Document:

Exhibit 10.19

      

      

      DATED FEBRUARY 3, 2021

      

      

      (1)          IMMUNOCORE LIMITED

      

      

      (2)          BILL &
          MELINDA GATES FOUNDATION

      

      

      
        

      DEED OF TERMINATION

      
        

      

      

      K&L Gates LLP

      One New Change London EC4M 9AF

      Tel: +44 (0)20 7648 9000

      Fax: +44 (0)20 7648 9001

      Ref: JE/2033909.40034

      
        
          

      

      CONTENTS

      

      

               

        

      

      

      	Clause 

            	 	 Page 

            
	 	 	 
	
              1.

            	
              INTERPRETATION

            	
              2

            
	 	 	 
	
              2.

            	
              TERMINATION OF NOTE PURCHASE AGREEMENT

            	
              2

            
	 	 	 
	
              3.

            	
              RELEASE OF ACCRUED RIGHTS AND CLAIMS

            	
              2

            
	 	 	 
	
              4.

            	
              GLOBAL ACCESS AGREEMENT

            	
              2

            
	 	 	 
	
              5.

            	
              TERMINATION OF THE SUBSCRIPTION AGREEMENT

            	
              3

            
	 	 	 
	
              6.

            	
              CONFIDENTIALITY

            	
              3

            
	 	 	 
	
              7.

            	
              COSTS

            	
              3

            
	 	 	 
	
              8.

            	
              ENTIRE AGREEMENT

            	
              3

            
	 	 	 
	
              9.

            	
              VARIATION

            	
              4

            
	 	 	 
	
              10.

            	
              THIRD PARTY RIGHTS

            	
              4

            
	 	 	 
	
              11.

            	
              COUNTERPARTS

            	
              4

            
	 	 	 
	
              12.

            	
              GOVERNING LAW AND JURISDICTION

            	
              4

            

      

      

      
        
          

      

      
      

      

      THIS DEED is made on February 3, 2021

      

      

      BETWEEN:

      

      

      	(1)	
              IMMUNOCORE LIMITED, a company incorporated in England and Wales under number 06456207 whose registered office is at 92 Park Drive, Milton Park, Abingdon,
                Oxfordshire, OX14 4RY (the “Company”); and

            

      

      

      	(2)	
              BILL & MELINDA GATES FOUNDATION of PO Box 23350, Seattle, WA, United States of America (the “Foundation”).

            

      

      

      WHEREAS:

      

      

      	(A)	
              The Company and the Foundation are parties to a note purchase agreement dated 13 September 2017 (as amended by a deed of variation dated 2 March 2020) pursuant to which the Foundation agreed to advance certain loans to the Company on the
                terms set out therein to be evidenced by subordinated convertible loan notes (the “Note Purchase Agreement”).

            

      

      

      	(B)	
              Pursuant to the terms of the Note Purchase Agreement, the Foundation agreed to loan the Company US$15,000,000 (“Tranche 2”) upon completion of the Safety Milestone (as defined in the Note Purchase
                Agreement), which loan would be converted into equity in the Company immediately after issuance.

            

      

      

      	(C)	
              Since the time the Note Purchase Agreement was executed, the Company has completed a reorganization as a result of which the Company has become a wholly-owned subsidiary of Immunocore Holdings plc (ʺParentʺ).

            

      

      

      	(E)	
              In order to further the Foundation’s charitable purposes, the Foundation, the Company and Parent desire to accelerate the timing of the Tranche 2 investment for the reasons set forth in an amendment dated on or about the date of this
                Deed to the Amended and Restated Global Access Commitments Agreement, dated 2 March 2020, among the Foundation, the Company and Parent (which became a party to the agreement through a joinder agreement) (the “Global Access Agreement”).

            

      

      

      	(G)	
              Parent and the Company desire for the Company to remain a wholly-owned subsidiary of Parent.  Therefore, rather than have the Foundation provide Tranche 2 as a loan that is immediately convertible into equity of the Company, Parent has
                requested that the Foundation instead subscribe US$15,000,000 for American Depositary Shares, representing ordinary shares in the capital of Parent pursuant to the terms of a subscription agreement to be entered into by the Foundation and
                Parent on or about the date of this Deed (the “Subscription Agreement”).

            

      
        1

        
          

      

      

      

      

      

      	(H)	
              The Company and the Foundation have therefore agreed to terminate the Note Purchase Agreement in accordance with the terms of this Deed.

            

      

      

      IT IS AGREED as follows:

      

      

      	1.	
              INTERPRETATION

            

      

      

      	1.1	
              In this Deed, unless the context requires otherwise:

            

      

      

      “party” or “parties” means a party or parties to this Deed; and

      

      

      “Termination Date” means the date on which the Subscription Agreement is completed in accordance with its terms.

      

      

      	1.2	
              The headings in this Deed are included for convenience only and shall be ignored in interpreting this Deed.

            

      

      

      	2.	
              TERMINATION OF NOTE PURCHASE AGREEMENT

            

      

      

      In consideration of the Foundation entering into the Subscription Agreement and undertaking the obligations contained therein, the Note Purchase Agreement and all rights and obligations of the
        parties under the Note Purchase Agreement shall terminate with effect from the Termination Date.

      

      

      	3.	
              RELEASE OF ACCRUED RIGHTS AND CLAIMS

            

      

      

      Each party, with effect from the Termination Date, irrevocably and unconditionally releases and discharges the other party from all and any obligations and liabilities it may have under the Note
        Purchase Agreement and waives all and any rights or claims which it may have or which may accrue to it (whether or not known to it) against the other party arising under or in connection with the Note Purchase Agreement.

      

      

      	4.	
              GLOBAL ACCESS AGREEMENT

            

      

      

      The termination of the Note Purchase Agreement in accordance with the terms of this Deed shall in no way affect the validity of the Global Access Agreement, which shall continue in full force and
        effect, as amended from time to time in accordance with its terms.

      
        2

        
          

      

      

      

      	5.	
              TERMINATION OF THE SUBSCRIPTION AGREEMENT

            

      

      

      If closing of the Subscription Agreement does not occur and the Subscription Agreement is terminated in accordance with its terms, this Deed shall terminate and cease to be of any effect.

      

      

      	6.	
              CONFIDENTIALITY

            

      

      

      Each party acknowledges that the circumstances giving rise to the termination of the Note Purchase Agreement and the terms of this Deed are confidential to the parties and agrees that, save with
        the prior written consent of the other party (such consent not to be unreasonably withheld or delayed), it will not disclose any of such circumstances or terms to any person other than:

      

      

      	

            	(a)	
              to its professional advisers on terms which preserve confidentiality; or

            

      

      

      	

            	(b)	
              pursuant to a requirement imposed:

            

      

      

      	

            	(i)	
              by law or any court of competent jurisdiction; or

            

      

      

      	

            	(ii)	
              by any securities exchange or any regulatory or governmental body or authority to which that party is subject (whether or not the requirement has the force of law),

            

      

      

      provided always that, if disclosure is required to be made pursuant to this paragraph (b), then the party required to make such disclosure shall, so far as reasonably practicable, consult with the
        other as to the form, nature and extent of the disclosure before making it.

      

      

      	7.	
              COSTS

            

      

      

      Each party shall pay its own costs and expenses in relation to the negotiation, preparation, execution and carrying into effect of this Deed.

      

      

      	8.	
              ENTIRE AGREEMENT

            

      

      

      	8.1	
              This Deed contains the entire and only agreement between the parties relating to the subject-matter of this Deed and supersedes all previous agreements (whether written or oral) between the parties relating to that subject-matter.

            

      

      

      	8.2	
              Each party acknowledges that, in entering into this Deed, it is not relying on any warranty, representation, undertaking, covenant, assurance, promise or other commitment of any nature whatsoever (whether or not in writing) made or given
                by or on behalf of the other party which is not expressly set out in this Deed.

            

      
        3

        
          

      

      

      

      	9.	
              VARIATION

            

      

      

      No variation of this Deed shall be effective unless it is in writing and signed by or on behalf of each party.

      

      

      	10.	
              THIRD PARTY RIGHTS

            

      

      

      A person who is not a party to this Deed shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Deed.

      

      

      	11.	
              COUNTERPARTS

            

      

      

      This Deed may be executed in any number of counterparts and by the parties to it on separate counterparts but shall not be effective until each party has executed at least one counterpart. Each
        counterpart shall constitute an original of this Deed but all the counterparts shall together constitute one and the same instrument.

      

      

      	12.	
              GOVERNING LAW AND JURISDICTION

            

      

      

      	12.1	
              This Deed (and any non-contractual obligations arising out of or in connection with this Deed) shall be governed by and construed in accordance with English law.

            

      

      

      	12.2	
              Each party irrevocably agrees that the courts of England are to have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including any dispute relating to any non-contractual obligations arising
                out of or in connection with this Deed or any dispute regarding the existence or validity of this Deed) and that accordingly any proceedings arising out of or in connection with this Deed shall be brought in the courts of England.

            

      

      

      	12.3	
              Each party irrevocably submits to the jurisdiction of the English courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that the proceedings have been brought in an inconvenient forum.

            

      

      

      IN WITNESS whereof this document has been executed and delivered as a deed on the date first above written.

      
        4

        
          

      

      

      

      EXECUTED AS A DEED

      by IMMUNOCORE LIMITED

      acting by:

      

      

      
        	 /s/ Lily Hepworth

              	
                 

              
	
                Signature of Director 

                

              	
                 

              
	
                 

              	
                 

              
	Lily Hepworth

              	
                 

              
	
                Print name of Director 

                

              	
                 

              
	
                 

              	
                 

              
	 /s/ Francoise Webster

              	
                 

              
	
                Signature of Director 

                

              	
                 

              
	
                 

              	
                 

              
	Francoise Webster

              	
                 

              
	
                Print name of Director 

                

              	
                 

              
	
                 

              	
                 

              

      

       

      

      

      

      	
              EXECUTED AS A DEED by BILL & MELINDA GATES FOUNDATION, a charitable trust organised under the laws
                of the State of Washington, acting by

              

              Carolyn N. Ainslie and Vidya Vasu-Devan who, in accordance with the laws of that territory, are acting under the authority of the charitable trust

            	 	
               

               

               

              

               

              

              Signature(s):

               

              

              /s/ Carolyn N. Ainslie 
	 	 Authorised signatory
	 	 
	 	/s/ Vidya Vasu-Devan

            
	 	 Authorised signatory

      

      

      DEED OF TERMINATION – SIGNATURE PAGEEX-4.1

 Exhibit 4.1 
  

 
  

MARRIOTT VACATIONS WORLDWIDE CORPORATION 

as Issuer, 
 The GUARANTORS party
hereto 
 AND 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A. 
 as Trustee 

INDENTURE 
 Dated as of
February 2, 2021 
 0.00% Convertible Senior Notes due 2026 
  

 
  

 TABLE OF CONTENTS 

 
  

 

					
	 	  	PAGE	 
	ARTICLE 1	  	 	 
	DEFINITIONS	  	 	 
		
	 Section 1.01 . Definitions
	  	 	1	 
	 Section 1.02 . References to Interest
	  	 	14	 
		
