Document:

EX-10.14

 Exhibit 10.14 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of January 31, 2016 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and SUMO LOGIC, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and
Borrower shall repay Bank. The parties agree as follows: 
 1    ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meanings provided by the Code to the extent such
terms are defined therein. 
 2    LOAN AND TERMS OF PAYMENT 

2.1    Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount
of all Credit Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 

2.1.1    Revolving Advances. 

(a)    Availability. Subject to the terms and conditions of this Agreement and to deduction of Reserves, Bank shall
make Advances to Borrower in an amount not exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions
precedent herein. 
 (b)    Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity
Date, when the principal amount of all Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 

2.1.2    Letters of Credit Sublimit. 

(a)    As part of the Revolving Line, upon request by Borrower, Bank shall issue or have issued Letters of Credit
denominated in Dollars or a Foreign Currency for Borrower’s account. The aggregate Dollar Equivalent amount utilized for the issuance of Letters of Credit shall at all times reduce the amount otherwise available for Advances under the Revolving
Line. In addition, the aggregate Dollar Equivalent of the face amount of outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) may not exceed Two Million Five Hundred Thousand Dollars ($2,500,000) minus the limits
requested by Borrower for Cash Management Services (as defined below and as the same may be adjusted from time to time upon request by Borrower) (the “Letter of Credit Sublimit”). 

 (b)    If, on the Revolving Line Maturity Date (or the effective date
of any termination of this Agreement), there are any outstanding Letters of Credit, then on such date Borrower shall provide to Bank cash collateral in an amount equal to at least (i) if such Letters of Credit are denominated in Dollars, one
hundred five percent (105.0%); and (ii) if such Letters of Credit are denominated in a Foreign Currency, one hundred ten percent (110.0%), of the aggregate Dollar Equivalent of the face amount of all such Letters of Credit plus all interest,
fees, and costs due or estimated by Bank to become due in connection therewith, to secure all of the Obligations relating to such Letters of Credit. All Letters of Credit shall be in form and substance acceptable to Bank in its sole discretion and
shall be subject to the terms and conditions of Bank’s standard Application and Letter of Credit Agreement (the “Letter of Credit Application”). Borrower agrees to execute any further documentation in connection with the
Letters of Credit as Bank may reasonably request. Borrower further agrees to be bound by the regulations and interpretations of the issuer of any Letters of Credit guarantied by Bank and opened for Borrower’s account or by Bank’s
interpretations of any Letter of Credit issued by Bank for Borrower’s account, and Borrower understands and agrees that Bank shall not be liable for any error, negligence, or mistake, whether of omission or commission, in following
Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments, or supplements thereto. 

(c)    The obligation of Borrower to immediately reimburse Bank for drawings made under Letters of Credit shall be
absolute, unconditional, and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement, such Letters of Credit, and the Letter of Credit Application. 

(d)    Borrower may request that Bank issue a Letter of Credit payable in a Foreign Currency. If a demand for payment is
made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges). 

(e)    To guard against fluctuations in currency exchange rates, upon the issuance of any Letter of Credit payable in a
Foreign Currency, Bank shall create a reserve (the “Letter of Credit Reserve”) under the Revolving Line in an amount equal to ten percent (10%) of the face amount of such Letter of Credit. The amount of the Letter of Credit Reserve may be
adjusted by Bank from time to time to account for fluctuations in the exchange rate. The availability of funds under the Revolving Line shall be reduced by the amount of such Letter of Credit Reserve for as long as such Letter of Credit remains
outstanding. 
 2.1.3    Cash Management Services Sublimit. Borrower may use up to Two Million Five
Hundred Thousand Dollars ($2,500,000) of availability under the Revolving Line, minus the aggregate Dollar Equivalent of the face amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit), for Borrower’s
cash management services (the “Cash Management Services Sublimit”), which may include merchant services, direct deposit of payroll, business credit card, and check cashing services identified in Bank’s various cash management
services agreements (collectively, the “Cash Management Services”). Any amounts Bank pays on behalf of Borrower for any Cash Management Services will be treated as Advances under the Revolving Line and will accrue interest at the
applicable rate set forth in Section 2.3(a) herein. In addition, the aggregate borrowing limits requested by Borrower for Cash Management Services (which, shall not, in any event, exceed Two Million Five Hundred Thousand Dollars ($2,500,000))
shall, at all times, reduce the amount available to Borrower under the Revolving Line. 

 2.2    Overadvances. If, at any time, the sum of
(a) the outstanding principal amount of any Advances (including the aggregate borrowing limits requested by Borrower for Cash Management Services (not to exceed Two Million Five Hundred Thousand Dollars ($2,500,000)), plus (b) the face
amount of any outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit and any Letter of Credit Reserve), exceeds the Availability Amount, Borrower shall immediately pay to Bank in cash the amount of such excess (such
excess, the “Overadvance”). Without limiting Borrower’s obligation to repay Bank any Overadvance, Borrower agrees to pay Bank interest on the outstanding amount of any Overadvance, on demand, at the Default Rate. 

2.3    Payment of Interest on the Credit Extensions. 

(a)    Advances. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall
accrue interest at a floating per annum rate equal to three quarters of one percentage point (0.75%) above the Prime Rate (the “Interest Rate”); provided, however, if Borrower’s Adjusted Quick Ratio (measured as of the last day
of each month) is equal to or greater than 1.75 to 1.00, the Interest Rate for the month following such measuring period shall instead equal one quarter of one percentage point (0.25%) above the Prime Rate, which interest shall be payable monthly in
accordance with Section 2.3(d) below. 
 (b)    Default Rate. Immediately upon the occurrence and during
the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are
required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or
acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank.

 (c)    Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to
the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 

(d)    Payment; Interest Computation. Interest is payable monthly on the last calendar day of each month and shall
be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed received at the
opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on
which it is made, such day shall be included in computing interest on such Credit Extension. 

 2.4    Fees. Borrower shall pay to Bank: 

(a)    Commitment Fee. A fully earned, non-refundable commitment fee of
Fifteen Thousand Dollars ($15,000) on the Effective Date. 
 (b)    Bank Expenses. All Bank Expenses (including
reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement, which shall not, assuming two reasonable turns of the documents exceed Twenty Thousand Dollars ($20,000) excluding hard costs for diligence) incurred
through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). 
 (c)    Fees
Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination
of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of this Section 2.4 pursuant to the terms of Section 2.5(c).
Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.4. 

2.5    Payments; Application of Payments; Debit of Accounts. 

(a)    All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in
Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day.
When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b)    Bank has the exclusive right to determine the order and manner in which all payments with respect to the
Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such
allocation or application is not specified elsewhere in this Agreement. 
 (c)    Bank may debit any of Borrower’s
deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.6    Withholding. Payments received by Bank from Borrower under this Agreement will be made free and clear
of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties
applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder
to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or
deduction, Bank receives a net sum equal to the sum which it 

 
would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request,
furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is
contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.6 shall survive the termination of
this Agreement. 
 3    CONDITIONS OF LOANS 

3.1    Conditions Precedent to Initial Advance. Bank’s obligation to make the initial Advance is subject
to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a)    duly executed original signatures to the Loan Documents; 

(b)    duly executed original signatures to the Initial Warrant; 

(c)    the Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries certified by the
Secretary of State (or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no
earlier than thirty (30) days prior to the Effective Date; 
 (d)    duly executed original signatures to the
completed Borrowing Resolutions for Borrower; 
 (e)    certified copies, dated as of a recent date, of financing
statement searches, as Bank may request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the
initial Advance, will be terminated or released; 
 (f)    the Perfection Certificate of Borrower, together with the
duly executed original signature thereto; 
 (g)    a copy of Borrower’s Investors’ Rights Agreement and any
amendments thereto; 
 (h)    evidence satisfactory to Bank that the insurance policies and endorsements required by
Section 6.7 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; 

(i)    the completion of the Initial Audit with results satisfactory to Bank in its sole and absolute discretion; and

 (j)    payment of the fees and Bank Expenses then due as specified in
Section 2.4 hereof. 
 3.2    Conditions Precedent to all Credit Extensions. Bank’s obligations
to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a)    timely receipt of an executed Transaction Report; 

(b)    the representations and warranties in this Agreement shall be true, accurate, and complete in all material
respects on the date of the Transaction Report and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified
by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall
have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in
all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c)    Bank determines to its satisfaction that there has not been a Material Adverse Change. 

3.3    Condition Precedent to Credit Extensions in Excess of Ten Million Dollars ($10,000,000). Prior to the
aggregate amount of Credit Extensions made by Bank to Borrower exceeding Ten Million Dollars ($10,000,000) for the first time, Borrower shall provide Bank with a Warrant to Purchase an amount of Borrower’s Series E Preferred Stock which would,
on a fully-diluted basis, represent a one hundredth of one percent (0.01%) ownership in Borrower if exercised (the “Additional Warrant”). The Additional Warrant shall be documented in a form substantially similar to the Initial
Warrant. 
 3.4    Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be
delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s
obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.5    Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the
making of an Advance (other than Advances under Sections 2.1.2 or 2.1.3) set forth in this Agreement, to obtain an Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Pacific time on the Funding
Date of the Advance. In connection with such notification, Borrower must promptly deliver to Bank by electronic mail a completed Transaction Report executed by an Authorized Signer together with 

 
such other reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. Bank shall
credit proceeds of an Advance to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are necessary to meet Obligations which have become
due. 
 4    CREATION OF SECURITY INTEREST. 

4.1    Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full
of all of the Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and
(y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank
Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if
such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2    Priority of Security Interest. Borrower represents, warrants, and covenants that the security
interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to
Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest
therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 

 4.3    Authorization to File Financing Statements.
Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral,
by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

5    REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1    Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing
as a Registered Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified
except where the failure to do so could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled
“Perfection Certificate”. Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the
type and is organized in the jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none;
(d) the Perfection Certificate accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower
(and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth
on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection
Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and
provide Bank with Borrower’s organizational identification number. 
 The execution, delivery and performance by Borrower of the Loan
Documents to which it is a party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of
Law, (iii) contravene, conflict with or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may
be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force
and effect or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to
which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

 5.2    Collateral. Borrower has good title to, rights in,
and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution
other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a perfected
security interest therein, pursuant to the terms of Section 6.8(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

To the best of Borrower’s knowledge, Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is
commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. To the best of Borrower’s knowledge, each Patent which it owns or purports to own and which is
material to Borrower’s business is valid and enforceable, and no part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged by a court of competent jurisdiction to
be invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made in writing that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not
reasonably be expected to have a material adverse effect on Borrower’s business. 
 Except as noted on the Perfection Certificate,
Borrower is not a party to, nor is it bound by, any Restricted License. 
 5.3    Eligible Customer
Accounts. For any Eligible Customer Account in any MRR calculation, all statements made and all unpaid balances appearing in all invoices, instruments and other documents evidencing such Eligible Customer Accounts are and shall be true and
correct in all material respects and all such invoices, instruments and other documents, and all of Borrower’s Books are genuine and in all respects what they purport to be. Bank, after consultation with Borrower, and receipt of Borrower’s
consent (provided that if an Event of Default has occurred, no consultation with or consent of Borrower shall be required) may notify any Account Debtor owing Borrower money of Bank’s security interest in such funds and verify the amount of
such Eligible Customer Account. All sales and other transactions underlying or giving rise to each Eligible Customer Account shall comply in all material respects with all applicable laws and governmental rules and regulations. Borrower has no
knowledge of any actual or imminent Insolvency Proceeding of any Account Debtor whose accounts are Eligible Customer Accounts in any MRR calculation. To the best of Borrower’s knowledge, all signatures and endorsements on all documents,
instruments, and agreements relating to all Eligible Customer Accounts are genuine, and all such documents, instruments and agreements are legally enforceable in accordance with their terms except to the extent the enforceability thereof may be
limited by applicable bankruptcy, insolvency, moratorium and other laws affecting creditor’s rights generally 

 
and by equitable principles (regardless of whether enforcement is sought in equity or at law). Borrower is the owner of and has the legal right to sell, transfer, assign and encumber each
Eligible Customer Account, and there are no defenses, offsets, counterclaims or agreements for which the Account Debtor may claim any deduction or discount. 

5.4    Litigation. There are no actions or proceedings pending or, to the knowledge of any Responsible
Officer, threatened in writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Two Hundred Fifty Thousand Dollars ($250,000). 

5.5    Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any
of its Subsidiaries delivered to Bank fairly present in all material respects (subject to normal fiscal year-end adjustments) Borrower’s consolidated financial condition and Borrower’s consolidated
results of operations. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 

5.6    Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus
disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature.

 5.7    Regulatory Compliance. Borrower is not an “investment company” or a company
“controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not, to the best of Borrower’s knowledge, violated any Requirements of Law the violation of which could
reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of Borrower’s knowledge, by
previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or
filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted except where failure to do so could not reasonably be expected to have a material adverse effect on
Borrower’s business. 
 5.8    Subsidiaries; Investments. Borrower does not own any stock,
partnership, or other ownership interest or other equity securities except for Permitted Investments. 

5.9    Tax Returns and Payments; Pension Contributions. Borrower has timely filed all required tax returns
and reports, and Borrower has timely paid (or duly filed valid extensions in connection with) all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except to the extent such taxes are being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor. 

 To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify
Bank in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of
the Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower.
Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete
termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its
successors or any other governmental agency. 
 5.10    Use of Proceeds. Borrower shall use the proceeds
of the Credit Extensions solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.11    Full Disclosure. No written representation, warranty or other statement of Borrower in any
certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a
material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based
upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.12    Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation
or warranty is made to Borrower’s knowledge or awareness, to the “best of Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible
Officer. 
 6    AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1    Government Compliance. 

(a)    Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of
formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary
comply, in all material respects, with all laws, ordinances and regulations to which it is subject. 
 (b)    Obtain
all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in the Collateral. Borrower shall promptly provide copies of
any such obtained Governmental Approvals to Bank. 

 6.2    Financial Statements, Reports, Certificates.
Provide Bank with the following: 
 (a)    if any Advances are outstanding, within thirty (30) days after the last
day of each month, or (b) if no Advances are outstanding, within thirty (30) days after the last day of each fiscal quarter, a SaaS based metrics report including, but not limited to calculations of ARPU, client count and the Annualized
Churn Rate, which shall include a calculation of the then current Annualized Churn Rate; 
 (b)    a Transaction Report
(and any schedules related thereto) (i) with each request for an Advance and (ii) at all times when any Advances are outstanding, within thirty (30) days after the last day of each month, signed by a Responsible Officer; 

(c)    as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared
consolidated and consolidating balance sheet and income statement covering Borrower’s and each of its Subsidiary’s operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly
Financial Statements”); 
 (d)    within thirty (30) days after the last day of each month and together
with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and
setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request, including, without limitation, a statement that at the end of such month there were no
held checks; 
 (e)    as soon as available, and in any event within thirty (30) days after the end of each fiscal
year of Borrower, a company prepared consolidated and consolidating balance sheet and income statement covering Borrower’s and each of its Subsidiary’s operations for such fiscal year certified by a Responsible Officer and in a form
acceptable to Bank; 
 (f)    within thirty (30) days after the end of each fiscal year of Borrower, annual
financial projections for the then-current fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections; 

(g)    as soon as available, and in any event within one hundred eighty (180) days following the end of
Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably
acceptable to Bank (the “Audited Financial Statements”); provided that if Borrower’s board of directors does not require Borrower obtain Audited Financial Statements for any individual fiscal year, Bank shall be deemed to have
automatically waived the requirement for such Audited Financial Statements in the applicable fiscal year as well; 

 (h)    in the event that Borrower becomes subject to the reporting
requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any or all of the
functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the Internet at
Borrower’s website address, or are available at www.sec.gov (or any successor site maintained by the SEC for similar purposes); provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting
of any such documents; 
 (i)    within fifteen (15) days of delivery, copies of all statements, reports and
notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (j)    prompt
report of any legal actions pending or threatened in writing against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, Two Hundred Fifty Thousand
Dollars ($250,000) or more; and 
 (k)    other financial information reasonably requested by Bank. 

6.3    Accounts Receivable. 

(a)    Schedules and Documents Relating to Accounts. Borrower shall deliver to Bank the reports and schedules of
collections, as provided in Section 6.2, on forms satisfactory to Bank in its sole discretion; provided, however, that Borrower’s failure to execute and deliver the same shall not affect or limit Bank’s Lien and other rights in all of
Borrower’s Accounts, nor shall Bank’s failure to advance or lend against a specific Account affect or limit Bank’s Lien and other rights therein. If requested by Bank, Borrower shall furnish Bank with copies (or, at Bank’s
request, originals) of all contracts, orders, invoices, and other similar documents, and all shipping instructions, delivery receipts, bills of lading, and other evidence of delivery, for any goods the sale or disposition of which gave rise to such
Accounts. In addition, Borrower shall deliver to Bank, on its request, the originals of all instruments, chattel paper, security agreements, guarantees and other documents and property evidencing or securing any Accounts, in the same form as
received, with all necessary indorsements, and copies of all credit memos. 
 (b)    Disputes. Borrower shall
promptly notify Bank of all disputes or claims in excess of Two Hundred Fifty Thousand Dollars ($250,000) relating to Accounts. Borrower may forgive (completely or partially), compromise, or settle any Account for less than payment in full, or agree
to do any of the foregoing so long as (i) Borrower does so in good faith, in a commercially reasonable manner, in the ordinary course of business, in arm’s-length transactions; (ii) no Event of
Default has occurred and is continuing; and (iii) after taking into account all such discounts, settlements and forgiveness, the total outstanding Advances will not exceed the Availability Amount. 

 (c)    Collection of Accounts. Borrower shall have the right to
collect all Accounts, unless and until an Event of Default has occurred and is continuing. Bank shall require that Borrower direct Account Debtors to deliver or transmit all proceeds of Accounts into a lockbox account, or via electronic deposit
capture into a “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”). Whether or not an Event of Default has occurred and is continuing, Borrower shall immediately deliver all payments
on and proceeds of Accounts to the Cash Collateral Account to be transferred on a daily basis to Borrower’s operating account with Bank. Borrower shall have a period of ninety (90) days from the Effective Date to implement the Cash
Collateral Account. 
 (d)    Verification. Bank may, from time to time, after consultation with Borrower, and
receipt of Borrower’s consent (provided that no consultation with or consent from Borrower shall be required if an Event of Default has occurred), verify directly with the respective Account Debtors the validity, amount and other matters
relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of Bank’s security interest in such Account. 

(e)    No Liability. Bank shall not be responsible or liable for any shortage or discrepancy in, damage to, or
loss or destruction of, any goods, the sale or other disposition of which gives rise to an Account, or for any error, act, omission, or delay of any kind occurring in the settlement, failure to settle, collection or failure to collect any Account,
or for settling any Account in good faith for less than the full amount thereof, nor shall Bank be deemed to be responsible for any of Borrower’s obligations under any contract or agreement giving rise to an Account. Nothing herein shall,
however, relieve Bank from liability for its own gross negligence or willful misconduct. 
 6.4    Remittance
of Proceeds. Deliver, in kind, all proceeds arising from the disposition of any Collateral to Bank in the original form in which received by Borrower not later than three (3) Business Days after receipt by Borrower, to be applied to the
Obligations (a) prior to an Event of Default, pursuant to the terms of Section 2.5(b) hereof, and (b) after the occurrence and during the continuance of an Event of Default, pursuant to the terms of Section 9.4 hereof; provided
that, if no Event of Default has occurred and is continuing, Borrower shall not be obligated to remit to Bank the proceeds of the sale of worn out or obsolete Equipment disposed of by Borrower in good faith in an arm’s length transaction for an
aggregate purchase price of Twenty Five Thousand Dollars ($25,000) or less (for all such transactions in any fiscal year). Borrower agrees that it will not commingle proceeds of Collateral with any of Borrower’s other funds or property, but
will hold such proceeds separate and apart from such other funds and property and in an express trust for Bank. Nothing in this Section limits the restrictions on disposition of Collateral set forth elsewhere in this Agreement. 

6.5    Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax
returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment
of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and
deferred compensation plans in accordance with their terms. 

 6.6    Access to Collateral; Books and Records. At
reasonable times, on three (3) Business Day’s notice (provided no notice is required if an Event of Default has occurred and is continuing), Bank, or its agents, shall have the right to inspect the Collateral and the right to audit and
copy Borrower’s Books. The foregoing inspections and audits shall be conducted at Borrower’s expense and no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such
inspections and audits shall occur as often as Bank shall determine is necessary. The charge therefor shall be Eight Hundred Fifty Dollars ($850) per person per day (or such higher amount as shall represent Bank’s then-current standard charge
for the same), plus reasonable out-of-pocket expenses (together, the “Audit Fees”). Bank shall use its best efforts to ensure that the Audit Fees for any
single audit do not exceed Six Thousand Dollars ($6,000). In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedules the audit with less than ten (10) days written
notice to Bank, then (without limiting any of Bank’s rights or remedies) Borrower shall pay Bank a fee of One Thousand Dollars ($1,000) plus any out-of-pocket
expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of the cancellation or rescheduling. 

6.7    Insurance. 

(a)    Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s
industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to Bank. All property
policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or
additional insured with respect to any such insurance providing coverage in respect of any Collateral. 
 (b)    Ensure
that proceeds payable under any property policy are, at Bank’s option, payable to Bank on account of the Obligations. 

(c)    At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium
payments. Each provider of any such insurance required under this Section 6.7 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days
prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.7 or to pay any amount or furnish any required proof of payment to third
persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.7, and take any action under the policies Bank deems prudent. 

6.8    Operating Accounts. 

(a)    Maintain its primary and its Subsidiaries’ primary operating and other deposit accounts and securities
accounts with Bank, which accounts shall represent at least eighty-five percent (85%) of the dollar value of Borrower’s and such Subsidiaries accounts at all financial institutions. Borrower and its Subsidiaries may maintain cash in accounts
outside of Bank, so long as the aggregate amount of cash in such accounts does not at any time exceed Two Million Five Hundred Thousand Dollars ($2,500,000) (the “Foreign Accounts”). 

 (b)    Provide Bank five (5) days prior written notice before
establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial
institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral
Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to the Foreign Accounts or deposit accounts exclusively
used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.9    Intentionally Omitted. 

6.10    Protection of Intellectual Property Rights. 

(a)     (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property material to
Borrower’s business; (ii) promptly advise Bank in writing of known material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property; and (iii) not
allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

(b)    Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted
License (other than over-the-counter software that is commercially available to the public). Borrower shall take such commercially reasonable steps as Bank reasonably
requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be
restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral
in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

6.11    Litigation Cooperation. From the date hereof and continuing through the termination of this
Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit
or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.12    Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative
covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower and such Guarantor shall
(a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become 

 
a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank
(including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements,
pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank which in its opinion is
appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.12 shall be a Loan Document. 

6.13    Further Assurances. Execute any further instruments and take further action as Bank reasonably
requests to perfect or continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within ten (10) Business Days after the same are sent or received, copies of all correspondence, reports, documents
and other filings with any Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or
otherwise on the operations of Borrower or any of its Subsidiaries. 
 7    NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1    Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively,
“Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of
worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of
Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents
in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary
course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discreet geographical areas
outside of the United States and (g) consisting of the use of cash in the ordinary course of business to the extent not otherwise prohibited hereunder. 

7.2    Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of
its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of any
Key Person departing from or ceasing to be employed by Borrower within five (5) days after his/her departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least thirty (30) days prior written notice to Bank: (1) add any new offices or business locations,
including warehouses (unless such new offices or business locations contain less than Twenty Thousand Dollars ($20,000) in Borrower’s assets or property) 

 
or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Twenty Thousand Dollars ($20,000) to a bailee at a location other than to a bailee and at a
location already disclosed in the Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any)
assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Twenty Thousand Dollars ($20,000) to a bailee, and Bank and such bailee are not already
parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee
agreement in form and substance satisfactory to Bank. 
 7.3    Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without
limitation, by the formation of any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

7.4    Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to
do so, other than Permitted Indebtedness. 
 7.5    Encumbrance. Create, incur, allow, or suffer any Lien
on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority
security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any
Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the
definition of “Permitted Liens” herein. 
 7.6    Maintenance of Collateral Accounts. Maintain
any Collateral Account except pursuant to the terms of Section 6.8(b) hereof. 
 7.7    Distributions;
Investments. (a) Pay any dividends or make any distribution or payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms
of such convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements
so long as an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed Two Hundred Fifty Thousand Dollars
($250,000) per fiscal year; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8    Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length
transaction with a non-affiliated Person. 

 7.9    Subordinated Debt. (a) Make or permit any
payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject (provided that a conversion of any Subordinated Debt to equity securities shall be
permitted), or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the
subordination thereof to Obligations owed to Bank. 
 7.10    Compliance. Become an “investment
company” or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in
Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA; (b) permit a Reportable Event or Prohibited
Transaction, as defined in ERISA to occur; or (c) fail to comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c) which could reasonably be expected to have a material
adverse effect on Borrower’s business; or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or
permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could
reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8    EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1    Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit
Extension when due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity
Date). During the cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2    Covenant Default. 

(a)    Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.7, 6.8, 6.9, 6.12, 6.13 or violates
any covenant in Section 7; or 
 (b)    Borrower fails or neglects to perform, keep, or observe any other term,
provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other 

 
term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default
cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have
an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions
shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in clause (a) above; 

8.3    Investor Support. There is a lack of Investor Support, as determined by Bank in its sole, but
reasonable discretion; 
 8.4    Attachment; Levy; Restraint on Business. 

(a)     (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any
entity under the control of Borrower (including a Subsidiary), or (ii) a notice of lien or levy in excess of Two Hundred Fifty Thousand Dollars ($250,000) is filed against any of Borrower’s assets by any Governmental Authority, and the
same under subclauses (i) and (ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during
any ten (10) day cure period; or 
 (b)     (i) any material portion of Borrower’s assets is attached,
seized, levied on, or comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 

8.5    Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade
debts) as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or
stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6    Other Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a
third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Two Hundred Fifty
Thousand Dollars ($250,000); or (b) any breach or default by Borrower or Guarantor, the result of which could have a material adverse effect on Borrower’s or any Guarantor’s business; 

8.7    Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the
payment of money in an amount, individually or in the aggregate, of at least Five Hundred Thousand Dollars ($500,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be
rendered against Borrower by any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof,

 
stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment,
discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8    Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or
other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material
respect when made; 
 8.9    Subordinated Debt. Any document, instrument, or agreement evidencing any
Subordinated Debt shall for any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further
liability or obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement or the applicable Subordination Agreement; 

8.10    Guaranty. (a) Any guaranty of any Obligations terminates or ceases for any reason to be in full
force and effect; (b) any Guarantor does not perform any obligation or covenant under any guaranty of the Obligations; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, (d) the
liquidation, winding up, or termination of existence of any Guarantor; or (e) (i) a material impairment in the perfection or priority of Bank’s Lien in the collateral provided by Guarantor or in the value of such collateral or (ii) a
material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations occurs with respect to any Guarantor; or 

8.11    Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded,
suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designates a hearing with respect to any applications for renewal of any of such
Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or
non-renewal (i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such
Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of
Borrower or any of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 

9    BANK’S RIGHTS AND REMEDIES 

9.1    Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may,
without notice or demand, do any or all of the following: 
 (a)    declare all Obligations immediately due and payable
(but if an Event of Default described in Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 

 (b)    stop advancing money or extending credit for Borrower’s
benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c)    demand that Borrower
(i) deposit cash with Bank in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then
at least one hundred ten percent (110.0%), of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its
good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such
amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d)    terminate any FX Contracts; 

(e)    verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles,
settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

(f)    make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its
security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any part of the
Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without charge, to
exercise any of Bank’s rights or remedies; 
 (g)    apply to the Obligations any (i) balances and deposits
of Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 

(h)    ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the
Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works, rights of use of any name, trade
secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s exercise of its
rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i)    place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any
entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j)    demand and receive possession of Borrower’s Books; and 

 (k)    exercise all rights and remedies available to Bank under the
Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2    Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of
payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts
and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the
Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of
whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of
Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

9.3    Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.7 or
fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Bank may obtain such insurance or make such
payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower
with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4    Application of Payments and Proceeds. If an Event of Default has occurred and is continuing, Bank
shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the
Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a
deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the
reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5    Bank’s
Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the
safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of
loss, damage or destruction of the Collateral. 

 9.6    No Waiver; Remedies Cumulative. Bank’s
failure, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance
herewith or therewith. No waiver hereunder shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement
and the other Loan Documents are cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy
under this Agreement or other remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7    Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and
nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10    NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt
requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when
delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or
facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

					
		 	 If to Borrower:
	 	SUMO LOGIC, INC.
		 		 	305 Main Street
		 		 	Redwood City, CA 90463
		 		 	Attn: Ramin Sayar, President
		 		 	Email: ramin@sumologic.com
			
		 		 	and
			
		 		 	SUMO LOGIC, INC.
		 		 	305 Main Street
		 		 	Redwood City, CA 90463
		 		 	Attn: Rick Hasselman, VP Finance
		 		 	Email: rhasselman@sumologic.com

					
		 	 If to Bank:
	 	Silicon Valley Bank
		 		 	555 Mission Street, Suite 900
		 		 	San Francisco, CA 94105
		 		 	Attn: Marina Bobrovich
		 		 	Email: mbobrovich@svb.com

 11    CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a
reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure § 638 (or
pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such
court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure Sections 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant
provisional relief, including without limitation, entering temporary 

 
restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto
shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa
Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be
entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders
applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall
report a statement of decision thereon pursuant to California Code of Civil Procedure Section 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or
obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

12    GENERAL PROVISIONS 

12.1    Termination Prior to Revolving Line Maturity Date; Survival. All covenants, representations and
warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations,
any other obligations which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may
be terminated prior to the Revolving Line Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this
Agreement’s termination shall continue to survive notwithstanding this Agreement’s termination. Notwithstanding the foregoing, prior to the occurrence of an Event of Default hereunder, Bank shall not assign any interest in the Loan
Documents to a direct competitor of Borrower. 
 12.2    Successors and Assigns. This Agreement binds and
is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s
discretion). Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement
and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). 

12.3    Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers,
employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, 

 
claims, and liabilities (collectively, “Claims”) claimed or asserted by any other party in connection with the transactions contemplated by the Loan Documents; and (ii) all
losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable
attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. 

This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is
given shall have run. 
 12.4    Time of Essence. Time is of the essence for the performance of all
Obligations in this Agreement. 
 12.5    Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any provision. 
 12.6    Correction
of Loan Documents. Bank may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 

12.7    Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan
Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission
is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have
any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or
evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations,
warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8    Counterparts. This Agreement may be executed in any number of counterparts and by different parties
on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9    Confidentiality. In handling any confidential information, Bank shall exercise the same degree of
care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank
Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as
required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan
Documents; and (f) to third-party service providers of Bank so long as 

 
such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that
is either: (i) in the public domain or in Bank’s possession when disclosed to Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or
(ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank Entities may use confidential information for the development of databases, reporting purposes, and market analysis so long as such
confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. 

12.10    Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank
arising out of or relating to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

12.11    Electronic Execution of Documents. The words “execution,” “signed,”
“signature” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a
manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act. 
 12.12    Captions. The headings used in this Agreement are for convenience only and shall not
affect the interpretation of this Agreement. 
 12.13    Construction of Agreement. The parties mutually
acknowledge that they and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14    Relationship. The relationship of the parties to this Agreement is determined solely by the
provisions of this Agreement. The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an
arm’s-length contract. 
 12.15    Third Parties. Nothing in
this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and
assigns; (b) relieve or discharge the obligation or liability of any person not an express party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this
Agreement. 
 13    DEFINITIONS 

13.1    Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word
“may” is permissive, the word “or” is not exclusive, the words “includes” 

 
and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the following
capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code with such
additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Adjusted Quick Ratio” a ratio of Quick Assets to Current Liabilities. 

“Advance” or “Advances” means a revolving credit loan (or revolving credit loans) under the Revolving Line.

