. Principal, Settlement Amounts and interest shall be considered paid on the date
due if the Paying Agent, if other than the Company or a Guarantor, holds as of 10:00 a.m., New York City time, on the due date money deposited
by the Company or a Guarantor in immediately available funds and designated for and sufficient to pay all principal, Settlement Amounts
and interest then due. Unless such Paying Agent is the Trustee, the Company will promptly notify the Trustee in writing of any failure
to take such action.

The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) and overdue Settlement Amounts owed on conversion to the extent they include cash, at the rate
equal to the interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the
extent lawful.

Section 4.02. Maintenance
of Office or Agency. The Company shall at all times maintain an office or agency in the continental United States (which may be an
office of the Trustee or an Affiliate of the Trustee) where Notes may be presented or surrendered for registration of transfer or exchange
or for payment, Redemption or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”)
and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give
prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee.

The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. Further, if at any time there shall be no such office
or agency in the continental United States where the Notes may be presented or surrendered for payment, the Company shall forthwith designate
and maintain such an office or agency in the continental United States, in order that the Notes shall at all times be payable in the continental
United States. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent”
include any such additional or other offices or agencies, as applicable.

The Company hereby appoints
the Trustee as Paying Agent, Note Registrar, Custodian and Conversion Agent and designates the Corporate Trust Office of the Trustee as
one such office or agency of the Company.

    	 	31	 

     

    

The Company reserves the right
to vary or terminate the appointment of any Note Registrar, Paying Agent or Conversion Agent, and Bid Solicitation Agent; act as the Paying
Agent or Bid Solicitation Agent; appoint additional Paying Agents or Conversion Agents; or approve any change in the office through which
any Note Registrar or Paying Agent or Conversion Agent acts.

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

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

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

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

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

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

(c)     
Anything in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in
trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such

    	 	32	 

     

    

sums or amounts to be held by the Trustee upon the trusts
herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent
shall be released from all further liability but only with respect to such sums or amounts.

(d)     
Subject to any applicable escheat laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, the Settlement Amounts owed on conversion to the extent they include cash, and accrued and unpaid interest on, any Note and remaining
unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable),
the Settlement Amounts owed on conversion to the extent they include cash, or interest has become due and payable shall be paid to the
Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company and the Guarantors
for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease.

Section 4.05. Additional
Guarantors. If, after the Issue Date, a Subsidiary of the Company or Carnival plc (other than any Subsidiary Guarantor) becomes an
issuer, borrower, obligor or guarantor with respect to (a) the First Priority Secured Notes or (b) any other indebtedness for money borrowed
of the Company, Carnival plc or any Subsidiary Guarantor of the Notes having, in each case, an aggregate principal amount in excess of
$250.0 million, then the Company shall cause such Subsidiary to become a Guarantor by causing such Subsidiary to execute a supplemental
indenture substantially in the form of Exhibit C hereto and to deliver it to the Trustee within 20 Business Days of the date on which
it becomes an issuer, borrower, obligor or guarantor under the First Priority Secured Notes or such other indebtedness; provided the Company
shall not be required to cause a Subsidiary to become a Guarantor if such Subsidiary would not be required to provide a guarantee under
the Company’s, Carnival plc’s or any Subsidiary Guarantor’s Capital Markets Indebtedness. The Company shall cause any
such Subsidiary to provide such information to the Trustee as is reasonably requested by the Trustee in order to complete the Trustee’s
know-your-customer review process to its reasonable satisfaction. Notwithstanding the foregoing, the Company shall not be obligated to
cause a Subsidiary to guarantee the Notes to the extent that such Guarantee by such Subsidiary would reasonably be expected to give rise
to or result in (x) any liability for the officers, directors or shareholders of such Subsidiary, (y) any violation of applicable law
that cannot be prevented or otherwise avoided through measures reasonably available to the Company or such Subsidiary or (z) any significant
cost, expense, liability or obligation (including with respect to any taxes) other than reasonable out-of-pocket expenses and other than
reasonable expenses incurred in connection with any governmental or regulatory filings required as a result of, or any measures pursuant
to clause (y) undertaken in connection with, such Guarantee which cannot be avoided through measures reasonably available to the Company
or such Subsidiary. For the avoidance of doubt, the Trustee shall have no duty or obligation whatsoever to determine whether or not any
such Subsidiary is required to become a Guarantor.

Section 4.06. Rule 144A
Information Requirement; Reporting; and Additional Interest(a). (a) For as long as any Notes are outstanding hereunder, at
any time the Company is not subject to Sections 13 and 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any
shares of Common

    	 	33	 

     

    

Stock issued upon conversion of the Notes shall,
at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide
to the Trustee and will, upon written request, provide to any Holder, beneficial owner or prospective purchaser of such Notes or any shares
of Common Stock issued upon conversion of the 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 such Common Stock, as the case may be, pursuant to Rule 144A under the Securities Act. The
Company shall take such further action as any Holder or beneficial owner of such Notes or such Common Stock, as the case may be, may reasonably
request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or such Common Stock, as
the case may be, in accordance with Rule 144A under the Securities Act, as such rule may be amended from time to time.

(b)     
The Company shall furnish to the Trustee within 15 days after the same are required to be filed with the Commission (after giving
effect to any grace period provided by Rule 12b-25 under the Exchange Act or any successor rule under the Exchange Act or any special
order of the Commission), copies of any documents or reports that the Company is required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act (excluding any such information, documents or reports, or portions thereof, subject to confidential treatment
and any correspondence with the Commission). Any such document or report that the Company files with the Commission via the Commission’s
EDGAR system (or any successor thereto) shall be deemed to be furnished to the Trustee for purposes of this Section 4.06(b) as of the
time such documents are filed via the EDGAR system (or such successor). Notwithstanding the foregoing, if a direct or indirect parent
of the Company or Carnival plc files with or furnishes to the Commission documents or reports pursuant to Section 13 or 15(d) of the Exchange
Act, then such filings shall be deemed to satisfy the reporting requirements of this provision; provided, that such direct or indirect
parent also guarantees the Notes.

(c)     
Delivery of the reports, information and documents described in Section 4.06(a) and (b) to the Trustee is for informational purposes
only, and the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s and/or the Guarantors’ compliance with any of
the Company’s and/or the Guarantors’ covenants under this Indenture or the Notes (as to which the Trustee is entitled to conclusively
rely on an Officer’s Certificate). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise,
the Company’s and/or the Guarantors’ compliance with the covenants or with respect to any reports or other documents filed
with the Commission or the Commission’s EDGAR system (or any successor thereto) or posted on any website or to participate in any
conference calls.

(d)     
Subject to Section 6.03(b), if, at any time during the six-month period beginning on, and including, the date that is six months
after the Issue Date, the Company fails to timely file any document or report that it is required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act, as applicable (other than Current Reports on Form 8-K), after giving effect to all applicable
grace period thereunder, or the Notes are not otherwise freely tradable by Holders other than the Company’s Affiliates or Holders
that were Affiliates of the Company at any time during the three months immediately preceding (as a result of restrictions pursuant to
U.S. federal securities laws or the terms of this Indenture or the Notes), the

    	 	34	 

     

    

Company shall pay Additional Interest on the Notes from, and
including, the first date after the conclusion of the six-month period described above on which such failure to file occurs or the first
date the Notes are not otherwise freely tradable as described above by Holders other than the Company’s Affiliates or Holders that
were Affiliates of the Company at any time during the three months immediately preceding without restriction pursuant to U.S. federal
securities laws or the terms of this Indenture or the Notes, whichever is earlier, until the earlier of (i) the one-year anniversary of
the Issue Date and (ii) the date on which such failure to file has been cured (if applicable) and the Notes are otherwise freely tradable
by Holders other than the Company’s Affiliates or Holders that were Affiliates of the Company at any time during the three months
immediately preceding without restriction pursuant to U.S. federal securities laws or the terms of this Indenture or the Notes. Such Additional
Interest shall accrue on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day
during such period described in the preceding sentence.

(e)     
Subject to Section 4.06(f) and Section 6.03(b), if, and for so long as, the restrictive legend on the Notes specified in Section
2.05(b) has not been removed (or deemed removed), the Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely
tradable as described in Section 4.06(d) by Holders other than the Company’s Affiliates or Holders that were Affiliates of the Company
at any time during the three months immediately preceding without restrictions pursuant to U.S. federal securities law or the terms of
this Indenture or the Notes as of the 365th day after the Issue Date, the Company shall 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 on the Notes specified in Section 2.05(b)
has been removed (or deemed removed), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable as described
in Section 4.06(d) by Holders other than the Company’s Affiliates or Holders that were Affiliates of the Company at any time during
the three months immediately preceding without restrictions pursuant to U.S. federal securities laws or the terms of this Indenture or
the Notes. The restrictive legend on the Notes shall be deemed removed pursuant to the terms of this Indenture upon notice by the Company
to the Trustee and delivery of the documents required pursuant to this Indenture, and, at such time, the Notes will be automatically assigned
an unrestricted CUSIP. However, for the avoidance of doubt, for Notes that are not in certificated form, the Notes shall continue to bear
Additional Interest pursuant to this Section 4.06(e) until such time as such Notes are identified by an unrestricted CUSIP in the facilities
of the Depositary as a result of completion of the Depositary’s mandatory exchange process or otherwise.

(f)     
Additional Interest, which shall constitute the sole remedy relating to the failure to comply with the Company’s obligations
under this Section 4.06, shall be payable in arrears on each Interest Payment Date following accrual in the same manner as regular interest
on the Notes and shall be in addition to any Additional Interest that may accrue, at the Company’s election, pursuant to Section
6.03. In no event, however, shall Additional Interest accrue on any day (taking into consideration any Additional Interest payable as
described in Section 4.06(d), Section 4.06(e) or Section 6.03(a)) at a rate in excess of 0.50% per annum, regardless of the number of
events or circumstances giving rise to the requirement to pay such Additional Interest.

    	 	35	 

     

    

(g)     
 If Additional Interest is payable by the Company pursuant to Section 4.06(d), Section 4.06(e) or Section 6.03(a), the Company
shall deliver to the Trustee an Officer’s Certificate to that effect stating (i) the amount of such Additional Interest that is
payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee receives
at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest is payable.

Section 4.07. Additional
Amounts.

(a)     
All payments made by or on behalf of the Company or any of the Guarantors (including, in each case, any successor entity), including
amounts payable upon Redemption, repurchase or conversion, under or with respect to the Notes or any Guarantee will be made free and clear
of and without withholding or deduction for, or on account of, any present or future taxes unless the withholding or deduction of such
taxes is then required by law. If the Company, any Guarantor or any other applicable withholding agent is required by law to withhold
or deduct any amount for, or on account of, any taxes imposed or levied by or on behalf of (1) any jurisdiction (other than the United
States) in which the Company or any Guarantor is or was incorporated, engaged in business, organized or resident for tax purposes or any
political subdivision thereof or therein or (2) any jurisdiction from or through which any payment is made by or on behalf of the Company
or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision thereof or therein
(each of (1) and (2), a “Tax Jurisdiction”) in respect of any payments under or with respect to the Notes or any Guarantee,
including, without limitation, payments of principal, Tax Redemption Price, purchase price, interest or premium, the Company or the relevant
Guarantor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order
that the net amounts received and retained in respect of such payments by each beneficial owner of Notes after such withholding or deduction
will equal the respective amounts that would have been received and retained in respect of such payments in the absence of such withholding
or deduction; provided, however, that no Additional Amounts will be payable with respect to:

(i)     
any taxes, to the extent such taxes would not have been imposed but for the Holder or the beneficial owner of the Notes (or a fiduciary,
settlor, beneficiary, partner of, member or shareholder of, or possessor of a power over, the relevant Holder, if the relevant Holder
is an estate, trust, nominee, partnership, limited liability company or corporation) being or having been a citizen or resident or national
of, or incorporated, engaged in a trade or business in, being or having been physically present in or having or having had a permanent
establishment in, the relevant Tax Jurisdiction or having any other present or former connection with the relevant Tax Jurisdiction, other
than any connection arising solely from the acquisition, ownership or disposition of Notes, the exercise or enforcement of rights under
such Note, this Indenture or a Guarantee, or the receipt of payments in respect of such Note or a Guarantee;

(ii)        
any taxes, to the extent such taxes were imposed as a result of the presentation of a Note for payment (where presentation is required)
more than 30 days after the relevant payment is first made available for payment to the Holder (except to the extent

    	 	36	 

     

    

that the Holder would have been entitled to Additional Amounts
had the Note been presented on the last day of such 30 day period);

(iii)        
any estate, inheritance, gift, sale, transfer, personal property or similar taxes;

(iv)        
any taxes payable other than by deduction or withholding from payments under, or with respect to,
the Notes or any Guarantee;

(v)        
any taxes to the extent such taxes would not have been imposed or withheld but for the failure of the Holder or beneficial owner
of the Notes, following the Company’s reasonable written request addressed to the Holder at least 60 days before any such withholding
or deduction would be imposed, to comply with any certification, identification, information or other reporting requirements, whether
required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction
in the rate of deduction or withholding of, taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that
the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial
owner is legally eligible to provide such certification or documentation;

(vi)        
any taxes imposed in connection with a Note presented for payment (where presentation is permitted or required for payment) by
or on behalf of a Holder or beneficial owner of the Notes to the extent such taxes could have been avoided by presenting the relevant
Note to, or otherwise accepting payment from, another paying agent;

(vii)        
any taxes imposed on or with respect to any payment by the Company or any of the Guarantors to the Holder of the Notes if such
holder is a fiduciary or partnership or any person other than the sole beneficial owner of such payment to the extent that such taxes
would not have been imposed on such payments had such Holder been the sole beneficial owner of such Note;

(viii)        
any taxes that are imposed pursuant to current Section 1471 through 1474 of the Code or any amended or successor version that is
substantively comparable and not materially more onerous to comply with, any regulations promulgated thereunder, any official interpretations
thereof, any intergovernmental agreement between a non-U.S. jurisdiction and the United States (or any related law or administrative practices
or procedures) implementing the foregoing or any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or any amended
or successor version described above); or

(ix)        
any combination of clauses (i) through (viii) above.

(b)       
In addition to the foregoing, the Company and the Guarantors will also pay and indemnify the Holder for any present or future stamp,
issue, registration, value added, transfer, court or documentary taxes, or any other excise or property taxes, charges or similar levies
(including penalties, interest and additions to tax related thereto) which are levied by any jurisdiction
on the execution, delivery, issuance, or registration of any of the Notes, this

    	 	37	 

     

    

Indenture, any Guarantee or any other document referred to therein,
or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Guarantee (limited, solely in the case
of taxes attributable to the receipt of any payments, to any such taxes imposed in a Tax Jurisdiction that are not excluded under clauses
(i) through (iii) or (v) through (ix) above or any combination thereof).

(c)       
If the Company or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Notes or any Guarantee, the Company or the relevant Guarantor, as the case may be, will deliver
to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises
after the 30th day prior to that payment date, in which case the Company or the relevant Guarantor shall notify the Trustee promptly thereafter)
an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The
Officer’s Certificates must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional
Amounts to holders on the relevant payment date. The Company or the relevant Guarantor will provide the Trustee with documentation reasonably
satisfactory to the trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officer’s
Certificate as conclusive proof that such payments are necessary.

(d)       
The Company or the relevant Guarantor, if it is the applicable withholding agent, will make all withholdings and deductions (within
the time period) required by law and will remit the full amount deducted or withheld to the relevant tax authority in accordance with
applicable law. The Company or the relevant Guarantor will use its reasonable efforts to obtain tax receipts from each tax authority evidencing
the payment of any taxes so deducted or withheld. The Company or the relevant Guarantor will furnish to the Trustee (or to a Holder of
the Notes upon request), within 60 days after the date the payment of any taxes so deducted or withheld is made, certified copies of tax
receipts evidencing payment by the Company or a Guarantor, as the case may be, or if, notwithstanding such entity’s efforts to obtain
receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the trustee) by such entity.

(e)       
Whenever in this Indenture or the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount
of the notes or of principal, interest or of any other amount payable under, or with respect to, any of the Notes or any Guarantee, such
mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts
are, were or would be payable in respect thereof.

(f)        
This Section 4.07 will survive any termination, defeasance or discharge of this Indenture, any transfer by a holder or beneficial
owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor person to the Company (or any
Guarantor) is incorporated, engaged in business, organized or resident for tax purposes, or any jurisdiction from or through which payment
is made under or with respect to the Notes (or any Guarantee) by or on behalf of such person and, in each case, any political subdivision
thereof or therein.

Section 4.08. Stay, Extension
and Usury Laws. Each of the Company and the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any
time insist upon, plead, or in

    	 	38	 

     

    

any manner whatsoever claim or take the benefit
or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

Section 4.09. Compliance
Certificate; Statements as to Defaults.