	ARTICLE 2	  	 	 
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  	 	 
		
	 Section 2.01 . Designation and Amount
	  	 	14	 
	 Section 2.02 . Form of Notes
	  	 	14	 
	 Section 2.03 . Date and Denomination of Notes; Payments of Interest and Defaulted
Amounts
	  	 	15	 
	 Section 2.04 . Execution, Authentication and Delivery of Notes
	  	 	16	 
	 Section 2.05 . Exchange and Registration of Transfer of Notes; Restrictions on Transfer;
Depositary
	  	 	17	 
	 Section 2.06 . Mutilated, Destroyed, Lost or Stolen Notes
	  	 	24	 
	 Section 2.07 . Temporary Notes
	  	 	25	 
	 Section 2.08 . Cancellation of Notes Paid, Converted, Etc.
	  	 	25	 
	 Section 2.09 . CUSIP Numbers
	  	 	26	 
	 Section 2.10 . Additional Notes; Purchases
	  	 	26	 
	 Section 2.11 . Ranking
	  	 	27	 
		
	ARTICLE 3	  	 	 
	SATISFACTION AND DISCHARGE	  	 	 
		
	 Section 3.01 . Satisfaction and Discharge
	  	 	27	 
		
	ARTICLE 4	  	 	 
	PARTICULAR COVENANTS OF THE COMPANY	  	 	 
		
	 Section 4.01 . Payment of Principal, Settlement Amounts and Special Interest
	  	 	28	 
	 Section 4.02 . Maintenance of Office or Agency
	  	 	28	 
	 Section 4.03 . Appointments to Fill Vacancies in Trustee’s Office
	  	 	28	 
	 Section 4.04 . Provisions as to Paying Agent
	  	 	29	 
	 Section 4.05 . Additional Guarantors
	  	 	30	 
	 Section 4.06 . Rule 144A Information Requirement; Reporting; and Special
Interest
	  	 	30	 
	 Section 4.07 . Stay, Extension and Usury Laws
	  	 	32	 
	 Section 4.08 . Compliance Certificate; Statements as to Defaults
	  	 	32	 
	 Section 4.09 . Further Instruments and Acts
	  	 	32	 
	 Section 4.10 . No Rights as Stockholders
	  	 	32	 

					
	ARTICLE 5	  	 	 
	[RESERVED]	  	 	 
		
	ARTICLE 6	  	 	 
	DEFAULTS AND REMEDIES	  	 	 
		
	 Section 6.01 . Events of Default
	  	 	33	 
	 Section 6.02 . Acceleration
	  	 	34	 
	 Section 6.03 . Special Interest
	  	 	35	 
	 Section 6.04 . Payments of Notes on Default; Suit Therefor
	  	 	36	 
	 Section 6.05 . Application of Monies Collected by Trustee
	  	 	38	 
	 Section 6.06 . Proceedings by Holders
	  	 	38	 
	 Section 6.07 . Proceedings by Trustee
	  	 	39	 
	 Section 6.08 . Remedies Cumulative and Continuing
	  	 	39	 
	 Section 6.09 . Direction of Proceedings and Waiver of Defaults by Majority of
Holders
	  	 	39	 
	 Section 6.10 . Notice of Defaults
	  	 	40	 
	 Section 6.11 . Undertaking to Pay Costs
	  	 	40	 
		
	ARTICLE 7	  	 	 
	CONCERNING THE TRUSTEE	  	 	 
		
	 Section 7.01 . Duties and Responsibilities of Trustee
	  	 	41	 
	 Section 7.02 . Certain Rights of the Trustee
	  	 	42	 
	 Section 7.03 . No Responsibility for Recitals, Etc.
	  	 	44	 
	 Section 7.04 . Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note
Registrar May Own Notes
	  	 	44	 
	 Section 7.05 . Monies and Shares of Common Stock to Be Held in Trust
	  	 	44	 
	 Section 7.06 . Compensation and Expenses of Trustee
	  	 	44	 
	 Section 7.07 . [Reserved]
	  	 	45	 
	 Section 7.08 . Eligibility of Trustee
	  	 	45	 
	 Section 7.09 . Resignation or Removal of Trustee
	  	 	45	 
	 Section 7.10 . Acceptance by Successor Trustee
	  	 	46	 
	 Section 7.11 . Succession by Merger, Etc.
	  	 	47	 
	 Section 7.12 . Trustee’s Application for Instructions from the Company
	  	 	47	 
	 Section 7.13 . Conflicting Interests of Trustee
	  	 	48	 
		
	ARTICLE 8	  	 	 
	CONCERNING THE HOLDERS	  	 	 
		
	 Section 8.01 . Action by Holders
	  	 	48	 
	 Section 8.02 . Proof of Execution by Holders
	  	 	48	 
	 Section 8.03 . Who Are Deemed Absolute Owners
	  	 	48	 
	 Section 8.04 . Company-Owned Notes Disregarded
	  	 	48	 
	 Section 8.05 . Revocation of Consents; Future Holders Bound
	  	 	49	 

  
 2 

					
	ARTICLE 9	  	 	 
	[RESERVED]	  	 	 
		
	ARTICLE 10	  	 	 
	SUPPLEMENTAL INDENTURES	  	 	 
		
	 Section 10.01 . Supplemental Indentures Without Consent of Holders
	  	 	49	 
	 Section 10.02 . Supplemental Indentures with Consent of Holders
	  	 	50	 
	 Section 10.03 . Effect of Amendment, Supplement and Waiver
	  	 	52	 
	 Section 10.04 . Notation on Notes
	  	 	52	 
	 Section 10.05 . Evidence of Compliance of Amendment, Supplement or Waiver to Be Furnished
to Trustee
	  	 	52	 
		
	ARTICLE 11	  	 	 
	CONSOLIDATION, MERGER AND SALE	  	 	 
		
	 Section 11.01 . Company May Consolidate, Etc. on Certain Terms
	  	 	52	 
	 Section 11.02 . Opinion of Counsel and Officers’ Certificate to be Given to
Trustee
	  	 	53	 
		
	ARTICLE 12	  	 	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	 	 
		
	 Section 12.01 . Indenture, Notes and Guarantees Solely Corporate Obligations
	  	 	53	 
		
	ARTICLE 13	  	 	 
	GUARANTEE	  	 	 
		
	 Section 13.01 . Guarantee
	  	 	54	 
	 Section 13.02 . Guarantee Unconditional
	  	 	54	 
	 Section 13.03 . Discharge; Reinstatement
	  	 	55	 
	 Section 13.04 . Waiver by the Guarantor
	  	 	55	 
	 Section 13.05 . Subrogation and Contribution
	  	 	55	 
	 Section 13.06 . Stay of Acceleration
	  	 	55	 
	 Section 13.07 . Limitation on Amount of Guarantee
	  	 	55	 
	 Section 13.08 . Execution and Delivery of Guarantee
	  	 	55	 
	 Section 13.09 . Benefits Acknowledged
	  	 	56	 
	 Section 13.10 . Release of Guarantee
	  	 	56	 
	 Section 13.11 . “Trustee” to Include Paying Agent
	  	 	56	 
		
	ARTICLE 14	  	 	 
	CONVERSION OF NOTES	  	 	 
		
	 Section 14.01 . Conversion Privilege
	  	 	56	 
	 Section 14.02 . Conversion Procedure; Settlement Upon Conversion
	  	 	60	 
	 Section 14.03 . Increase in Conversion Rate Upon Conversion in Connection with a
Make-Whole Fundamental Change
	  	 	66	 
	 Section 14.04 . Adjustment of Conversion Rate
	  	 	68	 
	 Section 14.05 . Adjustments of Prices
	  	 	78	 

  
 3 

					
	 Section 14.06 . Shares to Be Fully Reserved
	  	 	78	 
	 Section 14.07 . Effect of Recapitalizations, Reclassifications and Changes of the Common
Stock
	  	 	78	 
	 Section 14.08 . Certain Covenants
	  	 	81	 
	 Section 14.09 . Responsibility of Trustee
	  	 	81	 
	 Section 14.10 . Notice to Holders Prior to Certain Actions
	  	 	82	 
	 Section 14.11 . Stockholder Rights Plans
	  	 	82	 
		
	ARTICLE 15	  	 	 
	REPURCHASE OF NOTES AT OPTION OF HOLDERS	  	 	 
		
	 Section 15.01 . Intentionally Omitted
	  	 	83	 
	 Section 15.02 . Repurchase at Option of Holders Upon a Fundamental
Change
	  	 	83	 
	 Section 15.03 . Withdrawal of Fundamental Change Repurchase Notice
	  	 	86	 
	 Section 15.04 . Deposit of Fundamental Change Repurchase Price
	  	 	86	 
	 Section 15.05 . Covenant to Comply with Applicable Laws Upon Repurchase of
Notes
	  	 	87	 
		
	ARTICLE 16	  	 	 
	NO OPTIONAL REDEMPTION	  	 	 
		
	 Section 16.01 . No Optional Redemption
	  	 	88	 
		
	ARTICLE 17	  	 	 
	MISCELLANEOUS PROVISIONS	  	 	 
		
	 Section 17.01 . Provisions Binding on Company’s and the Guarantors’
Successors
	  	 	88	 
	 Section 17.02 . Official Acts by Successor Entity
	  	 	88	 
	 Section 17.03 . Addresses for Notices, Etc.
	  	 	88	 
	 Section 17.04 . Governing Law
	  	 	89	 
	 Section 17.05 . Intentionally Omitted
	  	 	89	 
	 Section 17.06 . Evidence of Compliance with Conditions Precedent; Certificates and
Opinions of Counsel to Trustee
	  	 	89	 
	 Section 17.07 . Legal Holidays
	  	 	90	 
	 Section 17.08 . No Security Interest Created
	  	 	90	 
	 Section 17.09 . Benefits of Indenture
	  	 	90	 
	 Section 17.10 . Table of Contents, Headings, Etc.
	  	 	90	 
	 Section 17.11 . Authenticating Agent
	  	 	90	 
	 Section 17.12 . Execution in Counterparts
	  	 	91	 
	 Section 17.13 . Severability
	  	 	91	 
	 Section 17.14 . Waiver of Jury Trial; Submission of Jurisdiction
	  	 	91	 
	 Section 17.15 . Force Majeure
	  	 	92	 
	 Section 17.16 . Calculations
	  	 	92	 
	 Section 17.17 . U.S.A. Patriot Act
	  	 	92	 
	 Section 17.18 . FATCA
	  	 	92	 

  
 4 

 INDENTURE dated as of February 2, 2021, among Marriott Vacations
Worldwide Corporation, a Delaware corporation, as issuer (the “Company”, as more fully set forth in Section 1.01), the Guarantors party hereto from time to time and The Bank of New York Mellon Trust Company, N.A., 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 0.00% Convertible Senior Notes
due 2026 (the “Notes”), initially in an aggregate principal amount of $500,000,000 (as increased by an additional principal amount of up to $75,000,000 upon exercise of the option granted to the Initial Purchasers 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 has duly authorized the
execution and delivery of this Indenture; and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by
each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the
Trustee or a duly authorized authenticating agent, as 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. 

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

“Bankruptcy Law” means Title 11, U.S. Code, as amended, or any similar federal, state or foreign law for the
relief of debtors. 
 “Bid Solicitation Agent” means the Company or the Person appointed by the Company to
solicit bids for the Trading Price of the Notes in accordance with Section 14.01(b)(i). The Company shall initially act as the Bid Solicitation Agent. 