 “Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person,
any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s
managers and members. 
 “Agreement” is defined in the preamble hereof. 

“Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution who is authorized to execute the Loan
Documents, including any Advance request, on behalf of Borrower. 
 “Availability Amount” is the lesser of (i) the
Revolving Line or (ii) Borrower’s MRR (measured on an average trailing three (3) month basis) multiplied by the Advance Rate, minus, in each case, (y) the aggregate Dollar Equivalent amount utilized by Borrower for outstanding,
but undrawn Letters of Credit under the Letter of Credit Sublimit plus any Letter of Credit Reserve and (z) the aggregate borrowing limits requested by Borrower for Cash Management Services under the Cash Management Services Sublimit (which
shall not, at any time, exceed Two Million Five Hundred Thousand Dollars ($2,500,000)). 
 The following definitions are utilized in
calculating and determining the Availability Amount: 
 “Advance Rate” is four (4) multiplied by the
Retention Percentage. The Advance Rate shall be calculated by Bank based on information provided by Borrower and reasonably acceptable to Bank, in its sole discretion. Bank reserves the right to change the foregoing percentages in its sole, but
reasonable discretion, based on, the results of the audit of the Borrower’s Collateral in accordance with Section 6.6 hereof and/or any loss in revenue or number of unique Accounts of Borrower. 

“Annualized Churn Rate” is, as of any date of determination, the percentage obtained by dividing (i) the
quotient of (A) the sum of MRR lost during the three (3) month period ending on such date of determination minus upsell MRR during such period plus downsell MRR during such period divided by (B) three (3) by
(ii) total MRR as of the first 

 
day of such three (3) month period, multiplied by twelve (12). For the avoidance of doubt, any negative Annualized Churn Rate shall be deemed to be zero (0). For example, if Borrower had Ten
Million Dollars ($10,000,000) of MRR as of January 1, 2016 and, during the three (3) month period ending on March 31, 2016, lost Two Hundred Thousand Dollars ($200,000) of MRR but had Fifty Thousand Dollars ($50,000) of MRR from
upsells and One Hundred Fifty Thousand Dollars ($150,000) of MRR from downsells, the Annualized Churn Rate for the period ending March 31, 2016 would be 12% calculated as follows: 

 

			
	$200,000 minus $50,000 plus $150,000
	 $10,000,000 = 3%; then

 

	3%
	 3   = 1%; then

 

	1% x 12 = 12%

 “Eligible Customer Accounts” means Accounts invoiced by Borrower generated
from expected receipt of MRR that (i) meet all of Borrower’s representations and warranties described in Section 5.3 and (ii) are or may be due and owing from Account Debtors deemed acceptable to Bank in its sole discretion;
provided that Bank reserves the right at any time and from time to time to exclude and/or remove any Account from the definition of Eligible Customer Accounts, in its sole, but reasonable discretion. 

“MRR” is the trailing one (1) month revenue of Borrower received or anticipated (after giving effect to
any recurring discounts, credits and customer adjustments) from the execution or the anticipated execution of customer and partner contracts, programs and any services in the ordinary course of Borrower’s business and specifically excluding
revenue or accounts receivable based on (i) sales of inventory, goods, or equipment, (ii) transaction revenue not received in the ordinary course of business, (iii) sales of services not in the ordinary course of business (except that
this clause is not intended to exclude Borrower’s revenue from the sale of premium services and/or support), (iv) revenue received due to one-time, non-recurring
transactions, installation and/or set-up fees, and (v) add-on purchases by Borrower’s existing customers not resulting in a continuing stream of revenue. 

“Retention Percentage” is, as of any date of determination, one hundred percent (100%) minus the Annualized
Churn Rate. 
 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all Audit Fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower or
any Guarantor. 

 “Bank Services” are any products, credit services, and/or financial
accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without 

limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll,
business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a “Bank Services
Agreement”). 
 “Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in the form attached hereto as
Exhibit B. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent
(95%) of the assets of which constitute Cash Equivalents of the kinds described in clauses (a) through (c) of this definition. 

“Change in Control” means (a) at any time, any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), shall become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or indirectly, of twenty-five percent (25%) or more of the ordinary voting power
for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank
the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction; (b) during any period of 12 consecutive
months, a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period,
(ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was 

 
approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; or
(c) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of each class of outstanding capital stock of each subsidiary of Borrower free and clear of all Liens
(except Liens created by this Agreement). 
 “Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by
the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit C. 

“Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity
swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does
not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum
reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or 

 
commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over
such Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights, copyright
applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance, any Overadvance, Letter of Credit, FX Contract, amount utilized for Cash Management
Services, or any other extension of credit by Bank for Borrower’s benefit. 
 “Currency” is coined money and such
other banknotes or other paper money as are authorized by law and circulate as a medium of exchange. 
 “Current
Liabilities” are all obligations and liabilities of Borrower to Bank, plus, without duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year, less any deferred revenue balances. 

“Default Rate” is defined in Section 2.3(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Designated Deposit Account” is the multicurrency account denominated in Dollars, account number
                    , maintained by Borrower with Bank. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United States
and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Effective Date” is defined in the preamble
hereof. 
 “Equipment” is all “equipment” as defined in the Code with such additions to such term as may
hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

 “Foreign Currency” means lawful money of a country other than the United
States. 
 “Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be
a Business Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower
commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally
accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or
in such other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order,
license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guarantor” is any Person providing a Guaranty in favor of Bank. 

“Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent
Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Initial Audit” is Bank’s inspection of the Collateral, and Borrower’s Books. 

 “Initial Warrant” is that certain Warrant to Purchase Stock dated as of the
Effective Date executed by Borrower in favor of Bank. 
 “Insolvency Proceeding” is any proceeding by or against any Person
under the United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or
other relief. 
 “Intellectual Property” means, with respect to any Person, all of such Person’s right, title, and
interest in and to the following: 
 (a)    its Copyrights, Trademarks and Patents; 

(b)    any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented
inventions, know-how, operating manuals; 
 (c)    any and all source code; 

(d)    any and all design rights which may be available to such Person; 

(e)    any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the
right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f)    all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of
Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Investor Support” means it is the clear intention of
Borrower’s investors to continue to fund Borrower in the amounts and timeframe necessary to enable Borrower to satisfy the Obligations as they become due and payable. 

“Key Person” is each of Borrower’s (a) President, who is Ramin Savar as of the Effective Date, and (b) Chief
Executive Officer, who is Ramin Savar as of the Effective Date. 
 “Letter of Credit” is a standby or commercial letter of
credit issued by Bank upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement. 

 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security
interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement by Borrower and/or any
Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the
Obligations. 
 “Monthly Financial Statements” is defined in Section 6.2(c). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank
Expenses, and other amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to letters of credit (including
reimbursement obligations for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of
Borrower assigned to Bank, and to perform Borrower’s duties under the Loan Documents (other than the Warrant). 
 “Operating
Documents” are, for any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days
prior to the Effective Date, and, 
 (a)     if such Person is a corporation, its bylaws in current form, 

(b)    if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and

 (c)    if such Person is a partnership, its partnership agreement (or similar agreement), each of the foregoing with
all current amendments or modifications thereto. 
 “Overadvance” is defined in Section 2.2. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a)    Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

 (b)    Indebtedness existing on the Effective Date and shown on the
Perfection Certificate; 
 (c)    Subordinated Debt; 

(d)    unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e)    Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of business;

 (f)    Indebtedness secured by Liens permitted under clauses (a) and (c) of the definition of “Permitted
Liens” hereunder; 
 (g)    Indebtedness of Borrower to any Subsidiary and Contingent Obligations of any Subsidiary
with respect to obligations of Borrower (provided that the primary obligations are not prohibited hereby), and Indebtedness of any Subsidiary to Borrower in an aggregate principal amount not to exceed Two Hundred Thousand Dollars ($200,000); or any
other Subsidiary and Contingent Obligations of any Subsidiary with respect to obligations of any other Subsidiary (provided that the primary obligations are not prohibited hereby); 

(h)    Indebtedness of Borrower to any Subsidiary incurred in connection with transfer pricing arrangements entered into
in the ordinary course of business in an aggregate amount not to exceed One Million Dollars ($1,000,000) in any fiscal year; and 

(i)    extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness
(a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 

(a)    Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the
Perfection Certificate; 
 (b)    Investments consisting of Cash Equivalents; 

(c)    Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of Borrower; 
 (d)    Investments consisting of deposit accounts in which Bank has
a perfected security interest; 
 (e)    Investments accepted in connection with Transfers permitted by
Section 7.1; 
 (f)    Investments consisting of the creation of a Subsidiary for the purpose of consummating a
merger transaction permitted by Section 7.3 of this Agreement, which is otherwise a Permitted Investment; 

 (g)    Investments (i) by Borrower in Subsidiaries not to exceed
Five Million Dollars ($5,000,000) in the aggregate in any trailing six (6) month period and (ii) by Subsidiaries in other Subsidiaries not to exceed Two Hundred Thousand Dollars ($200,000) in the aggregate in any fiscal year or in
Borrower; 
 (h)    Investments consisting of (i) travel advances and employee relocation loans and other employee
loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements
approved by Borrower’s Board of Directors; 
 (i)    Investments (including debt obligations) received in
connection with the bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(i)    Investments by Borrower in any Subsidiary made in connection with transfer pricing arrangements entered into in the
ordinary course of business in an aggregate amount not to exceed One Million Dollars ($1,000,000) in any fiscal year; and 

(k)    Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and
suppliers who are not Affiliates, in the ordinary course of business; provided that this paragraph (j) shall not apply to Investments of Borrower in any Subsidiary. 

“Permitted Liens” are: 

(a)    Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and
the other Loan Documents; 
 (b)    Liens for taxes, fees, assessments or other government charges or levies, either
(i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as
amended, and the Treasury Regulations adopted thereunder; 
 (c)    purchase money Liens (i) on Equipment acquired
or held by Borrower incurred for financing the acquisition of the Equipment securing no more than One Hundred Thousand Dollars ($100,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined
to the property and improvements and the proceeds of the Equipment; 
 (d)    Liens of carriers, warehousemen,
suppliers, or other Persons that are possessory in nature arising in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Hundred Thousand Dollars ($100,000)
and which are not delinquent or remain payable without penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

 (e)    Liens to secure payment of workers’ compensation, employment
insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f)    Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in
(a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g)    leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring
to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the
ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein;

 (h)    non-exclusive license of Intellectual Property granted to third
parties in the ordinary course of business, and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to
territory only as to discreet geographical areas outside of the United States; 
 (i)    Liens arising from attachments
or judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; and 

(j)    Liens in favor of other financial institutions arising in connection with Borrower’s deposit and/or securities
accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any
reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to
be the lowest rate of interest charged by Bank in connection with extensions of credit to debtors). 
 “Quick Assets” is,
on any date, Borrower’s consolidated, unrestricted cash and Cash Equivalents maintained with Bank and Bank’s Affiliates, plus the Borrower’s net billed accounts receivable, plus the Foreign Accounts. 

“Registered Organization” is any “registered organization” as defined in the Code with such additions to such term
as may hereafter be made. 

 “Requirement of Law” is as to any Person, the organizational or governing
documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to
which such Person or any of its property is subject. 
 “Reserves” means, as of any date of determination following an
Event of Default hereunder, such amounts as Bank may from time to time establish and revise in its good faith business judgment, reducing the amount of Advances and other financial accommodations which would otherwise be available to Borrower
(a) to reflect events, conditions, contingencies or risks which, as determined by Bank in its good faith business judgment, do or may adversely affect (i) the Collateral or any other property which is security for the Obligations or its
value (including without limitation any increase in delinquencies of Accounts), (ii) the assets, business or prospects of Borrower or any Guarantor, or (iii) the security interests and other rights of Bank in the Collateral (including the
enforceability, perfection and priority thereof); or (b) to reflect Bank’s reasonable belief that any collateral report or financial information furnished by or on behalf of Borrower or any Guarantor to Bank is or may have been incomplete,
inaccurate or misleading in any material respect. 
 “Responsible Officer” is any of the Chief Executive Officer, President
or VP of Finance of Borrower. 
 “Restricted License” is any material license or other agreement with respect to which
Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which a default under or termination
of could interfere with the Bank’s right to sell any Collateral. 
 “Revolving Line” is an aggregate principal amount
equal to Twenty Million Dollars ($20,000,000). 
 “Revolving Line Maturity Date” is January 31, 2018. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s
now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise requires,
each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower or Guarantor. 

 “Total Liabilities” is on any day, obligations that should, under GAAP, be
classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness. 
 “Trademarks” means
any trademark and servicemark rights, whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transaction Report” is that certain report of transactions and schedule of collections in the form attached hereto as
Exhibit D. 
 “Transfer” is defined in Section 7.1. 

“Warrant” is (i) the Initial Warrant and (ii) the Additional Warrant (if any) as defined in Section 3.3
hereof. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	SUMO LOGIC, INC.

			
		
	By:	 	 /s/ Ramin Sayar

	Name:	 	Ramin Sayar
	Title:	 	PRESIDENT AND CEO
		
	BANK:	 	
	
	SILICON VALLEY BANK

			
		
	By:	 	 /s/ Marina Bobrovich

	Name:	 	Marina Bobrovich
	Title:	 	Vice President

 EXHIBIT A 

COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral shall include all
Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in such Accounts and
such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security
interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 
 Pursuant to the terms of a
certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

BORROWING RESOLUTIONS 
  

 
 CORPORATE BORROWING CERTIFICATE 

 

			
	Borrower: SUMO LOGIC, INC.	  	Date: January 31, 2016
	BANK: Silicon Valley Bank	  	

 I hereby certify as follows, as of the date set forth above: 

1.    I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set forth below. 

2.    Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware.

 3.    Attached hereto are true, correct and complete copies of Borrower’s Articles/Certificate of Incorporation (including
amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth above. Such Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and
effect as of the date hereof. 
 4.    The following resolutions were duly and validly adopted by Borrower’s Board of Directors at
a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded,
amended or revoked, and Silicon Valley Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Borrower. 

RESOLVED, that any one of the following officers or employees of Borrower, whose names, titles and
signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	 	 Signature
	  	Authorized
to Add or
Remove
	Ramin Sayar	  	President & CEO	 	  
	  	☒
	Rick Hasselman	  	VP Finance	 	  
	  	☒
	Michelle Van Der Veen	  	Corporate Controller	 	  
	  	☐
	  
	  	  
	 	  
	  	☐

 RESOLVED FURTHER, that any one of the persons
designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

RESOLVED FURTHER, that such individuals may, on behalf of Borrower: 

Borrow Money. Borrow money from Bank. 

Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an
interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of Credit. Apply for letters of credit from Bank. 

Enter Derivative Transactions. Execute spot or forward foreign exchange contracts, interest rate swap agreements, or other derivative
transactions. 
 Issue Warrants. Issue warrants for Borrower’s capital stock. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including
documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effect these resolutions. 

RESOLVED FURTHER, that all acts authorized by the above resolutions and any prior acts relating thereto
are ratified. 
 5.    The persons listed above are Borrower’s officers or employees with their titles and signatures shown next to
their names. 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

	***	 If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the                      of
Borrower, hereby certify as to paragraphs 1 through 5 above, as of the date set forth above. 
  

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

			
	TO: SILICON VALLEY BANK	  	Date: January     , 2016
	FROM: SUMO LOGIC, INC.	  	

 The undersigned authorized officer of SUMO LOGIC, INC. (“Borrower”) certifies that under the terms
and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete
compliance for the period ending                      with all required covenants except as noted below; (2) there are no Events of Default;
(3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and
warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed
by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits
of which Borrower has not previously provided written notification to Bank. 
 Attached are the required documents supporting the
certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may
be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not
otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under
“Complies” column. 
  

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No
	Annual financial statement (CPA Audited, if required by Borrower’s board of directors) + CC	  	FYE within 180 days	  	Yes    No
	Annual financial statement (company prepared)	  	FYE within 30 days	  	
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No
	Transaction Report	  	Monthly within 30 days and with each request for an Advance	  	Yes    No
	SaaS Metrics Report	  	Monthly within 30 days	  	Yes    No
	Projections	  	FYE within 30 days	  	Yes    No

					
	 Performance Pricing
	  	 	  	 Applies

	Adjusted Quick Ratio greater than or equal to 1.75:1.00	  	Prime + 0.25%	  	Yes    No
	Adjusted Quick Ratio less than 1.75:1.00	  	Prime + 0.75%	  	Yes    No

 The following analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the
date of this Certificate. 
 Other Matters 
  

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes	  	No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  
  

									
	SUMO LOGIC, INC.	 		 	BANK USE ONLY	 		 	
					
	By:                                     
                                         
           	 		 	Received
by:                                        
                                	 		 	
					
	Name:                                     
                                         
      	 		 	Date:                                     
                                         
      	 		 	
	Title:                                     
                                         
        	 		 	Verified:                                    
                                         
 	 		 	
		 		 	Date:                                     
                                         
      	 		 	
		 		 	Compliance Status:                     Yes    No	 		 	

 Schedule 1 to Compliance Certificate 

Performance Pricing 
 Adjusted
Quick Ratio (Section 2.3(a)) 
  

					
	Required:	  	1.75:1.00 for Performance Pricing	  	
			
	Actual:	  		  	
			
	 A.
	  	Aggregate value of the unrestricted cash at Bank and Bank’s Affiliates + Foreign Accounts	  	$            
			
	 B.
	  	Aggregate value of the net billed accounts receivable of Borrower	  	$            
			
	 C.
	  	Quick Assets (the sum of lines A and B)	  	$            
			
	 D.
	  	Aggregate value of Obligations owing from Borrower to Bank	  	$            
			
	 E.
	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise reflected in line D above that matures within one
(1) year (less any deferred revenue balances)	  	$            
			
	 F.
	  	Current Liabilities (the sum of lines D and E)	  	$            
			
	 G.
	  	Quick Ratio (line C divided by line F)	  	

  

									
	 Is line G equal to or greater than 1.75:1:00?
	  				  			

  

					
	     
	 	               No, no performance pricing	  	 $             Yes, apply
performance pricing

 EXHIBIT D 

TRANSACTION REPORT 

[EXCEL spreadsheet to be provided separately from lending officer] 

 SVB Financial Group is proud of our business relationships and occasionally like to promote these
relationships. We would like to use your company’s information and logo for promotional and marketing purposes in SVB Financial Group member businesses (collectively “SVB”) materials. While we would appreciate your consent to all of
the uses listed below, please review and select all of the uses that you consent to below. 
  

	 	☐	 Marketing: You consent to SVB’s use of Company’s name, logo and images provided to us in written and
oral presentations, advertising, marketing and PR materials, professional lists, and Web sites. 

  

	 	☐	 Deal Terms: You consent to SVB’s inclusion of the size and type of any loan or credit facility alongside
your company’s name in any oral presentations, advertising, marketing and PR materials, customer lists, and Web sites. 

  

	 	☐	 Reference: You consent to SVB’s use of Company and representatives’ names as a reference for SVB.

  

	 	☐	 Testimonial: You consent to SVB’s use of Company and representatives’ names and quotations in written
and oral presentations, marketing and PR materials, and Web sites. Our practice is to send you a draft of any quotation concerning Company prior to publishing. 

 

	 	☐	 News release: You consent to SVB’s use of Company’s name, trademarks, service marks, quotations, and
images provided to us in the SVB’s news releases concerning Company. Our practice is to send you a draft of any news release concerning Company prior to publishing. 

Logos: Please submit your company’s logo in: 
  

	 	•	 	 Full color and black and white versions, with or without taglines, and 

 

	 	•	 	 At least 300 dpi in EPS, TIF, or JPG formats - please do not send PDF or Web site logos. 

Names: Please make sure to print the Company name, and any individual names and titles as you would like them displayed in materials or
lists.                                        
                                         
                                         
                                         
                                         
     
 Company Name 

You grant to SVB a limited license to use the information for the limited purposes above, which you can revoke upon written notice to SVB. The signer below
acknowledges that he or she has authority to bind the Company to this consent. SVB will not be responsible for versions that were printed prior to receiving notice revoking any such consent. Company is solely responsible for defense and maintenance
of its intellectual property. 
 Please return this completed form via email to logo@svb.com. If you have any questions, contact the SVB Marketing
Department at 650.855.3079. 

 ACCEPTED AND AGREED ON BEHALF OF
                     (“COMPANY” OR “YOU”: 
  

					
	  

	Name and Title	  	Signature	  	Date        
	
	  

	Address	  		  	
	
	  

	Phone Number	  	Email	  	

 FIRST AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 28 day of June, 2017, by and between
SILICON VALLEY BANK (“Bank”) and SUMO LOGIC, INC., a Delaware corporation (“Borrower”) whose address is 305 Main Street, Redwood City, CA 90463. 

RECITALS 

A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of January 31,
2016 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 

B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C.    Borrower has requested that Bank amend the Loan Agreement to (i) extend the Revolving Line Maturity Date
and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 
 D.    Bank
has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms. subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement. 
 2.    Amendments to Loan Agreement. 

2.1    Section 2.1.1 (Revolving Advances). Section 2.1.1(a) of the Loan Agreement hereby is amended and
restated in its entirety and replaced with the following: 
 “(a)    Availability. Subject to
the terms and conditions of this Agreement and to deduction of Reserves, Bank shall make Advances not exceeding the Availability Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date,
reborrowed, subject to the applicable terms and conditions precedent herein.” 

 2.2    Section 2.2 (Overadvances). Section 2.2 of the
Loan Agreement hereby is amended by deleting the reference to “the Default Rate” therein and inserting in lieu thereof “a per annum rate equal to the rate that is otherwise applicable to Advances plus five percent (5.0%)’’.

 2.3    Section 3.2 (Conditions Precedent to all Credit Extensions). Subsections (a) and (b) of
Section 3.2 of the Loan Agreement hereby are amended and restated in their entirety and replaced with the following: 

“(a)    timely receipt of the Credit Extension request and any materials and documents required by
Section 3.4; 
 (b)    the representations and warranties in this Agreement shall be true, accurate,
and complete in all material respects on the date of the proposed Credit Extension and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties
that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of
such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement
remain true, accurate, and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and” 

2.4    Section 3.3 (Condition Precedent to Credit Extensions in Excess of Ten Million Dollars ($10,000,000).
Section 3.3 of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following: 

“3.3    Condition Precedent to Credit Extensions in Excess of Ten Million Dollars
($10,000,000). Prior to the aggregate amount of Credit Extensions made by Bank to Borrower exceeding Ten Million Dollars ($10,000,000) for the first time, Borrower shall provide Bank with a Warrant to Purchase an amount of Borrower’s Series
F Preferred Stock which would, on a fully-diluted basis, represent a one hundredth of one percent (0.01%) ownership in Borrower if exercised (the “Additional Warrant”). The Additional Warrant shall be documented in a form substantially
similar to the Initial Warrant.” 
 2.5    Section 3.5 (Procedures for Borrowing). Section 3.5
of the Loan Agreement hereby is amended and restated in its entirety and replaced with the following: 
 “3.5
Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance (other than Advances under Section 2.1.2),

 
Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail by 12:00 p.m. Pacific time on the Funding Date of the Advance. Such notice shall be made by Borrower through
Bank’s online banking program, provided, however, if Borrower is not utilizing Bank’s online banking program, then such notice shall be in a written format acceptable to Bank that is executed by an Authorized Signer. Bank shall have
received satisfactory evidence that the Board has approved that such Authorized Signer may provide such notices and request Advances. In connection with any such notification, Borrower must promptly deliver to Bank by electronic mail or through
Bank’s online banking program such reports and information, including without limitation, sales journals, cash receipts journals, accounts receivable aging reports, as Bank may request in its sole discretion. Bank shall credit proceeds of an
Advance to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from an Authorized Signer or without instructions if the Advances are necessary to meet Obligations which have become due.” 

2.6    Section 6.2 (Financial Statements, Reports, Certificates). Section 6.2(b) of the Loan Agreement
hereby is amended and restated in its entirety and replaced with the following: 
 “(b)    if any
Advances are outstanding, within thirty (30) days after the last day of each month, or (b) if no Advances are outstanding, within thirty (30) days after the last day of each fiscal quarter, Details of Borrower’s Recurring revenue
including, without limitation, total Recurring Revenue, total customers, new subscriptions in process, the Advance Rate and the Churn Percentage;” 

2.7    Section 6.3 (Accounts Receivable). Section 6.3(c) of the Loan Agreement hereby is amended and
restated in its entirety and replaced with the following: 
 “(c)    Collection of Accounts.
Borrower shall direct Account Debtors to deliver or transmit all proceeds of Accounts into a lockbox account, or such other “blocked account” as specified by Bank (either such account, the “Cash Collateral Account”).
Subject to Bank’s right to maintain a reserve pursuant to Section 6.3(g), all amounts received in the Cash Collateral Account shall be applied to immediately reduce the Obligations (unless Bank, in its sole discretion, at times when an
Event of Default exists, elects not to so apply such amounts). In the event that an Event of Default has occurred and is continuing, Borrower hereby authorizes Bank to transfer to the Cash Collateral Account any amounts that Bank reasonably
determines are proceeds of the Accounts (provided that Bank is under no obligation to do so and this allowance shall in no event relieve Borrower of its obligations hereunder).” 

2.8    Section 6.3 (Accounts Receivable). Section 6.3(d) of the Loan Agreement hereby is amended and
restated in its entirety and replaced with the following: 
 “(d)    Verifications:
Confirmations; Credit Quality; Notifications. Bank may, from time to time, (i) verify and confirm directly with the respective Account 

 
Debtors the validity, amount and other matters relating to the Accounts, either in the name of Borrower or Bank or such other name as Bank may choose, and notify any Account Debtor of Bank’s
security interest in such Account and/or (ii) conduct a credit check of any Account Debtor to approve any such Account Debtor’s credit. 

2.9    Section 6.3 (Accounts Receivable). Section 6.3 of the Loan Agreement hereby is amended by
inserting the following appearing as subsection (1) thereto: 
 “(f)    Reserves.
Notwithstanding any terms in this Agreement to the contrary, at times when an Event of Default exists, Bank may hold any proceeds of the Accounts and any amounts in the Cash Collateral Account that are not applied to the Obligations pursuant to
Section 6.3(c) above as a reserve to be applied to any Obligations regardless of whether such Obligations are then due and payable.” 

2.10    Section 6.14 (Online Banking). New Section 6.14 is inserted immediately following
Section 6.13 of the Loan Agreement hereby, as follows: 
 “6.14 Online Banking. Utilize Bank’s online
banking platform for all matters requested by Bank which shall include, without limitation (and without request by Bank for the following matters), uploading information pertaining to Accounts and Account Debtors, requesting approval for exceptions,
requesting Credit Extensions, and uploading financial statements and other reports required to be delivered by this Agreement (including, without limitation, those described in Section 6.2 of this Agreement).” 

2.11    Section 8.2 (Covenant Default). Section 8.2(a) of the Loan Agreement hereby is amended and
restated in its entirety and replaced with the following: 
 “(a) Borrower fails or neglects to perform any obligation
in Sections 6.2, 6.5, 6.7, 6.8, 6.9, 6.12, 6.13, 6.14 or violates any covenant in Section 7; or” 

2.12    Section 9.2 (Power of Attorney). Section 9.2 of the Loan Agreement hereby is amended and
restated in its entirety and replaced with the following: 
 “9.2 Power of Attorney. Borrower hereby irrevocably
appoints Bank as its lawful attorney-in-fact, exercisable following the occurrence of an Event of Default, to: (a) endorse Borrower’s name on any checks,
payment instruments, or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) demand, collect, sue, and give releases to any Account Debtor
for monies due, settle and adjust disputes and claims about the Accounts directly with Account Debtors, and compromise, prosecute, or defend any action, claim, case, or proceeding about any Collateral (including filing a claim or voting a claim in
any bankruptcy case in Bank’s or Borrower’s name, as Bank chooses); (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, or
other claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the

 
Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any
documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and the Loan Documents have been
terminated. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and the Loan Documents
have been terminated.” 
 2.13    Section 13 (Definitions). The following terms and their respective
definitions set forth in Section 13.1 of the Loan Agreement hereby are amended and restated in their entirety and replaced with the following: 

“Revolving Line Maturity Date” is April 30, 2019. 

“Warrant” is (i) the Initial Warrant, (ii) the First Amendment Effective Date Warrant and
(iii) the Additional Warrant (if any) as defined in Section 3.3 hereof.” 
 2.14    Section 13
(Definitions). The following new defined terms are hereby inserted alphabetically in Section 13.1of the Loan Agreement, as follows: 

“First Amendment Effective Date” is June 4, 2017. 

“First Amendment Effective Date Warrant” that certain Warrant to Purchase Stock dated as of the First
Amendment Effective Date executed by Borrower in favor of Bank. 
 2.15    Section 13 (Definitions). The
following defined terms set forth in Section 13.1 of the Loan Agreement hereby are deleted in their entirety: 

“Transaction Report” 

2.16    Exhibit C. Exhibit C to the Loan Agreement hereby is replaced with Exhibit C attached hereto.

 2.17    Exhibit D. The Transaction Report (as defined in the Loan Agreement until the date of this
Amendment) appearing as Exhibit D to the Loan Agreement is deleted in its entirety. 
 3.    Limitation
of Amendments. 
 3.1    The amendments set forth in Section 2, above, are effective for the purposes set
forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy
which Bank may now have or may have in the future under or in connection with any Loan Document. 

 3.2    This Amendment shall be construed in connection with and
as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 4.    Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby
represents and warrants to Bank as follows: 
 4.1    Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement, as amended by this Amendment; 
 4.3    The organizational documents of Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5    The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 4.6    The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating
to or affecting creditors’ rights. 
 5.    Ratification of Perfection Certificate. Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated as of June 28, 2017, and acknowledges, confirms and agrees that the disclosures and information Borrower provided
to Bank in such Perfection Certificate have not changed, as of the date hereof. 

 6.    Integration. This Amendment and the Loan Documents
represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this
Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 7.    Counterparts.
This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8.    Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery
to Bank of this Amendment by each party hereto, (b) the due execution and delivery to Bank of the First Amendment Effective Date Warrant, (c) Borrower’s payment of (i) a fully-earned,
non-refundable amendment fee in an amount equal to Seven Thousand Five Hundred Dollars ($7,500) and (ii) Bank’s legal fees and expenses incurred in connection with this Amendment and (d) such
other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 
 [Signature page follows.] 

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

									
	BANK	 		 		 	BORROWER
				
	SILICON VALLEY BANK	 		 		 	SUMO LOGIC. INC.
					
	By:	 	 /s/ Julian Nash
	 		 	By:	 	 /s/ Ramin Sayar

	Name:	 	Julian Nash	 		 	Name:	 	Ramin Sayar
	Title:	 	VP	 		 	Title:	 	President + CEO

 SECOND AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

This Second Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 22 day of April, 2019, by and between
SILICON VALLEY BANK (“Bank”) and SUMO LOGIC, INC., a Delaware corporation (“Borrower”) whose address is 305 Main Street, Redwood City, CA 90463. 

RECITALS 

A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of January 31,
2016, as amended by that certain First Amendment to Loan and Agreement by and between Borrower and Bank dated as of June 28, 2017 (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan
Agreement”). 
 B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement.

 C.    Borrower has requested that Bank amend the Loan Agreement to extend the Revolving Line Maturity Date.

 D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in
accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement. 
 2.    Amendments to Loan Agreement. 

2.1    Section 13 (Definitions). The following term and its definition set forth in Section 13.1 of the
Loan Agreement hereby is amended and restated in its entirety and replaced with the following: 
 “Revolving Line Maturity
Date” is June 30, 2019. 
 2.2    New Addendum 1 is hereby added to the Perfection
Certificate in the form attached hereto. 

 3.    Limitation of Amendments. 

3.1    The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall
be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now
have or may have in the future under or in connection with any Loan Document. 
 3.2    This Amendment shall be
construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall
remain in full force and effect. 
 4.    Representations and Warranties. To induce Bank to enter into
this Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1    Immediately after giving
effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to
an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement, as amended by this Amendment; 
 4.3    The organizational documents of Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5    The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 4.6    The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, 

 
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to
or affecting creditors’ rights. 
 5.    Ratification of Perfection Certificate. Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information Borrower
provided to Bank in such Perfection Certificate have not changed, as of the date hereof, with the exception of inclusion of Addendum 1 to the Perfection Certificate attached hereto. 