(a)     
The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year (beginning with the year ended November
30, 2023), an Officer’s Certificate stating whether the signer thereof has knowledge of any Default that occurred during the previous
year and is then continuing, if so, specifying each such failure and the nature thereof.

(b)     
The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee an Officer’s Certificate within 30
days after an Officer of the Company becomes aware of the occurrence of any event that would constitute a Default or Event of Default,
specifying each such event, the status thereof and what action the Company is taking or proposes to take with respect thereto.

Section 4.10. Further Instruments
and Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as may
be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

Section 4.11. No Rights
as Stockholders. Holders of Notes, as such, will not have any rights as stockholders of the Company or Carnival plc (including, without
limitation, voting rights and rights to receive any dividends or other distributions on Common Stock).

Section 4.12. No Use
of Proceeds in Panama. The Company shall not, directly or indirectly, place, invest or give economic use of the proceeds from the
Notes in the Republic of Panama.

Article
5

Optional Redemption

Section 5.01. Optional
Redemption. The Notes shall not be redeemable by the Company prior to the Maturity Date, except as described in this Article 5 or
Article 16, and no sinking fund is provided for the Notes. On or after December 5, 2025 and on or before the 40th Scheduled Trading Day
immediately prior to the Maturity Date, the Company, at its option, may redeem (an “Optional Redemption”) for cash
all or part of the Notes at the Optional Redemption Price, if the Last Reported Sale Price of the Common Stock exceeds 130% of the Conversion
Price then in effect on at least 20 Trading Days (whether or not consecutive), including the Trading Day immediately preceding the date
on which the Company provides the Notice of Optional Redemption (an “Optional Redemption Notice Date”) in accordance
with Section 5.02, during the 30 consecutive Trading Days ending on, and including, the Trading Day immediately preceding the date on
which the Company provides the Notice of Optional Redemption in accordance with Section 5.02.

    	 	39	 

     

    

Section 5.02. Notice of Optional Redemption;
Selection of Notes.

(a)     
In case the Company exercises its Optional Redemption right pursuant to Section 5.01, it shall fix a date for Optional Redemption
(each, an “Optional Redemption Date”) and it or, at its written request received by the Trustee not less than 50 Scheduled
Trading Days prior to the Optional Redemption Date (or such shorter period of time as may be acceptable to the Trustee), the Trustee,
in the name of and at the expense of the Company, shall deliver or cause to be delivered a written notice of such Optional Redemption
(a “Notice of Optional Redemption”) not less than 45 nor more than 65 Scheduled Trading Days prior to the Optional
Redemption Date to each Holder of Notes so to be redeemed as a whole or in part; provided, however, that, if the Company
shall give such notice, it shall also give written notice of the Optional Redemption Date to the Trustee and the Paying Agent (if other
than the Trustee).

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

(c)     
Each Notice of Optional Redemption shall specify:

(i)     
the Optional Redemption Date;

(ii)     
the Optional Redemption Price;

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

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

(v)     
that Holders may surrender their Notes for conversion at any time prior to the close of business on the second Scheduled Trading
Day immediately preceding the Optional Redemption Date or, if the Company fails to pay the Optional Redemption Price on the Redemption
Date, such later date on which the Company pays the Optional Redemption Price;

(vi)     
the procedures an exchanging Holder must follow to convert its Notes and the Settlement Method and Specified Dollar Amount, if
applicable;

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

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

    	 	40	 

     

    

A Notice of Optional Redemption shall be
irrevocable. In the case of an Optional Redemption, a Holder may convert any or all of its Notes called for Redemption at any time prior
to the close of business on the second Scheduled Trading Day immediately preceding the Optional Redemption Date or, if the Company fails
to pay the Optional Redemption Price, such later date on which the Company pays or duly provides for the Optional Redemption Price.

(d)     
With respect to any Notes that are converted after an Optional Redemption Notice Date and prior to the close of business on the
second Scheduled Trading Day immediately preceding the related Optional Redemption Date as described in Section 14.01, the Company will,
under certain circumstances, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares
of Common Stock as described in Section 14.03.

(e)     
If the Company elects to redeem less than all of the outstanding Notes pursuant to this Article 5, 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 Optional Redemption Date, whether such Note or beneficial interest, as applicable,
is to be redeemed pursuant to such Optional Redemption, then such Holder or owner, as applicable, shall be entitled to convert such Note
or beneficial interest, as applicable, at any time before the close of business on the second Business Day immediately before such Optional
Redemption Date, and each such conversion shall be deemed to be of a Note called for Redemption for purposes of these Redemption provisions
and the provisions described in Section 14.01 and 14.03.

(f)     
If fewer than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed by a method requested
in writing by the Company, and certified to the Trustee in writing by the Company, to comply with the requirements of the principal securities
exchange, if any, on which the Notes are listed at such time, and in compliance with the requirements of the Depositary or, if the Notes
are not listed on a securities exchange, or such securities exchange prescribes no method of selection and the Notes are not held through
the Depositary or the Depositary prescribers no method of selection, on a pro rata basis, by lot or by such other method as the
Trustee deems fair and appropriate; provided, however, that the Notes selected to be redeemed shall be in principal amounts
of $1,000 and in integral multiples of $1,000 in excess thereof. For Notes which are represented by global certificates held on behalf
of the Depositary, if the Notes are selected for Redemption on a pro rata basis, the Notes to be redeemed shall be selected for
Redemption by lot in accordance with the Applicable Procedures of the Depositary.

Section 5.03. Payment
of Notes Called for Optional Redemption.

(a)     
If any Notice of Optional Redemption has been given in respect of the Notes in accordance with Section 5.02, the Notes shall become
due and payable on the Optional Redemption Date at the place or places stated in the Notice of Optional Redemption and at the Optional
Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Notice of Optional Redemption, the Notes
shall be paid and redeemed by the Company at the Optional Redemption Price.

    	 	41	 

     

    

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

Section 5.04. Restrictions
on Optional Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated
in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Optional Redemption Date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Optional Redemption Price with respect
to such Notes).

Article
6

Defaults and Remedies

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

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

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

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

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

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

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

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(g)     
 default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Company, Carnival plc or any of the Company’s or Carnival plc’s Subsidiaries (or
the payment of which is guaranteed by the Company, Carnival plc or any of Company’s or Carnival plc’s Subsidiaries), other
than debt owed to the Company, Carnival plc or any of the Company’s or Carnival plc’s Subsidiaries, whether such indebtedness
or guarantee now exists or is created after the Issue Date, if that default:

(i)     
is caused by the failure to pay principal of such indebtedness prior to the expiration of the grace period provided in such indebtedness
on the date of such default; or

(ii)     
results in the acceleration of such indebtedness prior to its express maturity,

and, in each case, the principal amount of
any such indebtedness that is due and has not been paid, together with the principal amount of any other indebtedness that is due and
has not been paid or the maturity of which has been so accelerated, equals or exceeds $120.0 million in the aggregate;

(h)     
(A) a court having jurisdiction over the Company, Carnival plc or a Significant Subsidiary of the Company or Carnival plc enters
(x) a decree or order for relief in respect of the Company, Carnival plc or any of their respective Subsidiaries that is a Significant
Subsidiary or any group of their respective Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary
case or proceeding under any applicable Bankruptcy Law or (y) a decree or order adjudging the Company, Carnival plc or any of their respective
Subsidiaries that is a Significant Subsidiary, or any group of its respective Subsidiaries that, taken together, would constitute a Significant
Subsidiary, as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company, Carnival plc or any such Subsidiary or group of Subsidiaries under any Bankruptcy Law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Carnival plc or any such
Subsidiary or group of Subsidiaries or of any substantial part of its property, or ordering the winding up or liquidation of its affairs,
and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60
consecutive days or (B) the Company, Carnival plc or any of their respective Subsidiaries that is a Significant Subsidiary or any group
of its respective Subsidiaries that, taken together, would constitute a Significant Subsidiary (i) commences a voluntary case under any
Bankruptcy Law or consents to the entry of an order for relief in an involuntary case under any Bankruptcy Law, (ii) consents to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company, Carnival
plc or any such Subsidiary or group of Subsidiaries or for all or substantially all the property and assets of the Company, Carnival plc
or any such Subsidiary or group of Subsidiaries, (iii) effects any general assignment for the benefit of creditors or (iv) generally is
not paying its debts as they become due;

(i)      
the Company’s failure or the failure by Carnival plc, any of the Company’s or Carnival plc’s Significant Subsidiaries
or any group of the Company’s or Carnival plc’s Subsidiaries that, taken together, would constitute a Significant Subsidiary,
to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $120.0

    	 	43	 

     

    

million (exclusive of any amounts for which a solvent insurance
company has acknowledged liability), which judgments shall not have been discharged or waived and there shall have been a period of 60
consecutive days during which a stay of enforcement of such judgment or order, by reason of any appeal, waiver or otherwise, shall not
have been in effect; or

(j)      
except as otherwise permitted under this Indenture, the Guarantee of Carnival plc, any of the Company’s or Carnival plc’s
Significant Subsidiaries or any group of the Company’s or Carnival plc’s Subsidiaries that, taken together, would constitute
a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force
and effect, or Carnival plc, any of the Company’s or Carnival plc’s Significant Subsidiaries or any group of the Company’s
or Carnival plc’s Subsidiaries that, taken together, would constitute a Significant Subsidiary, or any person acting on behalf of
any such Guarantor, denies or disaffirms its obligations under its Guarantee and such default continues for 30 days.

Section 6.02. Acceleration.
In case one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default
specified in Section 6.01(h) with respect to the Company, Carnival plc, any of the Company’s or Carnival plc’s Significant
Subsidiaries or any group of the Company’s or Carnival plc’s Subsidiaries that, taken together, would constitute a Significant
Subsidiary), either the Trustee by notice in writing to the Company, or the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding, by notice in writing to the Company and the Trustee, may declare 100% of the principal of, and accrued and unpaid
interest, if any, on, all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable. If an Event of Default specified in Section 6.01(h) with respect to the Company, Carnival plc, any of the
Company’s or Carnival plc’s Significant Subsidiaries or any group of the Company’s or Carnival plc’s Subsidiaries
that, taken together, would constitute a Significant Subsidiary, occurs and is continuing, 100% of the principal of, and accrued and unpaid
interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. In the event of a declaration of
acceleration of the Notes because an Event of Default described in Section 6.01(g) has occurred and is continuing, the declaration of
acceleration of the Notes shall be automatically annulled if, as certified in writing by the Company, the Event of Default or payment
default triggering such Event of Default pursuant to Section 6.01(g) shall be remedied or cured, or waived in writing by the holders of
the relevant indebtedness, or the indebtedness that gave rise to such Event of Default shall have been discharged in full, within 30 days
after the declaration of acceleration with respect thereto and if the annulment of the acceleration of the Notes would not conflict with
any judgment or decree of a court of competent jurisdiction.

The immediately preceding paragraph, however, is subject
to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable, and before any judgment
or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall
deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Notes and the principal of any and
all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest
and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to Section 7.06, and if (1)
rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all

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existing Events of Default under this Indenture, other than the nonpayment
of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall have
been cured or waived pursuant to Section 6.09 and all amounts owing to the Trustee have been paid, then and in every such case (except
as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding,
by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind
and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall
affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary
herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i)
the nonpayment of the principal (including the Redemption Price or the Fundamental Change Repurchase Price, if applicable) of, or accrued
and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to pay or deliver, as the case
may be, the consideration due upon conversion of the Notes.

 

Section 6.03. Additional
Interest.

(a)     
Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the sole remedy for
an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall, after
the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal
to (i) 0.25% per annum of the principal amount of the Notes outstanding for each day during the period beginning on, and including, the
date on which such Event of Default first occurred and ending on the earlier of (x) the date on which such Event of Default is cured or
validly waived in accordance with this Indenture and (y) the 180th day immediately following, and including, the date on which such Event
of Default first occurred; and (ii) if such Event of Default has not been cured or validly waived prior to the 181st day immediately following,
and including, the date on which such Event of Default first occurred, 0.50% per annum of the principal amount of the Notes outstanding
for each day during the period beginning on, and including, the 181st day immediately following, and including, the date on which such
Event of Default first occurred and ending on the earlier of (x) the date on which the Event of Default is cured or validly waived and
(y) the 360th day immediately following, and including, the date on which such Event of Default first occurred (in addition to any Additional
Interest that may accrue as a result of a registration default pursuant to Sections 4.06(d) and 4.06(e)). For the avoidance of doubt,
the first 180-day period described in this Section 6.03 shall not commence until expiration of the 60 day period referenced in Section
6.01(f).

(b)     
Any Additional Interest payable pursuant to Section 6.03(a) shall be in addition to any Additional Interest that may accrue pursuant
to Sections 4.06(d) and 4.06(e). Notwithstanding anything in this Indenture to the contrary, in no event, however, shall Additional Interest
accrue on any day (taking into consideration any Additional Interest payable pursuant to Section 6.03(a), together with Additional Interest
payable pursuant to Sections 4.06(d) and 4.06(e)) at a rate in excess of 0.50% per annum, regardless of the number of events or circumstances
giving rise to the requirement to pay such Additional Interest.

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(c)     
 If the Company elects to pay Additional Interest pursuant to Section 6.03(a), such Additional Interest shall be payable in the
same manner and on the same dates as the stated interest payable on the Notes and will accrue on all Notes then outstanding from, and
including, the date on which the Event of Default relating to the Company’s failure to comply with its obligations as set forth
in Section 4.06(b) first occurs to, but not including, the 361st day thereafter (or such earlier date on which such Event of Default is
cured or waived by the Holders of a majority in principal amount of the Notes then outstanding). On the 361st day after such Event of
Default (if the Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b)
is not cured or waived prior to such 361st day), such Additional Interest will cease to accrue and the Notes will be subject to acceleration
as provided in Section 6.02. In the event the Company does not elect to pay Additional Interest following an Event of Default relating
to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) in accordance with this Section 6.03, or
the Company elects to make such payment but does not pay the Additional Interest when due, the Notes shall immediately be subject to acceleration
as provided in Section 6.02. For the avoidance of doubt, the provisions of this Section 6.03 shall not affect the rights of Holders in
the event of the occurrence of any other Event of Default. In no event shall Additional Interest payable pursuant to the foregoing election
accrue at a rate per year in excess of the applicable rate specified in Section 6.03(b), regardless of the number of events or circumstances
giving rise to requirements to pay such Additional Interest pursuant to this Section 6.03.

(d)     
In order to elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of an Event of Default
relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b), the Company must notify, in writing,
all Holders of the Notes, the Trustee and the Paying Agent (if other than the Trustee) of such election on or before the close of business
on the date on which such Event of Default first occurs. Upon the Company’s failure to timely give such notice or pay Additional
Interest, the Notes shall be immediately subject to acceleration as provided in in Section 6.02. The Company may elect to pay Additional
Interest with respect to multiple Events of Default in a single written notification.

Section 6.04. Payments
of Notes on Default; Suit Therefor. If an Event of Default described in Section 6.01 (a), (b) or (c) shall have occurred and the Notes
have become due and payable pursuant to Section 6.02, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on the Notes for principal (including the Redemption Price or the Fundamental
Change Repurchase Price, if applicable), satisfaction of the Conversion Obligation with respect to all Notes that have been converted,
and interest, if any, with (to the extent that payment of such interest shall be legally enforceable) interest on any such overdue amounts,
at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts
due to the Trustee under Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute
such proceeding to judgment or final decree and may enforce the same against the Company, the Guarantors or any other obligor upon the
Notes and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company, the Guarantors
or any other obligor upon the Notes, wherever situated.

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

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

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

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

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

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

FIRST:     to the payment of all amounts
due the Trustee, including its agents and counsel, under this Indenture;

SECOND:     to the payment of the amounts then
due and unpaid for principal of, the Redemption Price (if applicable) and the Fundamental Change Repurchase Price (if applicable) of,
and/or satisfaction of the Conversion Obligation with respect to all Notes that have been converted, and interest on the Notes in respect
of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Notes; and

THIRD:     to the Company.

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

(a)     
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

(b)     
the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested the Trustee in writing to
pursue the remedy;

(c)     
such Holders have offered the Trustee security or indemnity satisfactory to the Trustee against any loss, liability, claim or expense;

(d)     
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of such security or indemnity;
and

(e)     
the Holders of a majority in principal amount of the then 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.

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A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder, it being understood that the Trustee does not
have an affirmative duty to ascertain whether or not any actions or forbearances by a Holder are unduly prejudicial to other Holders.

Notwithstanding any other provision of this
Indenture and any provision of any Note, the contractual right of any Holder to institute suit for the enforcement of any payment of (x)
principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price), (y) accrued and unpaid interest,
if any, on, and (z) the consideration due upon the conversion of, such Note, on or after the respective due dates expressed or provided
for in such Note or in this Indenture, shall not be impaired or affected without the consent of such Holder.