“Board of Directors” means, with respect to the Company or any Guarantor, the board of directors 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 the Federal Reserve Bank of New
York or commercial banks in New York are authorized or required by law or executive order to close or be closed. 

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

  
 2 

 “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. 

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

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

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

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

“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. 
 “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 Consideration” shall have the meaning specified
in Section 14.02(j). 
 “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 4655 Salisbury Road, Suite 300, Jacksonville, Florida 32256, 

  
 3 

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

“Credit Agreement” means that certain Credit Agreement, dated as of August 31, 2018, by and among
Marriott Ownership Resorts, Inc., as the borrower, the Company, certain subsidiaries of the Company party thereto, the lenders and agents party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, as amended,
restated, supplemented, modified, renewed, refunded, replaced (whether at maturity or thereafter) or refinanced in whole or in part from time to time in one or more agreements (in each case, with the same or new agents, lenders or institutional
investors). 
 “Credit Facilities” means, with respect to the Company or any Restricted Subsidiary, one or
more debt facilities (including the Credit Agreement) or commercial paper facilities with banks or other lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such receivables), letters of credit or bankers’ acceptances or issuances of debt securities evidenced by notes, debentures, bonds or similar instruments, in each case, as
amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time (and whether or not with the original trustee,
administrative agent, holders and lenders or another trustee, administrative agent or agents or other holders or lenders and whether provided under the Credit Agreement or any other credit agreement or other agreement or indenture). 

“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 

  
 4 

 (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 “VAC<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 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 Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for. 

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

“Designated Financial Institution” shall have the meaning specified in Section 14.02(j). 

“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. 
 “Effective
Date” means, for purposes of Section 14.03, the meaning specified in Section 14.03(c). 
 “Event
of Default” shall have the meaning specified in Section 6.01. 

“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. 

  
 5 

 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations promulgated thereunder. 
 “Exchange Election” shall have the
meaning specified in Section 14.02(j). 
 “Existing Notes” means Marriott Ownership Resorts,
Inc.’s 6.500% Senior Notes due 2026, 4.750% Notes due 2028 and 6.125% Senior Secured Notes due 2025. 

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

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

“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) a “person” or
“group” within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Wholly-Owned Subsidiaries and their respective employee benefit plans files a Schedule TO or any schedule, form or report under the Exchange
Act disclosing that such person or group has become the direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more
than 50% of the voting power 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, or other property or assets;
(B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets (including 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 its Subsidiaries’ consolidated assets, taken as a whole, to any Person other than one of the Company’s Wholly-Owned Subsidiaries;
provided, however, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all
classes of the Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions (relative to each other) as such ownership immediately prior to such
transaction shall not be a Fundamental Change pursuant to this clause (b); 

  
 6 

 (c) the stockholders of the Company approve any plan or proposal for the
liquidation or dissolution of the Company; or 
 (d) the Common Stock (or other common stock underlying the Notes) ceases to
be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors); 

provided, however, that a transaction or transactions described in 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 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). 
 Any event, transaction or series of related transactions that constitute a Fundamental
Change under both clause (a) and clause (b) above will 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). 

“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). 

“Guarantee” 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. 
 “Guarantor”
means all existing Subsidiaries of the Company that Guarantee the Notes and any future Subsidiaries that Guarantee the Notes, until such Note Guarantees are released in accordance with the terms of this Indenture. 

  
 7 

 “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. 
 “Initial Purchasers” shall have the meaning set forth in the Purchase
Agreement. 
 “Last Reported Sale Price” of the Common Stock 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 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 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. 

“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 option contracts or futures contracts relating to the Common Stock. 
 “Maturity Date” means
January 15, 2026. 

  
 8 

 “Measurement Period” shall have the meaning specified in
Section 14.01(b)(i). 
 “Note” or “Notes” shall have the meaning specified in the
first paragraph of the recitals of this Indenture. 
 “Note Register” shall have the meaning specified in
Section 2.05. 
 “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). 

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

(a) if the relevant Conversion Date occurs prior to October 15, 2025, the 40 consecutive VWAP Trading Day period beginning
on, and including, the second VWAP Trading Day immediately succeeding such Conversion Date; and 
 (b) if the relevant
Conversion Date occurs on or after October 15, 2025, the 40 consecutive VWAP Trading Day period beginning on, and including, the 42nd Scheduled Trading Day immediately preceding the Maturity Date. 

“Offering Memorandum” means the preliminary offering memorandum dated January 26, 2021, relating to the
offering and sale of the Notes, as supplemented by the related pricing term sheet dated January 27, 2021. 

“Officer” means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, any Vice President, any Executive Vice President, the Controller, the Secretary, any Assistant Secretary or any Vice President
of such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two
Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting 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. 

“Original Issue Date” shall have the meaning specified in Section 4.06(d). 

  
 9 

 “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; and 
 (f) Notes repurchased by the Company. 

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

“Person” means any individual, 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 relating to the Notes, dated January 27, 2021, by and
among the Company and J.P. Morgan Securities LLC and BofA Securities, Inc., as the representatives of the other Initial Purchasers named therein. 

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

  
 10 

 “Reference Property” shall have the meaning specified in
Section 14.07(a). 
 “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, “Scheduled Trading Day” means a “Business Day.” 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Settlement Amount” has the meaning specified in Section 14.02(a)(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 under the Exchange
Act. 
 “Special Interest” means all amounts, if any, payable pursuant to Section 4.06(d),
Section 4.06(e) and Section 6.03, as applicable. 

  
 11 

 “Special Interest Payment Date” means, if and to the extent
that Special Interest is payable on the Notes, January 15 and July 15 of each year, beginning on July 15, 2021. 

“Special Interest Record Date,” with respect to any Special Interest Payment Date, shall mean the
January 1 and July 1 (whether or not such day is a Business Day), as the case may be, immediately preceding such Special Interest Payment Date. 

“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, association or other business entity (other than a partnership) of which more than 50% of the total voting
power of Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors or comparable governing body of such Person (in the case of a limited
liability company, the voting power to elect managers or otherwise control the actions of such limited liability company), is at the time owned or controlled, directly or through another Subsidiary, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and 
 (b) any partnership (1) the sole general partner or the
managing general partner of which is such Person or a Subsidiary of such Person or (2) the only general partners of which are that Person or one or more Subsidiaries of that Person. 

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

“Trading Day” means a day on which: 

(a) trading in the Common Stock (or 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 for the Common Stock (or Last Reported Sale Price for such other security) 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.” 

  
 12 

 “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 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 a nationally recognized securities dealer, then the Trading Price per $1,000 principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion
Rate on 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; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended. 
 “Trustee” means the Person named as the “Trustee”
in the first paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder. 
 “Unit of Reference Property” shall have the meaning specified in Section 14.07(a). 

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

“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.” 

  
 13 

 “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 refer solely to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of Section 4.06(d), Section 4.06(e) and Section 6.03. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “0.00% Convertible Senior Notes due
2026.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $500,000,000 (as increased by an additional principal amount of up to $75,000,000 upon exercise of the option
granted to the Initial Purchasers 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 

  
 14 

 
purchases, 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
Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid Special Interest on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to
receive payment is provided for herein. 
 Section 2.03. Date and Denomination of Notes; Payments of Special Interest and Defaulted
Amounts. 
 (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. Any Special
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 Special Interest Record Date immediately preceding the relevant Special Interest Payment Date shall be entitled to receive the interest payable on such Special
Interest Payment Date. . 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 Special Interest 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. 

  
 15 

 (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
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. 
 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 for the authentication and delivery of such Notes
and the documents required under Section 17.06 hereto, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the Company hereunder. 

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. 

  
 16 

 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 of Notes 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. 

  
 17 

 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 or (ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15. 

All Notes issued upon any registration of transfer of Notes 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 Original 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): 

  
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 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 MARRIOTT VACATIONS WORLDWIDE 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 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
(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. 

  
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 BY ITS ACQUISITION OF THIS SECURITY OR ANY INTEREST HEREIN, THE HOLDER
HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH ACQUIRER TO ACQUIRE OR HOLD THIS SECURITY (OR ANY INTEREST HEREIN) CONSTITUTES THE ASSETS OF ANY (A) “EMPLOYEE BENEFIT PLAN”
(AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) PLAN, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO
SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH
PROVISIONS OF THE CODE OR ERISA (COLLECTIVELY, “SIMILAR LAWS”) OR (C) ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (A) AND (B), PURSUANT TO ERISA OR OTHERWISE,
OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY (OR ANY INTEREST HEREIN) BY SUCH HOLDER WILL NOT CONSTITUTE OR RESULT IN (A) A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR
SECTION 4975 OF THE CODE OR (B) A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 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. 

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 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
Special 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. 

  
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 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 Applicable Procedures and in compliance with this Section 2.05(b). 

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, 

  
 21 

 the Company shall execute, and the Trustee, upon receipt of an Officers’ 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, purchased or transferred, such Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with 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, purchased 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. 

None of the Company, the Guarantors, the Trustee and 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. None of the Company, the Guarantors and 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: 

  
 22 

 (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 MARRIOTT VACATIONS WORLDWIDE 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 SECURITY WAS ISSUED OR SUCH SHORTER
PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW EXCEPT: 

(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF; 

(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
(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). 

  
 23 

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

  
 24 

 
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 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 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 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, at maturity, repurchase upon a Fundamental Change, registration of transfer or exchange or conversion (subject to the provisions of Section 14.02(j)), if surrendered to the Company or any of the Company’s agents that
the Company controls or its Subsidiaries, 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 at maturity, repurchase upon a Fundamental Change,
registration of transfer or exchange or conversion (subject to the provisions of Section 14.02(j)). All Notes delivered to the Trustee shall be canceled promptly by it in accordance with its customary procedures. Except for Notes surrendered
for transfer or exchange, 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 a certificate of such disposition to the Company, at the Company’s written request in a Company Order. If the Company or any of its 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. 

  
 25 

 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 initially issued hereunder (other than differences in the
issue date, the issue price and, if applicable, Special Interest accrued prior to the issue date of such additional Notes, the initial Special 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 initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have one or more separate CUSIP numbers. Such
Notes initially issued hereunder 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 Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such matters, in addition to those required by Section 17.06, as the Trustee shall reasonably
request. 
 (b) The Company may, to the extent permitted by law and without the consent of or notice to 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 or its Subsidiaries or through a privately negotiated transaction or public tender or exchange
offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company may, at its option, reissue, resell or surrender to the Trustee for cancellation any Notes that the Company or its Subsidiaries
may repurchase; provided that in the case of a reissuance or resale, such Notes shall have one or more separate CUSIP numbers if the Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes. Any Notes so
repurchased by the Company or its Subsidiaries (other than Notes repurchased upon a Fundamental Change, which shall be governed by Section 2.08) shall be considered outstanding for all purposes under this Indenture (other than, at any time when
such Notes are held by the Company, any of the Company’s Subsidiaries or Affiliates or any Subsidiary of any such Affiliates, for the purpose of determining whether Holders of the requisite aggregate principal amount of Notes have concurred in
any direction, consent, waiver or other action under this Indenture) unless and until such time the Company surrenders (or causes such Notes to be surrendered) to the Trustee for cancellation and, upon receipt of a written order from the Company,
the Trustee shall cancel all Notes so surrendered. 
 For the avoidance of doubt, the repurchases described in this Section 2.10(b) are
not repurchases upon a Fundamental Change. 