6.    Integration. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
Amendment and the Loan Documents. 
 7.    Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8.    Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery
to Bank of this Amendment by each party hereto, (b) Borrower’s payment of Bank’s legal fees and expenses incurred in connection with this Amendment and (c) such other documents and completion of such other matters, as Bank may
reasonably deem necessary or appropriate. 
 [Signature page follows.] 

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

									
	BANK	 	BORROWER
		
	SILICON VALLEY BANK	 	SUMO LOGIC. INC.
					
	By:	 	 /s/ Ashlee Kaji
	 		 	By:	 	 /s/ Sydney Carey

	Name:	 	Ashley Kaji	 		 	Name:	 	Sydney Carey
	Title:	 	Director	 		 	Title:	 	CFO

 

 
 Addendum 1 to Perfection Certificate 

 

	1.	 Is the Company any of the following: 

 

	 	a.	 a public company or an issuer of securities that are registered with the Securities and Exchange Commission
under Section 12 of the Securities Exchange Act of 1934 or that is required to file reports under Section 15(d) of that Act; 

  

	 	b.	 an investment company registered with the Securities and Exchange Commission under the Investment Company Act
of 1940; 

  

	 	c.	 an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act
of 1940; or 

  

	 	d.	 a pooled investment vehicle operated or advised by a regulated financial institution (including an SEC-registered investment adviser)? 

Yes  ☐    No  ☒ 

If yes, skip to the signature page below. If no, continue to question 2: 

 

	2.	 Is the Company a pooled investment vehicle that is not operated or advised by a regulated
financial institution? 

 Yes  ☐    No  ☒ 

If yes, skip to question 4 below. If no, continue to question 3: 

 

	3.	 Does any individual, directly or indirectly (for example, if applicable, through such
individual’s equity interests in the Company’s parent entity), through any contract, arrangement, understanding, relationship or otherwise, own 25% or more of the equity interests of the Company: 

Yes    ☐    No  ☒ 

 If yes, complete the following information. If no, continue to question 4 below. 

 

													
	 	  	 Name
	  	 Date of

birth
	  	 Residential

address
	  	
For US
Persons,
Social
Security
Number:

(non-US
persons
should
provide
SSN if
available)
	  	
For Non-US
Persons: Type
of ID, ID

number,
country of
issuance,
expiration

date
	  	 Percentage

of
 ownership

(if indirect
ownership,
explain
structure)

	 1
	  		  		  		  		  		  	
	 2
	  		  		  		  		  		  	
	 3
	  		  		  		  		  		  	
	 4
	  		  		  		  		  		  	

  

	4.	 Identify one individual with significant responsibility for managing the Company, i.e., an executive officer or
senior manager (e.g., Chief Executive Officer, President, Vice President, Chief Financial Officer, Treasurer, Chief Operating Officer, Managing Member or General Partner) or any other individual who regularly performs similar functions. If
appropriate, an individual listed in the Perfection Certificate above may also be listed here. 

  

											
	 	  	 Name
	  	 Date of

birth
	  	Residential address	  	For US Persons,
Social Security
Number:
(non-US
persons should
provide SSN 
if
available)	  	For Non-US
Persons: Type of
ID, ID number,
country of
issuance,
expiration 
date
	 1
	  	To be provided separately

 [Balance of Page Intentionally Left Blank] 

 The undersigned hereby certifies, to the best of his or her knowledge, that the information set out in
this Addendum 1 to Perfection Certificate and the Perfection Certificate is true, complete and correct. 
 Date: 22 April 2019 

 

			
	By:	 	 /s/ Sydney Carey

	Name:	 	Sydney Carey
	Title:	 	CFO
	Email:	 	sydney@sumologic.com

  
 [Signature
Page to Addendum 1 to Perfection Certificate] 

 THIRD AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

This Third Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 30th day of June, 2019, by and between
SILICON VALLEY BANK (“Bank”) and SUMO LOGIC, INC., a Delaware corporation (“Borrower”). 
 RECITALS

 A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of
January 31, 2016 (as the same may from time to time be amended, modified, supplemented or restated, including without limitation, by that certain First Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of
June 28, 2017, and that Second Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of April 22, 2019, collectively, the “Loan Agreement”). 

B.    Bank has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C.    Borrower has requested that Bank amend the Loan Agreement to extend the Revolving Line Maturity Date. 

D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance
with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to
them in the Loan Agreement. 
 2.    Amendment to Loan Agreement. 

2.1    Section 13 (Definitions). The following term and its respective definition hereby is amended and
restated in its entirety in Section 13.1 of the Loan Agreement as follows: 
 “Revolving Line Maturity Date” is
July 31, 2019. 
 3.    Limitation of Amendment. 

3.1    This Amendment is effective for the purposes set forth herein and shall be limited precisely as written and
shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document. 

 3.2    This Amendment shall be construed in connection with and
as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 4.    Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby
represents and warrants to Bank as follows: 
 4.1    Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations
under the Loan Agreement, as amended by this Amendment; 
 4.3    The organizational documents of Borrower
delivered to Bank on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, have been duly authorized; 
 4.5    The execution and
delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower,
(b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the
organizational documents of Borrower; 
 4.6    The execution and delivery by Borrower of this Amendment and the
performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any
governmental or public body or authority, or subdivision thereof, binding on Borrower, except as already has been obtained or made; and 

4.7    This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower,
enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating
to or affecting creditors’ rights. 

 5.    Ratification of Perfection Certificate. Borrower
hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information
Borrower provided to Bank in such Perfection Certificate have not changed, as of the date hereof, with the exception of inclusion of Addendum 1 delivered in connection with the Second Amendment to Loan and Security Agreement. 

6.    Integration. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
Amendment and the Loan Documents. 
 7.    Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8.    Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery
to Bank of this Amendment by each party hereto, (b) Borrower’s payment of Bank’s legal fees and expenses incurred in connection with this Amendment, and (c) such other documents and completion of such other matters, as Bank may
reasonably deem necessary or appropriate. 
 [Balance of Page Intentionally Left Blank] 

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

									
	BANK	 		 	BORROWER
			
	SILICON VALLEY BANK	 		 	SUMO LOGIC, INC.
					
	By:	 	 /s/ Ashlee Kaji
	 		 	By:	 	 /s/ Sydney Carey

	Name:	 	Ashlee Kaji	 		 	Name:	 	Sydney Carey
	Title:	 	Director	 		 	Title:	 	CFO

 [Signature Page to Third Amendment to Loan and Security Agreement] 

 FOURTH AMENDMENT TO 

LOAN AND SECURITY AGREEMENT 

This Fourth Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 30th day of July, 2019, by and between
SILICON VALLEY BANK (“Bank”) and SUMO LOGIC, INC., a Delaware corporation (“Borrower”). 
 RECITALS

 A.    Bank and Borrower have entered into that certain Loan and Security Agreement dated as of
January 31, 2016 (as the same may from time to time be amended, modified, supplemented or restated, including without limitation, by that certain First Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of
June 28, 2017, that certain Second Amendment to Loan and Security Agreement by and between Borrower and Bank dated as of April 22, 2019, and that certain Third Amendment to Loan and Security Agreement by and between Borrower and Bank dated
as of June 30, 2019, collectively, the “Loan Agreement”). 
 B.    Bank has extended credit to
Borrower for the purposes permitted in the Loan Agreement. 
 C.    Borrower has requested that Bank amend the
Loan Agreement to (i) extend additional credit to Borrower, (ii) extend the Revolving Line Maturity Date, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D.    Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance
with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

Now, THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which
is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1.    Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them
in the Loan Agreement. 
 2.    Amendment to Loan Agreement. 

2.1    Section 3.3 (Condition Precedent to Credit Extensions in Excess of Ten Million Dollars ($10,000,000) ).
Section 3.3 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 
 “3.3 Condition
Precedent to Credit Extensions in Excess of Ten Million Dollars ($10,000,000). Prior to the aggregate amount of Credit Extensions made by Bank to Borrower exceeding Ten Million Dollars ($10,000,000) for the first time after the Fourth Amendment
Effective Date, Borrower shall provide Bank with a Warrant to Purchase 10,530 shares of 

 
Borrower’s Series G Preferred Stock (or Common Stock issued upon conversion thereof) (the “Additional Warrant”). The Additional Warrant shall be documented in a form
substantially similar to the Fourth Amendment Effective date Warrant.” 
 2.2    Section 6.8 (Operating
Accounts). Section 6.8(a) of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(a)     Maintain its primary and its Subsidiaries’ primary operating and other deposit accounts and securities
accounts with Bank, which accounts shall represent an amount equal to the lesser of (i) Fifty Million Dollars ($50,000,000), or (ii) eighty-five percent (85%) of the dollar value of all amounts held in Borrower’s and such
Subsidiaries’ accounts at all financial institutions.” 
 2.3    Section 6.12 (Formation or
Acquisition of Subsidiaries). Section 6.12 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“6.12    Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative
covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower or any Guarantor forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date (including, without limitation, pursuant to
a Division), Borrower and such Guarantor shall (a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower hereunder, together with
such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or
acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, and
(c) provide to Bank all other documentation in form and substance satisfactory to Bank which in its opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or
instrument executed or issued pursuant to this Section 6.12 shall be a Loan Document.” 

2.4    Section 7.1 (Dispositions). Section 7.1 of the Loan Agreement hereby is amended and restated in
its entirety to read as follows: 
 “7.1    Dispositions. Convey, sell, lease, transfer, assign, or
otherwise dispose of (including, without limitation, pursuant to a Division) (collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory
in the ordinary course of business; (b) of worn-out or obsolete Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course
of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of Borrower pe 1111itted under Section 7.2 of this Agreement; (e) consisting of
Borrower’s use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents; (f) of non-exclusive licenses for the use of the
property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive
as to territory only as to discreet geographical areas outside of the United States and (g) consisting of the use of cash in the ordinary course of business to the extent not otherwise prohibited hereunder.” 

 2.5    Section 7.2 (Changes in Business, Management, Control
or Business Locations). Section 7.2 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“7.2    Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit
any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank
of any Key Person departing from or ceasing to be employed by Borrower within five (5) days after his/her departure from Borrower; or (d) permit or suffer any Change in Control. 

Borrower shall not, without at least thirty (30) days prior written notice to Bank (1) change its jurisdiction of organization,
(2) change its organizational structure or type, (3) change its legal name, or (4) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral
valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the location to which Borrower
intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank.” 

2.6    Section 7.3 (Mergers or Acquisitions). Section 7.3 of the Loan Agreement hereby is amended and
restated in its entirety to read as follows: 
 “7.3    Mergers or Acquisitions. Merge or
consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without
limitation, by the formation of any Subsidiary or pursuant to a Division) (any such transaction, a “Merger”); provided, however, that Bank’s written consent shall not be required for (i) any Merger where immediately after
giving effect thereto Borrower’s Liquidity is greater than One Hundred Million Dollars ($100,000,000), or (ii) one or more Mergers effected in a single fiscal year with aggregate cash consideration paid of no more than Fifteen Million
Dollars ($15,000,000) (the “Annual M&A Allowance”), so long as immediately after giving effect thereto Borrower’s Liquidity is at least Thirty Million Dollars ($30,000,000) and provided further that in either of (i) or
(ii) above, Borrower has provided Bank with evidence reasonably satisfactory to Bank in its good faith business judgment demonstrating Borrower’s Liquidity in the amounts referenced in either of (i) or (ii) above, as applicable. A
Subsidiary may merge or consolidate into another Subsidiary or into Borrower.” 

 2.7    Section 13 (Definitions). The following terms and
their respective definitions hereby are added, or amended and restated in their entirety, in Section 13.1 of the Loan Agreement, as appropriate, as follows: 

“Division” means, in reference to any Person which is an entity, the division of such Person into two (2) or more
separate Persons, with the dividing Person either continuing or terminating its existence as part of such division, including, without limitation, as contemplated under Section 18-217 of the Delaware
Limited Liability Company Act for limited liability companies formed under Delaware law, or any analogous action taken pursuant to any other applicable law with respect to any corporation, limited liability company, partnership or other entity. 

“Fourth Amendment Effective Date” is July 30, 2019. 

“Fourth Amendment Effective Date Warrant” that certain Warrant to Purchase Stock dated as of the Fourth Amendment Effective
Date executed by Borrower in favor of Bank. 
 “Liquidity” is, at any time, the sum of (a) the aggregate amount of
unrestricted cash held at such time by Borrower in Deposit Accounts maintained with Bank, plus (b) the aggregate amount of unrestricted cash held at such time by Borrower outside Bank, but subject to Control Agreements in favor of Bank, plus
(c) the Foreign Accounts, plus (d) the Availability Amount. 
 “Quick Assets” is, on any date, the sum of
(a) Borrower’s consolidated, unrestricted cash and Cash Equivalents maintained with Bank and Bank’s Affiliates, plus (b) the aggregate amount of unrestricted cash held at such time by Borrower outside Bank, but subject to Control
Agreements in favor of Bank, plus (c) Borrower’s net billed accounts receivable, plus (d) the Foreign Accounts. 

“Revolving Line” is an aggregate principal amount equal to Twenty-Five Million Dollars ($25,000,000); provided, however, that
so long as no Event of Default has occurred, Borrower may request, during the term of this Agreement, that Bank increase the amount of the Revolving Line to an amount up to Fifty Million Dollars ($50,000,000). Any increase in the amount of the
Revolving Line shall be made in Bank’s sole discretion, based, in whole or in part on the following: (i) Bank’s review of Borrower’s most recent financial statements; (ii) Bank’s internal risk management review and
credit approval and (iii) Bank and Borrower entering into the an amendment to this Agreement in form and substance acceptable to Bank in its sole discretion (including but not limited to address pricing and structural changes). 

“Revolving Line Maturity Date” is July 31, 2021. 

“Warrant” is (i) the Initial Warrant, (ii) the First Amendment Effective Date Warrant, (iii) the Fourth
Amendment Effective Date Warrant, and (iv) the Additional Warrant (if any) as defined in Section 3.3 hereof. 

2.8    Exhibit C (including Schedule 1) of the Loan Agreement hereby is replaced with Exhibit C
(including Schedule 1) attached hereto. 
 3.    Limitation of Amendment. 

3.1    This Amendment is effective for the purposes set forth herein and shall be limited precisely as written and
shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the future under or
in connection with any Loan Document. 

 3.2    This Amendment shall be construed in connection with and
as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

 4.    Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby
represents and warrants to Bank as follows: 
 4.1    Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 

4.2    Borrower has the power and authority to execute and deliver this 

Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

4.3    The organizational documents of Borrower delivered to Bank on the 

Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force
and effect; 
 4.4    The execution and delivery by Borrower of this Amendment and the 

performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order,
judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6    The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations
under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or
subdivision thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7    This
Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, 

 
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to
or affecting creditors’ rights. 
 5.    Ratification of Perfection Certificate. Borrower hereby
ratifies, confirms and reaffirms, all and singular, the terms and disclosures contained in a certain Perfection Certificate dated on or prior to the Effective Date and acknowledges, confirms and agrees that the disclosures and information Borrower
provided to Bank in such Perfection Certificate have not changed, as of the date hereof, with the exception of inclusion of Addendum 1 delivered in connection with the Second Amendment to Loan and Security Agreement. 

6.    Integration. This Amendment and the Loan Documents represent the entire agreement about this subject
matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Amendment and the Loan Documents merge into this
Amendment and the Loan Documents. 
 7.    Counterparts. This Amendment may be executed in any number of
counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

8.    Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery
to Bank of (i) this Amendment by each party hereto, and (ii) the Fourth Amendment Effective Date Warrant, and (b) Borrower’s payment of (i) an amendment fee in an amount equal to Ten Thousand Dollars ($10,000), and
(ii) Bank’s legal fees and expenses incurred in connection with this Amendment, and (c) such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

[Balance of Page Intentionally Left Blank] 

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

									
	BANK	 		 	BORROWER
			
	SILICON VALLEY BANK	 		 	SUMO LOGIC, INC.
					
	By:	 	 /s/ Ashlee Kaji
	 		 	By:	 	
                     
                                         
                   

					
	Name:	 	Ashlee Kaji                    	 		 	Name:	 	
                     

					
	Title:	 	Director                    	 		 	Title:	 	
                     

  

[Signature Page to Fourth Amendment to Loan and Security Agreement] 

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

									
	BANK	 		 	BORROWER
			
	SILICON VALLEY BANK	 		 	SUMO LOGIC, INC.
					
	By:	 	
                     
                                        
	 		 	By:	 	 /s/ Sydney
Carey                                        
        

	  
 Name:
	 	  
  
	 		 	 Name:
 Title:
	 	 Sydney Carey
 CFO

	  
 Title:
	 	  
  
	 	

  

[Signature Page to Fourth Amendment to Loan and Security Agreement] 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:                     
	FROM:	  	SUMO LOGIC, INC.	  	

 The undersigned authorized officer of SUMO LOGIC, INC. (“Borrower”) certifies that under the terms
and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”):(1) Borrower is in complete compliance for the period ending
                     with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and
warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower,
and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted
pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously
provided written notification to Bank. 
 Attached are the required documents supporting the certification. The undersigned certifies that
these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of
determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the
meanings given them in the Agreement. 
 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

									
	 Reporting Covenants
	  	 Required
	  	Complies	 
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes
	  	 	No	 
				
	Annual financial statement (CPA Audited, if required by Borrower’s board of directors) + CC	  	FYE within 180 days	  	Yes	  	 	No	 
				
	Annual financial statement (company prepared)	  	FYE within 30 days	  		  			
				
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes	  	 	No	 
				
	SaaS Metrics Report	  	Monthly within 30 days	  	Yes	  	 	No	 
				
	Projections	  	FYE within 30 days	  	Yes	  	 	No	 

									
	 Performance Pricing
	  	Applies	 
	Adjusted Quick Ratio greater than or equal to 1.75:1.00	  	Prime + 0.25%	  	Yes	  	 	No	 
				
	Adjusted Quick Ratio less than 1.75:1.00	  	Prime + 0.75%	  	Yes	  	 	No	 

 The following analyses and information set forth in Schedule 1 attached hereto are true and accurate as of the
date of this Certificate. 
  
  

 Other Matters 
  

					
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes	  	No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  
  

									
	SUMO LOGIC, INC.	 		 	BANK USE ONLY
					
		 		 		 	Received by:	 	  

	By: 	 	  
	 		 		 	 AUTHORIZED SIGNER
  

	 Name:
	 	  
	 		 	Date:	 	  

	Title:	 	  
	 		 		 	
		 		 		 	Verified:	 	  

		 		 		 		 	AUTHORIZED SIGNER
					
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:    Yes     No

 Schedule 1 to Compliance Certificate 

 

			
	 I.         Performance Pricing —
Adjusted Quick Ratio (Section 2.3(a))
	 	
		
	 Required:
                    1.75:1.00 for Performance Pricing
	 	
		
	 Actual:
	 	
		
	 A.         Aggregate value of the unrestricted cash at
Bank and Bank’s Affiliates + Foreign Accounts
	 	$            
		
	 B.         Aggregate value of the net billed accounts
receivable of Borrower
	 	$            
		
	C.         Aggregate value of the unrestricted cash held at such time by Borrower outside Bank, but subject to Control Agreements in favor of Bank	 	
		
	D.         Quick Assets (the sum of lines A, B and C) $	 	$            
		
	E.         Aggregate value of Obligations owing from Borrower to Bank     $	 	$            
		
	F.         Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise
reflected in line D above that matures within one (1) year (less any deferred revenue balances)     $	 	$            
		
	G.         Current Liabilities (the sum of lines E and F) $	 	$            
		
	H.         Quick Ratio (line D divided by line G)	 	

  

							
	 Is line H equal to or greater than 1.75:1:00?

 
	  			
		 	     No, no performance pricing      Yes, apply performance pricingEX-4.1

 Exhibit 4.1 
  

 
 INDENTURE 

Dated as of 

[ 🌑 ], 2020 

Between 
 TENCENT MUSIC
ENTERTAINMENT GROUP 
 as Company 

and 
 THE BANK OF NEW
YORK MELLON 
 as Trustee 
  

 
 DEBT SECURITIES 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS 
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Rules of Construction
	  	 	10	 
		
	 ARTICLE II FORMS OF SECURITIES 
	  	 	11	 
			
	 Section 2.01
	 	 Form Generally
	  	 	11	 
	 Section 2.02
	 	 Form of Trustee’s Certificate of Authentication
	  	 	11	 
		
	 ARTICLE III THE DEBT SECURITIES 
	  	 	12	 
			
	 Section 3.01
	 	 Amount Unlimited; Issuable in Series
	  	 	12	 
	 Section 3.02
	 	 Denominations
	  	 	14	 
	 Section 3.03
	 	 Execution, Authentication, Delivery and Dating
	  	 	14	 
	 Section 3.04
	 	 Temporary Securities
	  	 	17	 
	 Section 3.05
	 	 Registrar
	  	 	17	 
	 Section 3.06
	 	 Transfer and Exchange
	  	 	18	 
	 Section 3.07
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	21	 
	 Section 3.08
	 	 Payment of Interest; Interest Rights Preserved
	  	 	22	 
	 Section 3.09
	 	 Cancellation
	  	 	23	 
	 Section 3.10
	 	 Computation of Interest
	  	 	23	 
	 Section 3.11
	 	 Currency of Payments in Respect of Securities
	  	 	23	 
	 Section 3.12
	 	 CUSIP Numbers
	  	 	25	 
		
	 ARTICLE IV REDEMPTION OF SECURITIES 
	  	 	25	 
			
	 Section 4.01
	 	 Applicability of Right of Redemption
	  	 	25	 
	 Section 4.02
	 	 Selection of Securities to be Redeemed
	  	 	25	 
	 Section 4.03
	 	 Notice of Redemption
	  	 	26	 
	 Section 4.04
	 	 Deposit of Redemption Price
	  	 	26	 
	 Section 4.05
	 	 Securities Payable on Redemption Date
	  	 	26	 
	 Section 4.06
	 	 Securities Redeemed in Part
	  	 	27	 
	 Section 4.07
	 	 Tax Redemption
	  	 	27	 
		
	 ARTICLE V SINKING FUNDS 
	  	 	28	 
			
	 Section 5.01
	 	 Applicability of Sinking Fund
	  	 	28	 
	 Section 5.02
	 	 Mandatory Sinking Fund Obligation
	  	 	28	 
	 Section 5.03
	 	 Optional Redemption at Sinking Fund Redemption Price
	  	 	29	 
	 Section 5.04
	 	 Application of Sinking Fund Payment
	  	 	29	 
		
	 ARTICLE VI PARTICULAR COVENANTS OF THE COMPANY 
	  	 	30	 
			
	 Section 6.01
	 	 Payments of Principal, Premium and Interest
	  	 	30	 
	 Section 6.02
	 	 Maintenance of Office or Agency; Paying Agent
	  	 	30	 
	 Section 6.03
	 	 To Hold Payment in Trust
	  	 	31	 
	 Section 6.04
	 	 Merger, Consolidation and Sale of Assets
	  	 	33	 

  
 i 

							
	 Section 6.05
	 	 Additional Amounts
	  	 	34	 
	 Section 6.06
	 	 Payment for Consent
	  	 	37	 
	 Section 6.07
	 	 Compliance Certificate
	  	 	37	 
	 Section 6.08
	 	 Conditional Waiver by Holders of Securities
	  	 	37	 
	 Section 6.09
	 	 Statement by Officers as to Default
	  	 	37	 
		
	 ARTICLE VII REMEDIES OF TRUSTEE AND SECURITYHOLDERS 
	  	 	37	 
			
	 Section 7.01
	 	 Events of Default
	  	 	37	 
	 Section 7.02
	 	 Acceleration; Rescission and Annulment
	  	 	39	 
	 Section 7.03
	 	 Other Remedies
	  	 	41	 
	 Section 7.04
	 	 Trustee
as Attorney-in-Fact
	  	 	41	 
	 Section 7.05
	 	 Priorities
	  	 	41	 
	 Section 7.06
	 	 Control by Securityholders; Waiver of Past Defaults
	  	 	42	 
	 Section 7.07
	 	 Limitation on Suits
	  	 	43	 
	 Section 7.08
	 	 Undertaking for Costs
	  	 	43	 
	 Section 7.09
	 	 Remedies Cumulative; Delay or Omission Not Waiver
	  	 	44	 
		
	 ARTICLE VIII CONCERNING THE SECURITYHOLDERS 
	  	 	44	 
			
	 Section 8.01
	 	 Evidence of Action of Securityholders
	  	 	44	 
	 Section 8.02
	 	 Proof of Execution or Holding of Securities
	  	 	45	 
	 Section 8.03
	 	 Persons Deemed Owners
	  	 	45	 
	 Section 8.04
	 	 Effect of Consents
	  	 	46	 
		
	 ARTICLE IX SECURITYHOLDERS’ MEETINGS 
	  	 	46	 
			
	 Section 9.01
	 	 Purposes of Meetings
	  	 	46	 
	 Section 9.02
	 	 Call of Meetings by Trustee
	  	 	46	 
	 Section 9.03
	 	 Call of Meetings by Company or Securityholders
	  	 	46	 
	 Section 9.04
	 	 Qualifications for Voting
	  	 	47	 
	 Section 9.05
	 	 Regulation of Meetings
	  	 	47	 
	 Section 9.06
	 	 Voting
	  	 	47	 
	 Section 9.07
	 	 No Delay of Rights by Meeting
	  	 	48	 
		
	 ARTICLE X REPORTS BY THE COMPANY AND THE TRUSTEE AND SECURITYHOLDERS’ LISTS 
	  	 	48	 
			
	 Section 10.01
	 	 Reports by Trustee
	  	 	48	 
	 Section 10.02
	 	 Reports by the Company
	  	 	48	 
	 Section 10.03
	 	 Securityholders’ Lists
	  	 	49	 
		
	 ARTICLE XI CONCERNING THE TRUSTEE 
	  	 	49	 
			
	 Section 11.01
	 	 Rights of Trustees; Compensation and Indemnity
	  	 	49	 
	 Section 11.02
	 	 Duties of Trustee
	  	 	52	 
	 Section 11.03
	 	 Notice of Defaults
	  	 	53	 
	 Section 11.04
	 	 Eligibility; Disqualification
	  	 	53	 
	 Section 11.05
	 	 Resignation and Notice; Removal
	  	 	54	 
	 Section 11.06
	 	 Successor Trustee by Appointment
	  	 	55	 
	 Section 11.07
	 	 Successor Trustee by Merger
	  	 	56	 

  
 ii 

							
	 Section 11.08
	 	 Right to Rely on Officers’ Certificate
	  	 	56	 
	 Section 11.09
	 	 Communications by Securityholders with Other Securityholders
	  	 	57	 
	 Section 11.10
	 	 Resignation by the Agents
	  	 	57	 
		
	 ARTICLE XII SATISFACTION AND DISCHARGE; DEFEASANCE 
	  	 	57	 
			
	 Section 12.01
	 	 Applicability of Article
	  	 	57	 
	 Section 12.02
	 	 Satisfaction and Discharge of Indenture
	  	 	57	 
	 Section 12.03
	 	 Defeasance upon Deposit of Moneys or U.S. Government Obligations
	  	 	58	 
	 Section 12.04
	 	 Repayment to Company
	  	 	61	 
	 Section 12.05
	 	 Indemnity for U.S. Government Obligations
	  	 	61	 
	 Section 12.06
	 	 Deposits to Be Held in Escrow
	  	 	61	 
	 Section 12.07
	 	 Application of Trust Money
	  	 	61	 
	 Section 12.08
	 	 Deposits of Non-U.S. Currencies
	  	 	62	 
		
	 ARTICLE XIII IMMUNITY OF CERTAIN PERSONS 
	  	 	62	 
			
	 Section 13.01
	 	 No Personal Liability
	  	 	62	 
		
	 ARTICLE XIV SUPPLEMENTAL INDENTURES
	  	 	62	 
			
	 Section 14.01
	 	 Without Consent of Securityholders
	  	 	62	 
	 Section 14.02
	 	 With Consent of Securityholders; Limitations
	  	 	64	 
	 Section 14.03
	 	 Trustee Protected
	  	 	65	 
	 Section 14.04
	 	 Effect of Execution of Supplemental Indenture
	  	 	66	 
	 Section 14.05
	 	 Notation on or Exchange of Securities
	  	 	66	 
	 Section 14.06
	 	 Conformity with TIA
	  	 	66	 
		
	 ARTICLE XV SUBORDINATION OF SECURITIES 
	  	 	66	 
			
	 Section 15.01
	 	 Agreement to Subordinate
	  	 	66	 
	 Section 15.02
	 	 Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities
	  	 	67	 
	 Section 15.03
	 	 No Payment on Securities in Event of Default on Senior Indebtedness
	  	 	68	 
	 Section 15.04
	 	 Payments on Securities Permitted
	  	 	68	 
	 Section 15.05
	 	 Authorization of Securityholders to Trustee to Effect Subordination
	  	 	69	 
	 Section 15.06
	 	 Notices to Trustee
	  	 	69	 
	 Section 15.07
	 	 Trustee as Holder of Senior Indebtedness
	  	 	69	 
	 Section 15.08
	 	 Modifications of Terms of Senior Indebtedness
	  	 	70	 
	 Section 15.09
	 	 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	70	 
	 Section 15.10
	 	 Satisfaction and Discharge; Defeasance and Covenant Defeasance
	  	 	70	 
	 Section 15.11
	 	 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	 	70	 
		
	 ARTICLE XVI MISCELLANEOUS PROVISIONS 
	  	 	70	 
			
	 Section 16.01
	 	 Certificates and Opinions as to Conditions Precedent
	  	 	70	 
	 Section 16.02
	 	 Trust Indenture Act Controls
	  	 	71	 

  
 iii 

							
	 Section 16.03
	 	 Notices to the Company and Trustee
	  	 	72	 
	 Section 16.04
	 	 Notices to Securityholders; Waiver
	  	 	72	 
	 Section 16.05
	 	 Legal Holiday
	  	 	73	 
	 Section 16.06
	 	 Judgment Currency
	  	 	73	 
	 Section 16.07
	 	 Effects of Headings and Table of Contents
	  	 	74	 
	 Section 16.08
	 	 Successors and Assigns
	  	 	74	 
	 Section 16.09
	 	 Severability
	  	 	74	 
	 Section 16.10
	 	 Benefits of Indenture
	  	 	74	 
	 Section 16.11
	 	 Counterparts
	  	 	74	 
	 Section 16.12
	 	 Governing Law; Waiver of Trial by Jury
	  	 	74	 
	 Section 16.13
	 	 Submission to Jurisdiction
	  	 	74	 
	 Section 16.14
	 	 Waiver of Immunity
	  	 	75	 
	 Section 16.15
	 	 Force Majeure
	  	 	75	 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Security
		
	EXHIBIT B	  	Form of Compliance Certificate

  
 iv 

 INDENTURE dated as of [ 🌑 ], 2020,
between Tencent Music Entertainment Group, an exempted company incorporated in the Cayman Islands (the “Company”), and The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York
with limited liability, as trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of debentures, notes, bonds
or other evidences of indebtedness (the “Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or more series as provided in this Indenture; and 

WHEREAS, all things necessary to make this Indenture a valid and legally binding agreement of the Company, in accordance with its terms, have
been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That, in consideration of the premises and the purchase of the Securities by the Holders (as defined below) thereof for the equal and
proportionate benefit of all of the present and future Holders of the Securities, each party agrees and covenants as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.01    Definitions. 

(a)    Unless otherwise defined in this Indenture or the context otherwise requires, all terms used herein shall have the
meanings assigned to them in the Trust Indenture Act. 
 (b)    Unless the context otherwise requires, the terms defined
in this Section 1.01(b) shall for all purposes of this Indenture have the meanings hereinafter set forth, the following definitions to be equally applicable to both the singular and the plural forms of any of the terms herein defined: 

“Additional Amounts” has the meaning provided in Section 6.05(a). 