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

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

Section 6.09. Direction
of Proceedings and Waiver of Defaults by Majority of Holders.

(a)     
The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes or the Guarantees; provided, however, that (i) such direction shall not be in conflict
with any rule of law or with this Indenture, and (ii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. The Trustee may refuse to follow any direction that conflicts with any rule of law or with this Indenture, it determines
is unduly prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not any such directions are unduly prejudicial to such Holders) or that would involve the Trustee in personal liability.

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(b)     
 The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf of the Holders of all
of the Notes waive any past Default or Event of Default hereunder and rescind any acceleration with respect to the Notes and its consequences
hereunder except:

(i)     
a default in the payment of the principal (including any Redemption Price and any Fundamental Change Repurchase Price, if applicable)
of, or accrued and unpaid interest, if any, on the Notes;

(ii)     
 a failure by the Company to deliver the consideration due upon conversion of the Notes; or

(iii)     
with respect to any other provision that requires the consent of each affected Holder pursuant to Section 10.02 to amend;

provided that, in the case of the rescission
of any acceleration with respect to the Notes, (1) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) 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 and all amounts owing to the Trustee have been paid.

Whenever any Default or Event of Default hereunder
shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this
Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereon.

Section 6.10. Notice of
Defaults. If a Default occurs and is continuing and is actually known to a Responsible Officer of the Trustee, the Trustee shall deliver
to all Holders as the names and addresses of such Holders appear upon the Note Register notice of such Default within 90 days after it
occurs. Except in the case of a Default in the payment of principal of (including the Redemption Price and the Fundamental Change Repurchase
Price, if applicable) or accrued and unpaid interest, if any, on any Note or a Default in the payment or delivery of the consideration
due upon conversion, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders.

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

    	 	50	 

     

    

and the Fundamental Change Repurchase Price with
respect to the Notes being redeemed or repurchased as provided in this Indenture) or accrued and unpaid interest, if any, on any Note
on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the payment or delivery of consideration
due upon conversion.

Article
7

Concerning the Trustee

Section 7.01. Duties
and Responsibilities of Trustee.

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

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

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

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

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

(i)     
this subsection shall not be construed to limit the effect of subsection (a) of this Section;

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

(iii)     
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the written direction of the Holders of not

    	 	51	 

     

    

less than a majority of the aggregate principal amount of the
Notes at the time outstanding determined as provided in Article 8 relating to the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; and

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

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

Section 7.02. Certain
Rights of the Trustee.

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

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

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

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

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

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

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(g)     
 [Reserved;]

(h)     
the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers
authorized at such time to take specified actions pursuant to this Indenture;

(i)     
in no event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless
of the form of action;

(j)     
the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1)
a Default or Event of Default under Section 6.01(a) or (b) of this Indenture has occurred or (2) written notice of such Default or Event
of Default shall have been given to a Responsible Officer of the Trustee by the Company or by any Holder of the Notes at the Corporate
Trust Office of the Trustee and such notice references the Notes and this Indenture;

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

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

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

(n)     
the rights and protections afforded to the Trustee under this Indenture, including, without limitation, its right to be indemnified,
shall also be afforded to the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder;

(o)     
subject to this Article 7, if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture,
unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability, claim
and expense which might be incurred by it in compliance with such request or direction;

(p)     
the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;
and

    	 	53	 

     

    

(q)     
 the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture.

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

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

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

Section 7.06. Compensation
and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall receive such
compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made
by the Trustee in accordance with any of the provisions of this Indenture in any capacity hereunder (including the reasonable compensation
and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense,
disbursement or advance as shall have been caused by its negligence, willful misconduct or bad faith. The Company and the Guarantors,
jointly and severally, covenant and agree to indemnify the Trustee in any capacity under this Indenture and any other document or transaction
entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim,
damage, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
without negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or such
agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture
and the enforcement of this Indenture (including this Section 7.06) or in any other capacity hereunder, including the costs and expenses
of defending themselves against any claim (whether asserted by the Company, a Holder or any other Person) of liability in the premises.
The obligations of the Company and the Guarantors under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse
the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate
on all money or property held or

    	 	54	 

     

    

collected by the Trustee, except, subject to the
effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to
receive payment of any amounts due under this Section 7.06 shall not be made expressly subordinate to any other liability or indebtedness
of the Company. The obligations of the Company and the Guarantors under this Section 7.06 shall survive the satisfaction and discharge
of this Indenture, final payment of the Notes and the earlier resignation or removal of the Trustee. The Company need not pay for any
settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06
shall extend to the officers, directors, agents and employees of the Trustee.

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

Section 7.07. [Reserved].

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

Section 7.09. Resignation
or Removal of Trustee. The Trustee may at any time resign by giving 30 days prior written notice of such resignation to the Company
and by mailing notice thereof to the Holders at their addresses as they shall appear on the Note Register. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the
Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent
jurisdiction, at the expense of the Company, for the appointment of a successor trustee, or any Holder who has been a bona fide holder
of a Note or Notes for at least six months may, subject to the provisions of Section 6.11, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, appoint a successor trustee.

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

(i)     
the Trustee shall fail to comply with Section 7.13 within a reasonable time after written request therefor by the Company or by
any Holder who has been a bona fide Holder of a Note or Notes for at least six (6) months;

    	 	55	 

     

    

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

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

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

(b)     
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may at any time, with 30 days prior
written notice to the Trustee and the Company, remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor
trustee unless within ten days after notice to the Company of such nomination the Company objects thereto. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after removal of the Trustee by the Holders, the Trustee may, at the
expense of the Company, upon ten Business Days’ notice to the Company and the Holders, petition any court of competent jurisdiction
for the appointment of a successor trustee.

(c)     
Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section
7.09 shall become effective upon (i) payment of all fees and expenses owing to the Trustee and (ii) acceptance of appointment by the successor
trustee as provided in Section 7.10.

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

    	 	56	 

     

    

except for funds held in trust for the benefit
of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06.

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

Upon acceptance of appointment by a successor
trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of
the Company shall send or cause to be sent notice of the succession of such trustee hereunder to the Holders at their addresses as they
shall appear on the Note Register. If the Company fails to mail such notice within ten days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the expense of the Company.

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

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

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

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unless, prior to taking any such action (or the
date of effectiveness in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture
in response to such application specifying the action to be taken or omitted.

Section 7.13. Conflicting
Interests of Trustee. If the Trustee acquires any “conflicting interest” (as defined in 310(b) of the Trust Indenture
Act) it must comply with the applicable provisions of Section 310 of the Trust Indenture Act in respect of such conflicting interest.
The Trustee is subject to Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of the
Trust Indenture Act.

Article
8

Concerning the Holders

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

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

Section 8.03. Who Are Deemed
Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar
may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of
such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any
Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the principal of and (subject
to Section 2.03) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes; and neither the Company
nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary.
The sole registered holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder,
or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy
and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this
Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against
the Company, without the consent, solicitation, proxy,

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authorization or any other action of the Depositary
or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance with
the provisions of this Indenture.

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

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

Article
9

[Reserved]

Article
10

Supplemental Indentures

Section 10.01. Supplemental
Indentures Without Consent of Holders. Notwithstanding Section 10.02, without the consent of any Holder, the Company, the Guarantors
and the Trustee may amend or supplement this Indenture, the Notes, or the Guarantees to:

(a)     
cure any ambiguity, mistake, omission, defect or inconsistency in this Indenture, the Notes or the Guarantees in a manner that
does not adversely affect any Holder in any material respect, as set forth in an Officer’s Certificate;

    	 	59	 

     

    

(b)     
 provide for the assumption by a Successor Company of the obligations of the Company or Carnival plc under this Indenture, the
Notes or the Guarantees in accordance with Article 11;

(c)     
add additional Guarantees with respect to the Notes;

(d)     
secure the Notes or the Guarantees;

(e)     
increase the Conversion Rate of the Notes;

(f)     
irrevocably select a Settlement Method or Specified Dollar Amount, or eliminate the Company’s right to choose a particular
Settlement Method, on conversion of Notes;

(g)     
add to the Company’s or Carnival plc’s covenants or Events of Default for the benefit of the Holders or make changes
that would provide additional rights to Holders or surrender any right or power conferred upon the Company or Carnival plc;

(h)     
make any change that does not adversely affect the rights of any Holder, as determined in good faith by the Board of Directors
and evidenced by a resolution of the Board of Directors delivered to the Trustee;

(i)     
in connection with any Specified Corporate Event, provide that the Notes are convertible into Reference Property, subject to Section
14.07, and make certain related changes to the terms of this Indenture and the Notes to the extent expressly required by this Indenture;

(j)     
evidence and provide for the acceptance of an appointment under this Indenture of a successor Trustee; provided that the successor
Trustee is otherwise qualified and eligible to act as such under the terms of this Indenture as set forth in an Officer’s Certificate;

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

(l)     
provide for the issuance of additional Notes in accordance with Section 2.10(a).

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

Any amendment, supplement or waiver to this
Indenture authorized by the provisions of this Section 10.01 may be executed by the Company, the Guarantors and the Trustee without the
consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.

Section 10.02. Supplemental
Indentures with Consent of Holders. Except as provided in Section 10.01 and in this Section 10.02, the Company, the Guarantors and
the Trustee may from time to time and at any time amend or supplement this Indenture, the Notes and the Guarantees with the consent (evidenced

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as provided in Article 8) of the Holders of at
least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including,
without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes) and any existing Default
or Event of Default (other than (i) a Default or Event of Default in the payment of the principal (including any Redemption Price and
any Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest, if any, on the Notes, except a payment default
resulting from an acceleration that has been rescinded, and (ii) a Default or Event of Default as a result of a failure by the Company
to deliver the consideration due upon conversion of the Notes) or compliance with any provision of this Indenture, the Notes or the Guarantees
may be waived with the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate principal amount
of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection
with a repurchase of, or tender or exchange offer for, Notes); provided, however, that, without the consent of each Holder
of an outstanding Note affected, no such amendment shall:

(a)     
reduce the amount of Notes whose Holders must consent to an amendment;

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

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

(d)     
reduce the amount of principal payable upon acceleration of the maturity of the Notes;

(e)     
impair or adversely affect the right of Holders to convert Notes or otherwise modify the provisions with respect to conversion,
or reduce the Conversion Rate (subject to such modifications as are required under this Indenture);

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

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

(h)     
change the ranking in right of payment of the obligations under the Notes;

(i)     
impair or affect the right of any Holder to institute suit for the enforcement of any payment of principal (including the Redemption
Price and Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest, if any, on, or the consideration due upon
conversion of, such Holder’s Notes, on or after the respective due dates expressed or provided for in such Holder’s Notes
or in this Indenture;

(j)     
make any changes to the provisions described in Section 4.07;

(k)     
make any change in this Article 10 or in the waiver provisions (including in Section 6.09) that requires each Holder’s consent
; or

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(l)     
 modify the Guarantees in any manner not otherwise permitted under this Indenture that is adverse to the Holders.

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

Holders do not need under this Section 10.02
to approve the particular form of any proposed amendment, supplement or waiver of this Indenture. It shall be sufficient if such Holders
approve the substance thereof. After any such amendment, supplement or waiver becomes effective, the Company shall send to the Holders
a notice briefly describing such amendment, supplement or waiver, unless a Current Report on Form 8-K (or successor form thereto) is filed
by the Company describing the amendment, supplement or waiver. 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, supplement or waiver.

Section 10.03. Effect of
Amendment, Supplement and Waiver. Upon the execution of any amendment, supplement or waiver of this Indenture pursuant to the provisions
of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights,
limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company, the Guarantors and the Holders
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all
the terms and conditions of any such amendment or supplement shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

Section 10.04. Notation
on Notes. Notes authenticated and delivered after the execution of any amendment, supplement or waiver to this Indenture pursuant
to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter
provided for in such amendment, supplement or waiver. If the Company or the Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such amendment, supplement
or waiver may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating
agent duly appointed by the Trustee pursuant to Section 17.11) and delivered in exchange for the Notes then outstanding, upon surrender
of such Notes then outstanding. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect
of such amendment, supplement or waiver.

Section 10.05. Evidence
of Compliance of Amendment, Supplement or Waiver to Be Furnished to Trustee. In addition to the documents required by Section 17.06,
the Trustee shall receive and may rely on an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any amendment,
supplement or waiver to this Indenture executed pursuant hereto complies with the requirements of this Article 10, is permitted or authorized
by this Indenture and such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantor
party thereto, enforceable against it in accordance with its terms.

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Article
11

Consolidation, Merger and Sale

Section 11.01. Company
May Consolidate, Etc. on Certain Terms.

(a)     
The Company shall not consolidate with or merge with or into or otherwise combine with another Person, or sell, lease or otherwise
transfer or dispose of all or substantially all of the Company’s and its Subsidiaries’ consolidated assets, taken as a whole,
to another Person, unless:

(i)     
the Company is the surviving Person or the resulting, surviving or transferee Person (if not the Company) (the “Successor
Company”) is a Person organized and existing under the laws of any Permitted Jurisdiction, and such Person (if not the Company)
expressly assumes by supplemental indenture all of the Company’s obligations under the Notes and this Indenture; and

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

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

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(c)       
 For purposes of the foregoing, any sale, lease or other transfer or disposition of the assets of one or more of the Company’s
Subsidiaries that would, if the Company had held such assets directly, have constituted the sale, lease or other transfer or disposition
of all or substantially all of the Company’s consolidated assets, taken as a whole, will be treated as such under this Indenture.

Section 11.02. Carnival
plc May Consolidate, Etc. on Certain Terms.

(a)     
Carnival plc shall not consolidate with or merge with or into or otherwise combine with another Person, or sell, lease or otherwise
transfer or dispose of all or substantially all of Carnival plc’s and its Subsidiaries’ consolidated assets, taken as a whole,
to another Person, unless:

(i)     
Carnival plc is the surviving Person or the resulting, surviving or transferee Person (if not Carnival plc) (the “Successor
Guarantor”) is a Person organized and existing under the laws of any Permitted Jurisdiction, and such Person (if not Carnival
plc) expressly assumes by supplemental indenture all of Carnival plc’s obligations under the Notes, this Indenture and its Guarantee;
and

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

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

    	 	64	 

     

    

Indenture shall be released from its liabilities as obligor
and maker of the Notes and from its obligations under this Indenture, the Notes and the Guarantee.

(c)       
For purposes of the foregoing, any sale, lease or other transfer or disposition of the assets of one or more of Carnival plc’s
Subsidiaries that would, if Carnival plc had held such assets directly, have constituted the sale, lease or other transfer or disposition
of all or substantially all of Carnival plc’s consolidated assets, taken as a whole, will be treated as such under the indenture.

Section 11.03. Opinion
of Counsel and Officer’s Certificate to be Given to Trustee. In connection with any consolidation, merger, combination or sale,
lease or other transfer or disposition implicated by this Article 11, the Trustee shall not be required to take any action unless the
Trustee shall have received an Officer’s Certificate and Opinion of Counsel, each stating that any such consolidation, merger, combination
or sale, lease or other transfer or disposition and any such assumption and such supplemental indenture (if any) complies with the provisions
of this Article 11 and, if a supplemental indenture is required in connection with such transaction, an Opinion of Counsel, which shall
state that the Indenture, the Guarantee and the Notes, as applicable, constitute legal, valid and binding obligations of any Successor
Company or any Successor Guarantor, as applicable, subject to customary exceptions.

Article
12

Immunity of Incorporators, Stockholders, Officers and Directors

Section 12.01. Indenture,
Notes and Guarantees Solely Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest
on, or the payment or delivery of consideration due upon conversion of, any Note or any Guarantee, nor for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Guarantor in this
Indenture or in any supplemental indenture or in any Note or any Guarantee, nor because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director or Subsidiary, as such, past, present
or future, of the Company or any Guarantor or of any of their respective successor corporations or other entities, either directly or
through the Company or any Guarantor or any of their respective successor corporations or other entities, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability
is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of
the Notes and the Guarantees. By accepting a Note, each Holder waives and releases all such liability. This waiver and release is part
of the consideration for the Notes.

Article
13

Guarantees

Section 13.01. Guarantees.

(a)     
Subject to this Article 13, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantee to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes held thereby and the obligations of the Company

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hereunder and thereunder, that: (i) the principal of and interest
on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at the Maturity Date, by acceleration,
upon Redemption, upon prepayment or otherwise, and interest on the overdue principal of and (to the extent permitted by law) interest
on the Notes, and the Settlement Amounts upon exchange will be promptly paid and/or delivered in full when due upon exchange, and all
other payment obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full and performed,
all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any
of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, subject to any applicable grace period, whether at the Maturity Date, by acceleration, upon Redemption, upon prepayment or
otherwise. Failing payment when so due of any amount so guaranteed for whatever reason, the Guarantors will be, jointly and severally,
obligated to pay the same immediately. An Event of Default with respect to the Notes under this Indenture shall constitute an event of
default under the Guarantees, and shall entitle the Holders to accelerate the obligations of the Guarantors hereunder in the same manner
and to the same extent as the obligations of the Company.