  
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 Section 2.11. Ranking. The Notes constitute a senior general unsecured
obligation of the Company, ranking senior in right of payment to all future indebtedness of the Company that is expressly made subordinate to the Notes by the terms of such indebtedness and ranking equally in right of payment with all existing and
future indebtedness of the Company that is not so subordinated. 
 ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture and the Notes shall upon request of the Company contained in an
Officers’ Certificate cease to be of further effect (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 or 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 Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company 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. 

  
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 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal, Settlement Amounts and Special Interest. The Company shall pay or cause to be paid the
principal (including the Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on conversion of, and any Special Interest on the Notes on the dates and in the manner provided in the Notes. Principal, Settlement Amounts
and any Special 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 any Special 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. 
 Section 4.02. Maintenance of Office or Agency. The Company shall maintain an office or agency (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 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. 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. 
 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, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee
hereunder. 

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

 (i) that it will hold all sums held by it as such agent for the payment of the principal (including the 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 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 will 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 Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on conversion to the extent they include cash, and accrued and unpaid Special 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 Fundamental Change Repurchase Price, if applicable), the Settlement Amounts owed on conversion to the extent they include cash and
accrued and unpaid Special Interest, if any, 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 Fundamental Change
Repurchase Price, if applicable) of, the Settlement Amounts owed on conversion to the extent they include cash, or accrued and unpaid Special Interest, if any, 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 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 Fundamental Change Repurchase Price, if applicable) of, the Settlement Amounts owed on conversion to the extent they include cash, and
accrued and unpaid Special Interest, if any, on, any Note and remaining unclaimed for two years after such principal (including the Fundamental Change Repurchase Price, if applicable), the Settlement Amounts owed on conversion to the extent they
include cash, or Special Interest has become due and payable shall be paid to the Company on request of the Company contained in an Officers’ 

  
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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(a) . After the date hereof, any of the Company’s subsidiaries (other than any
Guarantor of the Notes) that becomes an issuer, borrower, obligor or guarantor with respect to (i) the Credit Agreement, (ii) the Existing Notes or (iii) any Credit Facility or other capital markets securities of the Company, Marriott
Ownership Resorts, Inc. or any Guarantor of the Notes will Guarantee the Notes by executing a supplemental indenture substantially in the form of Exhibit C hereto and delivering it to the Trustee in accordance with the terms of this Indenture. 

Section 4.06. Rule 144A Information Requirement; Reporting; and Special Interest. (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 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 shall, 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, as such rule may be amended from time to time. The provisions of this Section 4.06(a) shall expire when the restrictive legend on the Notes specified in Section 2.05(b) has been removed. 

(b) The Company shall file with 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), 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). 
 (c) Delivery of the reports, information and documents described in
Section 4.06(b) to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s and/or the Guarantors’ compliance with any of the Company’s and/or the Guarantors’ covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ 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 website under this Indenture or participate in any conference calls. 

  
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 (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 last original issuance date of the Notes (which original issuance date will be deemed, if the Initial Purchasers exercise their
option to purchase additional Notes under the Purchase Agreement, to be the last date of settlement of such exercise) (the “Original 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 periods thereunder, or the
Notes are not otherwise freely tradable pursuant to Rule 144 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 Company shall pay Special 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 Original 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 Special 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 380th day after
the Original Issue Date, the Company shall pay Special 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 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 Special 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. 

  
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 (f) Special Interest will be payable in arrears on each Special Interest
Payment Date following accrual as described in Section 6.03 and shall be in addition to any Special Interest that may accrue, at the Company’s election, pursuant to Section 6.03. In no event, however, will Special Interest accrue on
any day (taking into consideration any Special 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 Special Interest. 
 (g) If Special 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 Officers’ Certificate to that effect stating (i) the amount of such Special Interest that is payable and (ii) the date on
which such Special 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 Special Interest is payable. 

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 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
December 31, 2020), an Officers’ Certificate stating whether the signers thereof have 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 Officers’ 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
(including voting rights and rights to receive any dividends or other distributions on Common Stock). 

  
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 ARTICLE 5 

[RESERVED] 
 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 Special 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 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, in the case of a conversion to which Physical Settlement applies, 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), in each case when due, and such failure continues for three
Business Days; 
 (e) failure by the Company to comply with its obligations under Article 11; 

(f) failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in 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 contained in the Notes or this Indenture; 

(g) default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other
instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed having a principal amount in excess of $75,000,000 (or its foreign currency equivalent) in the aggregate of the
Company and/or any such Significant Subsidiary, whether such indebtedness exists as of the date hereof or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a
failure to pay the principal or interest of any such indebtedness when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and such acceleration shall not have been rescinded or annulled
and such failure to pay shall not have been cured or waived, as the case may be, within 30 days after the occurrence of such acceleration or such failure to pay, as the case may be; 

  
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 (h) the Company or any Significant Subsidiary of the Company pursuant to or
within the meaning of Bankruptcy Law: 
 (i) commences a voluntary case; 

(ii) consents in writing to the entry of an order for relief against it in an involuntary case; 

(iii) consents in writing to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) admits in writing it generally is not paying its debts as they become due; or 

(i) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company or any Significant Subsidiary of the Company in an involuntary case; 

(ii) appoints a custodian of the Company or any Significant Subsidiary of the Company or for all or substantially all of the
property of the Company or any Significant Subsidiary of the Company; or 
 (iii) orders the liquidation of the Company or
any Significant Subsidiary of the Company; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; 

(j) a final judgment or judgments for the payment of $75,000,000 (or its foreign currency equivalent) or more (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any Significant Subsidiary of the Company, which judgments are not paid, discharged or stayed within 30 days after (i) the date on which the right to appeal thereof
has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; or 

(k) the Guarantee of Marriott Ownership Resorts, Inc. or any Significant Subsidiary or any group of Subsidiary Guarantors that,
taken together, would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of this Indenture), or Marriott Ownership Resorts, Inc. or any Significant Subsidiary or any group of Subsidiary
Guarantors that, taken together, would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Guarantee. 

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 

  
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(other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company), 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 Special 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) or Section 6.01(i) with respect to the Company occurs and is continuing,
100% of the principal of, and accrued and unpaid Special Interest, if any, on, all Notes shall become and shall automatically be immediately due and payable. 

The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal of the
Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay installments of accrued and unpaid Special 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
Special Interest, if any) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of
Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid Special Interest, if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to
Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee,
may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary
herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or
accrued and unpaid Special 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. Special 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, for the first 360 days after the occurrence of such an Event of Default, consist exclusively of the
right to receive Special Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for the first 180 days after the occurrence of such Event of Default and 0.50% per annum of the principal amount of
the Notes outstanding from the 181st day until the 360th day following the occurrence of such an Event of Default during which such an Event of Default is continuing, beginning on, and including, the date on which such an Event of Default first
occurs (in addition to any Special 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 360 day period described in this Section 6.03 shall not commence until
expiration of the 60 day period referenced in Section 6.01(f). 

  
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 (b) Any Special Interest payable pursuant to Section 6.03(a) above
shall be in addition to any Special 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 Special Interest accrue (taking into consideration any
Special Interest payable pursuant to Section 6.03(a) above, together with Special 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 Special Interest. 
 (c) If the Company elects to pay Special Interest pursuant to
Section 6.03(a), such Special Interest shall be payable as described in Section 6.03. 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 Special 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
Special 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 Special 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 Special 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 Special Interest pursuant to this Section 6.03. 
 (d)
In order to elect to pay Special Interest as the sole remedy during the 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, the Notes shall be immediately subject to acceleration as provided in Section 6.02. The Company may elect to pay Special 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 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 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 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. 

  
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 In any proceedings brought by the Trustee (and in any proceedings involving
the interpretation of any provision of this Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such
proceedings. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall
have been discontinued or abandoned because of any waiver, 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 Guarantors,
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 Section 7.06; 
 SECOND: to the payment of the
amounts then due and unpaid for principal of, 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 Fundamental Change Repurchase Price) or Special Interest, if any, 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 reasonably 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 

  
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 (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. 

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
receive payment or delivery, as the case may be, of (x) the principal (including, if applicable, the Fundamental Change Repurchase Price) of; (y) accrued and unpaid Special 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, and the contractual right to bring suit for the enforcement of any such payment or delivery, as the case may be, on or after
such respective dates shall not be amended 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 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 Special Interest, if any, on the Notes that
have become due solely by such declaration of acceleration) have been cured or waived. 
 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 a Responsible Officer of the Trustee is notified in writing of such Default, 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 is notified. Except in the case of a Default in the payment of principal of (including the Fundamental Change Repurchase Price, if applicable) or accrued and unpaid Special 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 

  
 40 

 
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 Fundamental Change Repurchase Price with respect to the Notes being purchased 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; 

  
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 (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 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
Officers’ Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 (c) 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; 

  
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 (f) the permissive rights of the Trustee enumerated herein shall not be
construed as duties; 
 (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 Officers’ 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 reasonably satisfactory to
the Trustee against any loss, liability and expense which might be incurred by it in compliance with such request or direction; and 

  
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 (p) 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 and the Guarantors covenant and agree to pay to the Trustee from time to time, and the Trustee shall be entitled to, 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 by the parties hereto, and the Company and the Guarantors, jointly and severally, 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, also 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 or in any other capacity
hereunder, including the costs and expenses of defending themselves against any claim (whether asserted by the Company, the Guarantors, 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 collected by the Trustee, except, subject to the effect of 

  
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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 or the Guarantors. The obligation 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) or Section 6.01(i) 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 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; 

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

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

Upon acceptance of appointment by a successor trustee as provided in this Section 7.10, each of the Company and the
successor trustee, at the written direction and at the expense of the Company shall 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), 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. 

  
 47 

 Section 7.13. Conflicting Interests of Trustee. If the Trustee has or
shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of this Indenture. 

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, 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 the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded
(from both the numerator and the 

  
 48 

 
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, a Subsidiary thereof or any Affiliate of the Company or a
Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept
such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

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

ARTICLE 9 

[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 and the Guarantees to: 

(a) cure any ambiguity or to correct or supplement any provision contained in this Indenture or the Notes which may be
defective or inconsistent with any other provision in this Indenture, the Notes or Guarantees; 
 (b) provide for the
assumption by a Successor Company of the obligations of the Company 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; 

  
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 (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 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; 

(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 14.02, 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 Officers’ Certificate; 

(k) comply with the rules of DTC or any other applicable depositary, so long as such amendment does not adversely affect the
rights of any Holder; 
 (l) if applicable, comply with any requirement of the SEC relating to the qualification of this
Indenture under the Trust Indenture Act of 1939, as amended; 
 (m) conform the provisions of this Indenture or the Notes to
the “Description of notes” section of the Offering Memorandum; or 
 (n) 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. 

Section 10.02. Supplemental Indentures with Consent of Holders. Except as provided above in Section 10.01 and below 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 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 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 percentage in aggregate principal amount of Notes whose Holders must consent to an amendment; 

  
 50 

 (b) reduce the rate of or extend the stated time for payment of any Special
Interest on any Note; 
 (c) reduce the principal of or extend the Maturity Date of any Note; 

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

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

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

(g) change the ranking of the Notes; 

(h) impair the right of any Holder to receive payment of principal and any Special Interest on such Holder’s Notes on or
after due dates therefor or amend the contractual right expressly set forth in this Indenture or the Notes of any Holder to institute suit for the enforcement of any payment of principal (including the Fundamental Change Repurchase Price, if
applicable) of, accrued and unpaid Special 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;

 (i) make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions (including in
Section 6.09); or 
 (j) modify the Guarantees in any manner 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 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. 