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

“Agents” means the Paying Agent and the Registrar. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Board of Directors” means the board of directors elected or appointed by the shareholders of the Company to manage its
business or any committee of such board duly authorized to take the action purported to be taken by such committee. 

  

 “Board Resolution” means any resolution of the Board of Directors taking an
action which it is authorized to take and adopted at a meeting duly called and held at which a quorum of disinterested members (if so required) was present and acting throughout or adopted by written resolution executed by every member of the Board
of Directors. 
 “Business Day” means a day other than a Saturday, Sunday or a day on which banking institutions or trust
companies in the City of New York, Hong Kong or Beijing are authorized or obligated by law, regulation or executive order to remain closed 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or
other equivalents of or interests in (however designated) equity of such Person, including any Preferred Shares and limited liability or partnership interests (whether general or limited), but excluding any debt securities convertible or
exchangeable into such equity. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” means the Person named as the “Company” in the recitals, until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Order” means a written request or order signed in the name of the Company by (i) two Officers or (ii) one
Officer and either a Treasurer, an Assistant Treasurer, a Secretary or an Assistant Secretary of the Company. 
 “Consolidated
Affiliated Entity” of any Person means any corporation, association or other entity which is or is required to be consolidated with such Person under IFRS 10: Consolidated Financial Statements, IFRS 11: Joint Arrangements
and IFRS 12: Disclosure of Interests in Other Entities issued by the International Accounting Standards Board (including any changes, amendments or supplements thereto) or, if such Person prepares its financial statements in
accordance with accounting principles other than International Financial Reporting Standards, the equivalent of IFRS 10: Consolidated Financial Statements, IFRS 11: Joint Arrangements and IFRS 12: Disclosure of Interests in
Other Entities issued by the International Accounting Standards Board under such accounting principles. Unless otherwise specified herein, each reference to a Consolidated Affiliated Entity will refer to a Consolidated Affiliated Entity of
the Company. 
 “Controlled Entity” of any Person means a Subsidiary or a Consolidated Affiliated Entity of such Person.

 “Corporate Trust Office,” or other similar term, means the principal office of the Trustee at which at any particular
time its corporate trust business shall be administered, which office at the date hereof is located at 240 Greenwich Street, New York, NY 10286, United States of America; Attention: Global Corporate Trust – Tencent Music Entertainment Group;
Facsimile: + 1 212 815 5915, and shall include a reference to the Specified Corporate Trust Office, or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust
officer 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). 

“Covenant Defeasance” has the meaning provided in Section 12.03(c). 

  
 2 

 “CUSIP” means the identification number provided by the Committee on
Uniform Securities Identification Procedures. 
 “Currency” means U.S. Dollars or Foreign Currency. 

“Currency Determination Agent” has the meaning provided in Section 3.11(d). 

“Default” has the meaning provided in Section 11.03. 

“Defaulted Interest” has the meaning provided in Section 3.08(b). 

“Depositary” means, with respect to the Securities of any series issuable in whole or in part in the form of one or more
Global Securities, the Person designated as Depositary by the Company pursuant to Section 3.01 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect to the Securities of any such series shall
mean the Depositary with respect to the Securities of that series. 
 “Designated Currency” has the meaning provided in
Section 3.11(a). 
 “Discharged” has the meaning provided in Section 12.03(b). 

“Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S. Dollars, at any time for the
determination thereof, the amount of U.S. Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the base rate for the purchase of U.S. Dollars with the applicable foreign currency as quoted by the
Federal Reserve Bank of New York on the date of determination. 
 “Event of Default” has the meaning provided in
Section 7.01. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Exchange Rate” has the meaning provided in Section 3.11(d). 

“External Legal Counsel” means an external legal firm of nationally recognized standing that is reasonably acceptable to the
Trustee. 
 “FATCA” has the meaning provided in Section 6.05(a)(viii). 

“Floating Rate Security” means a Security that provides for the payment of interest at a variable rate determined
periodically by reference to an interest rate index specified pursuant to Section 3.01. 
 “Foreign Currency” means a
currency issued by the government of any country other than the United States or a composite currency, the value of which is determined by reference to the values of the currencies of any group of countries. 

“Global Security” means any Security that evidences all or part of a series of Securities, issued in fully-registered
certificated form to the Depositary for such series in accordance with Section 3.03 and bearing the legend prescribed in Section 3.03(f). 

  
 3 

 “Holder,” “Holder of Securities,” or
“Securityholder” mean the Person in whose name Securities are registered in the Register. 
 “IFRS” means
International Financial Reporting Standards as issued by the International Accounting Standards Board. 
 “Indebtedness”
means any and all obligations of a Person for money borrowed which, in accordance with IFRS, would be reflected on the balance sheet of such Person as a liability on the date as of which Indebtedness is to be determined. 

“Indenture” means this instrument and all indentures supplemental hereto entered into pursuant to the applicable provisions
hereof and shall include the terms of particular series of Securities established as contemplated by Section 3.01. 

“Independent Tax Consultant” means an independent accounting firm or consultant of nationally recognized standing. 

“Interest Payment Date” means, with respect to any Security, the Stated Maturity of an installment of interest on such
Security. 
 “ISIN” means the International Securities Identification Number. 

“Issue Date” means, with respect to any Security, the date on which such Security is originally issued under this Indenture.

 “Judgment Currency” has the meaning provided in Section 16.06. 

“Legal Defeasance” has the meaning provided in Section 12.03(b). 

“Mandatory Sinking Fund Payment” has the meaning provided in Section 5.01(b). 

“Maturity” means, with respect to any Security, the date on which the principal of such Security shall become due and payable
as therein and herein provided, whether by declaration, call for redemption or otherwise. 
 “Members” has the meaning
provided in Section 3.03(h). 
 “Officer” means the Chairman of the Board, the Chief Executive Officer, the President,
the Chief Financial Officer, any Vice President, the Treasurer or the Secretary of the Company or, in the event that the Company is a partnership or a limited liability company that has no such officers, a person duly authorized under applicable law
by the general partner, managers, members or a similar body to act on behalf of the Company. 
 “Officers’
Certificate” means a certificate signed by two Officers of the Company, one of whom is the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer, or by an Officer and either an
Assistant Treasurer or an Assistant Secretary of the Company. 
 “Opinion of Counsel” means an opinion in writing
reasonably acceptable to the Trustee signed by legal counsel, who may be counsel to the Company or who may be other counsel, that meets the applicable requirements provided for in Section 16.01. 

  
 4 

 “Optional Sinking Fund Payment” has the meaning provided in
Section 5.01(b). 
 “Original Issue Discount Security” means any Security that is issued with “original issue
discount” within the meaning of Section 1273(a) of the Code and the regulations thereunder and any other Security designated by the Company as issued with original issue discount for United States federal income tax purposes. 

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

(iii)    Securities that have been paid pursuant to Section 3.07(b) or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to a Responsible Officer of the Trustee proof satisfactory to it that such Securities are
held by a protected purchaser in whose hands such Securities are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of Securities of a series Outstanding
have performed 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) hereunder, Securities owned by the Company or any other obligor upon the Securities of such
series or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding unless the Company, such Affiliate or such other obligor owns all of such Securities, except that, in determining whether the
Trustee shall be protected in relying upon any such action, only Securities of such series for which the Trustee has received written notice to be so owned shall be so disregarded. Securities so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes its pledgee’s right to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon such Securities or any Affiliate of the Company or of such other
obligor. The Company shall furnish to the Trustee promptly an Officers’ Certificate listing and identifying all such Securities, 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 the provisions of Section 11.01, 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 such Securities not listed therein are
Outstanding for the purpose of any such determination and will not be responsible or liable to any person so relying on such Officers’ Certificate. In determining whether the Holders of the requisite principal amount of Outstanding Securities
of a series have performed any action hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purpose shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.02 and the principal amount of a Security denominated in a Foreign Currency that shall be deemed to be Outstanding for such purpose
shall be the amount calculated pursuant to Section 3.11(b). 

  
 5 

 “Paying Agent” means any Person authorized by the Company to pay the
principal of, premium, if any, or interest on any Securities on behalf of the Company. The Company may act as Paying Agent with respect to Securities of any series issued hereunder. 

“Payment Default” has the meaning provided in Section 7.01(e). 

“Person” means any individual, corporation, firm, limited liability company, partnership, joint venture, undertaking,
association, joint stock company, trust, unincorporated organization, trust, state, government or any agency or political subdivision thereof or any other entity (in each case whether or not being a separate legal entity). 

“Place of Payment” has the meaning provided in Section 3.01(h). 

“PRC” means the People’s Republic of China, excluding, for purposes of this definition, the Hong Kong Special
Administrative Region, the Macau Special Administrative Region and Taiwan. 
 “Predecessor Security” means, with respect to
any Security, every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security, and, for the purposes of this definition, any Security authenticated and delivered under Section 3.07 in lieu of a
lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security. 

“Preferred Shares,” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however
designated) that is preferred as to the payment of dividends upon liquidation, dissolution or winding up. 
 “Principal Controlled
Entities” at any time shall mean one of the Controlled Entities of the Company: 
 (i)    as to which one or
more of the following conditions is/are satisfied: 
 (A)    its total revenue or (in the case of one of
the Controlled Entities of the Company which has one or more Controlled Entities) consolidated total revenue attributable to the Company is at least 10% of the consolidated total revenue of the Company; 

(B)    its net profit or (in the case of one of the Controlled Entities of the Company which has one or
more Controlled Entities) consolidated net profit attributable to the Company (in each case before taxation and exceptional items) is at least 10% of the consolidated net profit of the Company (before taxation and exceptional items); or 

(C)    its net assets or (in the case of one of the Controlled Entities of the Company which has one or
more Controlled Entities) consolidated net assets attributable to the Company (in each case after deducting minority interests in Subsidiaries) are at least 10% of the consolidated net assets of the Company (after deducting minority interests in
Subsidiaries); 

  
 6 

 all as calculated by reference to the then latest audited financial statements (consolidated
or, as the case may be, unconsolidated) of the Controlled Entity of the Company and the then latest audited consolidated financial statements of the Company; provided that, in relation to clauses (A), (B) and (C) above: 

(1)    in the case of a corporation or other business entity becoming a Controlled Entity after the end of
the financial period to which the latest consolidated audited accounts of the Company relate, the reference to the then latest consolidated audited accounts of the Company and its Controlled Entities for the purposes of the calculation above shall,
until the consolidated audited accounts of the Company for the financial period in which the relevant corporation or other business entity becomes a Controlled Entity are issued, be deemed to be a reference to the then latest consolidated audited
accounts of the Company and its Controlled Entities adjusted to consolidate the latest audited accounts (consolidated in the case of a Controlled Entity which itself has Controlled Entities) of such Controlled Entity in such accounts; 

(2)    if at any relevant time in relation to the Company or any Controlled Entity which itself has
Controlled Entities, no consolidated accounts are prepared and audited, total revenue, net profit or net assets of the Company and/or any such Controlled Entity shall be determined on the basis of pro forma consolidated accounts prepared for this
purpose by or on behalf of the Company; 
 (3)    if at any relevant time in relation to any Controlled
Entity, no accounts are audited, its net assets (consolidated, if appropriate) shall be determined on the basis of pro forma accounts (consolidated, if appropriate) of the relevant Controlled Entity prepared for this purpose by or on behalf of the
Company; and 
 (4)    if the accounts of any Controlled Entity (not being a Controlled Entity referred
to in proviso (1) above) are not consolidated with the accounts of the Company, then the determination of whether or not such Controlled Entity is a Principal Controlled Entity shall be based on a pro forma consolidation of its accounts
(consolidated, if appropriate) with the consolidated accounts of the Company (determined on the basis of the foregoing); or 

(ii)    to which is transferred all or substantially all of the assets of a Controlled Entity which immediately prior to
the transfer was a Principal Controlled Entity; provided that, with effect from such transfer, the Controlled Entity which so transfers its assets and undertakings shall cease to be a Principal Controlled Entity (but without
prejudice to paragraph (i) above) and the Controlled Entity to which the assets are so transferred shall become a Principal Controlled Entity. 

An Officers’ Certificate delivered to the Trustee certifying in good faith as to whether or not a Controlled Entity is a Principal
Controlled Entity shall be conclusive in the absence of manifest error and the Trustee shall be entitled to rely conclusively upon such Officers’ Certificate (without further investigation or enquiry) and shall not be liable to any person for
so accepting and relying on such Officers’ Certificate. 

  
 7 

 “Prospectus” means the prospectus, dated
[ 🌑 ], 2020, relating to the offering of Securities. 
 “Record Date”
means, with respect to any interest payable on any Security on any Interest Payment Date, the close of business on such date specified in such Security for the payment of interest pursuant to Section 3.01. 

“Redemption Date” means, when used with respect to any Security to be redeemed, in whole or in part, the date fixed for such
redemption by or pursuant to this Indenture and the terms of such Security, which, in the case of a Floating Rate Security, unless otherwise specified pursuant to Section 3.01, shall be an Interest Payment Date only. 

“Redemption Price” means, when used with respect to any Security to be redeemed, in whole or in part, the price at which it
is to be redeemed pursuant to the terms of the Security and this Indenture. 
 “Register” has the meaning provided in
Section 3.05(a). 
 “Registrar” has the meaning provided in Section 3.05(a). 

“Relevant Jurisdiction” has the meaning provided in Section 6.05(a). 

“Responsible Officer” means, with respect to the Trustee, any managing director, vice president, trust associate,
relationship manager, transaction manager, client service manager, any trust officer or any other officer located at the Specified Corporate Trust Office of the Trustee who customarily performs functions similar to those performed by any 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 in each such case, who shall have direct responsibility
for the day to day administration of this Indenture. 
 “SEC” means the United States Securities and Exchange Commission,
as constituted from time to time. 
 “Security” or “Securities” means any security or securities, as the
case may be, duly authenticated by the Trustee and delivered under this Indenture. 
 “Security Custodian” means the
custodian with respect to any Global Security appointed by the Depositary, or any successor Person thereto, and shall initially be the Paying Agent. 

“Senior Indebtedness” means the principal of, premium, if any, or interest on (i) Indebtedness of the Company, whether
outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed other than (A) any Indebtedness of the Company which when incurred, and without respect to any election under Section 1111(b) of the
Bankruptcy Code, was without recourse to the Company, (B) any Indebtedness of the Company to any of its Subsidiaries, (C) Indebtedness to any employee of the Company, (D) any liability for taxes, (E) Trade Payables and
(F) any Indebtedness of the Company which is expressly subordinate in right of payment to any other Indebtedness of the Company, and (ii) renewals, extensions, modifications and refundings of any such Indebtedness. For purposes of the
foregoing and the definition of “Senior Indebtedness,” the phrase “subordinated in right of payment” means debt subordination only and not lien subordination, and accordingly, (x) unsecured indebtedness shall not be
deemed to be subordinated in right of payment to secured indebtedness merely by virtue of the fact that it is unsecured, and (y) junior liens, second liens and other contractual arrangements that provide for priorities among Holders of the same
or different issues of indebtedness with respect to any collateral or the proceeds of collateral shall not constitute subordination in right of payment. This definition may be modified or superseded by a supplemental indenture. 

  
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 “Special Record Date” has the meaning provided in Section 3.08(b)(i).

 “Specified Corporate Trust Office” means The Bank of New York Mellon, Hong Kong Branch located at Level 26, Three
Pacific Place, 1 Queen’s Road East, Hong Kong; Attention: Corporate Trust – Tencent Music Entertainment Group; Facsimile: +852 2295 3283. 

“Stated Maturity” means, when used with respect to any Security or any installment of interest thereon, the date specified in
such Security as the fixed date on which the principal (or any portion thereof) of or premium, if any, on such Security or such installment of interest is due and payable. 

“Subsidiary” of any Person means (i) any corporation, association or other business entity (other than a partnership,
joint venture, limited liability company or similar entity) of which more than 50% of the total ordinary voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof (or Persons performing similar functions) or (ii) any partnership, joint venture limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general or limited partnership interests, as applicable, is, in the case of clauses (i) and (ii), voting at the time owned or controlled, directly or indirectly, by (A) such Person, (B) such Person and one or more
Subsidiaries of such Person or (C) one or more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company. 

“Successor Company” has the meaning provided in Section 3.06(i). 

“Successor Jurisdiction” has the meaning provided in Section 6.05(d). 

“Tax Change” has the meaning provided in Section 4.07(a). 

“Taxes” has the meaning provided in Section 6.05(a). 

“Total Equity” as of any date, means the total equity attributable to the Company’s shareholders on a consolidated basis
determined in accordance with IFRS, as shown on the consolidated balance sheet of the Company for the most recent fiscal quarter. 

“Trade Payables” means accounts payable or any other Indebtedness or monetary obligations to trade creditors created or
assumed by the Company or any Subsidiary of the Company in the ordinary course of business (including guarantees thereof or instruments evidencing such liabilities). 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended. 

  
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 “Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture until a successor Trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or
include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that
series. 
 “U.S. Dollars” or “US$” means such currency of the United States as at the time of payment
shall be legal tender for the payment of public and private debts. 
 “U.S. Government Obligations” means securities that
are (i) direct obligations of the United States for the payment of which its full faith and credit is pledged or (ii) obligations of an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a
full faith and credit obligation by the United States, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal
of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such
depositary receipt. 
 “United States” shall mean the United States of America (including the States and the District of
Columbia), its territories and its possessions and other areas subject to its jurisdiction. 
 “Voting Stock” of a Person
means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election of directors, managers or trustees, as applicable, of such Person. 

Section 1.02    Rules of Construction. For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires: 
 (a)    the words “herein”,
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 

(b)    references to “Article” or “Section” or other subdivision herein are references
to an Article, Section or other subdivision of the Indenture, unless the context otherwise requires; and 

(c)    references to any agreement, instrument, statute or regulation defined or referred to herein or in any instrument
establishing the terms of any Securities (or executed in connection therewith) are references to such agreement, instrument, statute or regulation as from time to time amended, modified, supplemented or replaced, including (in the case of agreements
or instruments) by waiver or consent and by succession of comparable successor agreements, instruments, statutes or regulations. 

  
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 ARTICLE II 

FORMS OF SECURITIES 

Section 2.01    Form Generally. 

(a)    The Securities of each series shall be substantially in the form set forth in Exhibit A attached hereto or as shall
be established pursuant to a Company Order, Officers’ Certificate or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate 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 on which any series of the Securities may be listed or of any automated quotation system on
which any such series may be quoted, or to conform to usage, all as determined by the officers executing such Securities as conclusively evidenced by their execution of such Securities. 

(b)    The terms and provisions of the Securities shall constitute, and are hereby expressly made, a part of this
Indenture, and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Indenture expressly agree to such terms and provisions and to be bound thereby. 

Section 2.02    Form of Trustee’s Certificate of Authentication. 

(a)    Only such of the Securities as shall bear thereon a certificate substantially in the form of the Trustee’s
certificate of authentication hereinafter recited, executed by the Trustee by manual or electronic signature, shall be valid or become obligatory for any purpose or entitle the Holder thereof to any right or benefit under this Indenture. 

(b)    Each Security shall be dated the date of its authentication. 

(c)    The form of the Trustee’s certificate of authentication to be borne by the Securities shall be substantially
as follows: 
 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

					
	 Date of authentication:
                    
	 	 THE BANK OF NEW YORK MELLON,

as Trustee

		 	 By:
	 	  

		 		 	 Name:

		 		 	 Title:

  
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 ARTICLE III 

THE DEBT SECURITIES 

Section 3.01    Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may
be authenticated and delivered under this Indenture is unlimited. The Securities may be issued from time to time in one or more series. There shall be set forth in a Company Order, Officers’ Certificate or in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series: 
 (a)    the title of the Securities of the series (which
shall distinguish the Securities of such series from the Securities of all other series, except to the extent that additional Securities of an existing series are being issued); 

(b)    any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.04, Section 3.06, Section 3.07,
Section 4.06, or Section 14.05) and the percentage or percentages of principal amount at which the Securities of the series will be issued; 

(c)    the dates on which or periods during which the Securities of the series may be issued, and the dates on, or the
range of dates within, which the principal of and premium, if any, on the Securities of such series are or may be payable or the method by which such date or dates shall be determined or extended; 

(d)    the rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such
rate or rates shall be determined, the date or dates from which such interest shall accrue, or the method by which such date or dates shall be determined, the Interest Payment Dates on which any such interest shall be payable, and the Record Dates
for the determination of Holders to whom interest is payable on such Interest Payment Dates or the method by which such date or dates shall be determined, the right, if any, to extend or defer interest payments and the duration of such extension or
deferral; 
 (e)    if other than U.S. Dollars, the Foreign Currency in which Securities of the series shall be
denominated or in which payment of the principal of, premium, if any, or interest on the Securities of the series shall be payable and any other terms applicable thereto; 

(f)    if the amount of payment of principal of, premium, if any, or interest on, the Securities of the series may be
determined with reference to an index, formula or other method including, but not limited to, an index based on a Currency or Currencies other than that in which the Securities are stated to be payable, the manner in which such amounts shall be
determined; 
 (g)    if the principal of, premium, if any, or interest on, Securities of the series are to be payable,
at the election of the Company or a Holder thereof, in a Currency other than that in which the Securities are denominated or stated to be payable without such election, the period or periods within which, and the terms and conditions upon which,
such election may be made and the time and the manner of determining the Exchange Rate (in addition to or in lieu of the provision set forth in Section 3.11) between the Currency in which the Securities are denominated or payable without such
election and the Currency in which the Securities are to be paid if such election is made; 

  
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 (h)    the place or places, if any, in addition to or instead of the
Corporate Trust Office of the Trustee where the principal of, premium, if any, and interest on Securities of the series shall be payable, and where Securities of any series may be presented for registration of transfer, exchange or conversion, and
the place or places where notices and demands to or upon the Company in respect of the Securities of such series may be made (each such place, the “Place of Payment”); 

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

(j)    the obligation or right, if any, of the Company to redeem, purchase or repay Securities of the series pursuant to
any sinking fund, amortization or analogous provisions or at the option of a Holder thereof and the price or prices at which, the period or periods within which or the date or dates on which, the Currency or Currencies in which and the terms and
conditions upon which Securities of the series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

(k)    if other than denominations of US$2,000 and multiples of US$1,000 in excess thereof, the denominations in which
Securities of the series shall be issuable; 
 (l)    if other than the principal amount thereof, the portion of the
principal amount of the Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.02; 

(m)    whether the Securities of the series are to be issued as Original Issue Discount Securities and the amount of
discount or premium, if any, with which such Securities may be issued; 
 (n)    provisions, if any, for the defeasance
of Securities of the series in whole or in part and any addition or change in the provisions related to satisfaction and discharge; 

(o)    whether the Securities of the series are to be issued in whole or in part in the form of one or more Global
Securities and, in such case, (i) the Depositary for such Global Security or Securities, (ii) the form of legend in addition to or in lieu of that in Section 3.03(f) which shall be borne by such Global Security and (iii) the
terms and conditions, if any, upon which interests in such Global Security or Securities may be exchanged in whole or in part for the individual Securities represented thereby; 

(p)    the date as of which any Global Security of the series shall be dated if other than the original issuance of the
first Security of the series to be issued; 
 (q)    the form of the Securities of the series; 

(r)    whether the Securities of the series are subject to subordination and the terms of such subordination; 

(s)    whether the Securities of the series shall be secured; 

(t)    the securities exchange(s) or automated quotation system(s) on which the Securities of the series will be listed or
admitted to trading, as applicable, if any; 

  
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 (u)    any restriction or condition on the transferability of the
Securities of the series; 
 (v)    any addition or change in the provisions related to compensation and reimbursement
of the Trustee which applies to the Securities of the series; 
 (w)    any addition or change in the provisions related
to supplemental indentures set forth in Section 14.01, Section 14.02 and Section 14.04 which applies to the Securities of the series; 

(x)    provisions, if any, granting special rights to Holders upon the occurrence of specified events; 

(y)    any addition to or change in the Events of Default which applies to any Securities of the series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 7.02 and any addition or change in the provisions set forth in Article VII which applies to
Securities of the series; 
 (z)    any addition to or change in the covenants set forth in Article VI which applies to
the Securities of the series; and 
 (aa)    any other terms of the Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 14.01, but which may modify or delete any provision of this Indenture insofar as it applies to such series), including any terms which may be required by or
advisable under the laws of the United States or regulations thereunder or advisable (as determined by the Company) in connection with the marketing of Securities of the series. 

All Securities of any one series shall be substantially identical, except as to denomination and except as may otherwise be provided herein or
set forth in a Company Order, Officers’ Certificate or in one or more indentures supplemental hereto; provided that, if additional Securities of an Outstanding series are issued, such additional Securities shall not have the
same CUSIP, ISIN or other identifying number as outstanding Securities of any series unless such additional Securities are fungible with the Outstanding Securities of such series for U.S. federal income tax purposes. 

Section 3.02    Denominations. In the absence of any specification pursuant to Section 3.01 with respect
to Securities of any series, the Securities of such series shall be issuable only as Securities in denominations of US$2,000 and multiples of US$1,000 in excess thereof, and shall be payable only in U.S. Dollars. 

Section 3.03    Execution, Authentication, Delivery and Dating. 

(a)    The Securities shall be executed in the name and on behalf of the Company by an Officer. Such signatures may be the
manual or facsimile signatures of the present or any future such Officer. If the Person whose signature is on a Security no longer holds that office at the time the Security is authenticated and delivered, the Security shall nevertheless be valid.

  
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 (b)    At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities and, if required pursuant to
Section 3.01, a supplemental indenture, Company Order or Officers’ Certificate setting forth the terms of the Securities of a series. The Trustee shall thereupon authenticate and deliver such Securities without any further action by the
Company. The Company Order shall specify the principal amount of Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. 

(c)    In authenticating the first Securities of any series and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall receive, and (subject to Section 11.02) shall be fully protected in relying upon, an Officers’ Certificate, prepared in accordance with Section 16.01 stating that the
conditions precedent, if any, provided for in the Indenture have been complied with, and an Opinion of Counsel, prepared in accordance with Section 16.01 and substantially in the form set forth below: 

(i)    that the form or forms of such Securities have been established in accordance with Article II and
Section 3.01 and in conformity with the other provisions of this Indenture; 
 (ii)    that the
terms of such Securities have been established in accordance with Section 3.01 and in conformity with the other provisions of this Indenture; 

(iii)    that such Securities, when authenticated and delivered by the Trustee and issued by the Company in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles; and 

(iv)    that all conditions precedent, if any, provided for in the Indenture in respect of the
authentication and delivery by the Company of such Securities have been complied with. 
 Notwithstanding the provisions of the preceding
paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to
the authentication of each Security of such series if such Officers’ Certificate or Opinion of Counsel is delivered at or prior to the authentication upon original issuance of the first Security of such series to be
issued; provided that nothing in this clause (c) is intended to derogate Trustee’s rights to receive an Officers’ Certificate and Opinion of Counsel under Section 16.01. 

(d)    The Trustee shall have the right to decline to authenticate and deliver the Securities under this Section 3.03
if the issue of the Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise. 

(e)    Each Security shall be dated the date of its authentication. 

  
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 (f)    If the Company shall establish pursuant to Section 3.01 that
the Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall authenticate and deliver one or more Global Securities that (i) shall represent
an aggregate amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such Global Securities, (ii) shall be registered, if in registered form, in the name of the Depositary for such Global
Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE 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. 
 The aggregate principal amount of each Global Security may from time to time be increased or decreased by
adjustments made on the records of the Security Custodian, as provided in this Indenture. 
 (g)    Each Depositary
designated pursuant to Section 3.01 for a Global Security in registered form must, at the time of its designation and at all times while it serves as such Depositary, be a clearing agency registered under the Exchange Act and any other
applicable statute or regulation. 
 (h)    Members of, or participants in, the Depositary (“Members”)
shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary or by the Security Custodian under such Global Security, and the Depositary may be treated by the Company, the Trustee, the Paying
Agent and the Registrar and any of their agents as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee, the Paying Agent or the Registrar or any
of their agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Members, the operation of customary practices of the Depositary governing the
exercise of the rights of an owner of a beneficial interest in any Global Security. The Holder of a Global Security may grant proxies and otherwise authorize any Person, including Members and Persons that may hold interests through Members, to take
any action that a Holder is entitled to take under this Indenture or the Securities. 
 (i)    No Security shall be
entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in one of the forms provided for herein duly executed by the Trustee by manual
or electronic signature of an authorized signatory of the Trustee, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to
the benefits of this Indenture. 

  
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 Section 3.04    Temporary Securities. 

(a)    Pending the preparation of definitive Securities of any series, the Company may execute and, upon receipt of a
Company Order, the Trustee shall authenticate and deliver, temporary Securities that are printed, lithographed, typewritten, mimeographed or otherwise reproduced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such temporary Securities may determine, as conclusively evidenced by their
execution of such temporary Securities. Any such temporary Security may be in global form, representing all or a portion of the Outstanding Securities of such series. Every such temporary Security shall be executed by the Company and shall be
authenticated and delivered by the Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Security or Securities in lieu of which it is issued. 

(b)    If temporary Securities of any series are issued, the Company shall cause definitive Securities of such series to
be prepared without unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of such temporary Securities
at the office or agency maintained by the Company in a Place of Payment for such purposes provided in Section 6.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations and of like tenor. Until so exchanged, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

(c)    Upon any exchange of a portion of a temporary Global Security for a definitive Global Security or for the
individual Securities represented thereby pursuant to this Section 3.04 or Section 3.06, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of the principal amount evidenced thereby, whereupon the
principal amount of such temporary Global Security shall be reduced for all purposes by the amount so exchanged and endorsed. 

Section 3.05    Registrar. 

(a)    The Company shall keep, at an office or agency to be maintained by it in a Place of Payment where Securities may be
presented for registration or presented and surrendered for registration of transfer or of exchange, and where Securities of any series that are convertible or exchangeable may be surrendered for conversion or exchange, as applicable (the
“Registrar”), a security register for the registration and the registration of transfer or of exchange of the Securities (the registers maintained in such office and in any other office or agency of the Company in a Place of Payment
being herein sometimes collectively referred to as the “Register”), as in this Indenture provided, which Register shall during normal office hours be open for inspection by the Trustee. Such Register shall be in written form or in
any other form capable of being converted into written form within a reasonable time. The Company may have one or more co-Registrars; the term “Registrar” includes any co-registrar. 
 (b)    The Company shall enter into an appropriate agency
agreement with any Registrar or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the
Trustee of the name and address of each such agent. If the Company fails to maintain a Registrar for any series, the Trustee may act as such. The Company or any Affiliate thereof may act as
Registrar, co-Registrar or transfer agent. 

  
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 (c)    The Company hereby initially appoints The Bank of New York Mellon
located at 240 Greenwich Barclay Street, New York, New York 10286, United States of America as Registrar in connection with the Securities and this Indenture. So long as The Bank of New York Mellon serves as Registrar, it will be entitled as
Registrar to the same rights of compensation, reimbursement and indemnification under Section 11.01 and Section 11.02 as the Trustee. No Person shall at any time be appointed as or act as Registrar unless such Person is at such time
empowered under applicable law to act as such Registrar. 
 Section 3.06    Transfer and Exchange. 

(a)    Transfer. 

(i)    Upon surrender for registration of transfer of any Security of any series at the Registrar, the
Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee, one or more new Securities of the same series for like aggregate principal amount of any authorized denomination or denominations. The
transfer of any Security shall not be valid as against the Company or the Trustee unless registered at the Registrar at the request of the Holder, or at the request of his, her or its attorney duly authorized in writing. 

(ii)    Notwithstanding any other provision of this Section, unless and until it is exchanged in whole or
in part for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by
a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

(b)    Exchange. 

(i)    At the option of the Holder, Securities of any series (other than a Global Security, except as set
forth below) may be exchanged for other Securities of the same series for like aggregate principal amount of any authorized denomination or denominations, upon surrender of the Securities to be exchanged at the Registrar. 