(b)     
The Guarantors hereby agree that their respective obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other
circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.
Each Guarantor further, to the extent permitted by law, hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that its Guarantee will not be discharged except by complete performance of the obligations
contained in the Notes and this Indenture, or pursuant to Section 13.03.

(c)     
Each of the Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable attorneys’
fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 13.01.

(d)     
If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any Custodian,
Trustee or other similar official acting in relation to either the Company or the Guarantors, any amount paid by the Company or any Guarantor
to the Trustee or such Holder, the Guarantees, to the extent theretofore discharged, shall be reinstated in full force and effect.

(e)     
Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand,
(a) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of this Indenture for the purposes of
its Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
thereby, and (b) in the event of any declaration of acceleration of such obligations as provided in Article 6 of this Indenture, such
obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for

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the purpose of its Guarantee. The Guarantors shall have the right
to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under
the Guarantees.

(f)     
Each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should
a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted
by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant
to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or the Guarantees,
whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance
had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to
the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored
or returned.

(g)     
In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

(h)     
Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution
of any kind or nature (provided that Additional Amounts payable pursuant to Section 4.07 shall remain payable).

(i)     
For the avoidance of doubt, the Guarantees with respect to a Note are not convertible and shall automatically terminate when such
Note is exchanged in accordance with this Indenture.

Section 13.02. Execution
and Delivery.

The Guarantees shall be evidenced
by the execution and delivery of this Indenture or a supplement to this Indenture and no notation of any Guarantee need be endorsed on
any Note. Each Guarantor hereby agrees that its Guarantee set forth in Section 13.01 shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes.

If an Officer whose signature
is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantees shall be valid nevertheless.

The delivery of any Note by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set forth in this Indenture on
behalf of the Guarantors.

Section 13.03. Release
of Guarantees.

(a)       
The Guarantee by a Guarantor shall be automatically and unconditionally released and discharged under this Indenture upon:

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(i)     
 in the case of a Subsidiary Guarantor, in connection with any sale or other disposition of all or substantially all of the assets
of that Subsidiary Guarantor (including by way of merger, consolidation, amalgamation or combination) to a Person that is not (either
before or after giving effect to such transaction) the Company or a Guarantor;

(ii)     
in the case of a Subsidiary Guarantor, any direct or indirect sale, exchange or other transfer (by merger, consolidation or otherwise)
of the Capital Stock of such Guarantor (including any sale, exchange or transfer) after which the applicable Subsidiary Guarantor is no
longer a Subsidiary of the Company, Carnival plc or another Guarantor;

(iii)     
 in the case of a Subsidiary Guarantor, the release or discharge of the Guarantee by a subsidiary guarantor of the First Priority
Secured Notes and any other indebtedness that requires or would require such Subsidiary Guarantor to guarantee the Notes; or

(iv)     
the discharge of the Company’s obligations under this Indenture in accordance with the terms of this Indenture.

(b)       
In the event that any released Subsidiary Guarantor (in the case of clause (iii) above) thereafter becomes an issuer, borrower,
obligor or guarantor under the First Priority Secured Notes or any other indebtedness that requires or would require such Subsidiary Guarantor
to guarantee the Notes, such former Subsidiary Guarantor will again provide a Guarantee.

Section 13.04. Limitation
on the Guarantors’ Liability.

Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee
will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and
after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such
other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise
being void or voidable under any similar laws affecting the rights of creditors generally. Each Guarantor that makes a payment under its
Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets
of all the Guarantors at the time of such payment determined in accordance with accounting principles generally accepted in the United
States.

Section 13.05. Limitation
on the Italian Guarantor’s Liability.

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Without prejudice to Section 13.04, the obligations
of the Italian Guarantor under this Indenture shall be subject to the following limitations:

(a)     
obligations of the Italian Guarantor shall not include, and shall not extend, directly or indirectly, to any indebtedness incurred
by any obligor as borrower or as a guarantor in respect of any proceeds of the issuance of the Notes, the purpose or actual use of which
is, directly or indirectly:

(i)     the acquisition
of the Italian Guarantor (and/or of any entity directly or indirectly controlling it), including any related costs and expenses;

(ii)     
a subscription for any shares in the Italian Guarantor (and/or any entity directly or indirectly controlling it), including any
related costs and expenses; or

(iii)     
the refinancing thereof;

(b)     
without prejudice to Section 13.04, and pursuant to Article 1938 of the Italian Civil Code, the maximum amount that the Italian
Guarantor may be required to pay in respect of its obligations as Guarantor under the Notes shall not exceed $1,000,000,000 (as automatically
increased by the aggregate principal amount of Notes, if any, purchased by the initial purchasers of the Notes pursuant to the option
granted to them in the Purchase Agreement.

(c)     without
prejudice to Section 13.04, the maximum amount that the Italian Guarantor may be required to pay in respect of its obligations as Guarantor
in respect of this Indenture shall not exceed, at any given time, the following amount: (i) the ratio between the value of vessels owned
by the Italian Guarantor and subject to mortgage to secure the Company’s indebtedness that is secured by a security interest in
the Collateral on a first-priority or second-priority basis (the “Carnival Secured Indebtedness”) and the Company’s
indebtedness under the Existing Term Loan Facility and the EIB Facility (together with the Existing Term Loan Facility and the Carnival
Secured Indebtedness, the “Secured Indebtedness”), as resulting by the latest available appraisal, divided by
the value of all vessels owned by the Company and the Guarantors (including the Italian Guarantor) and subject to mortgage to secure
the Secured Indebtedness, as resulting by the latest available appraisal multiplied by (ii) the sum of (x) the outstanding amount
of the Notes and the Senior Priority Notes, and (y) the amounts issued/drawn down and not repaid yet under the Secured Indebtedness,
the 2023 Convertible Notes, the 2024 Convertible Notes and the Existing Unsecured Notes; and

(d)     
obligations of the Italian Guarantor shall not extend to the payment obligations of other entities which do not belong to the Italian
Guarantor’s corporate group (gruppo di appartenenza) in the meaning of articles 1(e) of the decree of the Italian Ministry
of Economy and Finance No. 53 of April 2, 2015.

Section 13.06. Subrogation.

Each Guarantor shall be subrogated to all rights
of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 13.01; provided
that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising
out of, or based upon, such right of

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subrogation until all amounts then due and payable by the Company
under this Indenture or the Notes shall have been paid in full.

Section 13.07. Benefits
Acknowledged.

Each Guarantor acknowledges that it will receive
benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its
Guarantee are knowingly made in contemplation of such benefits.

Section 13.08. “Trustee”
to Include Paying Agent.

In case at any time any Paying
Agent other than the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as
used in this Article 13 shall in each case (unless the context shall otherwise require) be construed as extending to, and including, such
Paying Agent within its meaning as fully and for all intents and purposes as if such Paying Agent were named in this Article 13 in place
of the Trustee.

Article
14

Conversion of Notes

Section 14.01. Conversion
Privilege(a).

(a)     
Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have the right, at such Holder’s
option, to convert all or any portion in an Authorized Denomination of such Note:

(i)     
subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on the Business
Day immediately preceding September 1, 2027 under the circumstances and during the periods set forth in Section 14.01(b);

(ii)     
on or after September 1, 2027, at any time prior to the close of business on the second Scheduled Trading Day immediately preceding
the Maturity Date;

in each case, at an initial conversion
rate of 74.6714 shares of Common Stock (subject to adjustment as provided in Section 14.04 and, if applicable, Section 14.03, the “Conversion
Rate”) per $1,000 principal amount of Notes (subject to the settlement provisions of Section 14.02, the “Conversion
Obligation”).

(b)     
(i) Prior to the close of business on the Business Day immediately preceding September 1, 2027, a Holder may surrender all or any
portion of its Notes in an Authorized Denomination 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 and conditions described in this subsection (b)(i), for each
Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price per share of the Common Stock and
the Conversion Rate on each such Trading Day,

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subject to compliance with the following procedures and conditions
concerning the Bid Solicitation Agent’s obligation to make a Trading Price determination.

(A)     
The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine the Trading Price per $1,000 principal
amount of the Notes unless the Company has requested such determination, and the Company shall have no obligation to make such request
(or, if the Company is acting as Bid Solicitation Agent, the Company shall have no obligation to determine the Trading Price) unless a
Holder of at least $1,000,000 in aggregate principal amount of Notes requests in writing that the Company makes such a determination and
provides the Company 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 per share of the Common Stock and the Conversion Rate on such Trading Day. At such time, the Company
shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the Company is acting as Bid Solicitation Agent,
the Company shall determine, the Trading Price per $1,000 principal amount of the Notes beginning on the Trading Day following the receipt
of such evidence 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 per share of the Common Stock and the Conversion Rate on such Trading Day.

(B)     
If the Trading Price condition has been met, the Company shall promptly so notify the Holders, the Trustee and the Conversion Agent
(if other than the Trustee) in writing. 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 per share of the Common Stock and the Conversion
Rate on such Trading Day, the Company shall promptly so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee)
in writing.

(C)     
If the Company does not, when it is required to, instruct the Bid Solicitation Agent to (or, if the Company is acting as Bid Solicitation
Agent, it does not) obtain bids, or if the Company gives such instruction to the Bid Solicitation Agent and the Bid Solicitation Agent
fails to make such determination (or, if the Company is acting as Bid Solicitation Agent, it fails to make such determination), then,
in either case, the Trading Price per $1,000 principal amount of the Notes shall be deemed to be less than 98% of the product of the Last
Reported Sale Price per share of the Common Stock and the Conversion Rate on each Trading Day of such failure.

(ii)     
If, prior to the close of business on the Business Day immediately preceding September 1, 2027, the Company elects to:

(A)     
issue to all or substantially all holders of the Common Stock any rights, options or warrants (other than pursuant to a stockholder
rights plan in connection with the initial adoption by the Company, so long as such rights have

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not separated from the shares of Common Stock and are not
exercisable until the occurrence of a triggering event) entitling them, for a period of not more than 45 calendar days after the announcement
date of such issuance, to subscribe for or purchase shares of the Common Stock, at a price per share that is less than the average of
the Last Reported Sale Prices per share of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading
Day immediately preceding the date of announcement of such issuance; or

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

then, in either case, the Company shall notify all Holders of the
Notes at least 50 Scheduled Trading Days prior to the Ex-Dividend Date for such issuance or distribution. Once the Company has given such
notice, the Holders may surrender all or any portion of their Notes in an Authorized Denomination for conversion at any time until the
earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend Date for such issuance or distribution
and (2) the Company’s announcement that such issuance or distribution will not take place.

No Holder may convert any of its Notes pursuant
to this Section 14.01(b)(ii) if such Holder otherwise participates in such issuance or distribution, at the same time and upon the same
terms as holders of Common Stock and as a result of holding the Notes, without having to convert its Notes, as if it held a number of
shares of Common Stock equal to the applicable Conversion Rate, multiplied by the principal amount (expressed in thousands) of Notes held
by such Holder.

(iii)     
If, prior to the close of business on the Business Day immediately preceding September 1, 2027:

(A)     
a transaction or event that constitutes a Fundamental Change occurs;

(B)     
a transaction or event that constitutes a Make-Whole Fundamental Change occurs; or

(C)     
the Company is a party to a consolidation, merger, or other combination, statutory share exchange or sale, lease or other transfer
or disposition of all or substantially all of the Company’s and its Subsidiaries’ consolidated assets, taken as a whole, in
each case, pursuant to which the Common Stock would be converted into cash, stock, other securities or other property or assets (including
any combination thereof) other than any such transaction as a result of which the Company becomes a Subsidiary, and the

    	 	72	 

     

    

Common Stock is converted into equity securities, of Carnival
plc which is not a Make-Whole Fundamental Change,

then, in each case, a Holder may surrender all
or any portion of its Notes in an Authorized Denomination for conversion at any time from or after the open of business on the Business
Day immediately following the day the Company publicly announces such transaction (even if such transaction has not yet occurred) until
the close of business on the 35th Trading Day immediately following the actual effective date of such transaction or, if such transaction
constitutes a Fundamental Change (other than a Fundamental Change for which the Company validly invokes the Adequate Cash Conversion Provisions),
until the close of business on the Business Day immediately preceding the related Fundamental Change Repurchase Date.

The Company shall notify Holders, the Trustee
and the Conversion Agent (if other than the Trustee) in writing of the effective date of any such transaction as promptly as practicable
following the date the Company publicly announces such transaction and the Company shall use commercially reasonable efforts to notify
Holders in writing prior to such effective date if practicable.

(iv)     
Prior to the close of business on the Business Day immediately preceding September 1, 2027, a Holder may surrender all or any portion
of its Notes in an Authorized Denomination for conversion at any time during any fiscal quarter of the Company commencing after the fiscal
quarter of the Company ending on February 28, 2023 (and only during such fiscal 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 the last Trading
Day of the immediately preceding fiscal quarter of the Company is greater than or equal to 130% of the Conversion Price on each applicable
Trading Day. The Company shall determine whether the Notes are convertible because the Last Reported Sale Price condition has been met
and promptly provide written notice to the Holders, the Trustee and the Conversion Agent (if other than the Trustee).

(v)     
If the Company calls the Notes for Redemption pursuant to Section 5.01 or Section 16.01, Holders may exchange any or all of their
Notes called for Redemption at any time from, and including, the date of the Notice of Redemption until the close of business on the second
Scheduled Trading Day immediately preceding the Redemption Date, or, if the Company fails to pay the Redemption Price, such later date
on which the Company pays or duly provides for the Redemption Price.

(c)     
Notwithstanding any other provision of this Indenture or the Notes, no Holder of the Notes will be entitled to receive shares of
Common Stock upon conversion of such Notes to the extent (but only to the extent) that such receipt would cause a violation of the Ownership
Limitation. Any purported delivery of shares of Common Stock upon conversion of Notes will be void and have no effect to the extent (but
only to the extent) that such delivery would result in a violation of the Ownership Limitation. If any delivery of shares of Common Stock
owed to a Holder upon conversion of Notes is not made, in whole or in part, as a result of the limitations described in this paragraph,
the Company’s obligation to make such delivery shall not be extinguished, and the Company shall deliver such shares as promptly
as practicable after the

    	 	73	 

     

    

applicable Holder gives notice to the Company and the Company
determines that such delivery would not result in a violation of the Ownership Limitation.

Section 14.02. Conversion
Procedure; Settlement Upon Conversion(a).

(a)     
Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a), upon conversion of any Note, the Company shall, at its election,
pay or deliver, as the case may be, to the converting Holder, in full satisfaction of its Conversion Obligation, cash (“Cash
Settlement”), shares of the Common Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common
Stock in accordance with Section 14.02(i) (“Physical Settlement”), or a combination of cash and shares of the Common
Stock, together with cash, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with Section 14.02(i)
(“Combination Settlement”), as set forth in this Section 14.02.

(i)     
All conversions for which the relevant Conversion Date occurs on or after September 1, 2027 and all conversions occurring after
the date the Company issues a Notice of Redemption, and prior to the close of business on the second Scheduled Trading Day immediately
preceding the related Redemption Date, shall be settled using the same Settlement Method (including the same relative proportion of cash
and/or shares of the Common Stock). Except for any conversions for which the relevant Conversion Date occurs on or after September 1,
2027 or after the date of the issuance of a Notice of Redemption and prior to the close of business on the second Scheduled Trading Day
immediately preceding the related Redemption Date, the Company shall use the same Settlement Method (including the same relative proportion
of cash and/or shares of the Common Stock) for all conversions with the same Conversion Date, but the Company shall not have any obligation
to use the same Settlement Method with respect to conversions with different Conversion Dates. By notice to Holders of the Notes, the
Company may, prior to September 1, 2027, at its option, irrevocably elect to satisfy its Conversion Obligation with respect to the Notes
through Combination Settlement with a Specified Dollar Amount per $1,000 principal amount of $1,000 for all Conversion Dates occurring
subsequent to delivery of such notice. If the Company makes such an irrevocable election, the Company will post notice of such election
on the Company’s website or disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with the Commission.