  
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 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 Officers’ 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 and is permitted or authorized by this Indenture. 
 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 corporation or the resulting, surviving or transferee Person (if not the Company) (the
“Successor Company”) is a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such corporation (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. 

  
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 For purposes of this Section 11.01, any sale, lease or other transfer
or disposition of the assets of one or more Subsidiaries of the Company to a third party that would, if such assets were held directly by the Company instead of such Subsidiaries, have constituted the 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, shall be deemed to be the sale, lease or other transfer or disposition of the assets of all or substantially all the Company’s and
its Subsidiaries’ consolidated assets, taken as a whole, to another Person. 
 (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 (if not the 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. 

Section 11.02. Opinion of Counsel and Officers’ Certificate to be Given to Trustee. The Company shall
deliver, or cause to be delivered, to the Trustee an Officers’ Certificate and an Opinion of Counsel, each to the effect that such consolidation, merger, combination, sale, lease or other transfer or disposition complies with the requirements
of this Indenture. 
 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 

  
 53 

 
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, 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. By accepting
a Note, each Holder waives and releases all such liability. This waiver and release is part of the consideration for the Notes and the Guarantees. 

ARTICLE 13 

GUARANTEE 

Section 13.01. Guarantees. Subject to the provisions of this Article 13, each Guarantor hereby irrevocably and
unconditionally guarantees, jointly and severally, on a senior unsecured basis, the full and punctual payment (whether at the Maturity Date, by acceleration, upon repurchase or otherwise) of the principal of and Special Interest, if any, on the
Notes and the Settlement Amounts upon conversion, and all other payment obligations of the Company under this Indenture. Upon failure by the Company to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so
paid at the place and in the manner specified in this Indenture. 
 Section 13.02. Guarantee Unconditional. The
obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(a) any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under this
Indenture or any Note, by operation of law or otherwise; 
 (b) any modification or amendment of or supplement to this
Indenture or any Note; 
 (c) any change in the corporate existence, structure or ownership of the Company, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 

(d) the existence of any claim, set-off or other rights which the Guarantor may have at
any time against the Company, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions; provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory
counterclaim; 
 (e) any invalidity or unenforceability relating to or against the Company for any reason of this Indenture
or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal of or Special Interest, if any, on any Note or any other amount payable by the Company under this Indenture; or 

(f) any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions 

  
 54 

 
of this Section 13.02, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

For the avoidance of doubt, the Guarantees with respect to a Note are not exchangeable and shall automatically terminate when such Note is
exchanged in accordance with this Indenture. 
 Section 13.03. Discharge; Reinstatement. Subject to Section 13.10,
each Guarantor’s obligations hereunder shall remain in full force and effect until the principal of, premium, if any, and Special Interest, if any, on the Notes and all other amounts payable by the Company under this Indenture have been paid in
full. If at any time any payment of the principal of, premium, if any, or Special Interest, if any, on any Note or any other amount payable by the Company under this Indenture is rescinded or must be otherwise restored or returned upon the
insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 

Section 13.04. Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest
and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Company or any other Person. 

Section 13.05. Subrogation and Contribution. Upon making any payment with respect to any obligation of the Company under
this Article 13, the Guarantor making such payment shall be subrogated to the rights of the payee against the Company with respect to such obligation; provided that the Guarantor may not enforce either any right of subrogation, or any right
to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Company hereunder or under the Notes remains unpaid. 

Section 13.06. Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Company under this
Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on
demand by the Trustee or the Holders. 
 Section 13.07. Limitation on Amount of Guarantee. Notwithstanding anything to the
contrary in this Article 13, 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 under applicable
fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its
Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law. 

Section 13.08. Execution and Delivery of Guarantee. The execution by each Guarantor of this Indenture (or a supplemental
indenture) evidences the Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication
constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 

  
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 Section 13.09. Benefits Acknowledged. Each Guarantor acknowledges that it
shall receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

Section 13.10. Release of Guarantee. The Guarantee of a Guarantor shall terminate, and the Guarantee shall be
automatically and unconditionally released and discharged, upon: 
 (a) a sale or other disposition (including by way of
consolidation or merger) of Capital Stock of such Guarantor following which the applicable Guarantor ceases to be a Subsidiary or the sale or disposition of all or substantially all the properties and assets of the applicable Guarantor (other than
to the other Guarantors) otherwise permitted by this Indenture, 
 (b) the release or discharge of such Guarantor’s
obligations under the Credit Agreement and any other Credit Facility and such Guarantor’s guarantee in respect of other capital markets debt securities of the Company or any Guarantor, as applicable, that resulted in the creation of such
Guarantee other than, in each case, a release or discharge through payment thereon, or 
 (c) the discharge of the Notes, as
provided in Article 3. 
 Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the
foregoing effect, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under its Note Guarantee. 

Section 13.11. “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 (if the portion to be converted is $1,000 principal amount or an integral multiple of $1,000 in excess thereof) of such Note: 

(i) subject to satisfaction of the conditions described in Section 14.01(b), at any time prior to the close of business on
the Business Day immediately preceding October 15, 2025 under the circumstances and during the periods set forth in Section 14.01(b); and 

  
 56 

 (ii) on or after October 15, 2025, 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 5.8476 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 October 15, 2025, a Holder may surrender all or any portion of its Notes (that is $1,000 principal amount or an integral multiple of $1,000 in excess thereof) 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 Section 14.01(b)(i), for each Trading Day of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate on each such Trading Day, 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 $2,000,000 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 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 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 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. 

  
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 (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 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 October 15, 2025, 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 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 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 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
(that is $1,000 in principal amount or an integral multiple of $1,000 in excess thereof) 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. 

  
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 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 October 15, 2025: 

(A) a Fundamental Change occurs (or is anticipated to occur, as described below); 

(B) a Make-Whole Fundamental Change occurs (or is anticipated to occur, as described below); 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 stock, other securities, other
property or assets (including cash or any combination thereof) (other than a transaction to which the Company is a party solely for the purpose of changing its jurisdiction of incorporation, and which results in a reclassification, conversion or
exchange of Common Stock solely into common stock of the surviving entity, excluding cash payments for fractional shares), 
 then, in each
case, a Holder may surrender all or any portion of its Notes (that is $1,000 in principal amount or an integral multiple of $1,000 in excess thereof) for conversion at any time from or after the open of business on the Business Day immediately
following the day the Company gives notice of such transaction until the close of business on the 35th Trading Day after the actual effective date of such transaction or, if such transaction also 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) of the effective date of
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 prior to such effective date, if practicable). 

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. 

  
 59 

 (iv) Prior to the close of business on the Business Day immediately
preceding October 15, 2025, a Holder may surrender all or any portion of its Notes (that is $1,000 in principal amount or an integral multiple of $1,000 in excess thereof) for conversion at any time during any calendar quarter commencing after
the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days (whether or not consecutive) during the period of 30 consecutive Trading
Days ending on the last Trading Day of the immediately preceding calendar quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day. The Company shall determine whether the Notes are convertible because the Last
Reported Sale Price condition has been met and provide written notice to the Holders, the Trustee and the Conversion Agent (if other than the Trustee). 

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 subsection (j) of this Section 14.02 (“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 subsection (j) of this Section 14.02 (“Combination Settlement”), as set forth in this Section 14.02. 

(i) All conversions for which the relevant Conversion Date occurs on or after October 15, 2025 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 October 15, 2025, 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. 
 (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 in the case of any conversions for which
the relevant Conversion Date occurs on or after October 15, 2025, no later than October 15, 2025). 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 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. By notice to the Holders, the Trustee and the Conversion Agent (if other than the Trustee), the Company may, prior to October 15, 2025, 

  
 60 

 
at its option, irrevocably elect to satisfy its Conversion Obligations with respect to the Notes through any Settlement Method that the Company is then permitted to elect (including Combination
Settlement with a Specified Dollar Amount per $1,000 principal amount of Notes of $1,000 or with an ability to continue to set the Specified Dollar Amount per $1,000 principal amount of Notes at or above any specified amount set forth in such
election notice) for all Conversion Dates occurring subsequent to delivery of such notice. If the Company elects to irrevocably fix the Settlement Method to Combination Settlement with an ability to continue to set the Specified Dollar Amount per
$1,000 principal amount of Notes at or above a specified amount, the Company shall, after the date of such election, as the case may be, inform Holders converting their Notes, the Trustee and the Conversion Agent (if other than the Trustee) in
writing of such Specified Dollar Amount in respect of the relevant conversion or conversions no later than the relevant Settlement Method election deadline for such conversion or conversions as described above, or, if the Company does not timely
inform the Holders, the Trustee and the Conversion Agent of the Specified Dollar Amount, such Specified Dollar Amount will be the specific amount set forth in the election notice or, if no specific amount was set forth in the election notice, such
Specified Dollar Amount will be deemed to be $1,000 per $1,000 principal amount of Notes. Notwithstanding the foregoing, no such irrevocable election will affect any Settlement Method theretofore elected (or deemed to be elected) with respect to any
Note pursuant to the provisions described in this Section 14.02. If the Company irrevocably fixes the Settlement Method pursuant to this Section 14.02(a)(ii), the Company shall either post the fixed Settlement Method on its website or
disclose the same in a Current Report on Form 8-K (or any successor form) that is filed with the Commission. 

(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 
  

  
 61 

 (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. 

(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 Special Interest payable on
the next Special Interest Payment Date as set forth in Section 14.02(g); and 
 (ii) To convert a Certificated Note, the
Holder must: 
 (A) complete, sign (by manual, electronic or facsimile signature) 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 Special Interest payable on
the next Special Interest Payment Date as set forth in Section 14.02(g). 

  
 62 

 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) above. 

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 no later than: 
 (i) the
second Business Day immediately following the relevant Conversion Date, if the Company elects Physical Settlement (provided that, with respect to any conversion following the Special Interest Record Date immediately preceding the Maturity
Date, the Company shall settle any such conversion on the Maturity Date or, if such day is not a Business Day, the first Business Day immediately following the Maturity Date); 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 $1,000 principal amount or an integral
multiple of $1,000 in excess thereof, 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.

  
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 (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 Special 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 Special Interest, if any, to, but not including, the relevant Conversion Date. As a result, accrued and unpaid Special 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 Special Interest, if any, 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 Special Interest Record Date, Holders of such Notes shall receive on the earlier of the corresponding Special Interest Payment Date and the date the Company delivers the consideration due in respect of such conversion, the
full amount of Special Interest payable on such Notes, if any, on the corresponding Special Interest Payment Date notwithstanding the conversion. Notes surrendered for conversion during the period from the close of business on any Special Interest
Record Date to the open of business on the immediately following Special Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so converted; provided that no such payment need be made: 

(i) if the Notes are surrendered for conversion following the Special Interest Record Date immediately preceding the Maturity
Date; 
 (ii) if the Company has specified a Fundamental Change Repurchase Date that is after a Special Interest Record Date
and on or prior to the Business Day immediately following the corresponding Special Interest Payment Date; or 
 (iii) to the
extent of any overdue Special Interest, if any overdue Special Interest exists at the time of conversion with respect to such Note. 