(ii)    Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 

(c)    Exchange of Global Securities for Individual Securities. Except as provided below, owners of beneficial
interests in Global Securities shall not be entitled to receive individual Securities. 

(i)    Individual Securities shall be issued to all owners of beneficial interests in a Global Security in
exchange for such interests if at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the
Securities of such series shall no longer be eligible under Section 3.03(g) and, in each case, a successor Depositary is not appointed by the Company within 90 days of such notice. 

  
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 In connection with the exchange of an entire Global Security for individual
Securities pursuant to this subsection (c), such Global Security shall be deemed to be surrendered to the Registrar for cancellation, and the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery
of individual Securities of such series, shall authenticate and deliver to each beneficial owner identified by the Depositary in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of individual
Securities of authorized denominations. 
 (ii)    The owner of a beneficial interest in a Global
Security shall be entitled to receive an individual Security in exchange for such interest if an Event of Default has occurred and is continuing. Upon receipt by the Security Custodian and Registrar of instructions from the Holder of a Global
Security directing the Security Custodian and Registrar to (x) issue one or more individual Securities in the amounts specified to the owner of a beneficial interest in such Global Security and (y) debit or cause to be debited an
equivalent amount of beneficial interest in such Global Security, subject to the rules and regulations of the Depositary: 

(A)    the Security Custodian and Registrar shall notify the Company and the Trustee of such instructions,
identifying the owner and amount of such beneficial interest in such Global Security; 
 (B)    the
Company shall promptly execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series, shall authenticate and deliver to such beneficial owner individual Securities in an
equivalent amount to such beneficial interest in such Global Security; and 
 (C)    the Security
Custodian and Registrar shall decrease such Global Security by such amount in accordance with the foregoing. In the event that the individual Securities are not issued to each such beneficial owner promptly after the Registrar has received a request
from the Holder of a Global Security to issue such individual Securities, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 7.07, the right of any beneficial Holder of Securities
to pursue such remedy with respect to the portion of the Global Security that represents such beneficial Holder’s Securities as if such individual Securities had been issued. 

(iii)    If specified by the Company pursuant to Section 3.01 with respect to a series of Securities,
the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for individual Securities of such series on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver at the expense of the Company, without service charge, 

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

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

(iv)    In any exchange provided for in clauses (i) through (iii), the Company shall execute and the
Trustee shall authenticate and deliver individual Securities in registered form in authorized denominations. 

(v)    Upon the exchange in full of a Global Security for individual Securities, such Global Security shall
be cancelled by the Registrar. Individual Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Registrar. The Company shall deliver such Securities to the Persons in whose names such Securities are so registered. 

(d)    All Securities issued upon any registration of transfer or exchange of Securities shall be valid obligations of the
Company evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such registration of transfer or exchange. 

(e)    Every Security presented or surrendered for registration of transfer or exchange, or for payment shall (if so
required by the Company, the Trustee or the Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company, the Trustee and the Registrar, duly executed by the Holder thereof or
by his, her or its attorney duly authorized in writing. 
 (f)    No service charge shall be made for any registration
of transfer or exchange of Securities. The Company may require payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other
than those expressly provided in this Indenture to be made at the Company’s own expense or without expense or charge to the Holders. 

(g)    The Company shall not be required to (i) register, transfer or exchange Securities of any series during a
period beginning at the opening of business 15 calendar days before the day of the transmission of a notice of redemption of Securities of such series selected for redemption under Section 4.03 and ending at the close of business on the day of
such transmission, or (ii) register, transfer or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

(h)    Prior to the due presentation for registration of transfer or exchange of any Security, the Company, the Trustee,
the Paying Agent, the Registrar, any co-Registrar or any of their agents may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for all purposes whatsoever, and none of the Company, the Trustee, the Paying Agent, the Registrar,
any co-Registrar or any of their agents shall be affected by any notice to the contrary. 

  
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 (i)    In case a successor Company (“Successor
Company”) has executed an indenture supplemental hereto with the Trustee pursuant to Article XIV, any of the Securities authenticated or delivered pursuant to such transaction may, from time to time, at the request of the Successor
Company, be exchanged for other Securities executed in the name of the Successor Company with such changes in phraseology and form as may be appropriate, but otherwise identical to the Securities surrendered for such exchange and of like principal
amount; and the Trustee, upon Company Order of the Successor Company, shall authenticate and deliver Securities as specified in such Company Order for the purpose of such exchange. If Securities shall at any time be authenticated and delivered in
any new name of a Successor Company pursuant to this Section 3.06 in exchange or substitution for or upon registration of transfer of any Securities, such Successor Company, at the option of the Holders but without expense to them, shall
provide for the exchange of all Securities at the time Outstanding for Securities authenticated and delivered in such new name. 

(j)    Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result
from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of this Indenture and/or applicable United States federal or state securities laws. 

(k)    The Trustee and the Agents 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 Security 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. 

(l)    Neither the Trustee nor the Agents shall have any responsibility for any actions taken or not taken by the
Depositary. 
 Section 3.07    Mutilated, Destroyed, Lost and Stolen Securities. 

(a)    If (i) any mutilated Security is surrendered to the Trustee at its Corporate Trust Office or (ii) the
Company and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company and the Trustee security and/or indemnity satisfactory to them to save each of them and any
Paying Agent harmless, and neither the Company nor the Trustee receives notice that such Security has been acquired by a protected purchaser, then the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Security, a new Security of the same series and of like tenor, form, terms and principal amount, bearing a number not contemporaneously Outstanding, and neither gain nor loss
in interest shall result from such exchange or substitution. 
 (b)    In case any such mutilated, destroyed, lost or
stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay the amount due on such Security in accordance with its terms. 

  
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 (c)    Upon the issuance of any new Security under this
Section 3.07, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in respect thereto and any other expenses (including the fees and expenses of the Trustee) in connection
therewith. 
 (d)    Every new Security of any series issued pursuant to this Section shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that series duly issued hereunder. 
 (e)    The provisions of this Section 3.07 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.08    Payment of Interest; Interest Rights Preserved. 

(a)    Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name such Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest notwithstanding the cancellation of such Security upon any transfer or
exchange subsequent to the Record Date. Payment of interest on Securities shall be made at the Corporate Trust Office (except as otherwise specified pursuant to Section 3.01) or, if the Company acts as its own paying agent, at the option of the
Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder. 

(b)    Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest
Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Record Date by virtue of his, her or its having been such a Holder, and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in clause (i) or (ii) below: 
 (i)    The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted
Interest (a “Special Record Date”), which shall be fixed in the following manner. The Company shall notify the Trustee and the Paying Agent (at least 20 calendar days prior to any proposed payment date in writing of the amount of
Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect
of such Defaulted Interest or shall make arrangements satisfactory to the Paying Agent for such deposit 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 Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the
proposed payment and not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall notify the Company of such Special Record Date and the Company shall provide notice of the proposed payment
of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the Holders of such Securities at their addresses as they appear in the Register, not less than 10 calendar days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (ii). 

  
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 (ii)    The Company may make payment of any Defaulted
Interest on Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed or of any automated quotation system on which any such Securities may be quoted, and upon such
notice as may be required by such exchange or quotation system, as applicable. 
 (c)    Subject to the foregoing
provisions in this Section 3.08, each Security delivered under this Indenture in exchange or substitution for, or upon registration of transfer of, any other Security shall carry all the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 
 Section 3.09    Cancellation. Unless otherwise specified
pursuant to Section 3.01 for Securities of any series, all Securities surrendered for payment, redemption, registration of transfer or exchange or credit against any sinking fund or otherwise shall, if surrendered to any Person other than the
Registrar, be delivered to the Registrar for cancellation and shall be promptly cancelled by it and, if surrendered to the Registrar, shall be promptly cancelled by it. The Company may at any time deliver to the Registrar for cancellation any
Securities previously authenticated and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Securities so delivered shall be promptly cancelled by the Registrar. No Securities shall be authenticated in lieu of or
in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. The Registrar shall dispose of all cancelled Securities held by it in accordance with its then customary procedures, unless
otherwise directed by a Company Order, and deliver a certificate of such disposal to the Company upon its request therefor. The acquisition of any Securities by the Company shall not operate as a redemption or satisfaction of the Indebtedness
represented thereby unless and until such Securities are surrendered to the Registrar for cancellation. 

Section 3.10    Computation of Interest. Except as otherwise specified pursuant to Section 3.01
for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months. 
 Section 3.11    Currency of Payments
in Respect of Securities. 
 (a)    The Company may provide pursuant to Section 3.01 for Securities of
any series that (i) the obligation, if any, of the Company to pay the principal of, premium, if any, and interest on, the Securities of any series in a Foreign Currency or U.S. Dollars (the “Designated Currency”) as may be
specified pursuant to Section 3.01 is of the essence and agrees that, to the fullest extent possible under applicable law, judgments in respect of such Securities shall be given in the Designated Currency; (ii) the obligation of the
Company to make payments in the Designated Currency of the principal of, premium, if any, and interest on such Securities shall, notwithstanding any payment in any other Currency (whether pursuant to a judgment or otherwise), be discharged only to
the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with normal banking procedures, purchase with the sum paid in such other Currency (after any premium and cost of exchange) on the business
day in the country of issue of the Designated Currency or in the international banking community (in the case of a composite currency) immediately following the day on which such Holder receives such payment; (iii) if the amount in the
Designated Currency that may be so purchased for any reason falls short of the amount originally due, the Company shall pay such additional amounts as may be necessary to compensate for such shortfall; and (iv) any obligation of the Company not
discharged by such payment shall be due as a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect. Notwithstanding the foregoing, unless otherwise specified pursuant to
Section 3.01for Securities of any series, payment of the principal of, premium, if any, and interest on, Securities of such series shall be made in U.S. Dollars. 

  
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 (b)    If the principal of, premium, if any, or interest on any Security
is payable in a Foreign Currency and such Currency is not available to the Company for making payment thereof due to the imposition of exchange controls or other circumstances beyond the control of the Company, the Company shall be entitled to
satisfy its obligations to Holders of the Securities by making such payment in U.S. Dollars in an amount equivalent of the amount payable in such other Currency at the Exchange Rate as determined pursuant to clause (d) below. Notwithstanding
any provisions to the contrary herein, any payment made under such circumstances in U.S. Dollars where the required payment is in a Currency other than U.S. Dollars shall not constitute an Event of Default under this Indenture. 

(c)    For purposes of any provision of the Indenture where the Holders of Outstanding Securities may perform an action
that requires that a specified percentage of the Outstanding Securities of all series perform such action and for purposes of any decision or determination by the Trustee of amounts due and unpaid for the principal of, premium, if any, and interest
on, the Securities of all series in respect of which moneys are to be disbursed ratably, the principal of, premium, if any, and interest on, the Outstanding Securities denominated in a Foreign Currency shall be the amount in U.S. Dollars based upon
the Exchange Rate as determined pursuant to clause (d) below (or as specified pursuant to Section 3.01, if applicable) for Securities of such series, as of the date for determining whether the Holders entitled to perform such action have
performed it or as of the date of such decision or determination by the Trustee, as the case may be. 
 (d)    Any
decision or determination to be made regarding the Exchange Rate shall be made by the Company or an agent appointed by the Company (the Company, in such capacity, or such agent, the “Currency Determination
Agent”); provided that such agent shall accept such appointment in writing and the terms of such appointment shall, in the opinion of the Company at the time of such appointment, require such agent to make such
determination by a method consistent with the method provided pursuant to Section 3.01 for the making of such decision or determination. Unless otherwise specified pursuant to Section 3.01, “Exchange Rate” shall mean, for
any Currency, the noon buying rate in New York City for cable transfers for such Currency as the applicable Exchange Rate, as such rate is reported or otherwise made available by the Federal Reserve Bank of New York on the date of such payment, or,
if such rate is not then available, on the basis of the most recently available rate. All decisions and determinations of such agent regarding the Exchange Rate shall, in the absence of manifest error, be conclusive for all purposes and irrevocably
binding upon the Company, the Trustee, the Paying Agent and all Holders of the Securities. 

  
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 Section 3.12    CUSIP Numbers. The Company in issuing any
Securities may use CUSIP, ISIN or other similar numbers, if then generally in use, and thereafter with respect to such series, the Trustee and the Agents may use such numbers in any notice of redemption or exchange, as a convenience to Holders, with
respect to such series; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee and the Agents of
any change in the CUSIP, ISIN or other similar numbers. 
 ARTICLE IV 

REDEMPTION OF SECURITIES 

Section 4.01    Applicability of Right of Redemption. Redemption of Securities (other than pursuant to a
sinking fund, amortization or analogous provision) permitted by the terms of any series of Securities shall be made (except as otherwise specified pursuant to Section 3.01 for Securities of any series) in accordance with this
Article; provided, however, that if any such terms of a series of Securities shall conflict with any provision of this Article, the terms of such series shall govern. 

Section 4.02    Selection of Securities to be Redeemed. 

(a)    If the Company shall at any time elect to redeem all or any portion of the Securities of a series then Outstanding,
it shall at least 15 calendar days (or such shorter period acceptable to the Trustee) prior to the date the notice of redemption is to be mailed, notify the Trustee of such Redemption Date and of the principal amount of Securities to be redeemed. If
less than all of the Securities of a series are to be redeemed, the Securities for redemption will be selected as follows: (i) if the Securities are listed on a securities exchange then in compliance with the rules of such securities exchange
and/or if the Securities are held through the clearing systems then in compliance with the rules and procedures of the clearing systems, or (ii) if the Securities are not listed on a securities exchange or held through the clearing systems,
then by lot or such other method as the trustee shall deem to be fair and appropriate in its sole and absolute discretion or as otherwise required by applicable law; provided that the unredeemed portion of the principal amount of
any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. In any case where more than one Security of such series is registered in the same name, the Trustee may treat
the aggregate principal amount so registered as if it were represented by one Security of such series. The Trustee shall, as soon as practicable in the event Securities are held in certificated form, notify the Company in writing of the Securities
and portions of Securities so selected. 
 (b)    For all purposes of this Indenture, unless the context otherwise
requires, all provisions relating to the redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security that has been or is to be redeemed. If the
Company shall so direct, Securities registered in the name of the Company, any Affiliate or any Subsidiary thereof shall not be included in the Securities selected for redemption. 

  
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 Section 4.03    Notice of Redemption. 

(a)    Notice of redemption shall be given by the Company not less than 30 nor more than 60 calendar days prior to the
Redemption Date, to the Holders of Securities of any series to be redeemed in whole or in part and the Trustee pursuant to this Article, in the manner provided in Section 16.04; provided that the Trustee be provided with the
draft notice at least 15 days prior to sending such notice of redemption. Any notice given in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. Failure to give such
notice, or any defect in such notice to the Holder of any Security of a series designated for redemption, in whole or in part, shall not affect the sufficiency of any notice of redemption with respect to the Holder of any other Security of such
series. 
 (b)    All notices of redemption shall identify the Securities to be redeemed (including CUSIP, ISIN or other
similar numbers, if available) and shall state: 
 (i)    such election by the Company to redeem
Securities of such series pursuant to provisions contained in this Indenture or the terms of the Securities of such series in a Company Order, Officers’ Certificate or a supplemental indenture establishing such series, if such be the case; 

(ii)    the Redemption Date; 

(iii)    the Redemption Price; 

(iv)    if less than all Outstanding Securities of any series are to be redeemed, the identification (and,
in the case of partial redemption, the principal amounts) of the Securities of such series to be redeemed; 

(v)    that on the Redemption Date the Redemption Price shall become due and payable upon each such
Security to be redeemed, and that, if applicable, interest thereon shall cease to accrue on and after said date; 

(vi)    the Place or Places of Payment where such Securities are to be surrendered for payment of the
Redemption Price; and 
 (vii)    if applicable, that the redemption is for a sinking fund, if such is
the case. 
 Section 4.04    Deposit of Redemption Price. On or prior to 11:00 a.m., New York City time, one
Business Day prior to the Redemption Date for any Securities, the Company shall deposit with the Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 6.03) an amount of money in the
Currency in which such Securities are denominated (except as provided pursuant to Section 3.01) sufficient to pay the Redemption Price of such Securities or any portions thereof that are to be redeemed on that date. 

Section 4.05    Securities Payable on Redemption Date. If notice of redemption has been given as above
provided, any Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price and from and after such date (unless the Company shall Default in the payment of the Redemption Price) such Securities shall
cease to bear interest, and, except as provided in Section 12.07, such Securities shall cease from and after the Redemption Date to be entitled to any benefit or security under the Indenture, and the Holders thereof shall have no right in
respect of such Securities except the right to receive the Redemption Price thereof and unpaid interest to the Redemption Date. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the
Paying Agent with the moneys deposited in accordance with Section 4.04 above at the Redemption Price (unless the Company shall Default in the payment of the Redemption Price); provided, however, that
(unless otherwise provided pursuant to Section 3.01) installments of interest that have a Stated Maturity on or prior to the Redemption Date for such Securities shall be payable according to the terms of such Securities and the
provisions of Section 3.08. 

  
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 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal thereof shall, until paid or duly provided for, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

Section 4.06    Securities Redeemed in Part. Any Security that is to be redeemed only in part shall be
surrendered at the Corporate Trust Office or such other office or agency of the Company as is specified pursuant to Section 3.01 with, if the Company, the Registrar or the Trustee so requires, due endorsement by, or a written instrument of
transfer in form satisfactory to the Company, the Registrar and the Trustee duly executed by the Holder thereof or his, her or its attorney duly authorized in writing, and the Company shall execute, and the Trustee shall authenticate and deliver to
the Holder of such Security, without service charge, a new Security or Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered; provided that if a Global Security is so surrendered, the Company shall execute, and the Trustee shall authenticate and deliver to the Depositary for
such Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Security providing appropriate space
for such notation, at the option of the Holder thereof, the Registrar, in lieu of delivering a new Security or Securities as aforesaid, may make a notation on such Security of the payment of the redeemed portion thereof. 

Section 4.07    Tax Redemption. 

(a)    Each series of Securities may be redeemed at any time, at the option of the Company, in whole but not in part, upon
written notice as described below, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to, but not including, the Redemption Date, if (i) as a result of any change in, or
amendment to, the laws or regulations of the Relevant Jurisdiction (or, in the case of Additional Amounts payable by a successor Person to the Company, the applicable Successor Jurisdiction), or any change in the official application or official
interpretation of, or the stating of an official position with respect to, such laws or regulations (including a holding by a court of competent jurisdiction), which change or amendment becomes effective on or after the Issue Date of the first
tranche of the applicable series of debt securities (or, in the case of Additional Amounts payable by a successor Person to the Company that is not organized or tax resident in a jurisdiction that was already a Relevant Jurisdiction prior to the
date of such succession, the date on which such successor Person to the Company became a successor to the Company pursuant to the applicable provisions of this Indenture) (a “Tax Change”), the Company or any such successor Person to
the Company is, or would be, obligated to pay Additional Amounts upon the next payment of principal, premium, if any, or interest in respect of such Securities and (ii) such obligation cannot be avoided by the Company or any such successor
Person to the Company taking reasonable measures available to it, provided that changing the jurisdiction of the Company or such successor Person to Company is not a reasonable measure for purposes of this Section 4.07(a). 

  
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 (b)    Prior to the giving of any notice of redemption of the Securities
pursuant to Section 4.07(a), the Company or any such successor Person to the Company shall deliver to the Trustee (i) a notice of such redemption election, (ii) an opinion of External Legal Counsel or an opinion of an Independent Tax
Consultant to the effect that the Company or any such successor Person to the Company is, or would become, obligated to pay such Additional Amounts as the result of a Tax Change and (iii) an Officers’ Certificate from the Company or any
such successor Person to the Company, stating that such amendment or change has occurred and stating that such requirement cannot be avoided by the Company or any such successor Person to the Company taking reasonable measures available to it. The
Trustee shall be entitled to accept and rely conclusively upon such Officers’ Certificate and opinion as sufficient evidence of the conditions precedent described in Section 4.07(a), in which event it shall be conclusive and binding on the
relevant Holders. 
 (c)    Any redemption of Securities pursuant to Section 4.07 shall be made (except as
otherwise specified pursuant to Section 3.01 for Securities of any series) in accordance with this Article; provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the
Company or any such successor Person to the Company would be required to pay Additional Amounts if a payment in respect of such Securities was then due. 

ARTICLE V 
 SINKING
FUNDS 
 Section 5.01    Applicability of Sinking Fund. 

(a)    Redemption of Securities permitted or required pursuant to a sinking fund for the retirement of Securities of a
series by the terms of such series of Securities shall be made in accordance with such terms of such series of Securities and this Article, except as otherwise specified pursuant to Section 3.01 for Securities of such
series; provided, however, that if any such terms of a series of Securities shall conflict with any provision of this Article, the terms of such series shall govern. 

(b)    The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein
referred to as a “Mandatory Sinking Fund Payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “Optional Sinking Fund Payment.”
If provided for by the terms of Securities of any series, the cash amount of any Mandatory Sinking Fund Payment may be subject to reduction as provided in Section 5.02. 

Section 5.02    Mandatory Sinking Fund Obligation. The Company may, at its option, satisfy any Mandatory
Sinking Fund Payment obligation, in whole or in part, with respect to a particular series of Securities by (a) delivering to the Paying Agent Securities of such series in transferable form theretofore purchased or otherwise acquired by
the Company or redeemed at the election of the Company pursuant to Section 4.03 or (b) receiving credit for Securities of such series (not previously so credited) acquired by the Company and theretofore delivered to the Paying Agent. The Paying
Agent shall credit such Mandatory Sinking Fund Payment obligation with an amount equal to the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such Mandatory Sinking Fund Payment
shall be reduced accordingly. If the Company shall elect to so satisfy any Mandatory Sinking Fund Payment obligation, it shall deliver to the Trustee and the Paying Agent not less than 45 calendar days prior to the relevant sinking fund payment date
a written notice signed on behalf of the Company by an Officer, which shall designate the Securities (and portions thereof, if any) so delivered or credited and which shall be accompanied by such Securities (to the extent not theretofore delivered)
in transferable form. In case of the failure of the Company, at or before the time so required, to give such notice and deliver such Securities, the Mandatory Sinking Fund Payment obligation shall be paid entirely in moneys. 

  
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 Section 5.03    Optional Redemption at Sinking Fund Redemption
Price. In addition to the sinking fund requirements of Section 5.02, to the extent, if any, provided for by the terms of a particular series of Securities, the Company may, at its option, make an Optional Sinking Fund Payment with respect
to such Securities. Unless otherwise provided by such terms, (a) to the extent that the right of the Company to make such Optional Sinking Fund Payment is not exercised in any year, it shall not be cumulative or carried forward to any
subsequent year, and (b) such optional payment shall operate to reduce the amount of any Mandatory Sinking Fund Payment obligation as to Securities of the same series. If the Company intends to exercise its right to make such optional
payment in any year, it shall deliver to the Trustee and the Paying Agent not less than 45 calendar days prior to the relevant sinking fund payment date a certificate signed by an Officer, stating that the Company shall exercise such optional right,
and specifying the amount which the Company shall pay on or before the next succeeding sinking fund payment date. Such certificate shall also state that no Event of Default has occurred and is continuing. 

Section 5.04    Application of Sinking Fund Payment. 

(a)    If the sinking fund payment or payments made in funds pursuant to either Section 5.02 or Section 5.03
with respect to a particular series of Securities plus any unused balance of any preceding sinking fund payments made in funds with respect to such series shall exceed US$50,000 (or a lesser sum if the Company shall so request, or such equivalent
sum for Securities denominated other than in U.S. Dollars), it shall be applied by the Paying Agent on the sinking fund payment date next following the date of such payment; provided that, if the date of such payment shall be a
sinking fund payment date, such payment shall be applied on such sinking fund payment date to the redemption of Securities of such series at the Redemption Price specified pursuant to Section 4.03(b). The Securities of such series shall be
selected, in the manner provided in Section 4.02, for redemption on such sinking fund payment date, a sufficient principal amount of Securities of such series to absorb said funds, as nearly as may be, and shall, at the expense and in the name
of the Company, thereupon cause notice of redemption, prepared by the Company, of the Securities to be given in substantially the manner provided in Section 4.03(a) for the redemption of Securities in part at the option of the Company, except
that the notice of redemption shall also state that the Securities are being redeemed for the sinking fund. Any sinking fund moneys not so applied by the Paying Agent to the redemption of Securities of such series shall be added to the next sinking
fund payment received in funds by the Paying Agent and, together with such payment, shall be applied in accordance with the provisions of this Section 5.04. Any and all sinking fund moneys held by the Paying Agent on the last sinking fund
payment date with respect to Securities of such series, and not held for the payment or redemption of particular Securities of such series, shall be applied by the Paying Agent to the payment of the principal of the Securities of such series at
Maturity. 

  
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 (b)    On or prior to each sinking fund payment date, the Company shall
pay to the Paying Agent a sum equal to all interest accrued to, but not including, the Redemption Date on Securities to be redeemed on such sinking fund payment date pursuant to this Section 5.04. 

(c)    The Paying Agent shall not be required to redeem any Securities of a series with sinking fund moneys or mail any
notice of redemption of Securities of such series by operation of the sinking fund during the continuance of a Default in payment of interest on any Securities of such series or of any Event of Default (other than an Event of Default occurring as a
consequence of this paragraph) of which the Paying Agent has written notice, except that if the notice of redemption of any Securities of such series shall theretofore have been mailed in accordance with the provisions hereof, the Paying Agent shall
redeem such Securities if funds sufficient for that purpose shall be deposited with the Paying Agent in accordance with the terms of this Article. Except as above provided, any moneys in the sinking fund at the time any such Default or Event of
Default shall occur and any moneys thereafter paid into the sinking fund shall, during the continuance of such Default or Event of Default, be held as security for the payment of all the Securities of such
series; provided, however, that in case such Default or Event of Default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys
are required to be applied pursuant to the provisions of this Section 5.04. For the avoidance of doubt, the Paying Agent will not be obliged to take any action under this Indenture in the absence of written instructions from the Company or, if
applicable, the Trustee. 
 ARTICLE VI 

PARTICULAR COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees as follows: 

Section 6.01    Payments of Principal, Premium and Interest. The Company, for the benefit of each series of
Securities, shall duly and punctually pay or cause to be paid the principal of, premium, if any, and interest on, each series of Securities, at the dates and place and in the manner provided in the Securities and in this Indenture. 

Section 6.02    Maintenance of Office or Agency; Paying Agent. 

(a)    The Company shall maintain in each Place of Payment for any series of Securities, if any, an office or agency where
Securities may be presented or surrendered for payment, where Securities of such series may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of the Securities 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 Specified Corporate Trust Office of the Trustee. The Company hereby initially appoints The Bank of New York Mellon as
Paying Agent to receive all presentations, surrenders, notices and demands. So long as The Bank of New York Mellon serves as Paying Agent, it will be entitled as Paying Agent to the same rights of compensation, reimbursement and indemnification
under Section 11.01 and Section 11.02 as if it were Trustee. 

  
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 (b)    The Company may also from time to time designate different or
additional offices or agencies where the Securities of any series may be presented or surrendered for any or all such purposes (in or outside of such Place of Payment), and may from time to time rescind any such
designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations described in the preceding paragraph. The Company shall give prompt written notice to the
Trustee of any such additional designation or rescission of designation and of any change in the location of any such different or additional office or agency. The Company shall enter into an appropriate agency agreement with any Agent not a party
to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee of the name and address of each such Agent. The Company or any Affiliate thereof may act as any Agent.

 Section 6.03    To Hold Payment in Trust. 

(a)    If the Company or an Affiliate thereof shall at any time act as Paying Agent with respect to any series of
Securities, then, on or before the date on which the principal of, premium, if any, or interest on any of the Securities of that series by their terms or as a result of the calling thereof for redemption shall become payable, the Company or such
Affiliate shall segregate and hold in trust for the benefit of the Holders of such Securities or the Trustee a sum sufficient to pay such principal, premium, if any, or interest which shall have so become payable until such sums shall be paid to
such Holders or otherwise disposed of as herein provided, and shall notify the Trustee of its action or failure to act in that regard. 

Upon any proceeding under the Bankruptcy Code or any applicable state bankruptcy laws with respect to the Company or any Affiliate thereof, if
the Company or such Affiliate is then acting as Paying Agent, the Trustee shall promptly replace the Company or such Affiliate as Paying Agent. 

(b)    If the Company shall appoint, and at the time have, a Paying Agent for the payment of the principal of, premium, if
any, or interest on any series of Securities, then prior to 11:00 a.m., New York City time, one Business Day prior to the date on which the principal of, premium, if any, or interest on any of the Securities of that series shall become payable as
above provided (“Payment Date”), whether by their terms or as a result of the calling thereof for redemption, the Company shall deposit with such Paying Agent a sum sufficient to pay such principal, premium, if any, or interest,
such sum to be held in trust for the benefit of the Holders of such Securities or the Trustee, and (unless such Paying Agent is the Trustee), the Company or any other obligor of such Securities shall promptly notify the Trustee of its payment or
failure to make such payment. The Company shall procure that, before 11:00 a.m., New York City time, on the second Business Day before each Payment Date, the bank effecting payment for it confirms by facsimile or authenticated SWIFT message to the
Paying Agent the payment instructions relating to such payment. 
 (c)    If the Paying Agent shall be a Person other
than the Trustee, the Company shall cause such Paying Agent to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 6.03, that such Paying Agent
shall: 

  
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 (i)    comply with the provisions of the Trust Indenture
Act applicable to it as Paying Agent; 
 (ii)    hold all moneys held by it for the payment of the
principal of, premium, if any, or interest on the Securities of that series in trust for the benefit of the Holders of such Securities until such sums shall be paid to such Holders or otherwise disposed of as herein provided; 

(iii)    give to the Trustee notice of any Default by the Company or any other obligor upon the Securities
of that series in the making of any payment of the principal of, premium, if any, or interest on the Securities of that series; and 

(iv)    at any time during the continuance of any such Default, upon the written request of the Trustee,
pay to the Trustee all sums so held in trust by such Paying Agent. 
 (d)    Anything in this Section 6.03 to the
contrary notwithstanding, the Company may at any time, for the purpose of obtaining a release, satisfaction or discharge of this Indenture or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Company or by
any Paying Agent other than the Trustee as required by this Section 6.03, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent and, upon such payment by a Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such moneys. 

(e)    Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of
the principal of, premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company upon Company Order along
with any interest that has accumulated thereon as a result of such money being invested at the direction of the Company (or, if then held by the Company, shall be discharged from such trust), and the Holder of such Security shall thereafter, as an
unsecured general creditor, look only to the Company for payment of such amounts without interest thereon, 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. 
 (f)    Each party shall, within ten business days of a written request by another party,
supply to that other party such forms, documentation and other information relating to it, its operations, or the Notes as that other party reasonably requests for the purposes of that other party’s compliance with Applicable Law and shall
notify the relevant other party reasonably promptly in the event that it becomes aware that any of the forms, documentation or other information provided by such party is (or becomes) inaccurate in any material respect; provided, however, that no
party shall be required to provide any forms, documentation or other information pursuant to this Section 6.05(f) to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such
form or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of such party constitute a breach of any:
(a) Applicable Law; (b) fiduciary duty; or (c) duty of confidentiality. For purposes of this Section 6.05(f), “Applicable Law” shall be deemed to include (i) any rule or practice of any Authority by which any party
is bound or with which it is accustomed to comply; (ii) any agreement between any Authorities; and (iii) any agreement between any Authority and any party that is customarily entered into by institutions of a similar nature. 

  
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 The Company shall notify the Trustee in the event that it determines that any payment to be
made by the Trustee under the Notes is a payment which could be subject to FATCA Withholding if such payment were made to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant
payment is so treated, provided, however, that the Company’s obligation under this Section 6.05(f) shall apply only to the extent that such payments are so treated by virtue of characteristics of the Company, the Notes, or both. 