(ii)     
If the Company elects a Settlement Method, the Company shall deliver notice to Holders through the Conversion Agent of such Settlement
Method the Company has selected no later than the close of business on the Trading Day immediately following the related Conversion Date
(or (A) in the case of any conversions for which the relevant Conversion Date occurs on or after September 1, 2027, no later than September
1, 2027 or (B) in the case of any conversions occurring after the date of issuance of a Notice of Redemption and prior to the close of
business on the second Scheduled Trading Day immediately preceding the related Redemption Date, in such Notice of Redemption). If the
Company does not timely elect a Settlement Method, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement
with respect to that Conversion Date and the Company shall be deemed to have elected Combination Settlement in respect of its

    	 	74	 

     

    

Conversion Obligation, and the Specified Dollar Amount per
$1,000 principal amount of Notes shall be equal to $1,000. If the Company has timely elected Combination Settlement in respect of any
conversion but does not timely notify the Conversion Agent of the Specified Dollar Amount per $1,000 principal amount of Notes, the Specified
Dollar Amount shall be deemed to be $1,000.

(iii)     
The cash, shares of Common Stock or combination of cash and shares of Common Stock payable or deliverable by the Company in respect
of any conversion of Notes (the “Settlement Amount”) shall be computed by the Company as follows:

(A)     
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company shall
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 on the Conversion Date (plus cash in lieu of any fractional share of Common Stock issuable upon conversion);

(B)     
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company shall
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 VWAP Trading Days during the related Observation Period; and

(C)     
if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion by Combination
Settlement, the Company shall pay or deliver, as the case may be, to the converting Holder in respect of each $1,000 principal amount
of Notes being converted a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 40 consecutive VWAP Trading
Days during the related Observation Period (plus cash in lieu of any fractional share of Common Stock issuable upon conversion).

If more than one Note shall be 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 (or specified portions thereof to the extent permitted hereby) so surrendered.

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

    	 	75	 

     

    

(b)     
 (i) To convert a beneficial interest in a Global Note (which conversion is irrevocable), the holder of such beneficial interest
must:

(A)     
comply with the Applicable Procedures;

(B)     
if required, pay funds equal to all documentary, stamp or similar issue or transfer tax owed as set forth in Section 14.02(d) and
Section 14.02(e); and

(C)     
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled as
set forth in Section 14.02(g); and

(ii)     
To convert a Certificated Note, the Holder must:

(A)     
complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion
(or a facsimile or delivery by electronic mail of a pdf thereof) (a “Notice of Conversion”) and such Note to the Conversion
Agent;

(B)     
if required, furnish appropriate endorsements and transfer documents;

(C)     
if required, pay funds equal to all documentary, stamp or similar issue or transfer tax owed as set forth in Section 14.02(d) and
Section 14.02(e); and

(D)     
if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled as
set forth in Section 14.02(g).

The Trustee (and if different, the Conversion
Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion or, if notice
on such date is not feasible given the nature of the conversion, promptly thereafter.

If a Holder has already delivered a Fundamental
Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly
withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures with
respect to such a withdrawal) in accordance with the terms of Section 15.03. If a Holder has already delivered a Fundamental Change Repurchase
Notice, such Holder’s right to withdraw such 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.

(c)     
A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in Section 14.02(b).

    	 	76	 

     

    

Subject to the next paragraph and the provisions
of Section 14.03(b) and Section 14.07(a), the Company shall pay or deliver, as the case may be, the Settlement Amount due in respect of
the Conversion Obligation on:

(i)     
the second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement; or

(ii)     
the second Business Day immediately following the last VWAP Trading Day of the relevant Observation Period, if the Company elects
Cash Settlement or if the Company elects or is deemed to elect Combination Settlement.

If any shares of Common Stock are due to converting
Holders, the Company shall issue or cause to be issued, and deliver to such Holder, or such Holder’s nominee or nominees, certificates
or a book-entry transfer through the Depositary, as the case may be, for the full number of shares of Common Stock to which such Holder
shall be entitled in satisfaction of the Company’s Conversion Obligation.

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

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

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

(g)     
Upon conversion of a Note, the converting Holder shall not receive any separate cash payment representing accrued and unpaid interest,
if any, except as set forth in the paragraph below. The Company’s payment or delivery, as the case may be, of the Settlement Amount
upon conversion of any Note shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and
unpaid interest, if any, to, but not including, the

    	 	77	 

     

    

relevant Conversion Date. As a result, accrued and unpaid
interest, if any, to, but not including, the relevant Conversion Date shall be deemed to be paid in full rather than canceled, extinguished
or forfeited. Upon a conversion of Notes into a combination of cash and shares of Common Stock, accrued and unpaid interest shall 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, but prior to the open of business
on the immediately following Interest Payment Date, Holders of such Notes at the close of business on such Regular Record Date shall receive
the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered
for conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately following
Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted on the corresponding
Interest Payment Date (regardless of whether the converting Holder was the Holder of record on the corresponding Regular Record Date);
provided that no such payment need be made:

(i)     
if the Notes are surrendered for conversion following the Regular Record Date immediately preceding the Maturity Date;

(ii)     
 if the Company has called the Notes for Redemption on a Redemption Date that is after a Regular Record Date and on or prior to
the Business Day immediately following the corresponding Interest Payment Date;

(iii)     
if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior to the Business
Day immediately following the corresponding Interest Payment Date; or

(iv)     
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 Holders
of record on the Regular Record Date immediately preceding the Maturity Date, any Fundamental Change Repurchase Date and any Redemption
as described in clauses (ii) and (iii) above shall receive and retain the full interest payment due on the Maturity Date or other applicable
Interest Payment Date regardless of whether their Notes have been converted following such Regular Record Date.

(h)     
The Person in whose name any shares of Common Stock delivered upon conversion is registered shall become the holder of record of
such shares as of the close of business on (i) the relevant Conversion Date if the Company elects Physical Settlement or (ii) the last
VWAP Trading Day of the relevant Observation Period if the Company elects or is deemed to elect Combination Settlement. Upon a conversion
of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion; provided that (a) the converting Holder
shall have the right to receive the Settlement Amount due upon conversion and (b) in the case of a conversion between a Regular Record
Date and the corresponding Interest Payment Date, the Holder of record as of the close of business on such Regular Record Date

    	 	78	 

     

    

shall have the right to receive the interest payable on such
Interest Payment Date, in accordance with Section 14.02(g).

(i)     
The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu
of any fractional share of Common Stock issuable upon conversion in an amount based on (i) the Daily VWAP on the relevant Conversion Date
if the Company elects Physical Settlement or (ii) the Daily VWAP on the last VWAP Trading Day of the relevant Observation Period if the
Company elects or is deemed to elect Combination Settlement. For each Note surrendered for conversion, if the Company has elected (or
is deemed to elect) Combination Settlement, the full number of shares that shall be issued upon conversion thereof shall be computed on
the basis of the aggregate Daily Settlement Amounts for the relevant Observation Period and, if applicable, any fractional share remaining
after such computation shall be paid in cash.

Section 14.03. Increase
in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change or a Notice of Redemption(a). (a) If
(i) the Event Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date or (ii) the Company delivers a Notice
of Redemption and, in either case, a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change or Notice
of Redemption, the Company shall, under the circumstances described in this Section 14.03, 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
in this Section 14.03. A conversion of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole
Fundamental Change if the relevant Notice of Conversion (or, in the case of a Global Note, the relevant notice of conversion in accordance
with the Applicable Procedures) is received by the Conversion Agent during the period from the open of business on the Event Effective
Date of the Make-Whole Fundamental Change to the close of business on the Business Day immediately preceding 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 (A) the proviso
in clause (b) of the definition thereof or (B) the Adequate Cash Conversion Provisions, the 35th Trading Day immediately following the
Event Effective Date of such Make-Whole Fundamental Change). A conversion of Notes will be deemed for these purposes to be “in connection
with” such Notice of Redemption if the relevant Notice of Conversion of the Notes (or, in the case of a Global Note, the relevant
notice of conversion in accordance with the Applicable Procedures) is received by the Conversion Agent during the period from the open
of business on the date of the Notice of Redemption to the close of business on the second Scheduled Trading Day immediately preceding
the related Redemption Date or, if the Company fails to pay the Redemption Price, such later date on which the Company pays the Redemption
Price. For the avoidance of doubt, the Company will increase the Conversion Rate in connection with a Notice of Optional Redemption only
with respect to conversions of Notes called (or deemed called, as provided in Section 5.02(e)) for Optional Redemption, and not of Notes
not called for Optional Redemption. Accordingly, if the Company elects to redeem less than all of the outstanding Notes as described under
Article 5, Holders of the Notes not called for Optional Redemption will not be entitled to an increased Conversion Rate for conversions
of such Notes.

(b)     
Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or Notice of Redemption, the Company
shall, at its option, satisfy its

    	 	79	 

     

    

Conversion Obligation by Physical Settlement, Cash Settlement
or Combination Settlement in accordance with Section 14.02 (after giving effect to any increase in the Conversion Rate required by this
Section 14.03); provided, however, that, if the consideration for the Common Stock in any Make-Whole Fundamental Change
described in clause (b) of the definition of Fundamental Change is composed entirely of cash, for any conversion of Notes following the
Event Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely on the Stock Price
for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes equal to (i) the Conversion
Rate (including any increase to reflect the Additional Shares as described in this Section 14.03), multiplied by (ii) such Stock
Price. In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day following the
Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of the
Event Effective Date of any Make-Whole Fundamental Change and, no later than five Business Days after such Event Effective Date, (A) issue
a press release announcing such Event Effective Date or disclose the Event Effective Date in a Current Report on Form 8-K and (B) post
the Event Effective Date on the Company’s website (the “Make-Whole Fundamental Change Company Notice”). If a
conversion of Notes in connection with a 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 Event
Effective Date of the relevant Redemption or the Make-Whole Fundamental Change, as applicable, and the later event will be deemed not
to have occurred for purposes of this Section 14.03.

(c)     
The number of Additional Shares, if any, by which the Conversion Rate shall be increased in connection Make-Whole Fundamental Change
or Notice of Redemption shall be determined by reference to the table below, based on:

(i)     
in the case of a Make-Whole Fundamental Change the date on which the Make-Whole Fundamental Change occurs or becomes effective
or, in the case of a Redemption, the date of the Notice of Redemption (the “Event Effective Date”) and

(ii)     
in the case of a Make-Whole Fundamental Change, the price paid (or deemed to be paid) per share of the Common Stock in the Make-Whole
Fundamental Change, as described in the succeeding paragraph or, in the case of a Redemption, the average of the Last Reported Sale Prices
per share of Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the date of
such Notice of Redemption, as the case may be (in each case, the “Stock Price”).

If the holders of the Common Stock receive
only cash in a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be
the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices per share of the Common
Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Event Effective Date of the
Make-Whole Fundamental Change. The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination,
to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an

    	 	80	 

     

    

adjustment to the Conversion Rate where the Ex-Dividend Date
of the event occurs, during such five Trading Day period.

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

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

	Effective Date	Stock Price
	 	$11.16	$13.39	$15.00	$17.41	$20.00	$30.00	$40.00	$60.00	$80.00	$100.00
	November
    18, 2022	14.9342	14.9342	14.9342	12.2128	9.7054	4.8281	2.8124	1.1304	0.4658	0.0000
	December
    1, 2023	14.9342	14.9342	14.5127	11.1605	8.7384	4.2223	2.4352	0.9693	0.3913	0.0000
	December
    1, 2024	14.9342	14.9342	13.0148	9.7394	7.4485	3.4452	1.9685	0.7798	0.3069	0.0000
	December
    1, 2025	14.9342	14.0893	10.8513	7.7139	5.6573	2.4525	1.4020	0.5614	0.2138	0.0000
	December
    1, 2026	14.9342	10.6910	7.4500	4.6573	3.1001	1.2495	0.7487	0.3122	0.1120	0.0000
	December
    1, 2027	14.9342	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

 

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

(i)     
if the Stock Price is between two Stock Prices in the table or the Event Effective Date is between two Event Effective Dates in
the table, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by a straight-line interpolation
between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later Event Effective Dates
in the table above, as applicable, based on a 365- or 366-day year, as the case may be;

(ii)     
if the Stock Price is greater than $100.00 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 shall be added to the Conversion Rate; and

(iii)     
if the Stock Price is less than $11.16 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 shall be added to the Conversion Rate.

Notwithstanding the foregoing, in no event shall
the Conversion Rate per $1,000 principal amount of Notes exceed 89.6056 shares of Common Stock, subject to adjustment in the same manner
as the Conversion Rate pursuant to Section 14.04.

    	 	81	 

     

    

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

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

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

where,

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the effective date of such share split or share combination, as applicable;
	 	 	 	 
	 	CR1	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or effective date, as applicable;
	 	 	 	 
	 	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or effective date, as applicable, before giving effect to such dividend, distribution, share split or share combination; and
	 	 	 	 
	 	OS1	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 

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

(b)     
If the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants entitling them, for
a period of not more than 45 calendar days after

    	 	82	 

     

    

the announcement date of such issuance, to subscribe for or
purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices per share of the Common
Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance, the Conversion Rate shall be increased based on the following formula:

where,

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
	 	 	 	 
	 	CR1	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;
	 	 	 	 
	 	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
	 	 	 	 
	 	X	=	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
	 	 	 	 
	 	Y	=	the number of shares of Common Stock equal to (i) the aggregate price payable to exercise such rights, options or warrants, divided by (ii) the average of the Last Reported Sale Prices per share of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

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

For purposes of this Section 14.04(b) and Section
14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders of Common Stock to subscribe for or purchase
shares of the Common Stock at less than such average of the Last Reported Sale Prices per share of the Common Stock for the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in

    	 	83	 

     

    

determining the aggregate offering price of such shares of Common
Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount
payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

(c)     
If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock,
excluding:

(i)     
dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.04(a) or Section 14.04(b);

(ii)     
rights issued under a stockholder rights plan (except as set forth in this Section 14.04(c));

(iii)     
dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to Section 14.04(d);

(iv)     
any dividends and distributions in connection with a Specified Corporate Event described in Section 14.07; and

(v)     
Spin-Offs as to which the provisions set forth in this Section 14.04(c) shall apply

(any of such shares of Capital Stock, evidences
of indebtedness, assets, property, rights, options or warrants to acquire Capital Stock or other securities of the Company, the “Distributed
Property”), then the Conversion Rate shall be increased based on the following formula:

where,

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

 

    	 	84	 

     

    

Any increase made under the portion of this
Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If
such distribution is not so paid or made, the Conversion Rate shall be decreased, effective as of the date the Company’s Board of
Directors determines not to pay or make such distribution, 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 the Common Stock receive the Distributed Property, the amount and kind of Distributed Property 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
Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of Capital Stock of
any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when
issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”), the Conversion
Rate shall be increased based on the following formula:

where,

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
	 	 	 	 
	 	CR1	=	the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such distribution;
	 	 	 	 
	 	FMV0	=	the average of the Last Reported Sale Prices per share of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
	 	 	 	 
	 	MP0	=	the average of the Last Reported Sale Prices per share of the Common Stock over the Valuation Period.

 

The increase to the Conversion Rate under the
preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that (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 references to “10” in the preceding paragraph shall

    	 	85	 

     

    

be deemed to be replaced with such lesser number of Trading Days
as have elapsed between the Ex-Dividend Date of such Spin-Off and the 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 references to “10” in the preceding paragraph
shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and
such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Ex-Dividend Date for such Spin-Off is
after the 10th Trading Day immediately preceding, and including, the end of any Observation Period in respect of a conversion of Notes,
references to “10” or “10th” in the preceding paragraph and this paragraph shall be deemed to be replaced, solely
in respect of that conversion, with such lesser number of Trading Days as have elapsed from, and including, the Ex-Dividend Date for the
Spin-Off to, and including, the last Trading Day of such Observation Period. If such Spin-Off does not occur, the Conversion Rate shall
be decreased, effective as of the date the Company’s Board of Directors determines not to consummate such Spin-Off, to be the Conversion
Rate that would then be in effect if such distribution had not been declared, effective as of the date on which the Board of Directors
(or its designee) determines not to consummate such Spin-Off.

For purposes of this Section 14.04(c) (and subject
in all respect to Section 14.11), rights, options or warrants distributed by the Company to all holders of the Common Stock entitling
them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”):

(i)     
are deemed to be transferred with such shares of the Common Stock;

(ii)     
are not exercisable; and

(iii)     
are also issued in respect of future issuances of the Common Stock,

shall be deemed not to have been distributed for
purposes of this Section 14.04(c) (and no adjustment to the Conversion Rate under this Section 14.04(c) will be required) until the occurrence
of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate
adjustment (if any is required) to the Conversion Rate shall be made under this Section 14.04(c). If any such right, option or warrant,
including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the
occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or
other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend
Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be
deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution
(or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to
the Conversion Rate under this Section 14.04(c) was made:

    	 	86	 

     

    

(A)     
 in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders
thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had
not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or
Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received
by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights,
options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and

(B)     
in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof,
the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.

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

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

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

then:

(A)     
such dividend or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend
or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Rate
adjustment required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made; and

(B)     
the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion
Rate adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except that, if determined
by the Company (I) the “Ex-Dividend Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be
the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or Clause
B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or effective
date” within the meaning of Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend
Date” within the meaning of Section 14.04(b).