  
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 Therefore, for the avoidance of doubt, all Holders of record on the Special
Interest Record Date immediately preceding the Maturity Date (if and to the extent Special Interest is payable on the Maturity Date), or a Fundamental Change Repurchase Date as described in clause (ii) above (if and to the extent Special
Interest is payable on the Fundamental Change Repurchase Date) shall receive the full Special Interest payment due, if any, on the Maturity Date or other applicable Special Interest Payment Date regardless of whether their Notes have been converted
following such Special Interest 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 Special Interest Record Date and the corresponding Special Interest Payment Date, the Holder of record as of the close of
business on such Special Interest Record Date shall have the right to receive the interest payable on such Special 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.

 (j) Upon surrender by a Holder of its Notes for conversion, the Company may, at its election (an “Exchange
Election”), direct the Conversion Agent to surrender, on or prior to the second Business Day immediately following the relevant Conversion Date, such Notes to a financial institution designated by the Company (the “Designated
Financial Institution”) for exchange in lieu of conversion by the Company. In order to accept any Notes surrendered to the Company for conversion, the Designated Financial Institution must agree to timely deliver, in exchange for such
Notes, cash, shares of Common Stock or combination thereof, at the Company’s election, that would otherwise be due upon conversion, all as provided in Section 14.02(a) (the “Conversion Consideration”). If the Company makes
an Exchange Election, the Company shall, by the close of business on the second Business Day immediately following the relevant Conversion Date, notify in writing the Holder surrendering Notes for conversion and the Trustee that the Company has made
an Exchange Election and shall notify the Designated Financial Institution of the Settlement Method the Company has elected with respect to such conversion and the relevant deadline for delivery of the relevant Conversion Consideration. 

  
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 If the Designated Financial Institution accepts any such Notes, it will pay
and/or deliver, as the case may be, the cash, shares of Common Stock or a combination thereof due upon conversion to the Conversion Agent, and the Conversion Agent shall pay and/or deliver such cash and/or shares of Common Stock to such Holder on
the second Business Day immediately following the relevant Conversion Date. Any Notes exchanged by the Designated Financial Institution shall remain outstanding, subject to the Applicable Procedures. If the Designated Financial Institution agrees to
accept any Notes for exchange but does not timely deliver the related Conversion Consideration, or if such Designated Financial Institution does not accept the Notes for exchange, the Company shall convert the Notes and deliver the relevant
Conversion Consideration as described in Section 14.02. 
 The Company’s designation of a Designated Financial
Institution does not require such Designated Financial Institution to accept any Notes. The Company may, but shall not be obligated to, enter into a separate agreement with any Designated Financial Institution that would compensate it for any such
transaction. 
 Section 14.03. Increase in Conversion Rate Upon Conversion in Connection with a Make-Whole Fundamental Change(a)
. (a) If the Effective Date of a Make-Whole Fundamental Change occurs on or prior to the Maturity Date and a Holder elects to convert its Notes in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances
described below, increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional Shares”), as described below. A conversion of Notes shall be deemed for
these purposes to be “in connection with” such Make-Whole Fundamental Change if the relevant Notice of Conversion (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 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 (x) the proviso in clause (b) of the definition thereof or (y) the Adequate Cash Conversion Provisions, the 35th Trading Day
immediately following the Effective Date of such Make-Whole Fundamental Change). 
 (b) Upon surrender of Notes for
conversion in connection with a Make-Whole Fundamental Change, the Company shall, at its option, satisfy its 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 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) of the Effective Date 

  
 66 

 
of any Make-Whole Fundamental Change and, no later than five Business Days after such Effective Date, issue a press release announcing such Effective Date, disclose the Effective Date in a
Current Report on Form 8-K or post the Effective Date on the Company’s website (the “Make-Whole Fundamental Change Company Notice”). 

(c) The number of Additional Shares, if any, by which the Conversion Rate shall be increased in connection with a Make-Whole
Fundamental Change shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective Date”) and the price (the “Stock
Price”) paid (or deemed to be paid) per share of the Common Stock in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described in
clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over the five Trading Day period
ending on, and including, the Trading Day immediately preceding the 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 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 Effective Date set forth below: 

 

																																																					
	 	  	Stock price	 
	 Effective date
	  	$122.15	 	  	$130.00	 	  	$150.00	 	  	$171.07	 	  	$190.00	 	  	$210.00	 	  	$230.00	 	  	$250.00	 	  	$275.00	 	  	$300.00	 	  	$350.00	 	  	$400.00	 	  	$500.00	 
	 February 2, 2021
	  	 	2.3390	 	  	 	2.0915	 	  	 	1.5449	 	  	 	1.1472	 	  	 	0.8909	 	  	 	0.6901	 	  	 	0.5397	 	  	 	0.4250	 	  	 	0.3175	 	  	 	0.2384	 	  	 	0.1349	 	  	 	0.0751	 	  	 	0.0000	 
	 January 15, 2022
	  	 	2.3390	 	  	 	2.0848	 	  	 	1.5133	 	  	 	1.1024	 	  	 	0.8409	 	  	 	0.6388	 	  	 	0.4896	 	  	 	0.3777	 	  	 	0.2747	 	  	 	0.2005	 	  	 	0.1064	 	  	 	0.0547	 	  	 	0.0000	 
	 January 15, 2023
	  	 	2.3390	 	  	 	2.0535	 	  	 	1.4529	 	  	 	1.0279	 	  	 	0.7628	 	  	 	0.5621	 	  	 	0.4175	 	  	 	0.3117	 	  	 	0.2171	 	  	 	0.1513	 	  	 	0.0720	 	  	 	0.0319	 	  	 	0.0000	 
	 January 15, 2024
	  	 	2.3390	 	  	 	1.9921	 	  	 	1.3507	 	  	 	0.9089	 	  	 	0.6425	 	  	 	0.4485	 	  	 	0.3147	 	  	 	0.2212	 	  	 	0.1423	 	  	 	0.0907	 	  	 	0.0346	 	  	 	0.0107	 	  	 	0.0000	 
	 January 15, 2025
	  	 	2.3390	 	  	 	1.8940	 	  	 	1.1757	 	  	 	0.7057	 	  	 	0.4444	 	  	 	0.2720	 	  	 	0.1662	 	  	 	0.1008	 	  	 	0.0528	 	  	 	0.0264	 	  	 	0.0045	 	  	 	0.0000	 	  	 	0.0000	 
	 January 15, 2026
	  	 	2.3390	 	  	 	1.8447	 	  	 	0.8191	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 	  	 	0.0000	 

  
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 The exact Stock Price and/or 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 Effective Date is between two 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 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 $500.00 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 $122.15 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 8.1866 shares
of Common Stock, subject to adjustment in the same manner as the Conversion Rate pursuant to Section 14.04. 
 (f)
Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Rate pursuant to Section 14.04 in respect of a Make-Whole Fundamental Change. 

Section 14.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any
of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes participate (other than in the case of 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 all, or substantially all, 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;

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

 
 where, 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
				
		 	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 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.

  
 69 

 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 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, effective as of the date the Board of Directors determines not to issue such rights, options or warrants, 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 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 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 of rights, options or warrants 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 or rights agreement
(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; 

  
 70 

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

 

			
	CR1 = CR0 ×	  	SP0
	  	  

		  	(SP0 – FMV)

 where, 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
				
		 	CR1	  	=	  	 the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

				
		 	 SP0
	  	=	  	the average of the Last Reported Sale Prices of 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.

 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 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: 
  

			
	CR1 = CR0 ×	  	(FMV0 + MP0)
	  	  

		  	MP0

  
 71 

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

 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 be deemed 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, subject to the
immediately succeeding sentence, 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 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 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 to be the Conversion Rate that would then be in effect if such distribution had not been declared, effective as of the date the Board of Directors
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 

  
 72 

 (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: 

(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”), 

  
 73 

 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). 
 (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: 
  

			
	CR1 = CR0 ×	  	SP0
	  	  

		  	SP0 – C

 where, 
  

							
		 	CR0	  	=	  	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
				
		 	CR1	  	=	  	 the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such
dividend or distribution;

				
		 	 SP0
	  	=	  	the Last Reported Sale Price of 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. 

  
 74 

 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 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: 
  

			
	CR1 = CR0 ×	  	(AC + (SP1 × OS1))
	  	  

		  	(OP0 × SP1)

 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 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 

  
 75 

 
occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, references to “10” or
“10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading Days as have elapsed 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, subject to the immediately succeeding sentence, for any Trading Day that falls within the relevant Observation Period for such
conversion and within the 10 Trading Days immediately following, and including, the Trading Day next succeeding the Expiration Date of any tender or exchange offer, references to “10” or “10th” in the preceding paragraph shall be
deemed replaced with such lesser number of Trading Days as have elapsed 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 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. For the avoidance of doubt, for purposes of this Section 14.04(e), the term “tender offer” is used as such term is used in the Exchange Act and the term “exchange offer” means an exchange offer that
constitutes a tender offer. 
 (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. In no event will the Conversion Rate be adjusted such that the Conversion Price shall be less than
the par value per share of Common Stock. Notwithstanding anything in this Article 14 to the contrary, the Company shall not be required 

  
 76 

 
to adjust the Conversion Rate unless the adjustment would result in an increase or decrease of at least 1.0% of the applicable Conversion Rate. However, the Company shall carry forward any
adjustments that are less than 1% of the Conversion Rate, take such carried-forward adjustments into account in any subsequent adjustment, and make such carried-forward adjustments regardless of whether the aggregate amount of such adjustments is
less than 1% (a) on the Conversion Date for any Notes (in the case of Physical Settlement), (b) on each VWAP Trading Day of any Observation Period (in the case of cash settlement or combination settlement) and (c) on the effective date of any
Fundamental Change or the Effective Date of a Make-Whole Fundamental Change. 
 (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 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 Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible
Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has
knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each adjustment becomes
effective and shall 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. 

  
 77 

 (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 and for the avoidance of doubt, the Conversion Rate shall not be adjusted: 

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

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

(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; 
 (iv)
for ordinary course of business stock repurchases that are not tender offers referred to in Section 14.04(e) if the adjustments above, including structured or derivative transactions or pursuant to a stock repurchase program approved by the
Company’s Board of Directors; 
 (v) solely for a change in the par value of the Common Stock; or 

(vi) for accrued and unpaid Special 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), 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, 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). 
 Section 14.07. Effect of
Recapitalizations, Reclassifications and Changes of the Common Stock. 
 (a) In the case of: 

  
 78 

 (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 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 corporation, 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 will be changed into a right to convert such principal amount of Notes into 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. 

  
 79 

 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 of the
types and amounts of consideration received by the holders of Common Stock as soon as practicable after such determination. 

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
or assets (including any combination thereof) of an entity other than the Company or the successor or purchasing corporation, 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 Officers’ 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 and issue a
press release containing the relevant information, disclose the relevant information in a Current Report on Form 8-K or 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) [Reserved]. 

  
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 (f) 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 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. 

(b) The Company covenants that if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such shares 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 Officers’ Certificate (which the Company shall be obligated to furnish to with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be
responsible for determining whether any event contemplated by Section 14.01(b) has occurred that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and the

  
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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 

(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. 

  
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 ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01. Intentionally Omitted. 