Notwithstanding any other provision of this Indenture, the Trustee shall be entitled to make a deduction or withholding from any payment which
it makes under the Notes for or on account of any Tax, if and only to the extent so required by Applicable Law, in which event the Trustee shall make such payment after such deduction or withholding has been made and shall account to the relevant
Authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Company the amount so deducted or withheld, in which case, the Company shall so account to
the relevant Authority for such amount. For the avoidance of doubt, FATCA Withholding is a deduction or withholding which is deemed to be required by Applicable Law for the purposes of this Section 6.05(f). 

For the purposes of this Section 6.05(f), capitalized terms shall have the following meanings: 

“Applicable Law” means any law or regulation. 

“Authority” means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction. 

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

“FATCA Withholding” means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the
Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or any law implementing an intergovernmental approach thereto. 

“Tax” means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied,
collected, withheld or assessed by or on behalf of any Authority having power to tax. 
 Section 6.04    Merger,
Consolidation and Sale of Assets. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities: 

(a)    The Company shall not, directly or indirectly, consolidate with or merge into any other Person in a transaction or
a series of transactions in which the Company is not the surviving entity, or convey, transfer or lease its properties and assets substantially as an entirety to, any Person, unless 

  
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 (i)    the Company shall be the continuing person or, if
the Company is not the continuing person, any Person formed by such consolidation or into or with which the Company is merged or to whom the Company has conveyed, transferred or leased its properties and assets substantially as an entirety is a
corporation, partnership, trust or other entity validly existing under the laws of the Cayman Islands or Hong Kong; 

(ii)    such Person expressly assumes by an indenture supplemental to this Indenture all the obligations of
the Company under this Indenture and the Securities, including the obligation to pay Additional Amounts with respect to any jurisdiction in which it is organized or resident for tax purposes, and shall, if required by law to effectuate the
assumption, execute a supplemental indenture which will be delivered to the trustee and will be in form and substance reasonably satisfactory to the trustee; 

(iii)    immediately after giving effect to the transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 

(iv)    the Company has delivered to the Trustee an Officers’ Certificate and an opinion of External
Legal Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental indenture comply with this Indenture and that all conditions precedent therein relating to such transaction have been complied with.

 (b)    Upon any consolidation with or merger into any other entity, or any sale other than for cash, or any
conveyance or lease, of all or substantially all of the assets of the Company in accordance with this Section 6.04, the successor entity formed by such consolidation or into or with which the Company is merged or to which the Company is sold or
to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor entity had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Company shall be relieved of all obligations and covenants under this Indenture and the Securities, and from time to time such entity may exercise each and every right and power
of the Company under this Indenture, in the name of the Company, or in its own name; and any act or proceeding by any provision of this Indenture required or permitted to be done by the Board of Directors or any officer of the Company may be done
with like force and effect by the like board of directors or officer of any entity that shall at the time be the successor of the Company hereunder. In the event of any such sale or conveyance, but not any such lease, the Company (or any successor
entity which shall theretofore have become such in the manner described in this Section 6.04) shall be discharged from all obligations and covenants under this Indenture and the Securities and may thereupon be dissolved and liquidated. 

Section 6.05    Additional Amounts. 

(a)    All payments of principal, premium, if any, and interest made by the Company in respect of any Security shall be
made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (collectively, “Taxes”) imposed or levied by or within the Cayman Islands, Hong
Kong, the PRC or any jurisdiction where the Company or the Paying Agent is otherwise considered by a taxing authority to be a resident for tax purposes (in each case, including any political subdivision or any authority therein or thereof having
power to tax) (the “Relevant Jurisdiction”), unless such withholding or deduction of such Taxes is required by law. If the Company is required to make such withholding or deduction, the Company shall pay such additional amounts
(“Additional Amounts”) as will result in receipt by each Holder of Securities of such amounts as would have been received by such Holder had no such withholding or deduction of such Taxes been required, except that no such
Additional Amounts shall be payable: 

  
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 (i)    in respect of any such Taxes that would not have
been imposed, deducted or withheld but for the existence of any connection (whether present or former) between the Holder or beneficial owner of a Security and the Relevant Jurisdiction other than merely holding such Security or receiving principal,
premium, if any, or interest in respect thereof (including such Holder or beneficial owner being or having been a national, domiciliary or resident of such Relevant Jurisdiction or treated as a resident thereof or being or having been physically
present or engaged in a trade or business therein or having or having had a permanent establishment therein); 

(ii)    in respect of any Security presented for payment (where presentation is required) more than 30 days
after the relevant date, except to the extent that the Holder thereof would have been entitled to such Additional Amounts on presenting the same for payment on the last day of such 30-day period. For
this purpose, the “relevant date” in relation to any Security means the later of (a) the due date for such payment or (b) the date such payment was made or duly provided for; 

(iii)    in respect of any Taxes that would not have been imposed, deducted or withheld but for a failure
of the Holder or beneficial owner of a Security to comply with a timely request by the Company addressed to the Holder to provide information concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection
with any Relevant Jurisdiction, if and to the extent that due and timely compliance with such request is required under the tax laws of such jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts
would have otherwise been payable to such Holder; 
 (iv)    in respect of any Taxes imposed as a result
of a Security being presented for payment (where presentation is required) in the Relevant Jurisdiction, unless such Security could not have been presented for payment elsewhere; 

(v)    in respect of any estate, inheritance, gift, sale, transfer, personal property or similar Taxes;

 (vi)    to any Holder of a Security that is a fiduciary, partnership or person other than the sole
beneficial owner of any payment to the extent that such payment would be required to be included in the income under the laws of a Relevant Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the fiduciary, or a member of
that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Holder thereof; 

(vii)    with respect to any withholding or deduction that is imposed in connection with Sections 1471-1474
of the U.S. Internal Revenue Code of 1986, as amended, and current or future U.S. Treasury regulations thereunder (“FATCA”), any agreement with the Internal Revenue Service implementing or relating to FATCA, any intergovernmental
agreement between the United States and any other jurisdiction implementing or relating to FATCA, , or any law, regulation or other official guidance enacted or issued in any jurisdiction implementing FATCA or any intergovernmental agreement with
respect thereto, or any other agreement pursuant to the implementation of FATCA; 

  
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 (viii)    any such Taxes payable otherwise than by
deduction or withholding from payments under or with respect to any Security; or 
 (ix)    any
combination of Taxes referred to in the preceding clauses (i) through (viii) above. 
 (b)    In the event
that any withholding or deduction for or on account of any Taxes is required and Additional Amounts are payable with respect thereto, at least 10 Business Days prior to each date of payment of principal of, premium, if any, or interest on the
Securities, the Company shall furnish to the Trustee and the Paying Agent, if other than the Trustee, an Officers’ Certificate specifying the amount required to be withheld or deducted on such payments to such Holders, certifying that the
Company shall pay such amounts required to be withheld to the appropriate governmental authority and certifying to the fact that the Additional Amounts will be payable and the amounts so payable to each Holder, and that the Company will pay to the
Trustee or such Paying Agent the Additional Amounts required to be paid; provided that no such Officers’ Certificate will be required prior to any date of payment of principal of, premium, if any, or interest on such Securities
if there has been no change with respect to the matters set forth in a prior Officers’ Certificate. The Trustee and each Paying Agent shall be entitled to rely on the fact that any Officers’ Certificate contemplated by this
Section 6.05(b) has not been furnished as evidence of the fact that no withholding or deduction for or on account of any Taxes is required. The Company covenants to indemnify the Trustee and any Paying Agent for and to hold them harmless
against any loss, liability or reasonably incurred expense without fraudulent activity, gross negligence or willful misconduct on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any such
Officers’ Certificate furnished pursuant to this Section 6.05(b) or on the fact that any Officers’ Certificate contemplated by this Section 6.05(b) has not been furnished. 

(c)    Whenever in this Indenture there is mentioned, in any context, the payment of principal, premium, if any, or
interest in respect of any Security, such mention shall be deemed to include the payment of Additional Amounts provided for in this Indenture, to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof
pursuant to this Indenture. 
 (d)    Section 6.05(a), Section 6.05(b) and Section 6.05(c) shall apply in
the same manner with respect to the jurisdiction in which any successor Person to the Company or its paying agent is organized or resident for tax purposes or any authority therein or thereof having the power to tax (a “Successor
Jurisdiction”), substituting such Successor Jurisdiction for the Relevant Jurisdiction. 
 (e)    The
obligation of the Company to make payments of Additional Amounts under this Section 6.05 shall survive any termination, defeasance or discharge of this Indenture. 

  
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 Section 6.06    Payment for Consent. The Company will
not, and will not permit any of its Controlled Entities to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or any series of the Securities unless such consideration is offered to be paid and is paid to all Holders of such series of Securities as may be affected thereby that consent, waive or agree to amend in the time frame
set forth in the solicitation documents relating to consent, waiver or amendment. 
 Section 6.07    Compliance
Certificate. The Company shall furnish to the Trustee (a) annually, within 120 days after the end of each fiscal year of the Company, and (b) within 14 days of a written request from the Trustee, a certificate in or substantially in
the form attached hereto as Exhibit B from the principal executive officer, principal financial officer, principal accounting officer or treasurer as to his or her knowledge of the Company’s compliance with all conditions and covenants under
this Indenture (which compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture), specifying if any Default has occurred and, in the event that any Default has occurred, specifying
each such Default and the nature and status thereof of which such person may have knowledge. 

Section 6.08    Conditional Waiver by Holders of Securities. Anything in this Indenture to the contrary
notwithstanding, the Company may fail or omit in any particular instance to comply with a covenant or condition set forth herein with respect to any series of Securities if the Company shall have obtained and filed with the Trustee, prior to the
time of such failure or omission, evidence (as provided in Article VIII) of the consent of the Holders of a majority in aggregate principal amount of the Securities of such series affected by such waiver and at the time Outstanding, either waiving
such compliance in such instance or generally waiving compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, or impair any right consequent
thereon and, until such waiver shall have become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant or condition shall remain in full force and effect. 

Section 6.09    Statement by Officers as to Default. The Company shall deliver to the Responsible Officer of
theTrustee as soon as possible and in any event within 30 calendar days after the Company becomes aware of the occurrence of any Event of Default or an event which, with the giving of notice or the lapse of time or both, would constitute an Event of
Default, an Officers’ Certificate setting forth the details of such Event of Default or Default and the action which the Company proposes to take with respect thereto. 

ARTICLE VII 
 REMEDIES
OF TRUSTEE AND SECURITYHOLDERS 
 Section 7.01    Events of Default. Except where otherwise
indicated by the context or where the term is otherwise defined for a specific purpose, the term “Event of Default” as used in this Indenture with respect to Securities of any series shall mean one of the following described events
unless it is either inapplicable to a particular series or it is specifically deleted or modified in the manner contemplated in Section 3.01: 

(a)    the Company fails to pay principal or premium, if any, in respect of a Security of such series by the due date for
such payment; 

  
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 (b)    the Company fails to pay interest on a Security of such series
within 30 days after the due date for such payment; 
 (c)    the Company defaults in the performance of or breaches its
obligations under Section 6.04; 
 (d)    the Company, subject to the provisions of Section 6.08, defaults in
the performance of, or breaches, any covenant or agreement in this Indenture or under the Securities of such series (other than a default specified in clause (a), (b) or (c) above) and such default or breach continues for a period of 30
consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Securities of such series then Outstanding; 

(e)    (i) there occurs with respect to any indebtedness of the Company or any of its Principal Controlled Entities,
whether such indebtedness exists as of the date hereof or shall hereafter be created, (A) an event of default that has resulted in the holder thereof declaring the principal of such indebtedness to be due and payable prior to its stated
maturity or (B) a failure to make a payment of principal, interest or premium when due (after giving effect to the expiration of any applicable grace period therefor, a “Payment Default”) and, in each case, such default
continues for more than 30 days after the expiration of any grace period or extension of time for payment applicable thereto; provided that any such Event of Default shall be deemed cured and not continuing upon payment of such indebtedness,
rescission of such declaration of acceleration, or waiver or with consent of the applicable lender; and (ii) the outstanding principal amount of such indebtedness, together with the outstanding principal amount of any other indebtedness of such
Persons under which there has been a Payment Default or the maturity of which has been so accelerated, is equal to or exceeds the greater of (x) US$100,000,000 (or the Dollar Equivalent thereof) and (y) 2.5% of the Total Equity of the Company;

 (f)    one or more final judgments or orders for the payment of money are rendered against the Company or any of the
Principal Controlled Entities of the Company and are not paid or discharged, and there is a period of 90 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders
outstanding and not paid or discharged against all such Persons (net of any amounts that the Company’s insurance carriers have paid or agreed to pay with respect thereto under applicable policies) to exceed the greater of
(x) US$100,000,000 (or the Dollar Equivalent thereof) and (y) 2.5% of the Total Equity of the Company, during which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect; 

(g)    the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the
Company or any of the Principal Controlled Entities of the Company in an involuntary case or proceeding under any applicable bankruptcy, insolvency or other similar law or (ii) a decree or order adjudging the Company or any of the Principal
Controlled Entities of the Company bankrupt or insolvent, or approving as final and non appealable a petition seeking reorganization, arrangement, adjustment, or composition of or in respect of the Company or any of the Principal Controlled Entities
of the Company under any applicable bankruptcy, insolvency or other similar law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Company or any of the Principal Controlled Entities
of the Company or of any substantial part of its or their respective property, or ordering the winding up or liquidation of their respective affairs (or any similar relief granted under any foreign laws), and in any such case the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive calendar days; 

  
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 (h)    the commencement by the Company or any of the Principal
Controlled Entities of the Company of a voluntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency or other similar law or of any other case or proceeding to be adjudicated bankrupt or insolvent, or the
consent by the Company or any Principal Controlled Entity to the entry of a decree or order for relief in respect of the Company or any of the Principal Controlled Entities of the Company in an involuntary case or proceeding under any applicable
bankruptcy, insolvency or other similar law or the commencement of any bankruptcy or insolvency case or proceeding against the Company or any Principal Controlled Entity, or the filing by the Company or any Principal Controlled Entity of a petition
or answer or consent seeking reorganization or relief with respect to the Company or any of the Principal Controlled Entities of the Company under any applicable bankruptcy, insolvency or other similar law, or the consent by the Company or any
Principal Controlled Entity to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator, or other similar official of the Company or any of the Principal
Controlled Entities of the Company or of any substantial part of its or their respective property pursuant to any such law, or the making by the Company or any of the Principal Controlled Entities of the Company of a general assignment for the
benefit of creditors in respect of any indebtedness as a result of an inability to pay such indebtedness as it becomes due, or the admission by the Company or any of the Principal Controlled Entities of the Company in writing of the inability of the
Company to pay its debts generally as they become due, or the taking of corporate action by the Company or any of the Principal Controlled Entities of the Company that resolves to commence any such action; 

(i)    the Securities of such series or the Indenture is or becomes or is claimed by the Company to be unenforceable,
invalid or ceases to be in full force and effect otherwise than is permitted by the Indenture; or 
 (j)    the
occurrence of any other Event of Default with respect to Securities of such series as provided in Section 3.01; 

provided, however, that a Default under Section 7.01(d) above will not constitute an Event of Default until the Trustee or the Holders
of 25% or more in aggregate principal amount of the Securities of such series then Outstanding provide written notice to the Company of the Default and the Company does not cure such Default within the time specified in Section 7.01(d) above
after receipt of such notice. In the case of such notice given to the Company by the Holders, the Company will provide a copy of such notice to the Trustee. 

Section 7.02    Acceleration; Rescission and Annulment. 

(a)    Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Securities, if any
one or more of the above-described Events of Default (other than an Event of Default specified in Section 7.01(g) or Section 7.01(h)) shall happen with respect to Securities of any series at the time Outstanding, then, and in each and
every such case, during the continuance of any such Event of Default, the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of such series then Outstanding by written notice as provided in the Indenture may, and
the Trustee, upon written instructions from holders of at least 25% in aggregate principal amount of the Securities of such series then Outstanding and subject to receipt of pre-funding, security and/or
indemnity, to its satisfaction, shall, declare the principal (or, if the Securities of that series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of that series) of and all accrued but
unpaid interest and premium (if any) on all the Securities of such series then Outstanding to be due and payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable. If an Event of Default specified in Section 7.01(g) or Section 7.01(h) occurs and is continuing, then in every such case, the principal amount of all of the Securities
of that series then Outstanding shall automatically, and without any declaration or any other action on the part of the Trustee or any Holder, become due and payable immediately. Upon payment of such amounts in the Currency in which such Securities
are denominated (subject to Section 3.11 and except as otherwise provided pursuant to Section 3.01), all obligations of the Company in respect of the payment of principal of and interest on the Securities of such series shall terminate.

  
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 (b)    In the event of a declaration of acceleration with respect to the
Securities of any series because of an Event of Default specified in Section 7.01(e) above shall occur, the declaration of acceleration with respect to the Securities of such series shall be automatically annulled if the Default triggering such
Event of Default pursuant to Section 7.01(e) above shall be remedied or cured by the Company or any of its Principal Controlled Entities or waived by the holders of the relevant indebtedness within 30 days after the declaration of acceleration
with respect thereto and if: 
 (i)    the annulment of the acceleration with respect to the Securities
of such series would not conflict with any judgment or decree of a court of competent jurisdiction; and 

(ii)    all Events of Default with respect to the Securities of such series, other than the non-payment of principal, premium, if any, or interest on the Securities of such series that became due solely because of such acceleration, have been cured or waived as provided in Section 7.06.

 (c)    At any time after such a declaration of acceleration with respect to the Securities of any series has been
made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of at least a majority in aggregate principal amount of the Securities of such series at the time
Outstanding may, subject to Section 7.06 and Section 14.02, waive all past Defaults and rescind and annul such acceleration if: 

(i)    the rescission of the acceleration with respect to the Securities of such series would not conflict
with any judgment or decree of a court of competent jurisdiction; and 
 (ii)    all Events of Default
with respect to the Securities of such series, other than the non-payment of principal, premium, if any, or interest on the Securities of such series that became due solely because of such
acceleration, have been cured or waived as provided in Section 7.06. 
 (d)    No rescission as provided in this
Section 7.02 shall affect any subsequent default or impair any right consequent thereon. 

  
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 (e)    For all purposes under this Indenture, if a portion of the
principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the
principal amount of such Original Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and payable as a result of such acceleration, and payment of such portion of the
principal thereof as shall be due and payable as a result of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full of such Original Issue Discount Securities. 

Section 7.03    Other Remedies. If the Company shall fail for a period of 30 calendar days to pay any
installment of interest on the Securities of any series or shall fail to pay the principal of and premium, if any, on any of the Securities of such series when and as the same shall become due and payable, whether at Maturity, or by call for
redemption (other than pursuant to the sinking fund), by declaration as authorized by this Indenture, or otherwise, or shall fail for a period of 30 calendar days to make any required sinking fund payment as to a series of Securities, then, upon
demand of the Trustee, the Company shall pay to the Paying Agent, for the benefit of the Holders of Securities of such series then Outstanding, the whole amount which then shall have become due and payable on all the Securities of such series, with
interest on the overdue principal and premium, if any, and (so far as the same may be legally enforceable) on the overdue installments of interest at the rate borne by the Securities of such series, and all amounts owing the Trustee and any
predecessor trustee hereunder under Section 11.01(a). 
 In case the Company shall fail forthwith to pay such amounts upon such demand,
the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceeding at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor upon the Securities of such series, and collect the moneys adjudged or decreed to be payable out of the property of
the Company or any other obligor upon the Securities of such series, wherever situated, in the manner provided by law. Every recovery of judgment in any such action or other proceeding, subject to the payment to the Trustee of all amounts owing the
Trustee and any predecessor trustee hereunder under Section 11.01(a), shall be for the ratable benefit of the Holders of such series of Securities which shall be the subject of such action or proceeding. All rights of action upon or under any
of the Securities or this Indenture may be enforced by the Trustee without the possession of any of the Securities and without the production of any thereof at any trial or any proceeding relative thereto. 

Section 7.04    Trustee as Attorney-in-Fact. Nothing herein contained shall be deemed to authorize or
empower the Trustee to consent to or accept or adopt, on behalf of any Holder of Securities, any plan of reorganization or readjustment affecting the Securities or the rights of any Holder thereof, or to authorize or empower the Trustee to vote in
respect of the claim of any Holder of any Securities in any such proceeding.
 Section 7.05    Priorities. Any
moneys or properties collected by the Trustee, or, after an Event of Default, any moneys or other property distributable in respect of the Company’s obligations under this Indenture, in either case with respect to a series of Securities under
this Article VII shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such moneys or properties and, in the case of the distribution of such moneys or properties on account of the Securities of
any series, upon presentation of the Securities of such series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

  
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 First:            To the payment
of all fees, costs and expenses (including indemnity payments) due to the Trustee, the Agents and any predecessor trustee, and agent under Section 11.01(a) and the properly incurred expenses and disbursements of its agents, delegates, attorneys
and counsel. 
 Second:            In case the principal of the Outstanding
Securities of such series shall not have become due and be unpaid, to the payment of interest on the Securities of such series, in the chronological order of the Stated Maturity of the installments of such interest, with interest (to the extent that
such interest has been collected by the Trustee) upon the overdue installments of interest at the rate borne by such Securities, such payments to be made ratably to the Persons entitled thereto. 

Third:             In case the principal of the Outstanding Securities of such
series shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Securities of such series for principal and premium, if any, and interest, with interest on the overdue principal and
premium, if any, and (to the extent that such interest has been paid to the Paying Agent) upon overdue installments of interest at the rate borne by the Securities of such series, and in case such moneys shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Securities of such series, then to the payment of such principal and premium, if any, and interest without preference or priority of principal and premium, if any, over interest, or of interest over principal
and premium, if any, or of any installment of interest over any other installment of interest, or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and premium, if any, and accrued and
unpaid interest. 
 Fourth:             Any surplus then remaining shall be paid
to the Company, its successors or assigns, or to whomsoever may be determined by a court of competent jurisdiction to be so entitled. 

Section 7.06    Control by Securityholders; Waiver of Past Defaults. Subject to certain provisions, including
those requiring pre-funding, security and/or indemnification of the Trustee, the Holders of a majority in aggregate principal amount of the Securities of a series then 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 Securities of such series; provided, however, that, subject to the
provisions of Section 11.02, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised by counsel determines that the action so directed may not lawfully be taken or would involve the Trustee
in personal liability. The Holders of not less than a majority in aggregate principal amount of such series of Securities at the time Outstanding may on behalf of all Holders of the Securities of such series waive any existing or past Default or
Event of Default and its consequences hereunder, except a continuing Default or Event of Default (i) in the payment of principal of, premium, if any, or interest on (or Additional Amount payable in respect of), the Securities of such
series then Outstanding, in which event the consent of all Holders of the Securities of such series then Outstanding affected thereby is required, or (ii) in respect of a covenant or provision which under Section 14.02 cannot
be modified or amended without the consent of the Holder of each Security of such series then Outstanding affected thereby. Any instrument given by or on behalf of any Holder of a Security of that series in connection with any consent to any such
waiver will be irrevocable once given and will be conclusive and binding on all subsequent Holders of such Security. Upon any such waiver, the Company, the Trustee and the Holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; provided that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of
Default hereunder shall have been waived as permitted by this Section 7.06, said Default or Event of Default shall for all purposes of the Securities of such series and this Indenture be deemed to have been cured and to be not
continuing. In case an Event of Default shall occur and be continuing, the Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by the Indenture or enforce any provisions of the Indenture or the Notes at the
request, order or direction of any of the Holders of any Security, unless the requisite number of Holders shall have instructed the Trustee in writing and offered to the trustee pre-funding, security and/or indemnity satisfactory to it against the
costs, expenses and liabilities which may be incurred therein or thereby. 

  
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 Section 7.07    Limitation on Suits. No Holder of any
Security of any series shall have any right to institute any action, suit or proceeding at law or in equity for the execution of any trust hereunder or for the appointment of a receiver or for any other remedy hereunder, in each case with respect to
an Event of Default with respect to such series of Securities, unless (i) such Holder previously shall have given to the Trustee written notice of one or more of the Events of Default herein specified with respect to such series of Securities,
(ii) the Holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have requested the Trustee in writing to take action in respect of the matter complained of,
(iii) there shall have been offered to the Trustee pre-funding, security and/or indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby, and (iv) the
Trustee, for 60 calendar days after receipt of such notification, request and offer of pre-funding, security and/or indemnity, shall have failed to institute any such action, suit or proceeding and have not received from the
Holders of a majority in aggregate principal amount of the Securities of such series then Outstanding a written direction inconsistent with such request; and such notification, request and offer of pre-funding, security
and/or indemnity are hereby declared in every such case to be conditions precedent to any such action, suit or proceeding by any Holder of any Security of such series; it being understood and intended that no one or more of the Holders of Securities
of such series shall have any right in any manner whatsoever by his, her, its or their action to enforce any right hereunder, except in the manner herein provided, and that every action, suit or proceeding at law or in equity shall be instituted,
had and maintained in the manner herein provided and for the equal benefit of all Holders of the Outstanding Securities of such series; provided, however, that nothing in this Indenture or in the Securities of
such series shall affect or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on, the Securities of such series to the respective Holders of such Securities at the
respective due dates in such Securities stated, or affect or impair the right, which is also absolute and unconditional, of such Holders to institute suit to enforce the payment thereof. 

Section 7.08    Undertaking for Costs. All parties to this Indenture and each Holder of any Security, by such
Holder’s acceptance thereof, shall be deemed to have agreed that any court may in its discretion require, in any action, suit or proceeding for the enforcement of any right or remedy under this Indenture, or in any action, suit or proceeding
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such action, suit or proceeding of an undertaking to pay the costs of such action, suit or proceeding, and that such court may in its
discretion assess costs, including attorneys’ fees and expenses, against any party litigant in such action, suit or proceeding, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; provided, however, that the provisions of this Section 7.08 shall not apply to any action, suit or proceeding instituted by the Trustee, to any action, suit or proceeding instituted by any one or
more Holders of Securities holding in the aggregate more than 10% in principal amount of the Securities of any series Outstanding, or to any action, suit or proceeding instituted by any Holder of Securities of any series for the enforcement of the
payment of the principal of, premium, if any, or the interest on, any of the Securities of such series, on or after the respective due dates expressed in such Securities. 

  
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 Section 7.09    Remedies Cumulative; Delay or Omission Not
Waiver. No remedy herein conferred upon or reserved to the Trustee or to the Holders of Securities of any series is intended to be exclusive of any other remedy or remedies, and each and every remedy shall be cumulative and shall be in addition
to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of the Trustee or of any Holder of the Securities of any series 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 an acquiescence therein; and every power and remedy given by this Article VII to the Trustee and to the Holders of
Securities of any series, respectively, may be exercised from time to time and as often as may be deemed expedient by the Trustee or by the Holders of Securities of such series, as the case may be. In case the Trustee or any Holder of Securities of
any series shall have proceeded to enforce any right under this Indenture and the proceedings for the enforcement thereof shall have been discontinued or abandoned because of waiver or for any other reason, or shall have been adjudicated adversely
to the Trustee or to such Holder of Securities, then and in every such case, subject to any determinations in such proceedings, the Company, the Trustee and the Holders of the Securities of such series shall severally and respectively be restored to
their former positions and rights hereunder, and thereafter all rights, remedies and powers of the Trustee and the Holders of the Securities of such series shall continue as though no such proceedings had been taken, except as to any matters so
waived or adjudicated. 
 ARTICLE VIII 

CONCERNING THE SECURITYHOLDERS 

Section 8.01    Evidence of Action of Securityholders. Whenever in this Indenture it is provided that the
Holders of a specified percentage or a majority in aggregate principal amount of the Securities or of any series of Securities 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 or majority have joined therein may be evidenced by (a) any instrument or any number of instruments of similar
tenor executed by Securityholders in person, by an agent or by a proxy appointed in writing, including through an electronic system for tabulating consents operated by the Depositary for such series or otherwise (such action becoming effective,
except as herein otherwise expressly provided, when such instruments or evidence of electronic consents are delivered to the Trustee and, where it is hereby expressly required, to the Company), or (b) by the record of the Holders of
Securities voting in favor thereof at any meeting of Securityholders duly called and held in accordance with the provisions of Article IX, or (c) by a combination of such instrument or instruments and any such record of such a meeting of
Securityholders. 

  
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 Section 8.02    Proof of Execution or Holding of Securities.
Proof of the execution of any instrument by a Securityholder or his, her or its agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a)    The fact and date of the execution by any Person of any such instrument may be proved (i) by the certificate
of any notary public or other officer in any jurisdiction who, by the laws thereof, has power to take acknowledgments or proof of deeds to be recorded within such jurisdiction, that the Person who signed such instrument did acknowledge before such
notary public or other officer the execution thereof, or (ii) by the affidavit of a witness of such execution sworn to before any such notary or other officer. Where such execution is by a Person acting in other than his or her individual
capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority. 
 (b)    The
ownership of Securities of any series shall be proved by the Register of such Securities or by a certificate of the Registrar for such series. 

(c)    The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 

(d)    The Trustee may require such additional proof of any matter referred to in this Section 8.02 as it shall deem
appropriate or necessary, so long as the request is a reasonable one. 
 (e)    If the Company shall solicit from the
Holders of Securities of any series any action, the Company may, at its option, fix in advance a record date for the determination of Holders of Securities entitled to take such action, but the Company shall have no obligation to do so. Any such
record date shall be fixed at the Company’s discretion; provided that such record date shall not be more than 30 calendar days prior to the first solicitation of any consent or waiver or more than 30 calendar days prior to the
date of the most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 312 of the TIA. If such a record date is fixed, such action may be sought or given before or after the record date, but only the
Holders of Securities of record at the close of business on such record date shall be deemed to be Holders of Securities for the purpose of determining whether Holders of the requisite proportion of Outstanding Securities of such series have
authorized or agreed or consented to such action, and for that purpose the Outstanding Securities of such series shall be computed as of such record date. 

Section 8.03    Persons Deemed Owners. 

(a)    The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name any
Security is registered in the Register as the owner of such Security for the purpose of receiving payment of principal of and premium, if any, and (subject to Section 3.08) interest, if any, on, such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. All payments made to any Holder, or upon his, her or its order, shall
be valid, and, to the extent of the sum or sums paid, effectual to satisfy and discharge the liability for moneys payable upon such Security. 

(b)    None of the Company, the Trustee or the Agents shall have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
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 Section 8.04    Effect of Consents. After an amendment,
supplement, waiver or other action becomes effective as to any series of Securities, a consent to it by a Holder of such series of Securities is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same
Securities or portion thereof, and of any Security issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Security. An amendment, supplement or waiver becomes effective
in accordance with its terms and thereafter binds every Holder. 
 ARTICLE IX 

SECURITYHOLDERS’ MEETINGS 

Section 9.01    Purposes of Meetings. A meeting of Securityholders of any or all series may be called at any
time and from time to time pursuant to the provisions of this Article IX for any of the following purposes: 
 (a)    to
give any notice to the Company or to the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any Default or Event of Default hereunder and its consequences, or to take any other action authorized to be taken by
Securityholders pursuant to any of the provisions of Article VIII; 
 (b)    to remove the Trustee and nominate a
successor trustee pursuant to the provisions of Article XI; 
 (c)    to consent to the execution of an Indenture or of
indentures supplemental hereto pursuant to the provisions of Section 14.02; or 
 (d)    to take any other action
authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Securities of any one or more or all series, as the case may be, under any other provision of this Indenture or under applicable law. 

Section 9.02    Call of Meetings by Trustee. The Trustee may at any time call a meeting of all Securityholders of
all series that may be affected by the action proposed to be taken, to take any action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Securityholders of a series,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to Holders of Securities of such series at their addresses as they shall appear on the Register. Such notice
shall be mailed not less than 20 nor more than 90 calendar days prior to the date fixed for the meeting. 

Section 9.03    Call of Meetings by Company or Securityholders. In case at any time the Company or the Holders
of at least 10% in aggregate principal amount of the Securities of a series (or of all series, as the case may be) then Outstanding that may be affected by the action proposed to be taken shall have requested the Trustee to call a meeting of
Securityholders of such series (or of all series), by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of
such request, then the Company or such Securityholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02. 