    	 	87	 

     

    

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

where,

	 	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date 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 per share of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
	 	 	 	 
	 	C	=	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

Any increase made pursuant to this Section 14.04(d)
shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not
to make or pay such dividend or distribution, to 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 the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal
to the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such cash dividend or distribution.

(e)     
If the Company or any of its Subsidiaries makes a payment in respect of a tender or exchange offer for the Common Stock, to the
extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of
the Last Reported Sale Prices per share of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the
Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (such date,
the “Expiration Date”), the Conversion Rate shall be increased based on the following formula:

    	 	88	 

     

    

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 Expiration Date;
	 	 	 	 
	 	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 Expiration Date;
	 	 	 	 
	 	AC	=	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
	 	 	 	 
	 	OS0	=	the number of shares of Common Stock outstanding immediately prior to the time (the “Expiration Time”) such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);
	 	 	 	 
	 	OS1	=	the number of shares of Common Stock outstanding immediately after the Expiration Time (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 	 
	 	SP1	=	the average of the Last Reported Sale Prices per share of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date.

 

The increase to the Conversion Rate under this
Section 14.04(e) shall occur at the close of business on the 10th Trading Day immediately following, and including, the Trading Day next
succeeding the date such tender or exchange offer expires; provided that (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 to be replaced with such lesser number of Trading Days as have elapsed between such Expiration
Date of such tender or exchange offer and the 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
to be replaced with such lesser number of Trading Days as have elapsed between the Expiration Date of such tender or exchange offer and
such Trading Day in determining the Conversion Rate as of such Trading Day. In addition, if the Trading Day next succeeding the Expiration
Date of any tender or exchange offer is after the 10th Trading Day immediately preceding, and including, the end of any Observation Period
in respect of a conversion of Notes, references to “10” or “10th” in the preceding paragraph and this paragraph
shall be deemed to be replaced, solely in respect of that conversion, with such lesser number of

    	 	89	 

     

    

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, last Trading Day of such Observation Period.

In the event that the Company or
one of its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange offer, but the
Company 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.

(f)     
Notwithstanding anything to the contrary in this Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion
Rate adjustment becomes effective on any Ex-Dividend Date 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 the shares of Common Stock as of the related Conversion
Date as described under Section 14.02(h) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding the Conversion
Rate adjustment provisions in this Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for
such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on
an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

(g)     
All calculations and other determinations under this Article 14 shall be made by the Company and all adjustments to the Conversion
Rate shall be made to the nearest one-ten thousandth (1/10,000th) of a share. Notwithstanding anything in this Article 14 to the contrary,
the Company shall not be required to adjust the Conversion Rate unless the adjustment would result in an increase or decrease of at least
1.0% to the Conversion Rate. However, the Company shall carry forward, and take into account in any future adjustment, any adjustments
that are less than 1.0% of the Conversion Rate, and make such carried-forward adjustments, regardless of whether the aggregate amount
of such adjustments is less than 1.0% (a) on the effective date of any Fundamental Change or the Event Effective Date of a Make-Whole
Fundamental Change, (b) on the Conversion Date for any Notes (in the case of Physical Settlement), (c) on each VWAP Trading Day of any
Observation Period (in the case of Cash Settlement or Combination Settlement) and (d) on the date of a Notice of Redemption. In no event
shall the Conversion Rate be adjusted such that the Conversion Price shall be less than the par value per share of the Common Stock.

(h)     
In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted
by applicable law and subject to the applicable rules of the New York Stock Exchange, the Company from time to time may increase the Conversion
Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s
best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of the New York Stock Exchange,
the Company may also (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock
or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares of Common Stock (or

    	 	90	 

     

    

rights to acquire shares of Common Stock) or similar event.
Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall send to the Holder of each
Note at its last address appearing on the Note Register a notice of the increase at least 15 days prior to the date the increased Conversion
Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.

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

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

(k)     
The Company shall not adjust the Conversion Rate except as stated in this Indenture, including, for the avoidance of doubt, for
the issuance of shares of Common Stock or any securities convertible into or exchangeable for shares of Common Stock or the right to purchase
shares of Common Stock or such convertible or exchangeable securities. In addition, notwithstanding anything to the contrary in this Article
14, the Conversion Rate shall not be adjusted:

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

(ii)     
upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or the Carnival Group;

(iii)     
upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in clause (ii) of this subsection and outstanding as of the Issue Date;

    	 	91	 

     

    

(iv)     
 for ordinary course of business stock repurchases that are not tender offers referred to in Section 14.04(e), including structured
or derivative transactions or pursuant to a stock repurchase program approved by the Board of Directors;

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

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

Section 14.05. Adjustments
of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs,
the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation
Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change or a Redemption), the Board of Directors
shall make appropriate adjustments, in good faith, 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, Event 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.

Section 14.06. Shares
to Be Fully Reserved. The Company shall reserve, on or prior to the date of this Indenture, and from time to time as may be necessary,
out of its authorized but unissued shares, sufficient shares of Common Stock to provide for conversion of the Notes from time to time
as such Notes are presented for conversion (assuming that at the time of computation of such number of shares, all such Notes would be
converted by a single Holder and that Physical Settlement is applicable, and including the maximum number of Additional Shares that could
be included in the Conversion Rate for a conversion in connection with a Make-Whole Fundamental Change). The Company shall direct P&O
Princess Special Voting Trust to reserve, on or prior to the date of this Indenture, and from time to time as may be necessary, a sufficient
number of P&O Trust Shares as is necessary to pair with each share of Common Stock issued upon conversion pursuant to the terms of
this Indenture.

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

(a)       In
the case of:

(i)     
any recapitalization, reclassification or change of the Common Stock (other than a change to par value, or from par value to no
par value, or changes resulting from a subdivision or combination);

(ii)     
any consolidation, merger or other combination involving the Company; or

(iii)     
any sale, lease or other transfer or disposition to a third party of all or substantially all of the Company’s and its Subsidiaries’
consolidated assets, taken as a whole; or

(iv)     
any statutory share exchange,

in each case, as a result of which the Common
Stock would be converted into, or exchanged for stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Specified Corporate Event” and any such stock, other securities, other property

    	 	92	 

     

    

or assets (including cash or any combination thereof), “Reference
Property” and the amount of Reference Property that a holder of one share of the Common Stock immediately prior to such Specified
Corporate Event would have been entitled to receive upon the occurrence of such Specified Corporate Event, a “Unit of Reference
Property”), then the Company, or the successor or purchasing Person, 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 Specified Corporate Event,
the right to convert each $1,000 principal amount of Notes for shares of Common Stock will be changed into a right to convert such principal
amount of Notes for the kind and amount of Reference Property that a holder of a number of shares of the Common Stock equal to the Conversion
Rate immediately prior to such Specified Corporate Event would have been entitled to receive upon such Specified Corporate Event; provided,
however, that at and after the effective time of such Specified Corporate Event:

(A)     
the Company shall 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 in accordance with Section 14.02; and

(B)     
(I) any amount payable in cash upon conversion of the Notes in accordance with Section 14.02 shall continue to be payable in cash,
(II) any shares of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with Section
14.02 shall instead be deliverable in the Units of Reference Property that a holder of that number of shares of Common Stock would have
received in such Specified Corporate Event and (III) the Daily VWAP shall be calculated based on the value of a Unit of Reference Property;
provided, however, that if the holders of Common Stock receive only cash in such Specified Corporate Event, then for all conversions
that occur after the effective date of such Specified Corporate Event (x) the consideration due upon conversion of each $1,000 principal
aggregate amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased
by any Additional Shares pursuant to Section 14.03), multiplied by the price paid per share of Common Stock in such Specified Corporate
Event and (y) the Company shall satisfy the Conversion Obligation by paying such cash to the converting Holder on the second Business
Day immediately following the Conversion Date.

If the Specified Corporate Event causes the
Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in
part upon any form of stockholder election), then the Reference Property into which the Notes shall be convertible shall be the weighted
average of the types and amounts of consideration actually received by the holders of Common Stock. The Company shall notify, in writing,
the 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.

Such supplemental indenture described in the
second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is
possible to the adjustments provided for in this Article 14. If the Reference Property in respect of any such Specified Corporate Event
includes shares of stock, other securities or other property

    	 	93	 

     

    

or assets (other than cash) (including any combination thereof)
of an entity other than the Company or the successor or purchasing Person, as the case may be, in such Specified Corporate Event, then
such other entity, if it is a party to such Specified Corporate Event, shall also execute such supplemental indenture, and such supplemental
indenture shall contain such additional provisions to protect the interests of the Holders, including the right of Holders to require
the Company to repurchase their Notes upon a Fundamental Change in accordance with Article 15, as the Board of Directors shall reasonably
consider necessary by reason of the foregoing.

(b)     
In the event the Company shall execute a supplemental indenture pursuant to Section 14.07(a), the Company shall furnish to the
Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or other assets (including
any combination thereof) that will comprise the Reference Property after any such Specified Corporate Event, any adjustment to be made
with respect thereto and that all conditions precedent have been complied with, and shall promptly send notice thereof to all Holders.
The Company shall cause notice of the execution of such supplemental indenture to be sent to each Holder, at its address appearing on
the Note Register provided for in this Indenture, within 20 days after execution thereof. Failure to deliver such notice shall not affect
the legality or validity of such supplemental indenture.

(c)     
If the Notes become convertible into Reference Property, the Company shall notify the Trustee in writing and (i) issue a press
release containing the relevant information or disclose the relevant information in a Current Report on Form 8-K and (ii) post such information
on the Company’s website.

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

(e)     
The above provisions of this Section shall similarly apply to successive Specified Corporate Events.

Section 14.08. Certain
Covenants.

(a)     
The Company covenants that all shares of Common Stock issued upon conversion of Notes shall be duly authorized, fully paid and
non-assessable and free from all preemptive or similar rights of any securityholder of the Company and, except for any transfer taxes
payable by the Company or a Holder, as the case may be, pursuant to Sections 14.02(d) and 14.02(e), free from all documentary, stamp or
similar issue or transfer taxes, liens and charges as the result of any action by the Company. The Company covenants that any P&O
Trust Shares issued with the shares of Common Stock issued upon conversion of Notes shall be duly authorized, fully paid and non-assessable
trust shares and free from all preemptive or similar rights of any securityholder of the Company.

(b)     
The Company covenants that if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder require
registration with or approval of any

    	 	94	 

     

    

governmental authority under any federal or state law before
such shares may be validly issued upon conversion, the Company shall, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be.

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

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

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

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

(b)     
Specified Corporate Event; or

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

then, in each case (unless notice of such event is otherwise required
pursuant to another provision of this Indenture), the Company shall cause to be furnished to the Trustee and the Conversion Agent (if
other than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as promptly as possible but in any
event at least 20 days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken
for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the
holders of Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii)
the date on which such Specified Corporate Event, or any dissolution, liquidation or winding-up is expected to become effective or occur,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities
or other property deliverable upon such Specified Corporate Event, dissolution, liquidation or winding-up; provided, however,
that if on such date, the Company does not have knowledge of such event or the adjusted Conversion Rate cannot be calculated, the Company
shall deliver such notice as promptly as practicable upon obtaining knowledge of such event or information sufficient to make such calculation,
as the case may be, and in no event later than the effective date of such adjustment. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such action by the Company or one of its Subsidiaries, Specified Corporate Event, dissolution,
liquidation or winding-up.

Section 14.11. Stockholder
Rights Plans. If the Company has a rights plan in effect upon conversion of the Notes into Common Stock, Holders that convert their
Notes shall receive, in addition to any shares of Common Stock received in connection with such conversion, the appropriate number of
rights under the rights plan, if any, and any certificate representing the share of Common Stock issued upon such conversion shall bear
such legends, if any, in each case as may be provided by the terms of any such rights plan, as the same may be amended from time to time.
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 shall be adjusted at the time of separation as if the Company distributed to all or substantially
all holders of shares of Common Stock, Distributed Property pursuant to Section 14.04(c), subject to readjustment in the event of the
expiration, termination or redemption of such rights.

Article
15

Purchase of Notes at Option of Holders

Section 15.01. Intentionally
Omitted.

Section 15.02. Repurchase
at Option of Holders Upon a Fundamental Change(a). (a) If a Fundamental Change occurs at any time prior to the Maturity Date,
each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes, or any portion of the principal amount thereof that is equal to an Authorized Denomination, on the date (the “Fundamental
Change Repurchase Date”) specified by the Company that is not less than 20 nor more than 35 calendar days following the date
of the Fundamental Change Company Notice (subject to

    	 	96	 

     

    

extension if required to comply with applicable
law), at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not
including, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental
Change Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date
relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of such Regular
Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to be purchased pursuant
to this Article 15.

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

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

(ii)     
delivery of the Notes, if the Notes are Certificated Notes, to the Paying Agent on or before the close of business on the Business
Day immediately preceding the Fundamental Change Repurchase Date (together with all necessary endorsements for transfer) at the Corporate
Trust Office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the Applicable
Procedures, in each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

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

A.     
in the case of Certificated Notes, the certificate numbers of the Notes to be delivered for repurchase;

B.     
the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple of $1,000 in excess
thereof; and

C.     
that the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

provided, however, that if the Notes are Global Notes,
the Fundamental Change Repurchase Notice must comply with the Applicable Procedures.

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

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If a Holder has already delivered a Fundamental
Change Repurchase Notice with respect to a Note, such Holder may not surrender such Note for conversion until such Holder has validly
withdrawn such Fundamental Change Repurchase Notice (or, in the case of a Global Note, has complied with the Applicable Procedures with
respect to such a withdrawal) in accordance with the terms of Section 15.03.

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

(c)     
On or before the 20th calendar day after the occurrence of a Fundamental Change, the Company shall provide to all Holders of Notes
and the Trustee and the Paying Agent (if other than the Trustee) a written notice (the “Fundamental Change Company Notice”)
of the occurrence of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. Each
Fundamental Change Company Notice shall specify:

(i)     
the events causing the Fundamental Change;

(ii)     
the Event Effective Date of the Fundamental Change;

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

(iv)     
the Fundamental Change Repurchase Price;

(v)     
the Fundamental Change Repurchase Date;

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

(vii)     
the Conversion Rate and any adjustments to the Conversion Rate;

(viii)     
that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only
if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture (or, in the case of a
Global Note, complies with the Applicable Procedures with respect to such a withdrawal);

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

(x)     
the CUSIP numbers and the statement required in Section 2.09 hereto.

Simultaneously with providing such Fundamental
Change Company Notice, the Company shall (A) issue a press release containing such information or disclose the information in a Current
Report on Form 8-K and (B) post such information on the Company’s website.

At the Company’s written request, the
Trustee shall give such notice in the Company’s name and at the Company’s expense; provided, however, that,
in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. In such a case, the

    	 	98	 

     

    

Company shall deliver such notice to the Trustee at least three
Business Days prior to the date that the notice is required to be given to the Holders (unless a shorter notice period shall be agreed
to by the Trustee), together with an Officer’s Certificate requesting that the Trustee give such notice.

Such notice shall be delivered to the Trustee,
to the Paying Agent (if other than the Trustee) and to each Holder at its address shown in the Note Register (and to the beneficial owner
as required by applicable law) or, in the case of Global Notes, in accordance with the Applicable Procedures.

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

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

(e)     
Notwithstanding anything to the contrary in this Section 15.02, the Company shall not be required to repurchase, or to make an
offer to repurchase, Notes upon a Fundamental Change:

(i)     
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 the Company set forth in this 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
the Company set forth in this Indenture; or

(ii)     
pursuant to clause (b) of the definition thereof (or a Fundamental Change pursuant to clause (a) that also results in a Fundamental
Change pursuant to clause (b)), if (i) such Fundamental Change results in the Notes becoming convertible (pursuant to the provisions described
in Section 14.07) into an amount of cash per Note that is greater (A) than the Fundamental Change Repurchase Price (assuming the maximum
amount of accrued interest would be payable based on the latest possible Fundamental Change Repurchase Date), plus (B) to the extent
that the 35th Trading Day immediately following the Event Effective Date of such Fundamental Change is after a Regular Record Date and
on or prior to the Business Day immediately following the corresponding Interest Payment

    	 	99	 

     

    

Date, the full amount of interest payable per Note on such
Interest Payment Date and (ii) the Company provides timely notice of the Holders’ right to convert their Notes based on such Fundamental
Change as described in Section 14.01(b)(iii) (the requirements set forth in clauses (i) and (ii) of this Section 15.02(d)(ii), the “Adequate
Cash Conversion Provisions”).

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

(a)      the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which portion must be in an Authorized
Denomination,

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

(c)      the
principal amount, if any, of such Notes that remains subject to the original Fundamental Change Repurchase Notice, which portion must
be in an Authorized Denomination;

provided, however, that if the Notes are Global Notes,
the withdrawal notice must comply with the Applicable Procedures.