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change(a) . (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
$1,000 or an integral multiple of $1,000 in excess thereof, 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 extension to comply with applicable law), at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid Special Interest, if any, thereon to, but not including, the
Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Special Interest Record Date but on or prior to the Special Interest Payment Date to which
such Special Interest Record Date relates, in which case the Company shall instead pay the full amount of accrued and unpaid Special Interest to Holders of record as of such Special Interest 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; 

  
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 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 repurchased by the
Company pursuant to the applicable provisions of the Notes and this Indenture; 
 provided, however, that if the Notes are
Global Notes, the Fundamental Change Repurchase Notice must comply with 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. 

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 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 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); 

  
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 (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 issue a press release containing such
information, disclose the information in a Current Report on Form 8-K or 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 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 Officers’ 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. 

  
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 (i) 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 if: 
 (ii) a
third party makes the offer in the manner, at the times, and otherwise in compliance with the requirements set forth in this Indenture applicable to an offer by the Company to repurchase Notes upon a Fundamental Change and such third party purchases
all Notes validly tendered and not withdrawn upon such offer in the manner and otherwise in compliance with such requirements; or 
 pursuant
to clause (b) of the definition thereof (or a Fundamental Change pursuant to clause (a) which 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 than (x) the Fundamental Change Repurchase Price (assuming the maximum amount of accrued Special Interest, if any, would be payable
based on the latest possible Fundamental Change Repurchase Date), plus (y) to the extent that the 35th Trading Day immediately following the effective date of such Fundamental Change is after a Special Interest Record Date and on or prior to
the Business Day immediately following the corresponding Special Interest Payment Date, the full amount of interest payable per Note on such Special 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), 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 principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof, 

(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 Note that remains subject to the original Fundamental
Change Repurchase Notice, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000 in excess thereof; 

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 repurchased 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 

  
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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 repurchased on such Fundamental Change Repurchase Date or any applicable extension thereof, then, with respect to Notes that have
been properly surrendered for repurchase and have not been validly withdrawn: 
 (i) such Notes shall cease to be outstanding
and any Special 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 Special Interest Record Date but on or prior to the related Special Interest
Payment Date, the right of the Holder on such Special Interest Record Date to receive the accrued and unpaid Special Interest, if any, 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 pursuant
to a Fundamental Change Repurchase Notice, 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; and 

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

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. 

  
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 ARTICLE 16 

NO OPTIONAL REDEMPTION 

Section 16.01. No Optional Redemption. The Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking
fund is provided for the Notes. 
 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 and the 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 6649 Westwood Boulevard, Orlando, Florida 32821 (fax: [REDACTED]; Attention: James H Hunter, IV, General Counsel or sent electronically in PDF format to the following
e-mail address: [REDACTED]. 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: [REDACTED]. 
 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. 

  
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 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. 

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. 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 Officers’ 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 Officers’ Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and
delivered to the Trustee with respect to compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.08) shall include (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. 

  
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 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 Special Interest Payment Date, Fundamental Change Repurchase Date, Conversion Date or
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 Special 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. 

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

 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 or PDF shall be deemed to be
their original signatures for all purposes. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with
this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

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 of Jurisdiction. EACH OF THE COMPANY, THE GUARANTORS, THE HOLDERS 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. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT 

  
 91 

 
SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES AND THE GUARANTEES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. 

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; 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 of the Common Stock, the Daily VWAPs, the Daily Conversion Values,
the Daily Settlement Amounts, accrued Special Interest payable on the Notes, if any, 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 Measurement 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. 
 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 each of the Company and the Trustee to comply with its
obligation with respect to this Indenture and the Notes under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (the “Code), and any Treasury regulations thereunder (“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 agree (i) to provide to one another such reasonable information that is within its possession and is reasonably 

  
 92 

 
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. 

  
 93 

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

			
	 MARRIOTT VACATIONS WORLDWIDE CORPORATION

		
	 By:
	 	/s/ Joseph J. Bramuchi
	Name:	 	 Joseph J. Bramuchi

	Title:	 	 Vice President

  
 [Signature Page to the
Indenture] 

			
	 MH KAPALUA VENTURE, LLC

MORI MEMBER (KAUAI), LLC
 MORI GOLF (KAUAI), LLC

KAUAI LAGOONS HOLDINGS LLC
 MVW SSC, INC.

MARRIOTT RESORTS HOSPITALITY CORPORATION
 MARRIOTT
RESORTS SALES COMPANY, INC.
 MARRIOTT KAUAI OWNERSHIP RESORTS, INC.

MARRIOTT OWNERSHIP RESORTS
 PROCUREMENT, LLC

MARRIOTT OWNERSHIP RESORTS, INC.
 THE RITZ-CARLTON
DEVELOPMENT COMPANY, INC.
 THE LION & CROWN TRAVEL CO., LLC

THE RITZ-CARLTON TITLE COMPANY, INC.
 RBF, LLC

RCDC 942, L.L.C.
 RCDC CHRONICLE LLC

RCC (GP) HOLDINGS LLC
 MORI RESIDENCES, INC.

MTSC, INC.
 VOLT MERGER SUB, LLC,

as Guarantors

		
	By:	 	/s/ Joseph J. Bramuchi
		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 MVW OF HAWAII, INC.

as Guarantor

		
	By:	 	/s/ Joseph J. Bramuchi
		 	Name: Joseph J. Bramuchi
		 	Title:   President and Treasurer

  
 [Signature Page to the
Indenture] 

 
			
	 MVW US SERVICES, LLC,

as Guarantor

		
	By:	 	 MVW SSC, Inc.,
 a Delaware corporation, its sole
member

		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 MORI WAIKOLOA HOLDING COMPANY, LLC,

as Guarantor

		
	By:	 	Marriott Ownership Resorts, Inc., a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 THE COBALT TRAVEL COMPANY, LLC

THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.,

as Guarantors

		
	By:	 	The Ritz-Carlton Development Company, Inc., a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 RCC (LP) HOLDINGS L.P.,

as Guarantor

		
	By:	 	RCDC Chronicle, LLC, a Delaware limited liability company, its general partner
		
	By:	 	The Ritz-Carlton Development Company, Inc., a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 R.C. CHRONICLE BUILDING, L.P.,

as Guarantor

		
	By:	 	RCC (GP) Holdings, LLC, a Delaware limited liability company, its general partner
		
	By:	 	 /s/ Joseph J. Bramuchi

		 	Name: Joseph J. Bramuchi
		 	Title:   Vice President

  
 [Signature Page to the
Indenture] 

			
	 MVW SERVICES CORPORATION

MVW US HOLDINGS, LLC,
 as
Guarantor

		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name: John E. Geller, Jr.
		 	Title:   Vice President and Assistant Secretary

  
 [Signature Page to the
Indenture] 

			
	 MVW VACATIONS LLC,

as Guarantor

		
	By:	 	 /s/ James H Hunter, IV

		 	Name: James H Hunter, IV
		 	Title:   Vice President and Assistant Secretary

  
 [Signature Page to the
Indenture] 

			
	 RESORT MANAGEMENT FINANCE SERVICES, INC.,

as Guarantor

		
	By:	 	 /s/ James H Hunter, IV

		 	Name: James H Hunter, IV
		 	Title:    President

  
 [Signature Page to the
Indenture] 

			
	 AQUA HOTELS AND RESORTS, INC.

AQUA-ASTON HOLDINGS, INC.
 CDP GP, INC.

CERROMAR DEVELOPMENT PARTNERS GP, INC.
 COCONUT
PLANTATION PARTNER, INC.
 DATA MARKETING ASSOCIATES EAST, INC.

FLEX COLLECTION, LLC
 FOH HOSPITALITY, LLC

GRAND ASPEN HOLDINGS, LLC
 GRAND ASPEN LODGING,
LLC
 HAWAII VACATION TITLE SERVICES, INC.
 HPC
DEVELOPER, LLC
 HT-HIGHLANDS, INC.
 HTS-BC,
L.L.C.
 HTS-BEACH HOUSE PARTNER, L.L.C.

HTS-BEACH HOUSE, INC.
 HTS-COCONUT POINT, INC.

HTS-GROUND LAKE TAHOE, INC.
 HTS-KEY WEST, INC.

HTS-KW, INC.
 HTS-LAKE TAHOE, INC.

HTS-LOAN SERVICING, INC.
 HTS-MAIN STREET STATION,
INC.
 HTS-MAUI, L.L.C.
 HTS-SEDONA, INC.

HTS-SUNSET HARBOR PARTNER, L.L.C.
 HTS-WINDWARD POINTE
PARTNER, L.L.C.
 HV GLOBAL GROUP, INC.
 HV GLOBAL
MANAGEMENT CORPORATION
 HV GLOBAL MARKETING CORPORATION

HVO KEY WEST HOLDINGS, LLC
 IIC HOLDINGS,
INCORPORATED
 ILG SHARED OWNERSHIP, INC.

INTERVAL HOLDINGS, INC.
 INTERVAL INTERNATIONAL,
INC.
 INTERVAL RESORT & FINANCIAL SERVICES, INC.

INTERVAL SOFTWARE SERVICES, LLC,
 as
Guarantors

		
	By:	 	 /s/ John E. Geller, Jr.

		 	Name: John E. Geller, Jr.
		 	Title:   Executive Vice President

  
 [Signature Page to the
Indenture] 

			
	 KAUAI BLUE, INC.

LAGUNAMAR CANCUN MEXICO, INC.
 MANAGEMENT ACQUISITION
HOLDINGS, LLC
 RESORT SALES SERVICES, INC.

SCOTTSDALE RESIDENCE CLUB, INC.
 SHERATON FLEX
VACATIONS, LLC
 ST. REGIS NEW YORK MANAGEMENT, INC.

ST. REGIS RESIDENCE CLUB, NEW YORK INC.
 VACATION
OWNERSHIP LENDING GP, INC.
 VACATION TITLE SERVICES, INC.

VCH COMMUNICATIONS, INC.
 VCH CONSULTING, INC.

VCH SYSTEMS, INC.
 VISTANA ACCEPTANCE CORP.

VISTANA AVENTURAS, INC.
 VISTANA DEVELOPMENT,
INC.
 VISTANA HAWAII MANAGEMENT, INC.
 VISTANA
MANAGEMENT, INC.
 VISTANA MB MANAGEMENT, INC.

VISTANA PORTFOLIO SERVICES, INC.
 VISTANA PSL,
INC.
 VISTANA RESIDENTIAL MANAGEMENT, INC.

VISTANA SIGNATURE EXPERIENCES, INC.
 VISTANA SIGNATURE
NETWORK, INC.
 VISTANA VACATION OWNERSHIP, INC.

VISTANA VACATION REALTY, INC.
 VISTANA VACATION SERVICES
HAWAII, INC.
 VOL GP, INC.
 VSE DEVELOPMENT,
INC.
 VSE EAST, INC
 VSE MEXICO PORTFOLIO
SERVICES, INC.
 VSE MYRTLE BEACH, LLC
 VSE
PACIFIC, INC.
 VAE TRADEMARK, INC.
 VSE VISTANA
VILLAGES, INC.
 VSE WEST, INC.
 WESTIN SHERATON
VACATION SERVICES, INC.
 WINDWARD POINTE II, L.L.C.