  
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 Section 9.04    Qualifications for Voting. To be entitled to
vote at any meeting of Securityholders, a Person shall (a) be a Holder of one or more Securities affected by the action proposed to be taken at the meeting or (b) be a Person appointed by an instrument in writing as proxy by a
Holder of one or more such Securities. The only Persons who shall be entitled to be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Company and its counsel. 
 Section 9.05    Regulation of
Meetings. 
 (a)    Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission
and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem fit. 

(b)    The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting
shall have been called by the Company or by Securityholders as provided in Section 9.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chair. A permanent
chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 (c)    At any
meeting of Securityholders of a series, each Securityholder of such series of such Securityholder’s proxy shall be entitled to one vote for each US$1,000 principal amount of Securities of such series Outstanding held or represented by him or
her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting
shall have no right to vote other than by virtue of Securities of such series held by him or her or instruments in writing as aforesaid duly designating him or her as the Person to vote on behalf of other Securityholders. At any meeting of the
Securityholders duly called pursuant to the provisions of Section 9.02 or Section 9.03, the presence of Persons holding or representing Securities in an aggregate principal amount sufficient to take action upon the business for the
transaction of which such meeting was called shall be necessary to constitute a quorum, and any such meeting may be adjourned from time to time by a majority of those present, whether or not constituting a quorum, and the meeting may be held as so
adjourned without further notice. 
 Section 9.06    Voting. The vote upon any resolution submitted to any
meeting of Securityholders of a series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts of the Securities of such
series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record
the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as
provided in Section 9.02. The record shall show the principal amounts of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the
meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee. 

  
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 Any record so signed and verified shall be conclusive evidence of the matters therein
stated. 
 Section 9.07    No Delay of Rights by Meeting. Nothing contained in this Article IX shall be
deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders of any series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights
conferred upon or reserved to the Trustee or to the Securityholders of such series under any of the provisions of this Indenture or of the Securities of such series. 

ARTICLE X 
 REPORTS BY
THE COMPANY AND THE TRUSTEE AND 
 SECURITYHOLDERS’ LISTS 

Section 10.01    Reports by Trustee. 

(a)    Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall be transmitted on or
before April 1 in each year following the date hereof, so long as any Securities are Outstanding hereunder, and shall be dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior thereto. 

(b)    The Trustee shall, at the time of the transmission to the Holders of Securities of any report pursuant to the
provisions of this Section 10.01, file a copy of such report with each securities exchange upon which the Securities are listed or each automated quotation system on which the Securities are quoted, if any, and also with the SEC in respect of a
Security listed and registered on a national securities exchange or automated quotation system, if any. The Company agrees to notify the Trustee when, as and if the Securities become listed or delisted on any securities exchange or admitted to
trading on any automated quotation system and of any delisting thereof. 
 The Company shall reimburse the Trustee for all expenses incurred
in the preparation and transmission of any report pursuant to the provisions of this Section 10.01 and of Section 10.02. 

Section 10.02    Reports by the Company. The Company shall file with the Trustee and the SEC, and transmit to
Holders, such information, documents and other reports, and such summaries thereof, in English language, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided in the Trust Indenture
Act; provided that, any such information, documents or reports required to be filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee, in English Language within 30
calendar days after the same is filed with the SEC; provided further that the filing of the reports specified in Section 13 or 15(d) of the Exchange Act by an entity that is the direct or
indirect parent of the Company shall satisfy the requirements of this Section 10.02 so long as such entity is an obligor or guarantor on the Securities; provided further that the reports
of such entity shall not be required to include condensed consolidating financial information for the Company in a footnote to the financial statements of such entity. 

  
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 Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute actual or constructive notice or knowledge of any information contained therein or determinable from information contained therein, including the Company’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). It is expressly understood that materials transmitted electronically by the Company to the Trustee or filed pursuant to the
SEC’s EDGAR system (or any successor electronic filing system) shall be deemed transmitted to Holders for purposes of this Section 10.02. 

Section 10.03    Securityholders’ Lists. The Company covenants and agrees that
it shall furnish or cause to be furnished to the Trustee: 
 (a)    semi-annually, within 15 calendar days after each
Record Date, but in any event not less frequently than semi-annually, a list in such form as the Trustee may reasonably require of the names and addresses of the Holders of Securities to which such Record Date applies, as of such Record Date, and

 (b)    at such other times as the Trustee may request in writing, within 30 calendar days after receipt by the
Company of any such request, a list of similar form and content as of a date not more than 15 calendar days prior to the time such list is furnished; 

provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 

ARTICLE XI 

CONCERNING THE TRUSTEE 

Section 11.01    Rights of Trustees; Compensation and Indemnity. The Trustee accepts the trusts created by
this Indenture upon the terms and conditions hereof, including the following, to all of which the parties hereto and the Holders from time to time of the Securities agree: 

(a)    The Trustee shall be entitled to such compensation as the Company and the Trustee shall from time to time agree in
writing for all services rendered by it hereunder (including in any agent capacity in which it acts). The compensation of the Trustee shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon its request for all out-of-pocket expenses, disbursements and advances properly incurred or made by the Trustee (including, without limitation, the properly incurred expenses and disbursements of its
agents, delegates, attorneys and counsel), except any such expense, disbursement or advance caused by its own gross negligence, fraudulent activity or willful misconduct. 

The Company also agrees to indemnify each of the Trustee and any predecessor Trustee and their respective officers, employees, agents and
directors hereunder for, and to hold it harmless against, any and all loss, liability, damage, claim, or expense incurred without its own gross negligence, fraudulent activity or willful misconduct, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder and the performance of its duties (including in any agent capacity in which it acts), as well as the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder, except those caused by its own gross negligence, fraudulent activity or willful misconduct. 

  
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 As security for the performance of the obligations of the Company under this
Section 11.01(a), the Trustee shall have a lien upon all property and funds held or collected by the Trustee as such, except funds held in trust by the Trustee to pay principal of and interest on any Securities. Notwithstanding any provisions
of this Indenture to the contrary, the obligations of the Company to compensate and indemnify the Trustee under this Section 11.01(a) shall survive the resignation or removal of the Trustee, any satisfaction and discharge under Article XII, the
payment of any Securities and the termination of this Indenture for any reason. In addition to and without prejudice to its other rights hereunder, when the Trustee incurs expenses or renders services after an Event of Default specified in clause
(g) or (h) of Section 7.01 occurs, the expenses and compensation for the services are intended to constitute expenses of administration under the Bankruptcy Code or any applicable state bankruptcy, insolvency or similar laws. 

(b)    The Trustee may execute any of the trusts or powers hereof and perform any duty hereunder either directly or by its
agents, delegates and attorneys and shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. 

(c)    The Trustee shall not be responsible in any manner whatsoever for the correctness of the recitals herein or in the
Securities (except its certificates of authentication thereon) contained, all of which are made solely by the Company; and the Trustee shall not be responsible or accountable in any manner whatsoever for or with respect to the validity or execution
or sufficiency of this Indenture or of the Securities (except its certificates of authentication thereon) and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the
Company are true and accurate, subject to the qualifications set forth therein. The Trustee shall not be accountable for the use or application by the Company of any Securities, or the proceeds of any Securities. 

(d)    The Trustee may consult with counsel of its selection, and, subject to Section 11.02, the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Trustee hereunder in reliance thereon. 

(e)    The Trustee, subject to Section 11.02, may rely upon the certificate of the Secretary or one of the Assistant
Secretaries of the Company as to the adoption of any Board Resolution or resolution of the stockholders of the Company, and any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by, and 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 may rely upon, an Officers’ Certificate of the Company
(unless other evidence in respect thereof be herein specifically prescribed). 
 (f)    Subject to Section 11.04,
the Trustee or any agent of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the TIA, may otherwise deal with the Company with the same rights it would
have had if it were not the Trustee or such agent. 

  
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 (g)    Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as otherwise agreed in writing with the Company. 

(h)    Any action taken by the Trustee pursuant to any provision hereof at the request or with the consent of any Person
who at the time is the Holder of any Security shall be conclusive and binding in respect of such Security upon all future Holders thereof or of any Security or Securities which may be issued for or in lieu thereof in whole or in part, whether or not
such Security shall have noted thereon the fact that such request or consent had been made or given. 
 (i)    The
Trustee shall be entitled to conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture or
other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

(j)    The Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this
Indenture at the request, order or direction of any of the Holders of the Securities, pursuant to any provision of this Indenture, unless a requisite number of the Holders of the Securities shall have instructed the Trustee in writing and offered to
the Trustee pre-funding, security and/or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred by it therein or thereby. 

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

(l)    The Trustee shall not be deemed to have knowledge or be charged with notice of any Default or Event of Default with
respect to any Securities unless a Responsible Officer of the Trustee has received written notice thereof or unless the Holders of not less than 25% of the Outstanding Securities notify the Trustee thereof by a written notice to the Trustee that is
received by the Trustee at its Corporate Trust Office and such notice references such Securities and this Indenture. 

(m)    The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of Indebtedness or other paper or document; provided, however, that the Trustee, may, but
shall not be required to, make further inquiry or investigation into such facts or matters as it may see fit at the expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation. 

(n)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, The Bank of New York Mellon in each of its capacities hereunder (including, as of the date of this Indenture, the Paying Agent and the Registrar), and to each agent,
custodian and other person employed to act hereunder. 

  
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 (o)    In no event shall the Trustee be responsible or liable for
special, indirect, punitive, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit, goodwill or opportunity), whether or not foreseeable, even if the Trustee has been advised of the possibility of such
loss or damage and regardless of the form of action. The provisions of this Section 11.01(o) shall survive the termination or discharge of this Indenture, repayment of the Securities and the resignation or removal of the Trustee. 

(p)    The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded. 
 (q)    The permissive
right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty. 

(r)    Notwithstanding any other provision of this Indenture to the contrary, the Trustee may refrain from taking any
action in any jurisdiction if taking such action in that jurisdiction would, in the opinion of the Trustee (in its sole and absolute discretion and/or which may be based on written legal advice received from qualified legal counsel in the relevant
jurisdiction satisfactory to the trustee), be contrary to any law of that jurisdiction or, to the extent applicable, the State of New York. Furthermore, the Trustee may refrain from taking such action if, in the opinion of the Trustee (in its sole
and absolute discretion and/or which may be based on written legal advice received from qualified legal counsel in the relevant jurisdiction satisfactory to the trustee), it would otherwise render the Trustee liable to any person in that
jurisdiction or the State of New York, or the Trustee would not have the legal capacity to take such action in that jurisdiction by virtue of applicable law in that jurisdiction or the State of New York or by virtue of a written order of any court
or other competent authority in that jurisdiction that the Trustee does not have such legal capacity. 

Section 11.02    Duties of Trustee. 

(a)    If one or more of the Events of Default specified in Section 7.01 with respect to the Securities of any series
shall have happened, then, during the continuance thereof, the Trustee shall, with respect to such Securities, exercise such of the rights and powers vested in it by this Indenture, and shall use the same degree of care and skill in its exercise, as
a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b)    Unless and until an Event of Default specified in Section 7.01 with respect to the Securities of any series
shall have happened which at the time is continuing, 
 (i)    the Trustee undertakes to perform such
duties and only such duties with respect to the Securities of that series as are specifically set out in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee, whose duties and obligations
shall be determined solely by the express provisions of this Indenture; and 
 (ii)    the Trustee shall
be entitled to conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, in the absence of bad faith on the part of the Trustee, upon certificates and opinions furnished to it pursuant to the express
provisions of this Indenture; provided that, in the case of any such certificates or opinions which, by the provisions of this Indenture, are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to
examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

  
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 (c)    None of the provisions of this Indenture shall be construed as
relieving the Trustee from liability for its own negligent action, negligent failure to act, or its own willful misconduct, except that, anything in this Indenture contained to the contrary notwithstanding, 

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

(ii)    the Trustee shall not be liable to any Holder of Securities or to any other Person with respect to
any action taken or omitted to be taken by it in good faith, in accordance with the direction of Securityholders given as provided in Section 7.06, relating to the time, method and place of conducting any proceeding for any remedy available to
it or exercising any trust or power conferred upon it by this Indenture; 
 (iii)    none of the
provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers; and 

(iv)    this subsection (c) shall not be construed to limit the effect of subsection (b) of this
Section 11.02. 
 (d)    Whether or not therein expressly so 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 11.02. 

Section 11.03    Notice of Defaults. Within 90 calendar days after the occurrence thereof and if known to the
Trustee, the Trustee shall give to the Holders of the Securities of a series notice of each Default or Event of Default with respect to the Securities of such series known to the Trustee, by transmitting such notice to Holders at their addresses as
the same shall then appear on the Register, unless such Default shall have been cured or waived before the giving of such notice (the term “Default” being hereby defined to be the events specified in Section 7.01, which are, or after
notice or lapse of time or both would become, Events of Default as defined in said Section). 

Section 11.04    Eligibility; Disqualification. 

(a)    The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The Trustee shall have a
Corporate Trust Office. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 11.04, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

  
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 (b)    The Trustee shall comply with Section 310(b) of the
TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(i) of the TIA any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Company are Outstanding if the requirements for such exclusion set forth in Section 310(b)(1) of the TIA are met. If the Trustee has or shall acquire a conflicting interest within the meaning of Section 310(b) of the TIA, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. If Section 310(b) of the TIA is amended any time after the date
of this Indenture to change the circumstances under which a Trustee shall be deemed to have a conflicting interest with respect to the Securities of any series or to change any of the definitions in connection therewith, this Section 11.04
shall be automatically amended to incorporate such changes. 
 Section 11.05    Resignation and Notice;
Removal. The Trustee, or any successor to it hereafter appointed, may at any time resign and be discharged of the trusts hereby created with respect to any one or more or all series of Securities by giving to the Company notice in writing. Such
resignation shall take effect upon the appointment of a successor Trustee and the acceptance of such appointment by such successor Trustee. Any Trustee hereunder may be removed with respect to any series of Securities at any time by the filing with
such Trustee and the delivery to the Company of an instrument or instruments in writing signed by the Holders of a majority in principal amount of the Securities of such series then Outstanding, specifying such removal and the date when it shall
become effective. 
 If at any time: 

(1)    the Trustee shall fail to comply with the provisions of Section 310(b) of the TIA after written
request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(2)    the Trustee shall cease to be eligible under Section 11.04 and shall fail to resign after
written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 

(3)    the Trustee shall become incapable of acting or shall be adjudged a 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, (i) the Company by written notice to the Trustee may remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to Section 315(e) of the TIA, any Securityholder who has been a bona fide Holder of a Security 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 with respect to all Securities and the appointment of a successor Trustee or Trustees. 

Upon its resignation or removal, any Trustee shall be entitled to the payment of compensation for the services rendered hereunder by such
Trustee and to the payment of all costs and expenses properly incurred hereunder and all moneys then due to it hereunder. The Trustee’s rights to indemnification and its lien provided in Section 11.01(a) shall survive its resignation or
removal, repayment of the Securities, the satisfaction and discharge of this Indenture and the termination of this Indenture for any reason. 

  
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 Section 11.06    Successor Trustee by Appointment.

 (a)    In case at any time the Trustee shall resign, or shall be removed in which event the vacancy shall be filled
as provided in Section 11.04(b)), or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if 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 with respect to the Securities of one or more series, a successor Trustee with respect to the Securities of that or those series (it being
understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any series) may be appointed by
the Holders of a majority in aggregate principal amount of the Securities of that or those series then Outstanding, by an instrument or instruments in writing signed in duplicate by such Holders and filed, one original thereof with the Company and
the other with the successor Trustee; provided that, until a successor Trustee shall have been so appointed by the Holders of Securities of that or those series as herein authorized, the Company, or, in case all or substantially all
the assets of the Company shall be in the possession of one or more custodians or receivers lawfully appointed, or of trustees in bankruptcy or reorganization proceedings (including a trustee or trustees appointed under the provisions of the
Bankruptcy Code), or of assignees for the benefit of creditors, such receivers, custodians, trustees or assignees, as the case may be, by an instrument in writing, shall appoint a successor Trustee with respect to the Securities of such series.
Subject to the provisions of Section 11.04 and Section 11.05, upon the appointment as above provided of a successor Trustee with respect to the Securities of any series, the Trustee with respect to the Securities of such series shall cease
to be Trustee hereunder. After any such appointment other than by the Holders of Securities of that or those series, the Person making such appointment shall forthwith cause notice thereof to be mailed to the Holders of Securities of such series at
their addresses as the same shall then appear on the Register but any successor Trustee with respect to the Securities of such series so appointed shall, immediately and without further act, be superseded by a successor Trustee appointed by the
Holders of Securities of such series in the manner above prescribed, if such appointment be made prior to the expiration of one year from the date of the mailing of such notice by the Company, or by such receivers, trustees or assignees. 

(b)    If any Trustee with respect to the Securities of one or more series shall resign or be removed and a successor
Trustee shall not have been appointed by the Company or by the Holders of the Securities of such series or, if any successor Trustee so appointed shall not have accepted its appointment after such appointment shall have been made, the resigning
Trustee may, on behalf of and at the expense of the Company, appoint its own successor or the retiring Trustee or the Company may apply to any court of competent jurisdiction for the appointment of a successor Trustee. If in any other case a
successor Trustee shall not be appointed pursuant to the foregoing provisions of this Section 11.06 within three months after such appointment might have been made hereunder, the Holder of any Security of the applicable series or any retiring
Trustee at the expense of the Company may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, in any such case, after such notice, if any, as such court may deem proper and prescribe, appoint a
successor Trustee. 

  
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 (c)    Any successor Trustee appointed hereunder with respect to the
Securities of one or more series shall execute, acknowledge and deliver to its predecessor Trustee and to the Company, or to the receivers, trustees, assignees or court appointing it, as the case may be, an instrument accepting such appointment
hereunder, and thereupon such successor Trustee, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations with respect to such series of such predecessor
Trustee with like effect as if originally named as Trustee hereunder, and such predecessor Trustee, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to pay over, and such successor Trustee shall be entitled
to receive, all moneys and properties held by such predecessor Trustee as Trustee hereunder, subject nevertheless to its lien provided for in Section 11.01(a). Nevertheless, on the written request of the Company or of the successor Trustee or
of the Holders of at least 10% in aggregate principal amount of the Securities of such series then Outstanding, such predecessor Trustee, upon payment of its said charges and disbursements, shall execute and deliver an instrument transferring to
such successor Trustee upon the trusts herein expressed all the rights, powers and trusts of such predecessor Trustee and shall assign, transfer and deliver to the successor Trustee all moneys and properties held by such predecessor Trustee, subject
nevertheless to its lien provided for in Section 11.01(a); and, upon request of any such successor Trustee and the Company shall make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Trustee all such authority, rights, powers, trusts, immunities, duties and obligations. 

Section 11.07    Successor Trustee by Merger. Any Person into which the Trustee or any successor to it in the
trusts created by this Indenture shall be merged or converted, or any Person with which it or any successor to it shall be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee or any such successor
to it shall be a party, or any Person to which the Trustee or any successor to it shall sell or otherwise transfer all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee under this Indenture without
the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such Person shall be otherwise qualified and eligible under this Article. In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture with respect to one or more series of Securities, any of such Securities shall have been authenticated but not delivered by the Trustee then in office, any successor to such Trustee may
adopt the certificate of authentication of any predecessor Trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to such Trustee may authenticate such
Securities either in the name of any predecessor Trustee hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that
the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Securities in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation. 
 Section 11.08    Right to
Rely on Officers’ Certificate. Subject to Section 11.02, and subject to the provisions of Section 16.01 with respect to the certificates required thereby, whenever in the administration of the provisions of this Indenture the
Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
bad faith or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate with respect thereto delivered to the Trustee, and such Officers’ Certificate, in the absence of
bad faith or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

  
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 Section 11.09    Communications by Securityholders with Other
Securityholders. Holders of Securities may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Paying Agent, the the
Registrar and anyone else shall have the protection of Section 312(c) of the TIA with respect to such communications. 

Section 11.10    Resignation by the Agents. Any Agent may resign at any time by notifying the Trustee and the
Company in writing. Notwithstanding the replacement of any Agent pursuant to this Section 11.10, the Issuer’s obligations under Section 11.01(a) shall continue for the benefit of the resigning Agent. 

ARTICLE XII 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 12.01    Applicability of Article. If, pursuant to Section 3.01, provision is made for the
defeasance of Securities of a series and if the Securities of such series are denominated and payable only in U.S. Dollars (except as provided pursuant to Section 3.01), then the provisions of this Article shall be applicable except as
otherwise specified pursuant to Section 3.01 for Securities of such series. Defeasance provisions, if any, for Securities denominated in a Foreign Currency may be specified pursuant to Section 3.01. 

Section 12.02    Satisfaction and Discharge of Indenture. 

(a)    This Indenture, with respect to the Securities of any series (if all series issued under this Indenture are not to
be affected), shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of such Securities herein expressly provided for and rights to receive payments of principal of, premium, if any, and
interest on, such Securities) when: 
 (i)    either: 

(A)    all Securities of such series that have been authenticated, except (x) lost, stolen or
destroyed Securities that have been replaced or paid and (y) Securities for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Registrar for cancellation; or 

(B)    all Securities of such series that have not been delivered to the Registrar for cancellation have
become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee (or its agent) as trust funds
in trust solely for the benefit of the Holders, cash in U.S. Dollars, U.S. Government Obligation, or a combination of cash in U.S. Dollars and U.S. Government Obligation, in amounts as will be sufficient (in the case of a deposit not entirely in
cash, in the opinion of an internationally recognized investment bank, appraisal firm or firm of independent public accountants), without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Securities
not delivered to the Registrar for cancellation for principal, premium, if any, and accrued interest to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event a petition for relief under
the Bankruptcy Code or any applicable state bankruptcy, insolvency or other similar law is filed with respect to the Company within 91 days after the deposit and the Trustee (or its agent) is required to return the moneys then on deposit with the
Trustee to the Company, the obligations of the Company under this Indenture with respect to such Securities shall not be deemed terminated or discharged; 

  
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 (ii)    no Default or Event of Default under this
Indenture has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or
constitute a default under, any other instrument to which the Company is a party or by which it is bound; 

(iii)    the Company has paid or caused to be paid all sums payable by it under this Indenture with respect
to all Securities of such series; and 
 (iv)    the Company has delivered irrevocable instructions to
the Trustee under this Indenture to apply the deposited money toward the payment of the Securities of such series at the Stated Maturity or Redemption Date, as the case may be. 

(b)    The Company shall deliver an Officers’ Certificate and an opinion of External Legal Counsel (which opinion may
be subject to customary assumptions and exclusions) to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

(c)    Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the
Trustee or the Paying Agent (as the case may be) pursuant to subclause (A)(y) of clause (i) of Section 12.02(a), the obligations of the Trustee or the Paying Agent (as the case may be) under Section 12.07 and Section 6.03(e)
shall survive such satisfaction and discharge. 
 Section 12.03    Defeasance upon Deposit of Moneys or
U.S. Government Obligations. 
 (a)    The Company may, at its option and at any time, elect to have
either Section 12.03(b) or Section 12.03(c) applied to all Outstanding Securities of any series upon compliance with the conditions set forth below in this Section 12.03. 

(b)    Upon the Company’s exercise under Section 12.03(a) of the option applicable to this
Section 12.03(b), the Company shall, subject to the satisfaction of the conditions set forth in Section 12.03(d), be deemed to have been Discharged from its obligations with respect to all Outstanding Securities of such series on the date
such conditions are satisfied (“Legal Defeasance”). For this purpose, “Legal Defeasance” means that the Company shall be deemed to have paid and Discharged the entire Indebtedness represented by the Securities of
such series then Outstanding and to have satisfied all of its other obligations under the Securities of such series and this Indenture, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

  
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 (i)    the rights of Holders of the Securities of such
series then Outstanding to receive payments in respect of the principal of, or interest or premium on the Securities when such payments are due from the trust referred to in Section 12.03(d); 

(ii)    the Company’s obligations concerning issuing temporary Securities, registration of Securities,
mutilated, destroyed, lost or stolen Securities and the maintenance of an office or agency for payment and money for security payments held in trust; 

(iii)    the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s
obligations in connection therewith; and 
 (iv)    this Section 12.03(b) and Section 12.03(c)
with respect to the Securities of such series. 
 Following the Company’s exercise of its Legal Defeasance option, payment of the
Securities of such series may not be accelerated because of an Event of Default. Subject to compliance with this Article VII, the Company may exercise its option under this Section 12.03(b) notwithstanding the prior exercise of its option under
Section 12.03(c). 
 “Discharged” means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by, and obligations under, the Securities of a series and to have satisfied all the obligations under this Indenture relating to the Securities of such series (and the Trustee, at the expense of the Company, shall execute
proper instruments acknowledging the same), except (A) the rights of Holders of Securities of such series to receive, from the trust fund described in clause (i) of Section 12.03(d), payment of the principal of, premium, if any, or
interest on such Securities when such payments are due, (B) the Company’s obligations with respect to Securities of such series under Section 3.04, Section 3.06, Section 3.07, Section 6.02, Section 6.03,
Section 12.06 and Section 12.07 and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 

(c)    Upon the Company’s exercise under Section 12.03(a) of the option applicable to this
Section 12.03(c), the Company shall, subject to the satisfaction of the conditions set forth in Section 12.03(d), be released from its obligations under the covenants contained in Section 6.04, Section 6.06 and as provided
pursuant to Section 3.01(z), on and after the date the conditions set forth in Section 12.03(d) are satisfied (“Covenant Defeasance”). For this purpose, “Covenant Defeasance” means that, with respect to
this Indenture and the Securities of such Series then Outstanding, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of
Default under Section 7.01, but, except as specified above, the remainder of this Indenture and the Securities shall be unaffected thereby. In addition, upon the Company’s exercise under Section 12.03(a) of the option applicable to
this Section 12.03(c), subject to the satisfaction of the conditions set forth in Section 12.03(d), Section 7.01(c), Section 7.01(d) (only with respect to covenants that are released as a result of such Covenant Defeasance),
Section 7.01(e) and Section 7.01(f), in each case, shall not constitute Events of Default. 

  
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 (d)    The following shall be the conditions to the exercise of either
the Legal Defeasance option under Section 12.03(b) or the Covenant Defeasance option under Section 12.03(c): 

(i)    the Company must irrevocably deposit with the Trustee (or its agent) as trust funds, in trust, for
the benefit of the Holders of all Securities subject to Legal Defeasance or Covenant Defeasance, cash in U.S. Dollars, U.S. Government Obligation, or a combination of cash in U.S. Dollars and U.S. Government Obligation, in amounts as will be
sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants to pay the principal of, or interest and premium on such Securities that are then Outstanding on the Stated Maturity or
Redemption Date, as the case may be, and the Company must specify whether such Securities are being defeased to maturity or to a particular Redemption Date; 

(ii)    in the case of Legal Defeasance, the Company must deliver to the Trustee an opinion of External
Legal Counsel of recognized standing with respect to U.S. federal income tax matters that is acceptable to the Trustee confirming that (A) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling
or (B) since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion of External Legal Counsel will confirm that, the beneficial owners of
the Securities then Outstanding will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred; 
 (iii)    in the case of Covenant
Defeasance, the Company must deliver to the Trustee an opinion of External Legal Counsel of recognized standing with respect to U.S. federal income tax matters that is acceptable to the Trustee confirming that the beneficial owners of the Securities
of such series then Outstanding will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred; 
 (iv)    no Default or Event
of Default with respect to Securities of that series must have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 

(v)    the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was
not made by it with the intent of preferring the Holders of Securities over the Company’s other creditors with the intent of defeating, hindering, delaying or defrauding its creditors or others; and 

(vi)    the Company must deliver to the Trustee an Officers’ Certificate and an opinion of External
Legal Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

  
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 Section 12.04    Repayment to Company. The Trustee and any
Paying Agent shall promptly pay to the Company (or to its designee) upon Company Order any excess moneys or U.S. Government Obligations held by them at any time, including any such moneys or U.S. Government Obligations held by the Trustee under any
escrow agreement entered into pursuant to Section 12.06. The provisions of the last paragraph of Section 6.03 shall apply to any moneys or U.S. Government Obligations held by the Trustee or any Paying Agent under this Article that remains unclaimed
for two years after the Maturity of any series of Securities for which moneys or U.S. Government Obligations have been deposited pursuant to Section 12.03. 

Section 12.05    Indemnity for U.S. Government Obligations. The Company shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the deposited U.S. Government Obligations or the principal or interest received on such U.S. Government Obligations. 

Section 12.06    Deposits to Be Held in Escrow. Any deposits with the Trustee referred to in Section
12.03 above shall be irrevocable (except to the extent provided in Section 12.04 and Section 12.07) and shall be made under the terms of an escrow agreement. As contemplated under this Article XII, if any Outstanding
Securities of a series are to be redeemed prior to their Stated Maturity, in accordance with any mandatory or optional sinking fund requirement, the applicable escrow agreement shall provide therefor and the Company shall provide a notice of
redemption. The escrow agreement shall provide that, upon satisfaction of any Mandatory Sinking Fund Payment requirements, whether by deposit of moneys, application of proceeds of deposited U.S. Government Obligations or, if permitted, by delivery
of Securities, the Trustee shall pay or deliver over to the Company as excess moneys pursuant to Section 12.04 all funds or obligations then held under the escrow agreement and allocable to the sinking fund payment requirements so
satisfied. 
 If Securities of a series with respect to which such deposits are made may be subject to later redemption at the option of the
Company or pursuant to Optional Sinking Fund Payments, the applicable escrow agreement may, at the option of the Company, provide therefor. Upon such deposit of funds, the Trustee shall pay or deliver over to the Company as excess funds pursuant to
Section 12.04 all funds or obligations then held under such agreement and allocable to the Securities to be redeemed. In the case of exercise of Optional Sinking Fund Payment rights by the Company, such escrow agreement shall, at the option of
the Company, provide that upon deposit by the Company with the Trustee of funds pursuant to such exercise the Trustee shall pay or deliver over to the Company as excess funds pursuant to Section 12.04 all funds or obligations then held under
such escrow agreement for such series and allocable to the Securities to be redeemed. 

Section 12.07    Application of Trust Money. 

(a)    Neither the Trustee nor any other paying agent shall be required to pay interest on any moneys deposited pursuant
to the provisions of this Indenture, except such as it shall agree with the Company in writing to pay thereon. Any moneys so deposited for the payment of the principal of, or premium, if any, or interest on the Securities of any series and remaining
unclaimed for two years after the date of the maturity of the Securities of such series or the date fixed for the redemption of all the Securities of such series at the time Outstanding, as the case may be, shall be applied as provided in
Section 6.03(e). 

  
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 (b)    Subject to the provisions of clause (a) above, any moneys or
U.S. Government Obligations which at any time shall be deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal of, premium, if any, and interest on any of the Securities shall be
and are hereby assigned, transferred and set over to the Trustee or such other paying agent in trust for the respective Holders of the Securities for the purpose for which such moneys or U.S. Government Obligations shall have been
deposited; provided that such moneys or U.S. Government Obligations need not be segregated from other funds except to the extent required by law. 