Section 15.04. Deposit
of Fundamental Change Repurchase Price(a). (a) The Company shall deposit with the Trustee (or other Paying Agent appointed
by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04)
on or prior to 10:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase all
of the Notes to be purchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds by the Trustee (or other
Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not validly withdrawn prior to the close of
business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental
Change Repurchase Date with respect to such Note (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the
time of book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder
thereof in the manner required by Section 15.02, by mailing checks for the amount payable to the Holders of such Notes entitled thereto
as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer
of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment and upon
written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

(b)     
If by 10:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed by
the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be purchased on such Fundamental
Change Repurchase Date or any applicable extension thereof, then, with respect

    	 	100	 

     

    

to Notes that have been properly surrendered for repurchase
and have not been validly withdrawn:

(i)     
such Notes shall cease to be outstanding and interest shall cease to accrue on such Notes on such Fundamental Change Repurchase
Date or any applicable extension thereof (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered
to the Trustee or Paying Agent); and

(ii)     
all other rights of the Holders of such Notes will terminate on the Fundamental Change Repurchase Date (other than (x) the right
to receive the Fundamental Change Repurchase Price and (y) if the Fundamental Change Repurchase Date falls after a Regular Record Date
but on or prior to the related Interest Payment Date, the right of the Holder on such Regular Record Date to receive the accrued and unpaid
interest to, but not including, the Fundamental Change Repurchase Date).

(c)     
Upon surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an Authorized Denomination equal in principal amount to the unpurchased portion
of the Note surrendered, without payment of any service charge.

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

(a)     
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;

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

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

in each case, so as to permit the rights and obligations
under this Article 15 to be exercised in the time and in the manner specified in this Article 15. To the extent that any securities laws
and regulations conflict with the provisions of this Indenture with respect to the repurchase of Notes, the Company shall be deemed not
to be in breach of this Indenture as a result of compliance therewith.

Article
16

Redemption for Taxation Reasons

Section 16.01. Redemption
for Taxation Reasons. The Notes shall not be redeemable by the Company prior to the Maturity Date, except as described in Article
5 or this Article 16, and no sinking fund is provided for the Notes. On or prior to the 40th Scheduled Trading Day immediately before
the Maturity Date, the Notes may be redeemed, in whole but not in part (a “Tax Redemption”), at the Company’s
discretion at the Tax Redemption Price, if (w) on the next date on which any amount would be payable in respect of the Notes or Guarantee,
the Company or any Guarantor is or would be required

    	 	101	 

     

    

to pay Additional Amounts (but, in the case
of a Guarantor, only if the payment giving rise to such requirement cannot be made by the Company or another Guarantor without the obligation
to pay Additional Amounts), (x) the Company or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures
available (including, for the avoidance of doubt, appointment of a new Paying Agent but excluding the reincorporation or reorganization
of the Company or any Guarantor), and (y) the requirement arises as a result of:

(a)     
any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the relevant Tax Jurisdiction
which change or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction
became a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date); or

(b)     
any change in, or amendment to, the official application, administration or interpretation of such laws, regulations or rulings
(including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change
or amendment is announced and becomes effective after the date of the Offering Memorandum (or if the applicable Tax Jurisdiction became
a Tax Jurisdiction on a date after the date of the Offering Memorandum, after such later date) (each of the foregoing clauses (a) and
(b), a “Change in Tax Law”).

Section 16.02. Notice
of Tax Redemption.

(a)     
In the event that the Company exercises its Tax Redemption right pursuant to Section 16.01, it shall fix a date for redemption
(the “Tax Redemption Date”) and it or, at its written request received by the Trustee not less than five Business Days
prior to the date on which notice is sent to the Holders (or such shorter period of time as may be acceptable to the Trustee), the Trustee,
in the name of and at the expense of the Company, shall mail or cause to be mailed a notice (which notice shall be irrevocable) of such
Tax Redemption (a “Notice of Tax Redemption”) not less than 45 nor more than 65 Scheduled Trading Days’ prior
to the Tax Redemption Date to each Holder of Notes so to be redeemed at its last address as the same appears on the Note Register; provided,
however, that (i) the Company may not give a Notice of Tax Redemption after to the 40th Scheduled Trading Day immediately before the
Maturity Date, and (ii) if the Company shall give a Notice of Tax Redemption, it shall also give a written notice of the Tax Redemption
Date to the Trustee and the Paying Agent. The Tax Redemption Date must be a Business Day. (b)The Company shall not give any such Notice
of Tax Redemption earlier than 60 days prior to the earliest date on which the Company or the relevant Guarantor would be obligated to
make such payment of Additional Amounts if a payment in respect of the notes or guarantee were then due and at the time such notice is
given, the obligation to pay Additional Amounts must remain in effect. Simultaneously with providing a Notice of a Tax Redemption, the
Company will (i) issue a press release containing the relevant information or disclose the relevant information in a Current Report on
Form 8-K and (ii) post such information on its website. Prior to the mailing of any Notice of Tax Redemption of the Notes pursuant to
the foregoing, the Company shall deliver to the Trustee (i) an opinion of independent tax counsel of recognized standing qualified under
the laws of the relevant Tax Jurisdiction (which counsel 

    	 	102	 

     

    

shall be reasonably acceptable to the Trustee) to
the effect that there has been a Change in Tax Law which would entitle the Company to redeem the Notes hereunder. In addition,
before the Company mails a Notice of Tax Redemption, it shall deliver to the Trustee (i) an Officer’s Certificate to the
effect that it cannot avoid its obligation to pay Additional Amounts by the Company or the relevant Guarantor taking reasonable
measures available to it. The Trustee shall accept and shall be entitled to rely on such Officer’s Certificate and Opinion of
Counsel as sufficient evidence of the existence and satisfaction of the conditions as described above, in which event it will be
conclusive and binding on all of the Holders.

(b)     
Each Notice of Tax Redemption shall specify:

(i)     
the Tax Redemption Date;

(ii)     
the Tax Redemption Price;

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

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

(v)     
that Holders may surrender their Notes called for Redemption for conversion at any time from the date of the Notice of Tax Redemption
to the close of business on the second Scheduled Trading Day immediately preceding the Tax Redemption Date or, if the Company fails to
pay the Tax Redemption Price, such later date on which the Company pays or duly provides for the Tax Redemption Price;

(vi)     
the procedures an exchanging Holder must follow to convert its Notes called for Redemption and, if the Company chooses to elect
a Settlement Method for any such conversions, the relevant Settlement Method;

(vii)     
that Holders have the right to elect not to have their Notes redeemed by delivering to the Trustee written notice to that effect
not later than the 10th calendar day prior to the Tax Redemption Date;

(viii)     
that Holders who wish to elect not to have their Notes redeemed must satisfy the requirements set forth herein and in this Indenture;

(ix)     
that, on and after the Tax Redemption Date, Holders who elect not to have their Notes redeemed will not receive any Additional
Amounts on any payments with respect to such Notes solely as a result of such Change in Tax Law (whether upon exchange, prepayment, maturity
or otherwise, and whether in cash, shares of Common Stock or otherwise), and all subsequent payments with respect to the Notes will be
subject to the deduction or withholding of such applicable Tax Jurisdiction taxes required by law to be deducted or withheld as a result
of such Change in Tax Law;

    	 	103	 

     

    

(x)     
the Conversion Rate and, if applicable, the number of shares of Common Stock added to the Conversion Rate in accordance with Section
16.06; and

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

A Notice of Tax Redemption shall be irrevocable.
In the case of a Tax Redemption, a Holder may convert any or all of its Notes called for Redemption at any time from the date of the Notice
of Tax Redemption to the close of business on the second Scheduled Trading Day immediately preceding the Tax Redemption Date or, if the
Company fails to pay the Tax Redemption Price, such later date on which the Company pays or duly provides for the Tax Redemption Price.

Section 16.03. Payment
of Notes Called for Tax Redemption.

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

Section 16.04. Holders’
Right to Avoid Redemption. Notwithstanding anything to the contrary in this Article 16, if the Company has given a Notice of Tax Redemption
as described in Section 16.02, each Holder of Notes shall have the right to elect that all or a part of such Holder’s Notes will
not be subject to the Tax Redemption. If a Holder elects that its Notes shall not be subject to a Tax Redemption, neither the Company
nor the relevant Guarantor, as the case may be, shall be required to pay Additional Amounts with respect to payments made in respect of
such Notes following the Tax Redemption Date solely as a result of the relevant Change in Tax Law, and all subsequent payments in respect
of such Notes shall be subject to any tax required to be withheld or deducted under the laws of an applicable Tax Jurisdiction solely
as a result of the relevant Change in Tax Law. The obligation to pay Additional Amounts to any electing Holder for payments made in periods
prior to the Tax Redemption Date shall remain subject to the exceptions set forth under Section 4.07. Holders must exercise their option
to elect to avoid a Tax Redemption by written notice (a “No Tax Redemption Notice”) to the Trustee no later than the
10th calendar day prior to the Tax Redemption Date; provided that a Holder that complies with the requirements for conversion of
its Notes as described in Article 14 before the close of business on the second Scheduled Trading Day immediately preceding the Tax Redemption
Date (or, if the Company fails to pay the Tax Redemption Price, such later date on which the Company pays or duly provides for the Tax
Redemption Price) shall be deemed to have validly delivered a No Tax Redemption Notice.

Section 16.05. Restrictions
on Tax Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated in
accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Tax Redemption Date (or,
if the Company fails to pay the Tax Redemption Price, such later date on which the Company pays the Tax Redemption Price) (except in
the case of an acceleration resulting from a Default by the Company in the payment of the Tax Redemption Price with respect to such Notes).

    	 	104	 

     

    

Section 16.06. Mutatis
Mutandis. The above provisions will apply, mutatis mutandis, to any successor of the Company (or any Guarantor) with respect
to a Change in Tax Law occurring after the time such Person becomes successor to the Company (or any Guarantor).

Article
17

Miscellaneous Provisions

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

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

Section 17.03. Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by
the Trustee or by the Holders on the Company or any Guarantor shall be in writing (including facsimile and electronic mail in PDF format)
and shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until another address is furnished by the Company or any Guarantor
to the Trustee) to 3655 N.W. 87th Avenue, Miami, Florida 33178-2428 (fax: (305) 406-4758); Attention: General Counsel and Treasurer or
sent electronically in PDF format to the following e-mail address: QDobbins@carnival.com. Any
notice, direction, request or demand hereunder to or upon the Trustee shall be in writing (including facsimile and electronic mail in
PDF format) and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in
PDF format to the following e-mail address: brandon.bonfig@usbank.com.

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

Any notice or communication delivered or to
be delivered to a Holder of Certificated Notes shall be mailed to it by first class mail, postage prepaid, at its address as it appears
on the Note Register (or sent electronically in PDF format to the e-mail address of such Holder, if any, specified on the Note Register)
and shall be sufficiently given to it if so mailed (or sent, in the case of an electronic transmission) within the time prescribed. Any
notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the Applicable
Procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

Failure to send a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is sent
in the manner provided above, it is duly given, whether or not the addressee receives it.

    	 	105	 

     

    

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

In addition to the foregoing, the Trustee agrees
to accept and act upon notice, instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission
or other similar unsecured electronic methods, provided that any communication sent to the Trustee hereunder must be in the form of a
document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as specified
in writing to Trustee by the authorized representative).  If the party elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.

Section 17.04. Governing
Law. THIS INDENTURE, EACH NOTE AND EACH GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE,
EACH NOTE AND EACH GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 17.05. Intentionally
Omitted.

Section 17.06. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee.
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate and Opinion of Counsel stating that in the opinion of the signors, all conditions
precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied.

Each Officer’s Certificate
and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance
with this Indenture (other than the Officer’s Certificates provided for in Section 4.09) shall include (i) a statement that the
Person making such certificate has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination
or investigation upon which the statement contained in such certificate is based; (iii) a statement that, in the judgment of such person,
he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether
or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the judgment of such Person,
such covenant or condition has been complied with.

    	 	106	 

     

    

 

Notwithstanding anything to the contrary
in this Section 17.06, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel
in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel.

 

Section 17.07. Legal
Holidays. If any Interest Payment Date, any Fundamental Change Repurchase Date, Conversion Date or the Maturity Date is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with
the same force and effect as if taken on such date, and no interest shall accrue in respect of the delay.

Section 17.08. No Security
Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest
under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

Section 17.09. Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto,
any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder or the Holders, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 17.10. Table of
Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

Section 17.11. Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction
in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder,
including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes
as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes.
For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication
and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such
authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.

Any corporation or other entity into which any
authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from
any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding
to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor
corporation or other entity is otherwise eligible under this Section 17.11, without the execution or filing of any paper or any further
act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity.

Any authenticating agent may at any time resign
by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating
agent by giving written notice of termination to such authenticating agent and to

    	 	107	 

     

    

 the Company. Upon receiving such a notice of resignation
or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee
may appoint a successor authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company
and shall mail notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register.

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

The provisions of Section 7.02, Section 7.03,
Section 7.04, Section 7.06, Section 8.03 and this Section 17.11 shall be applicable to any authenticating agent.

If an authenticating agent is appointed pursuant
to this Section 17.11, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative
certificate of authentication in the following form:

__________________________,

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

in the within-named Indenture.

By: ____________________

Authorized Signatory.

Section 17.12. Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile,
electronic or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be
used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, electronic or PDF
shall be deemed to be their original signatures for all purposes.

Section 17.13. Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 17.14. Waiver of
Jury Trial; Submission to Jurisdiction. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

The Company and the Guarantors
hereby submit to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New
York in any suit or proceeding arising out of or relating to this THIS INDENTURE, THE NOTES AND THE GUARANTEES. The Company and the Guarantors
waive any objection which they may now or hereafter have to the laying 

 

    	 	108	 

     

    

of venue of
any such suit or proceeding in such courts. Each of the Company and the Guarantors agree that final judgment in any such suit,
action or proceeding brought in such court shall be conclusive and binding upon the Company and the Guarantors, as applicable, and
may be enforced in any court to the jurisdiction of which Company and any Guarantor, as applicable, is subject by a suit upon such
judgment. The Company and the Guarantors irrevocably appoint National Registered Agents, Inc., located 28 Liberty Street, New York,
New York 10005, as its authorized agent in the Borough of Manhattan in The City of New York upon which process may be served in any
such suit or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the
Company or any Guarantor, as the case may be, by the person serving the same to the address provided in this Section 17.14, shall be
deemed in every respect effective service of process upon the Company and the Guarantors in any such suit or proceeding. The Company
and the Guarantors hereby represent and warrant that such authorized agent has accepted such appointment and has agreed to act as
such authorized agent for service of process.

 

Section 17.15. Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions
of utilities, communications or computer (software and hardware) services or public health emergencies; it being understood that the Trustee
shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable
under the circumstances.

Section 17.16. Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes or this
Indenture. These calculations include, but are not limited to, determinations of the Stock Price or Trading Price, the Last Reported
Sale Prices per share of the Common Stock, the Redemption Price, the Fundamental Change Repurchase Price, the Conversion 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. The Company shall make all these calculations in good faith and, absent manifest error, such calculations shall be final and binding
on Holders of Notes, the Trustee and the Conversion Agent. The Company shall provide a schedule of its calculations to each of the Trustee
and the Conversion Agent (if other than the Trustee), and each of the Trustee and Conversion Agent is entitled to rely conclusively upon
the accuracy of such calculations without independent verification. The Trustee will forward the Company’s calculations to any
Holder of Notes upon the written request of that Holder at the sole cost and expense of the Company. In no event shall the Trustee or
the Conversion Agent be charged with knowledge of or have any duty to monitor Stock Price or Observation Period. Neither the Trustee
nor the Conversion Agent shall have any responsibility for calculations or determinations of amounts, determining whether events requiring
or permitting conversion have occurred, determining whether any adjustment is required to be made with respect to conversion rights and,
if so, how much, or for the delivery of shares of Common Stock.

    	 	109	 

     

    

Section 17.17. U.S.A. Patriot
Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as is required to satisfy the requirements of the U.S.A. Patriot
Act.

Section 17.18. FATCA. In
order to enable the Company and the Trustee to comply with its obligation with respect to this Indenture and the Notes under FATCA (inclusive
of official interpretations of FATCA promulgated by competent authorities), any applicable agreement entered into pursuant to Section
1471(b) of the Code and/or any applicable intergovernmental agreement entered into in order to implement FATCA, each of the Company and
the Trustee each agree (i) to provide to one another such reasonable information that is within its possession and is reasonably requested
by the other to assist the other in determining whether it has tax related obligations under FATCA, and (ii) that the Trustee shall be
entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with FATCA. The terms
of this section shall survive the termination of this Indenture.