WORLDWIDE VACATION & TRAVEL, INC.
 WVC RANCHO
MIRAGE, INC.,
 as Guarantors

		
	By:	 	/s/ John E. Geller, Jr.
		 	Name: John E. Geller, Jr.
		 	Title:   Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	 S.O.I. ACQUISITION CORP. ILG, LLC,

as Guarantors

		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to the
Indenture] 

 
					
	 AQUA HOSPITALITY LLC

ASTON HOTELS & RESORTS FLORIDA, LLC
 MAUI CONDO AND
HOME, LLC
 RQI HOLDINGS, LLC
 ILG MANAGEMENT,
LLC,

		 	as Guarantors
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	 Manager

  
 [Signature Page to the
Indenture] 

 
					
	 AQUA HOTELS & RESORTS, LLC

DIAMOND HEAD MANAGEMENT LLC
 HOTEL MANAGEMENT SERVICES
LLC
 KAI MANAGEMENT SERVICES LLC

		 	as Guarantors
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its manager
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	AQUA HOTELS AND RESORTS OPERATOR LLC,
		 	as Guarantor
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its managing member
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	AQUA LUANA OPERATOR LLC,
		 	as Guarantor
		
	By:	 	Aqua Hospitality, LLC, a Delaware limited liability company, its sole member
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Manager

  
 [Signature Page to the
Indenture] 

 
					
	BEACH HOUSE DEVELOPMENT PARTNERSHIP,
		 	as Guarantor
		
	By:	 	HTS-Beach House, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	CDP INVESTORS, L.P.,
		 	as Guarantor
		
	By:	 	CDP GP, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	CERROMAR DEVELOPMENT PARTNERS, L.P., S.E.,
		 	as Guarantor
		
	By:	 	Cerromar Development Partners GP, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	KEY WESTER LIMITED,
		 	as Guarantor
		
	By:	 	HTS-KW, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	PELICAN LANDING TIMESHARE VENTURES LIMITED PARTNERSHIP
		 	as Guarantor
		
	By:	 	HTS-Coconut Point, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	VACATION OWNERSHIP LENDING, L.P.,
		 	as Guarantor
		
	By:	 	Vacation Ownership Lending GP, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	VOL INVESTORS, L.P.,
		 	as Guarantor
		
	By:	 	VOL GP, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ John E. Geller, Jr.
		 	Name:	 	John E. Geller, Jr.
		 	Title:	 	Executive Vice President

  
 [Signature Page to the
Indenture] 

 
					
	 FOH HOLDINGS, LLC,

		 	as Guarantor
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	Angela K. Halladay
		 	Title:	 	 Assistant Secretary

  
 [Signature Page to the
Indenture] 

 
					
	 AQUA-ASTON HOSPITALITY, LLC,

		 	as Guarantor
		
	 By:
	 	/s/ Denis Ebrill
		 	Name:	 	 Denis Ebrill

		 	Title:	 	 Manager

  
 [Signature Page to the
Indenture] 

 
					
	 REP HOLDINGS, LTD.,

		 	as Guarantor
		
	 By:
	 	/s/ Denis Ebrill
		 	Name:	 	 Denis Ebrill

		 	Title:	 	 President

  
 [Signature Page to the
Indenture] 

 
					
	HTS-SAN ANTONIO, L.P.,
		 	as Guarantor
		
	By:	 	HTS-San Antonio, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	Angela K. Halladay
		 	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Indenture] 

 
					
	 HTS-SAN ANTONIO, INC.

HTS-SAN ANTONIO, L.L.C.,

		 	as Guarantors
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	 Angela K. Halladay

		 	Title:	 	 Vice President and Secretary

  
 [Signature Page to the
Indenture] 

					
	 FOH HOLDINGS, LLC,

		 	as Guarantor
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	 Angela K. Halladay

		 	Title:	 	 Assistant Secretary

  
 [Signature Page to the
Indenture] 

					
	 HTS-SAN ANTONIO, L.P.,

		 	as Guarantor
		
	By:	 	HTS-San Antonio, Inc., a Delaware corporation, its general partner
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	 Angela K. Halladay

		 	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Indenture] 

					
	 HTS-SAN ANTONIO, INC.

HTS-SAN ANTONIO, L.L.C.,

		 	as Guarantors
		
	 By:
	 	/s/ Angela K. Halladay
		 	Name:	 	 Angela K. Halladay

		 	Title:	 	Vice President and Secretary

  
 [Signature Page to the
Indenture] 

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

		
	 By:
	 	/s/ Julie Hoffman-Ramos
		 	Name:	 	 Julie Hoffman-Ramos

		 	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 MARRIOTT VACATIONS WORLDWIDE 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 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; 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 (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. 

BY ITS ACQUISITION OF THIS SECURITY OR ANY INTEREST HEREIN, THE HOLDER HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION
OF THE ASSETS USED BY SUCH ACQUIRER TO ACQUIRE OR HOLD THIS SECURITY (OR ANY INTEREST HEREIN) CONSTITUTES THE ASSETS OF ANY (A) “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
(“ERISA”)) THAT IS SUBJECT TO TITLE I OF ERISA, (B) PLAN, INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR
PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF THE CODE OR ERISA (COLLECTIVELY, “SIMILAR LAWS”) OR (C) ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE THE ASSETS OF ANY OF THE FOREGOING DESCRIBED IN CLAUSES (A) AND (B), PURSUANT TO ERISA OR OTHERWISE, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY (OR ANY INTEREST HEREIN) BY SUCH
HOLDER WILL NOT CONSTITUTE OR RESULT IN (A) A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.]

  
 Exhibit A-2 

 MARRIOTT VACATIONS WORLDWIDE CORPORATION 

0.00% Convertible Senior Note due 2026 
 No.
[    ]                                     
                                         
                                         
                                 [Initially]1 $[    ] 
 CUSIP No. [    ]2 
 ISIN No.:
[                ] 
 Marriott Vacations Worldwide
Corporation, a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse
hereof), for value received hereby promises to pay to [CEDE & CO.]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 January 15, 2026 and Special Interest, if any, thereon as set forth below. 

This Note shall not bear regular interest, and the principal amount of the Notes will not accrete. Accrued Special Interest, if any, 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. Special Interest, if any, is payable semi-annually in arrears on each January 15 and July 15, commencing on July 15, 2021, to Holders of record at the close of business on the
preceding January 1 and July 1 (whether or not such day is a Business Day), respectively. Special 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 refer solely to Special Interest if, in such context, Special Interest is, was or would be payable pursuant to any of such Section 4.06(d),
Section 4.06(e) or Section 6.03, or any interest on any Defaulted Amounts payable as set forth in Section 2.03(c) of the within-mentioned Indenture. . 

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 Defaulted Amounts shall have been paid by the Company, at its election in accordance with Section 2.03(c) of the Indenture. 

 

	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 57164Y AD9 and US57164YAD94, 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 

 The Company shall pay the principal of and Special Interest, if any, 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 Jacksonville, Florida as a place where Notes may be presented for payment or for registration of transfer. 

Upon conversion of a Note, the Company shall, at its election, pay or issue, as the case may be, cash shares of common stock of the Company or
a combination of cash and shares of common stock of the Company. 
 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 executed by
manual, electronic or facsimile signature, 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. 

 

			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Dated:
	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 THE BANK OF NEW YORK MELLON

            TRUST COMPANY, N.A., as Trustee,

            certifies that this is one of the Notes described in
            the within-named Indenture.

		
	By:	 	 
		 	Authorized Signatory

  
 Exhibit A-5 

 [FORM OF REVERSE OF NOTE] 

MARRIOTT VACATIONS WORLDWIDE CORPORATION 

0.00% Convertible Senior Note due 2026 

This Note is one of a duly authorized issue of Notes of the Company, designated as its 0.00% Convertible Senior Notes due 2026 (the
“Notes”), limited to the aggregate principal amount of $[                ] all issued under and pursuant to an Indenture dated as of February 2,
2021 (the “Indenture”), among the Company, the Guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., 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 repurchases, cancellations, conversions or transfers
permitted by the Indenture. 
 In case certain Events of Default, as defined in the Indenture, relating to a bankruptcy (or similar
proceeding) with respect to the Company shall have occurred, the principal of, and interest on, all Notes shall automatically become immediately due and payable, as 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 Fundamental Change Repurchase Price 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. 

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. 

  
 Exhibit A-6 

 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 Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid Special Interest, if
any, 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. 

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, 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-7 

 ABBREVIATIONS 

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

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties 
 JT TEN =
joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in the above
list. 

  
 Exhibit A-8 

 SCHEDULE A6 

SCHEDULE OF CONVERSIONS OF NOTES 

MARRIOTT VACATIONS WORLDWIDE CORPORATION 

0.00% Convertible Senior Notes due 2026 

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-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
 To: Marriott
Vacations Worldwide 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 of Common Stock 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: Marriott Vacations Worldwide Corporation 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Marriott Vacations Worldwide 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 Special Interest Record Date and on or prior to the corresponding Special 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 repurchased (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 Marriott Vacations Worldwide Corporation 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] 
 Marriott Vacations Worldwide
Corporation 
 6649 Westwood Boulevard 
 Orlando, Florida 32821

 Attention: General Counsel 
 The Bank of New York Mellon
Trust Company, N.A., as Trustee 
 4655 Salisbury Road, Suite 300 

Jacksonville, Florida 32256 
 Attention: Corporate Trust
Administration 
 Tel: (904) 998-4747 

Fax: (904) 645-1921 

Re: 0.00% Convertible Senior Notes due 2026 

ARTICLE 1. Reference is hereby made to the Indenture, dated as of February 2, 2021 (the “Indenture”), between Marriott
Vacations Worldwide Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

ARTICLE 2. Whereas the Resale Restriction Termination Date with respect to the 0.00% Convertible Senior Notes due 2026 represented by Global Note CUSIP number
57164Y AC1 and ISIN number US57164YAC12 (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
(57164Y AD9) and unrestricted ISIN number (US57164YAD94), respectively, without further action on the part of Holders. 
 [signature pages
follow] 

  
 Exhibit B-1 

 
			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit B-2 

 EXHIBIT C 

SUPPLEMENTAL INDENTURE 
 dated as
of    , 
 among 

MARRIOTT VACATIONS WORLDWIDE CORPORATION 

[_______________] 
 THE GUARANTORS
PARTY HERETO 
 and 
 THE BANK
OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 

0.00% Convertible Senior Notes due 2026 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of     [_________, 20__], among MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Company”), [insert each Guarantor executing this Supplemental Indenture and its jurisdiction of
incorporation] (each an “Undersigned”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the Company,
the Guarantors party thereto and the Trustee entered into an Indenture, dated as of February 2, 2021 (the “Indenture”), relating to the Company’s 0.00% Convertible Senior Notes due 2026 (the “Notes”); 

WHEREAS, as a condition to the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any Restricted
Subsidiary (with certain exceptions) that guarantees certain indebtedness of the Company or any Guarantor following the Issue Date to provide a Guarantee. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

Section 2. Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be
bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 13 thereof. 
 Section 3. This
Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York. 
 Section 4. This
Supplemental Indenture may be signed in various counterparts which together shall constitute one and the same instrument. 
 Section 5.
This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read together. 

Section 6. The recitals and statements herein are deemed to be those of the Company and the Undersigned and not the Trustee. The Trustee
shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the Guarantors party to this Supplemental Indenture. 

  
 Exhibit C-1 

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

			
	MARRIOTT VACATIONS WORLDWIDE CORPORATION, as Issuer
		
	By:	 	 
		 	Name:
		 	Title:
	
	[GUARANTOR(S)]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit C-2 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit C-3

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