Section 12.08    Deposits
of Non-U.S. Currencies. Notwithstanding the foregoing provisions of this Article, if the Securities of any series are payable in a Currency other than U.S. Dollars,
the Currency or the nature of the government obligations to be deposited with the Trustee under the foregoing provisions of this Article shall be as set forth in the Officers’ Certificate or established in the supplemental indenture under which
the Securities of such series are issued. 
 ARTICLE XIII 

IMMUNITY OF CERTAIN PERSONS 

Section 13.01    No Personal Liability. No recourse shall be had for the payment of the principal of, or the
premium, if any, or interest on, any Security or for any claim based thereon or otherwise in respect thereof or of the Indebtedness represented thereby, or upon any obligation, covenant or agreement of this Indenture, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the Company or of any successor thereto, either directly or through the Company or any successor thereto, whether by virtue of any constitutional provision, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and the Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor thereto, either directly or through the Company or any successor corporation, because of the incurring of the
Indebtedness hereby authorized or under or by reason of any of the obligations, covenants, promises or agreements contained in this Indenture or in any of the Securities, or to be implied herefrom or therefrom, and that all liability, if any, of
that character against every such incorporator, stockholder, officer and director is, by the acceptance of the Securities and as a condition of, and as part of the consideration for, the execution of this Indenture and the issue of the Securities
expressly waived and released. 
 ARTICLE XIV 

SUPPLEMENTAL INDENTURES 

Section 14.01    Without Consent of Securityholders. Except as otherwise provided as contemplated by
Section 3.01 with respect to any series of Securities, the Company and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any one or more of or all
the following purposes: 
 (a)    to cure any ambiguity, omission, defect or inconsistency contained herein or in any
supplemental indenture; provided, however, that such amendment does not materially and adversely affect the rights of Holders; 

  
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 (b)    in the case of a merger or consolidation, to evidence the
succession of another corporation to the Company, or successive successions, and the assumption by such successor of the covenants and obligations of the Company contained in the Securities of one or more series and in this Indenture or any
supplemental indenture; 
 (c)    to comply with the rules of any applicable Depositary; 

(d)    to secure any series of Securities; 

(e)    to add to the covenants and agreements of the Company, to be observed thereafter and during the period, if any, in
such supplemental indenture or indentures expressed, and to add Events of Default, in each case for the protection or benefit of the Holders of all or any series of the Securities (and if such covenants, agreements and Events of Default are to be
for the benefit of fewer than all series of Securities, stating that such covenants, agreements and Events of Default are expressly being included for the benefit of such series as shall be identified therein), or to surrender any right or power
herein conferred upon the Company; 
 (f)    to make any change in any series of Securities that does not adversely
affect the legal rights under this Indenture of any Holder of such Securities in any material respect; 
 (g)    to
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 hereof; 

(h)    to conform the text of this Indenture or any series of the Securities to any provision of the section entitled
“Description of Debt Securities” in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of this Indenture or such series of the Securities as evidenced by an
Officers’ Certificate; 
 (i)    to make any amendment to the provisions of this Indenture relating to the transfer
and legending of Securities as permitted by this Indenture, including, but not limited to, facilitating the issuance and administration of any series of the Securities or, if incurred in compliance with this Indenture, additional
Securities; provided, however, that (i) compliance with this Indenture as so amended would not result in any series of the Securities being transferred in violation of the U.S. Securities Act of 1933, as amended, or any
applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Securities; 

(j)    to change or eliminate any of the provisions of this Indenture; provided that any such change or
elimination shall become effective only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision and as to which such supplemental indenture
would apply; 
 (k)    to make any amendment to this Indenture necessary to qualify this Indenture under the Trust
Indenture Act; 
 (l)    to add guarantors or co-obligors with respect
to any series of Securities; and 

  
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 (m)    to establish the form and terms of Securities of any series as
permitted in Section 3.01, or to provide for the issuance of additional Securities in accordance with the limitations set forth in this Indenture, or to add to the conditions, limitations or restrictions on the authorized amount, terms or
purposes of issue, authentication or delivery of the Securities of any series, as herein set forth, or other conditions, limitations or restrictions thereafter to be observed. 

Subject to the provisions of Section 14.03, the Trustee is authorized to join with the Company in the execution of any such supplemental
indenture, to make the further agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property or assets thereunder. 

Any supplemental indenture authorized by the provisions of this Section 14.01 may be executed by the Company and the Trustee without the
consent of the Holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 14.02. 

Section 14.02    With Consent of Securityholders; Limitations. 

(a)    With the consent of the Holders (evidenced as provided in Article VIII) of a majority in aggregate principal amount
of the Outstanding Securities of each series affected by such supplemental indenture voting separately, the Company and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any provisions of this Indenture or of modifying in any manner the rights of the Holders of the Securities of such series to be affected; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security of each such series affected thereby, 

(i)    change the Stated Maturity of the principal of and premium, if any, or any installment of interest
on any Security; 
 (ii)    reduce the principal amount of, payments of interest on or stated time for
payment of interest on any Security; 
 (iii)    change any obligation of the Company to pay Additional
Amounts with respect to any Security; 
 (iv)    change the Currency in which the principal of and
premium, if any, or interest on such Security is denominated or payable; 
 (v)    reduce the amount of
the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 7.02; 

(vi)    impair the right to institute suit for the enforcement of any payment due on or with respect to any
Security; 
 (vii)    reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any supplemental indenture; 

  
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 (viii)    reduce the percentage in principal amount of
the Outstanding Securities of any series, the consent of whose Holders is required for any waiver of compliance with certain provisions of this Indenture or certain Defaults hereunder and their consequences provided for in this Indenture; 

(ix)    modify any of the provisions of this Section 14.02, Section 7.06 or Section 6.08,
except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to the “Trustee” and concomitant changes in this
Section 14.02 and Section 6.08, or the deletion of this proviso, in accordance with the requirements of Section 11.06 and Section 11.01(g); 

(x)    amend, change or modify any provision of this Indenture affecting the ranking of any series of
Securities in a manner which adversely affects the Holders of such Securities; or 
 (xi)    reduce the
amount of the premium payable upon the redemption or repurchase of any Security or change the time at which any Security may be redeemed or repurchased as described in Section 4.07 or as provided pursuant to Section 3.01, whether through
an amendment or waiver of provisions in the covenants, definitions or otherwise. 
 (b)    A supplemental indenture that
changes or eliminates any provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 

(c)    It shall not be necessary for the consent of the Securityholders under this Section 14.02 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

(d)    The Company may set a record date pursuant to Section 8.02(e) for purposes of determining the identity of the
Holders of each series of Securities entitled to give a written consent or waive compliance by the Company as authorized or permitted by this Section 14.02. 

(e)    Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the
provisions of this Section 14.02, the Company shall mail a notice, setting forth in general terms the substance of such supplemental indenture, to the Holders of Securities at their addresses as the same shall then appear in the Register. Any
failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

Section 14.03    Trustee Protected. Upon the request of the Company, accompanied by the Officers’
Certificate and Opinion of Counsel required by Section 16.01 stating that the execution of such supplemental indenture to be entered into pursuant to Section 14.01 or Section 14.02 is authorized or permitted by this
Indenture and that each such amendment, supplement or waiver constitutes the legal, valid, binding and enforceable obligations of the party or parties executing such amendment, supplement or waiver, and an officer’s certificate stating that all
conditions precedent have been complied with, and evidence satisfactory to the Trustee of consent of the Holders if the supplemental indenture is to be executed pursuant to Section 14.02, the Trustee shall join with the Company in the
execution of said supplemental indenture unless said supplemental indenture 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 said supplemental indenture. The Trustee shall be fully protected in relying upon such Officers’ Certificate and an Opinion of Counsel. 

  
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 Section 14.04    Effect of Execution of Supplemental
Indenture. Upon the execution of any supplemental indenture pursuant to the provisions of this Article XIV, this Indenture shall be deemed to be modified and amended in accordance therewith and, except as herein otherwise expressly provided, the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders of all of the Securities or of the Securities of any series affected, as the case may be, 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 supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 Section 14.05    Notation on or Exchange of Securities. Securities of
any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article may bear a notation in the form approved by the Trustee as to any matter provided for in such supplemental indenture.
If the Company or the Trustee shall so determine, new Securities so modified as to conform, in the opinion of the Trustee and the Board of Directors of the Company, to any modification of this Indenture contained in any such supplemental indenture
may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for the Securities then Outstanding in equal aggregate principal amounts, and such exchange shall be made without cost to the Holders of the
Securities. 
 Section 14.06    Conformity with TIA. Every supplemental indenture executed pursuant to the
provisions of this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 
 ARTICLE XV 

SUBORDINATION OF SECURITIES 

Section 15.01    Agreement to Subordinate. In the event a series of Securities is designated as subordinated
pursuant to Section 3.01, and except as otherwise provided in a Company Order, Officers’ Certificate or in one or more indentures supplemental hereto, the Company, for itself, its successors and assigns, covenants and agrees, and each
Holder of Securities of such series by his, her or its acceptance thereof, likewise covenants and agrees, that the payment of the principal of, premium, if any, or interest on each and all of the Securities of such series is hereby expressly
subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness. In the event a series of Securities is not designated as subordinated pursuant to Section
3.01(r), this Article XV shall have no effect upon such series of Securities. 
  

  
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 Section 15.02    Distribution on Dissolution, Liquidation and
Reorganization; Subrogation of Securities. Subject to Section 15.01, upon any distribution of assets of the Company upon any dissolution, winding up, liquidation or reorganization of the Company, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Company or otherwise (subject to the power of a court of competent jurisdiction to make other
equitable provision reflecting the rights conferred in this Indenture upon the Senior Indebtedness and the holders thereof with respect to the Securities and the holders thereof by a lawful plan of reorganization under the Bankruptcy Code or any
applicable state bankruptcy laws): 
 (a)    the holders of all Senior Indebtedness shall be entitled to receive payment
in full of the principal, premium, if any, or interest thereon before the Holders of the Securities are entitled to receive any payment upon the principal of, premium, if any, or interest on Indebtedness evidenced by the Securities; and 

(b)    any payment or distribution of assets of the Company of any kind or character, whether in cash, property or
securities, to which the Holders of the Securities or the Trustee would be entitled except for the provisions of this Article XV in respect of the principal of, premium, if any, or interest, on the Securities shall be paid by the liquidation trustee
or agent or other Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Indebtedness or their representative or representatives or to the
trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the principal of, premium, if any, or
interest on the Senior Indebtedness held or represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving effect to any concurrent payment or distribution to the holders of such Senior
Indebtedness; and 
 (c)    in the event that, notwithstanding the foregoing, any payment or distribution of assets of
the Company of any kind or character in respect of the principal of, premium, if any, or interest on Indebtedness evidenced by the Securities, whether in cash, property or securities prohibited by the foregoing, shall be received by the Trustee or
the Holders of the Securities before all Senior Indebtedness is paid in full, such payment or distribution shall be paid over, upon written notice by [●] to a Responsible Officer of the Trustee, to the holder of such Senior Indebtedness or
his, her or its representative or representatives or to the trustee or trustees under any indenture under which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably as aforesaid, as calculated by the Company, for
application to payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 

(d)    Subject to the payment in full of all Senior Indebtedness, the Holders of the Securities shall be subrogated to the
rights of the holders of Senior Indebtedness (to the extent that distributions otherwise payable to such holder have been applied to the payment of Senior Indebtedness) to receive payments or distributions of cash, property or securities of the
Company applicable to Senior Indebtedness until the principal of, premium, if any, or interest on the Securities shall be paid in full and no such payments or distributions to the Holders of the Securities of cash, property or securities otherwise
distributable to the holders of Senior Indebtedness shall, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the Securities be deemed to be a payment by the Company to or on account of the
Securities. It is understood that the provisions of this Article XV are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of the Senior Indebtedness, on the
other hand. Nothing contained in this Article XV or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders of the
Securities, the obligation of the Company, which is unconditional and absolute, to pay to the Holders of the Securities the principal of, premium, if any, or interest on the Securities as and when the same shall become due and payable in accordance
with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or in the Securities prevent the Trustee or the Holder of any
Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article XV of the holders of Senior Indebtedness in respect of cash, property or securities of
the Company received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee, shall be entitled to accept and conclusively rely upon a certificate of the liquidating
trustee or agent or other person making any distribution to the Trustee for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereof and all other facts pertinent thereto or to this Article XV. 

  
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 Section 15.03    No Payment on Securities in Event of Default on
Senior Indebtedness. Subject to Section 15.01, no payment by the Company on account of principal (or premium, if any), sinking funds or interest, if any, on the Securities shall be made at any time if: (i) a default on Senior
Indebtedness exists that permits the holders of such Senior Indebtedness to accelerate its maturity and (ii) the default is the subject of judicial proceedings or the Company has received notice of such default. The Company may resume
payments on the Securities when full payment of amounts then due for principal (premium, if any), sinking funds and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth. 

Section 15.04    Payments on Securities Permitted. Subject to Section 15.01, nothing contained in
this Indenture or in any of the Securities shall (a) affect the obligation of the Company to make, or prevent the Company from making, at any time except as provided in Section 15.02 and Section 15.03, payments of
principal of (or premium, if any) or interest, if any, on the Securities or (b) prevent the application by the Trustee of any moneys or assets deposited with it hereunder to the payment of or on account of the principal of, premium, if
any, or interest on the Securities, unless a Responsible Officer of the Trustee shall have received written notice of any fact prohibiting the making of such payment from the Company more than two Business Days prior to the date fixed for such
payment. 

  
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 Section 15.05    Authorization of Securityholders to Trustee to
Effect Subordination. Subject to Section 15.01, each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his, her or its behalf to take such action as may be necessary or appropriate to effectuate the
subordination as provided in this Article XV. 
 Section 15.06    Notices to Trustee. The Company shall give
prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company that would prohibit the making of any payment of moneys or assets to or by the Trustee in respect of the Securities of any series pursuant to the
provisions of this Article XV. Subject to Section 15.01, notwithstanding the provisions of this Article XV or any other provisions of this Indenture, neither the Trustee nor the Paying Agent (other than the Company) shall be charged with
knowledge of the existence of any Senior Indebtedness or of any fact which would prohibit the making of any payment of moneys or assets to or by the Trustee or the Paying Agent, unless and until a Responsible Officer of the Trustee or the Paying
Agent shall have received written notice thereof from the Company or from the holder of any Senior Indebtedness or from the trustee for any such holder of Senior Indebtedness, together with proof satisfactory to the Trustee of such holding of Senior
Indebtedness or of the authority of such trustee, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects conclusively to presume that no such facts
exist; provided, however, that if at least two Business Days prior to the date upon which by the terms hereof any such moneys or assets may become payable for any purpose (including, without limitation, the
payment of either the principal of, premium, if any, or interest on any Security) a Responsible Officer of the Trustee shall not have received with respect to such moneys or assets the notice provided for in this Section 15.06, then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys or assets and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the
contrary which may be received by it within two Business Days prior to such date. The Trustee shall be entitled to accept and conclusively rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Indebtedness (or a trustee on behalf of such holder) to establish that such a notice has been given by a holder of Senior Indebtedness or a trustee on behalf of any such holder. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article XV, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this
Article XV and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

Section 15.07    Trustee as Holder of Senior Indebtedness. Subject to Section 15.01, the Trustee in its
individual capacity shall be entitled to all the rights set forth in this Article XV in respect of any Senior Indebtedness at any time held by it to the same extent as any other holder of Senior Indebtedness and nothing in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article XV shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.05 or Section 11.01. 

  
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 Section 15.08    Modifications of Terms of Senior
Indebtedness. Subject to Section 15.01, any renewal or extension of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior Indebtedness of any of their rights under any instrument creating or evidencing
Senior Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done all without notice to or assent from the Holders of the Securities or the Trustee. No compromise, alteration, amendment, modification,
extension, renewal or other change of, or waiver, consent or other action in respect of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior
Indebtedness is Outstanding or of such Senior Indebtedness, whether or not such release is in accordance with the provisions of any applicable document, shall in any way alter or affect any of the provisions of this Article XV or of the Securities
relating to the subordination thereof. 
 Section 15.09    Reliance on Judicial Order or Certificate of
Liquidating Agent. Subject to Section 15.01, upon any payment or distribution of assets of the Company referred to in this Article XV, the Trustee and the Holders of the Securities shall be entitled to conclusively rely upon any order or
decree entered by any court of competent jurisdiction in which such insolvency, bankruptcy, receivership, liquidation, reorganization, dissolution, winding up or similar case or proceeding is pending, or a certificate of the trustee in bankruptcy,
liquidating trustee, custodian, receiver, assignee for the benefit of creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of Securities, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article XV. 
 Section 15.10    Satisfaction and Discharge; Defeasance and Covenant
Defeasance. Subject to Section 15.01, moneys and U.S. Government Obligations deposited in trust with the Trustee pursuant to and in accordance with Article XII and not, at the time of such deposit, prohibited to be deposited under Sections
Section 15.02 or Section 15.03 shall not be subject to this Article XV. 
 Section 15.11    Trustee
Not Fiduciary for Holders of Senior Indebtedness. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or observe only such of its covenants and obligations as are specifically set forth in this Article XV, and
no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness. The
Trustee shall not be liable to any such holder if it shall pay over or distribute to or on behalf of Holders of Securities or the Company, or any other Person, moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue
of this Article XV or otherwise. 
 ARTICLE XVI 

MISCELLANEOUS PROVISIONS 

Section 16.01    Certificates and Opinions as to Conditions Precedent. 

(a)    Upon any request or application 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 stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such document is specifically required by any provision of this
Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

  
 70 

 (b)    Each certificate or opinion provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Indenture (other than the certificates provided pursuant to Section 6.05of this Indenture) shall include (i) a statement that the Person
giving such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; (iii) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable such Person to express an informed view or opinion as to whether or not such covenant or condition has
been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

(c)    Any certificate, statement or opinion of an officer of the Company may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or
her certificate, statement or opinion is based are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate, statement or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate, statement or opinion
or representations with respect to such matters are erroneous. 
 (d)    Any certificate, statement or opinion of an
officer of the Company or of counsel to the Company may be based, insofar as it relates to accounting matters, upon a certificate or opinion of, or representations by, an accountant or firm of accountants, unless such officer or counsel, as the case
may be, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the accounting matters upon which his or her certificate, statement or opinion may be based are erroneous. Any
certificate or opinion of any firm of independent registered public accountants filed with the Trustee shall contain a statement that such firm is independent. 

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

(f)    Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 16.02    Trust Indenture Act Controls. If and to the extent that any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by, or with a provision included in this Indenture which is required to be included in this Indenture by any of the provisions of Sections 310 to 318, inclusive, of, the TIA, such imposed duties
or incorporated provision shall control. 

  
 71 

 Section 16.03    Notices to the Company and Trustee. Any
notice or demand authorized or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Company or the Trustee shall be sufficiently made, given, furnished or filed for all purposes if it shall be mailed, by regular
mail or overnight courier, delivered or faxed to: 
 (a)    the Company, at Tencent Music Entertainment Group, 17/F,
Matsunichi Building, Kejizhongyi Road, Midwest District of Hi-tech Park, Nanshan District, Shenzhen, 518057, the People’s Republic of China, Attention: Chief Financial Officer, or at such other address or
facsimile number as may have been furnished in writing to the Trustee by the Company. 
 (b)    the Trustee, at the
Corporate Trust Office, Attention: Global Corporate Trust – Tencent Music Entertainment Group, with a copy to the Specified Corporate Trust Office. 

Any such notice, demand or other document shall be in the English language. Anything herein to the contrary notwithstanding, no such notice or
demand shall be effective as to the Trustee unless it is actually received by the Trustee at its Corporate Trust Office with a copy to its Specified Corporate Trust Office. 

The Trustee and the Agents agree to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods (but excluding on-line communications systems covered by a separate
agreement (such as the Inform or CA$H-Register Plus system)) (“Electronic Methods”); provided, however, that the Trustee and the Agents shall have received an
incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added
or deleted from the listing. The Trustee and the Agents shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions or directions on behalf of
the Company (other than to verify that the signature on a pdf or facsimile transmission is the signature of a person authorized to give instructions and directions on behalf of the Company). The Trustee and the Agents shall not be liable for any
losses, liabilities, costs or expenses arising directly or indirectly from the Trustee’s and the Agents’ reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee and the Agents, including without limitation the risk of the Trustee and the Agents
acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Company agrees that the indemnity set out in Section 11.01 shall apply in respect of any loss or liability suffered by the Trustee as a result of
acting upon instructions and directions sent by Electronic Methods. 
 Section 16.04    Notices to
Securityholders; Waiver. Any notice required or permitted to be given to Securityholders shall be sufficiently given (unless otherwise herein expressly provided), if to Holders, if given in writing by first class mail, postage prepaid, to such
Holders at their addresses as the same shall appear on the Register. 

  
 72 

 (a)    In the event of suspension of regular mail service or by reason
of any other cause it shall be impracticable to give notice by mail, then such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 

(b)    Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance on such waiver. In any case where notice to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders, and any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given. In any case where notice to Holders is given by publication, any defect in any notice so published as to
any particular Holder shall not affect the sufficiency of such notice with respect to other Holders, and any notice that is published in the manner herein provided shall be conclusively presumed to have been duly given. 

Section 16.05    Legal Holiday. Unless otherwise specified pursuant to Section 3.01, in any case where
any Interest Payment Date, Redemption Date or Maturity of any Security of any series shall not be a Business Day at any Place of Payment for the Securities of that series, then payment of principal and premium, if any, or interest need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on such Interest Payment Date, Redemption Date or Maturity and no interest shall accrue on
such payment for the period from and after such Interest Payment Date, Redemption Date or Maturity, as the case may be, to such Business Day if such payment is made or duly provided for on such Business Day. 

Section 16.06    Judgment Currency. To the fullest extent permitted by law, the obligations of the Company to
any Holder under this Indenture or the Securities of any series, as the case may be, shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than U.S. Dollars, be discharged only to the extent that on the
Business Day following receipt by such Holder or the Trustee, as the case may be, of any amount in the Judgment Currency, such Holder or the Trustee, as the case may be, may in accordance with normal banking procedures purchase the U.S. Dollars with
the Judgment Currency. If the amount of U.S. Dollars so purchased is less than the amount originally to be paid to such Holder or the Trustee, as the case may be, in U.S. Dollars, the Company agrees, as a separate obligation and notwithstanding such
judgment, to pay the difference, and if the amount of U.S. Dollars so purchased exceeds the amount originally to be paid to such Holder, such Holder or the Trustee, as the case may be, agrees to pay to or for the account of the Company such
excess; provided that such Holder shall not have any obligation to pay any such excess as long as a Default by the Company in its obligations under this Indenture or such series of Securities has occurred and is continuing, in which case
such excess may be applied by such Holder to such obligations. In the event the Trustee is required or requested to make such purchases of U.S. Dollars with the Judgment Currency, the Trustee will in good faith select a recognized banking
institution in The City of New York through which the Trustee will purchase the U.S. Dollars with the Judgment Currency; provided that the Trustee will not be liable for any losses or shortfalls in amounts so paid as a result of the
foreign exchange rate applied by such banking institution to such purchases of the U.S. Dollars with the Judgment Currency in accordance with normal banking procedures. 

  
 73 

 Section 16.07    Effects of Headings and Table of Contents.
The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 16.08    Successors and Assigns. All covenants and agreements in this Indenture by the parties hereto
shall bind their respective successors and assigns and inure to the benefit of their permitted successors and assigns, whether so expressed or not. 

Section 16.09    Severability. If any provision hereof shall be held to be invalid, illegal or unenforceable
under applicable law, then the remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein. 

Section 16.10    Benefits of Indenture. Nothing in this Indenture expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties hereto and their successors and the Holders of the Securities any benefit or any right, remedy or claim under or
by reason of this Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Indenture contained shall be for the sole and exclusive benefit of the
parties hereto and their successors and of the Holders of the Securities. 
 Section 16.11    Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

Section 16.12    Governing Law; Waiver of Trial by Jury. This Indenture and the Securities shall be deemed to
be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

THE COMPANY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

Section 16.13    Submission to Jurisdiction. The Company irrevocably and unconditionally submits to the non-exclusive jurisdiction of any U.S. federal or New York State court located in the Borough of Manhattan, The City of New York over any suit, action or proceeding arising out of or relating to this
Indenture or the Securities. Service of any process, summons, notice or document by registered mail addressed to the Company’s agent, Cogency Global Inc. located at 10 E. 40th Street, 10th Floor New York, NY 10016, shall be effective service of
process against the Company for any suit, action or proceeding brought in any such court. The Company irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection to the laying of venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court shall be conclusive
and binding upon the Company and may be enforced in any other courts to whose jurisdiction the Company is or may be subject, by suit upon judgment. The Company further agrees that nothing herein shall affect any Holder’s right to effect service
of process in any other manner permitted by law or bring a suit action or proceeding (including a proceeding for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law. 

  
 74 

 Section 16.14    Waiver of Immunity. To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to each of the Company, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or
proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or counterclaim, from the jurisdiction of any Cayman Islands, PRC, New York state or U.S. federal court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any such court in which
proceedings may at any time be commenced, with respect to the obligations and liabilities of the Company or any other matter under or arising out of or in connection with this Indenture, the Company hereby irrevocably and unconditionally waives or
will waive such right to the extent permitted by applicable law, and agree not to plead or claim, any such immunity and consent to such relief and enforcement. 

Section 16.15    Force Majeure. In no event shall the Trustee or the Agents 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 and the Agents shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

[Signatures on following page] 

  
 75 

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

			
	Very truly yours,
	
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
  
  

 EXHIBIT A 

FORM OF SECURITY 
 FACE OF NOTE

 [For Inclusion in a Global Security only — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE 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.] 
 TENCENT MUSIC ENTERTAINMENT GROUP 

        % Note Due
             
 PRINCIPAL AMOUNT:
                 
 CUSIP:
                 
 No.:
                 
 TENCENT MUSIC ENTERTAINMENT
GROUP, an exempted company incorporated in the Cayman Islands (the “Company,” which term includes any successor thereto under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                         (            ) (or such other
principal amount as shall be set forth in the Schedule of Increases or Decreases in Note attached hereto) on                     , or on such
earlier date as the principal hereof may become due in accordance with the provisions of this Note. 
 Interest Rate:
                    % per annum. 

Interest Payment Dates:
                     and
                     of each year, commencing on
                    . 
 Interest
Record Dates:                      and
                    . 

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 shall not be valid or become obligatory for any purpose until the
certificate of authentication hereon shall have been manually or electronically signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, Tencent Music Entertainment Group has caused this Note to be duly
executed. 
  

			
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 2 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Date of authentication: 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
  

  
 3 

 REVERSE OF NOTE 

TENCENT MUSIC ENTERTAINMENT GROUP 

    % Note Due              

This Note is one of a duly authorized issue of debt securities of the Company of the series designated as the
“    % Note due             ” (the “Notes”), all issued or to be issued under and pursuant to an Indenture, dated as of [
● ], 2020 (the “Base Indenture”), duly executed and delivered by and between the Company and The Bank of New York Mellon, a banking corporation organized and existing under the laws of the State of New York with limited
liability, as trustee (the “Trustee,” which term includes any successor trustee)[, as supplemented by the Supplemental Indenture, dated as of
                 (the “Supplemental Indenture”), duly executed and delivered by and between the Company and the Trustee]. The Base Indenture [as
supplemented and amended by the Supplemental Indenture] is referred to herein as the “Indenture”. Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Indenture. 

1. Interest. The Company promises to pay interest on the principal amount of this Note at a rate of
    % per annum. The Company will pay interest semi-annually on              and
             of each year. If a payment date is not a Business Day as defined in the Indenture at a Place of Payment, payment may be made at that place on the next succeeding day
that is a Business Day, and no interest shall accrue for the intervening period. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months. 
 2. Method of Payment. The Company shall pay interest
on the Notes (except Defaulted Interest), if any, to the Persons in whose name such Notes are registered at the close of business on the Record Date referred to on the face of this Note for such interest installment. In the event that the Notes or a
portion thereof are called for redemption, and the Redemption Date is subsequent to a Record Date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Notes will instead be paid upon presentation and
surrender of such Notes as provided in the Indenture. Payment of interest on the Notes shall be made, in the currency of the United States of America that at the time is legal tender for payment of public and private debts, at the Corporate Trust
Office by wire transfer or, if the Notes are in certificates form and the Company acts as its own paying agent, at the option of the Company, by check mailed to the address of the Person entitled thereto as such address shall appear in the Register
or, in accordance with arrangements satisfactory to the Trustee, by wire transfer to an account designated by the Holder. 

3. Paying Agent and Registrar. Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Company may
change or appoint any Paying Agent or Registrar without notice to any Noteholder. The Company may act in any such capacity. 
 4.
Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The
Notes are subject to all such terms, and Noteholders are referred to the Indenture and TIA for a statement of such terms. The Notes are unsecured general obligations of the Company and constitute the series designated on the face of this Note as the
“    % Note due             ,” initially limited to
US$                 in aggregate principal amount. The Company will furnish to any Noteholder upon written request and without charge a copy of the Base Indenture
[and the Supplemental Indenture]. Requests may be made to: Tencent Music Entertainment Group, 17/F, Matsunichi Building, Kejizhongyi Road, Midwest District of Hi-tech Park, Nanshan District, Shenzhen, 518057,
the People’s Republic of China, Attention: Chief Financial Officer. 

  
 4 

 5. Redemption and Repurchase. The Notes are subject to optional redemption, and
may be the subject of a mandatory redemption or offer to purchase, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in the denominations of
US$                 or any integral multiple of US$1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the
Indenture. The Notes may be presented for exchange or for registration of transfer (duly endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Registrar) at the office of the Registrar or at the
office of any transfer agent designated by the Company for such purpose. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. 
 7. Persons Deemed Owners. The registered Noteholder may be treated as its owner for all purposes. 

8. Amendments, Supplements and Waivers. The Indenture and the Notes may be amended or supplemented as provided in the Indenture.
Any consent or waiver by the Noteholders as provided in the Indenture shall be conclusive and binding upon such Holders and upon all future Noteholders and holders of any security issued upon the registration of transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon the Notes. 
 9. Defaults and Remedies. The
Events of Default relating to the Notes are defined in Section 7.01 of the Base Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Trustee and the Noteholders shall be as set forth in the
applicable provisions of the Indenture. 
 10. No Recourse Against Others. No recourse under or upon any obligation, covenant or
agreement contained in the Indenture or the Notes, or because of any indebtedness evidenced thereby, shall be had against any incorporator as such, or against any past, present or future stockholder, officer, director or employee, as such, of the
Company or of any successor, either directly or through the Company or any successor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

11. Authentication. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose
until authenticated by the manual or electronic signature of the Trustee. 
 12. Governing Law. The Base Indenture, the
Supplemental Indenture and this Note shall be deemed to be contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

  
 5 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE] 
  

 
 [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP
CODE, OF ASSIGNEE] 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         
                            Attorney to transfer such Note on the books of the Company, with full power of
substitution in the premises. 
  

					
		  	Signature:	  	
			
	Dated:                             	  	                                      
                  	  	
		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular without alteration or enlargement or any change whatsoever.	  	

  
 6 

 SCHEDULE OF INCREASES OR DECREASES IN
NOTE* 
 The initial principal amount of this Note is
US$                . The following increases or decreases in a part of this Note have been made: 

 

													
	Date	  	Amount of
decrease in
principal amount
of this Note	 	  	Amount of
increase in
principal amount of
this Note	 	  	Principal amount
of this Note
following such
decrease (or
increase)	 
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			
		  				  				  			

  

	*	 Insert in Global Notes. 

  
 7 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 

This Compliance Certificate is delivered pursuant to Section 6.07 of the Indenture, dated as of [ ● ], 2020, as amended,
supplemented or modified from time to time (the “Indenture”), between Tencent Music Entertainment Group, an exempted company incorporated in the Cayman Islands (the “Company”) and The Bank of New York Mellon, as
trustee (the “Trustee”). Capitalized terms defined in the Indenture are used herein as therein defined. 
 The undersigned
hereby certifies to the Trustee as follows: 
 1.    I am the duly elected, qualified and acting [title] or [title], as
the case may be, of the Company. 
 2.    I have reviewed and am familiar with the contents of this Compliance
Certificate. 
 3.    I have reviewed the terms of the Indenture. 

4.    A review has been conducted of the activities of the Company’s performance under the Indenture, in each case
since the [Issue Date/date of last Compliance Certificate], and since the [Issue Date/date of last Compliance Certificate] the Company has been in compliance with all conditions and covenants under the Indenture]/[if there has been a default in the
fulfillment of any obligation under the Indenture, specifying each such default and the nature and status thereof.] 
 [Signature page
follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date
set forth below. 
  

			
	TENCENT MUSIC ENTERTAINMENT GROUP
		
	By:	 	  

		 	Name:
		 	Title:
	
	Date: [●], 20

 [Signature Page to Form of Compliance Certificate] 

  
 2

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