    	 	110	 

     

    

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

 

	 	ISSUER:	 
	 	 	 
	 	CARNIVAL CORPORATION	 
	 	 	 
	 	By:	/s/ Bo-Erik Blomqvist	 
	 	 	Name: Bo-Erik Blomqvist	 
	 	 	Title: Senior Vice President	 

 

	 	GUARANTORS:	 
	 	 	 
	 	CARNIVAL PLC	 
	 	 	 
	 	By:	/s/ Bo-Erik Blomqvist	 
	 	 	Name: Bo-Erik Blomqvist	 
	 	 	Title: Senior Vice President	 

 

	 	GXI, LLC	 
	 	 	 
	 	By: Carnival Corporation, its Sole Member	 
	 	 	 
	 	By:	/s/  David Bernstein	 
	 	 	Name: David Bernstein	 
	 	 	Title: Chief Financial Officer and
Chief Accounting Officer	 

 

	 	COSTA CROCIERE S.P.A.	 
	 	 	 
	 	By:	/s/  David Bernstein	 
	 	 	Name: David Bernstein	 
	 	 	Title: Director	 

 

	 	PRINCESS CRUISE LINES, LTD.	 
	 	 	 
	 	By:	/s/  Daniel Howard	 
	 	 	Name: Daniel Howard	 
	 	 	Title: Senior Vice President, General
Counsel and Assistant Secretary	 

 

 

 

 

     

     

    

 

	 	SEABOURN CRUISE LINE LIMITED	 
	 	 	 
	 	By: SSC Shipping and Air Services (Curacao)
N.V., its Sole Director	 
	 	 	 
	 	By:	/s/ Tara Cannagieter	 
	 	 	Name: Tara Cannagieter	 
	 	 	Title: Managing Director	 
	 	 	 	 
	 	By:	/s/ Marietta Beaujon	 
	 	 	Name: Marietta Beaujon	 
	 	 	Title: Attorney-in-Fact	 

 

 

	 	CRUISEPORT CURACAO C.V.	 
	 	 	 
	 	By: Holland America Line N.V., its General
Partner	 
	 	 	 
	 	By: SSC Shipping and Air Services (Curacao),
N.V., its Sole Director	 
	 	 	 
	 	By:	/s/ Tara Cannagieter	 
	 	 	Name: Tara Cannagieter	 
	 	 	Title: Managing Director	 
	 	 	 	 
	 	By:	/s/ Marietta Beaujon	 
	 	 	Name: Marietta Beaujon	 
	 	 	Title: Attorney-in-Fact	 

 

 

 

[Signature Page to Indenture]

     

     

    

 

	 	HOLLAND AMERICA LINE N.V.	 
	 	 	 
	 	By: SSC Shipping and Air Services (Curacao)
N.V., its Sole Director	 
	 	 	 
	 	By:	/s/  Tara Cannagieter	 
	 	 	Name: Tara Cannagieter	 
	 	 	Title: Managing Director	 
	 	 	 	 
	 	By:	/s/ Marietta Beaujon	 
	 	 	Name: Marietta Beaujon	 
	 	 	Title: Attorney-in-Fact	 

 

	 	HAL ANTILLEN N.V	 
	 	 	 
	 	By: SSC Shipping and Air Services (Curacao) N.V., its Sole Director	 
	 	 	 
	 	By:	/s/  Tara Cannagieter	 
	 	 	Name: Tara Cannagieter	 
	 	 	Title: Managing Director	 
		 	 	 
	 	By:	/s/ Marietta Beaujon	 
	 	 	Name: Marietta Beaujon	 
	 	 	Title: Attorney-in-Fact	 

 

 

 

[Signature Page to Indenture]

     

     

    

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee	 
	 	 	 
	 	By:	/s/  Brandon Bonfig	 
	 	 	Name: Brandon Bonfig	 
	 	 	Title: Vice President	 

 

 

 

[Signature Page to Indenture]

     

     

    

EXHIBIT A

[FORM OF FACE OF NOTE]

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

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

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED SECURITY:

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

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

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

(A)      TO
THE COMPANY, CARNIVAL PLC OR ANY SUBSIDIARY THEREOF;

(B)      PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT OF THE COMPANY THAT COVERS THE RESALE OF THIS SECURITY OR SUCH COMMON STOCK;

    	 	Exhibit A-1	 

     

    

(C)      TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT (IF AVAILABLE); OR

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

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

    	 	Exhibit A-2	 

     

    

CARNIVAL
CORPORATION

5.75% Convertible Senior Note due 2027

	No. R-[     ]	[Initially]1
$[     ]

CUSIP No.: [     ]2

ISIN No.: [     ]

Carnival Corporation, a corporation duly organized
and validly existing under the laws of the Republic of Panama (the “Company,” which term includes any successor corporation
or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]3
[             ]4, or registered assigns, the principal
amount [as set forth in the “Schedule of Conversions of Notes” attached hereto]5
[of $[      ]]6 or such other amount as reflected
on the books and records of the Trustee and the Depositary, on December 1, 2027 and interest thereon as set forth below.

This Note shall bear interest at the rate of
5.75% per year from November 18, 2022 or from the most recent date to which interest had been paid or provided for to, but excluding,
the next scheduled Interest Payment Date until December 1, 2027, unless earlier converted, redeemed or repurchased. Accrued interest on
this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for a partial month, on the basis of
the number of days actually elapsed in a 30-day month. Interest is payable semi-annually in arrears on each June 1 and December 1, commencing
on June 1, 2023, to Holders of record at the close of business on the preceding May 15 and November 15 (whether or not such day is a Business
Day), respectively. Additional Interest will be payable as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned
Indenture, and any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in
such context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e) or Section 6.03
and any express mention of the payment of Additional Interest in any provision therein and herein shall not be construed as excluding
Additional Interest in those provisions thereof and hereof where such express mention is not made.

Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes from, and including, the relevant payment date to, but excluding, the date on which such

 

 

 

1
Include if a global note.

2
At such time as the Company delivers to the Trustee the certificate included in Exhibit B to
the Indenture, the legend set forth on the immediately preceding page [Insert if a Global Note: (other than the first paragraph
thereof)] pursuant to Section 2.05(b) of the Indenture shall be deemed removed and the CUSIP and ISIN numbers for this Note shall be
deemed to be 143658 BV3 and US143658BV39, respectively.

3
Include if a global note.

4
Include if a certificated note.

5
Include if a global note.

6
Include if a certificated note.

 

    	 	Exhibit A-3	 

     

    

Defaulted Amounts shall have been paid by the Company, at its election
in accordance with Section 2.03(c) of the Indenture.

The Company shall pay the principal of and interest
on this Note, so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee, as the case may
be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal
of any Notes (other than Notes that are Global Notes) upon presentation thereof at the office or agency designated by the Company for
that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its
agency in the continental United States as a place where Notes may be presented for payment or for registration of transfer.

Reference is made to the further provisions
of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set
forth at this place.

This Note, and any claim, controversy or
dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York.

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

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

[Remainder of page intentionally left blank]

    	 	Exhibit A-4	 

     

    

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

	 	CARNIVAL CORPORATION	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title: 	 

 

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee,

certifies that this is one of the Notes described

in the within-named Indenture.

 

 

By:_______________________________

       Authorized Signatory

    	 	Exhibit A-5	 

     

    

[FORM OF REVERSE OF NOTE]

CARNIVAL
corporation

5.75% Convertible Senior Note due 2027

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 5.75% Convertible Senior Notes due 2027 (the “Notes”), issued under and
pursuant to an Indenture, dated as of November 18, 2022 (the “Indenture”), among the Company, Carnival plc, the Subsidiary
Guarantors and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes may be issued in an unlimited aggregate
principal amount, subject to certain conditions specified in the Indenture. Capitalized terms used in this Note and not defined in this
Note shall have the respective meanings set forth in the Indenture. The Notes represent the aggregate principal amount of outstanding
Notes from time to time endorsed hereon and the aggregate principal amount of outstanding Notes represented hereby may from time to time
be increased or reduced to reflect purchases, Redemptions, cancellations, conversions or transfers permitted by the Indenture.

In case an Event of Default relating to a bankruptcy
(or similar proceeding) with respect to the Company, Carnival plc, any of the Company’s or Carnival plc’s Significant Subsidiaries
or any group of the Company’s or Carnival plc’s Subsidiaries that, taken together, would constitute a Significant Subsidiary
shall have occurred, the principal of, and interest on, all Notes shall automatically become immediately due and payable, in the manner
and with the effect set forth in the Indenture. In case any other Event of Default shall have occurred and be continuing, the principal
of, and interest on, all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes
then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions
and certain exceptions set forth in the Indenture.

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

Subject to the terms and conditions of the Indenture,
Additional Amounts will be paid in connection with any payments made and deliveries caused to be made by the Company, the Guarantors or
any successor under or with respect to the Indenture and the Notes, including, but not limited to, payments of principal (including, if
applicable, the Redemption Price and the Fundamental Change Repurchase Price), payments of interest and payments of cash and/or

    	 	Exhibit A-6	 

     

    

deliveries of Common Stock (together with payments of cash in lieu
of fractional Common Stock) upon exchange, to ensure that the net amount received by the beneficial owner after such withholding or deduction
(and after deducting any taxes on the Additional Amounts) will equal the amount that would have been received by such beneficial owner
had no such withholding or deduction been required.

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

No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to
pay or deliver, as the case may be, the principal (including the Redemption Price and Fundamental Change Repurchase Price, if applicable)
of, accrued and unpaid interest on, and the consideration due upon conversion of, this Note at the place, at the respective times, at
the rate and in the lawful money, herein prescribed.

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

The Notes are not subject to redemption through
the operation of any sinking fund or otherwise. Under certain circumstances specified in the Indenture, the Notes will be subject to Redemption
as described in Articles 5 and 16 of the Indenture.

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

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified in the
Indenture,

    	 	Exhibit A-7	 

     

    

prior to the close of business on the second Scheduled Trading Day
immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or an integral multiple of $1,000 in excess
thereof, into cash, shares of Common Stock or a combination of each and shares of Common Stock, at the Company’s election, at the
Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

Terms used in this Note and defined in the Indenture
are used herein as therein defined.

    	 	Exhibit A-8	 

     

    

ABBREVIATIONS

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

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

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

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

    	 	Exhibit A-9	 

     

    

SCHEDULE A6

SCHEDULE OF CONVERSIONS OF
NOTES

CARNIVAL CORPORATION

5.75% Convertible Senior Notes
due 2027

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

	
    Date of Exchange
	 	
    Amount of decrease
    in Principal Amount of this Global Note
	 	
    Amount of increase
    in Principal Amount of this Global Note
	 	
    Principal Amount
    of this Global Note following such decrease or increase
	 	
    Signature of authorized
    signatory of Trustee or Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

6 Include if a global note.

 

    	 	Exhibit A-10	 

     

    

 

ATTACHMENT 1

[FORM OF NOTICE OF CONVERSION]

To: Carnival Corporation

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

In the case of Certificated Notes, the certificate
numbers of the Notes to be converted are as set forth below: __________________________

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 

Signature Guarantee

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

    	 	Attachment 1-1	 

     

    

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

	 	 	 	 
	(Name)	 	 	 
	 	 	 	 
	 	 	 	 
	(Street Address)	 	 	 
	 	 	 	 
	 	 	 	 
	(City, State and Zip Code)	 	 	 
	Please print name and address	 	 	 
	 	 	 	 
	 	 	Principal amount to be converted (if less than all): $______,000

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

	 	 	 
	 	 	 	 
	 	 	Social Security or Other Taxpayer

Identification Number	 

 

 

    	 	Attachment 1-2	 

     

    

ATTACHMENT 2

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

To: Carnival Corporation

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

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

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Social Security or Other Taxpayer
 Identification Number

Principal amount to be repaid (if less than all):

$______,000

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

 

 

    	 	Attachment 2-1	 

     

    

ATTACHMENT 3

[FORM OF ASSIGNMENT AND TRANSFER]

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

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

☐     To Carnival Corporation, Carnival plc or a Subsidiary
thereof; or

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

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

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

 

    	 	Attachment 3-1	 

     

    

 

	Dated:	            	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Signature(s)	 	 	 
	 	 	 	 
	 	 	 	 

Signature Guarantee

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

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

than to and in the name of the registered holder.

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

 

 

    	 	Attachment 3-2	 

     

    

EXHIBIT B

FORM OF FREE TRANSFERABILITY CERTIFICATE

[Date]

Carnival Corporation

3655 N.W. 87th Avenue

Miami, Florida 33178-2428

 

U.S. Bank Trust Company, National Association, as Trustee

60 Livingston Ave.

Saint Paul, MN 55107

 

 

		Re:	5.75% Convertible Senior Notes due 2027

Reference is hereby made to the Indenture, dated as of November
18, 2022 (the “Indenture”), among Carnival Corporation, Carnival plc, the Subsidiary Guarantors and the Trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture.

Whereas the Resale Restriction Termination Date with respect to
the 5.75% Convertible Senior Notes due 2027 represented by Global Note CUSIP number 143658 BU5 and ISIN number US143658BU55 (the “Notes”)
has occurred, the Company hereby instructs you that:

(i) the restrictive legend required by
Section 2.05(b) of the Indenture and set forth on the Notes shall be deemed removed from the Notes, in accordance with the terms and conditions
of the Notes and as provided in the Indenture, without further action on the part of Holders; and

(ii) the Company shall instruct DTC to
change the CUSIP number and ISIN number for the Notes to the unrestricted CUSIP number (143658 BV3) and unrestricted ISIN number (US143658BV39)
respectively, without further action on the part of Holders.

[signature pages follow]

 

 

 

 

    	 	Exhibit B-1	 

     

    

 

	 	CARNIVAL CORPORATION 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

 

 

    	 	Exhibit B-2	 

     

    

EXHIBIT C

[Form of Supplemental Indenture]

This SUPPLEMENTAL INDENTURE, dated as of ___________
__, ____ is among Carnival Corporation, a corporation duly organized and existing under the laws of the Republic of Panama (the “Company”),
Carnival plc, a company incorporated and registered under the laws of England and Wales (“Carnival plc”), each of the parties
identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and U.S. Bank Trust
Company, National Association, a national banking association, as Trustee.

RECITALS

WHEREAS, the Company, Carnival
plc, the initial Subsidiary Guarantors and the Trustee entered into an Indenture, dated as of November 18, 2022 (the “Indenture”),
pursuant to which the Company has issued $[●] in principal amount of 5.75% Convertible Senior Notes due 2027 (the “Notes”);
and

WHEREAS, Section 10.01(c)
of the Indenture provides that the Company, Carnival plc, the Guarantors and the Trustee may amend or supplement the Indenture in order
to add Guarantors with respect to the Notes, without the consent of the Holders; and

WHEREAS, all acts and things
prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the
Company, of Carnival plc, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally
binding on the Company, Carnival plc, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;

NOW, THEREFORE, to comply
with the provisions of the Indenture and in consideration of the above premises, the Company, Carnival plc, the Guarantors and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders as follows:

ARTICLE 1

Section 1.01     This Supplemental
Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and
as part of, the Indenture for any and all purposes.

Section 1.02     This Supplemental
Indenture shall become effective immediately upon its execution and delivery by each of the Company, Carnival plc, the Guarantors and
the Trustee.

    	 	Exhibit C-1	 

     

    

ARTICLE 2

From this date, by executing
this Supplemental Indenture, the Guarantors whose signatures appear below shall be Guarantors with respect to the Notes on terms contemplated
by and subject to the provisions of Article 13 of the Indenture.

ARTICLE 3

Section 3.01     Except
as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain
in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective
meanings ascribed to them as in the Indenture.

Section 3.02     Except
as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by
the Trustee by reason of this Supplemental Indenture. Additionally, the Trustee shall not be responsible in any manner whatsoever for
or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company,
Carnival plc and the Guarantors, and the Trustee makes no representation with respect to any such matters. This Supplemental Indenture
is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect
as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

Section 3.03     THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 3.04     The parties
may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together
shall represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile, electronic
or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may
be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, electronic
or PDF shall be deemed to be their original signatures for all purposes.

[NEXT PAGE IS SIGNATURE PAGE]

    	 	Exhibit C-2	 

     

    

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

 

	 	CARNIVAL CORPORATION 	 
	 	 	 
	 	By:	                     	 
	 	Name:		 
	 	Title:		 

 

	 	CARNIVAL PLC	 
	 	 	 
	 	By:	                     	 
	 	Name:		 
	 	Title:		 

 

	 	ADDITIONAL GUARANTOR:	 
	 	 	 
	 	[NAME]	 
	 	 	 
	 	By:	                     	 
	 	Name:		 
	 	Title:		 

 

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

 

 

    	 	Exhibit C-3

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