Document:

Exhibit 4.1

 

Execution Version

 

 

THE MARCUS CORPORATION

 

AND

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of September 22, 2020

 

5.00% Convertible Senior Notes due 2025

 

 

     

     

    

 

TABLE OF CONTENTS 

 

Page

	Article
                                         1

                                                                                Definitions

	 
	Section 1.01. 	Definitions	1
	Section 1.02.	 References to Interest	12
	 	 	 
	Article 2 

    Issue, Description, Execution, Registration and Exchange of Notes
	 
	Section 2.01.	 Designation and Amount	13
	Section 2.02.	 Form of Notes	13
	Section 2.03.	 Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	14
	Section 2.04.	 Execution, Authentication and Delivery of Notes	15
	Section 2.05.	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	16
	Section 2.06.	Mutilated, Destroyed, Lost or Stolen Notes	22
	Section 2.07.	 Temporary Notes	23
	Section 2.08.	Cancellation of Notes Paid, Converted, Etc	23
	Section 2.09.	 CUSIP Numbers	23
	Section 2.10.	 Additional Notes; Repurchases	23
	 	 	 
	Article 3 

    Satisfaction and Discharge
	 
	Section 3.01.	Satisfaction and Discharge	24
	 	 	 
	Article 4 

    Particular Covenants of the Company
	 
	Section 4.01.	Payment of Principal and Interest	24
	Section 4.02.	 Maintenance of Office or Agency	24
	Section 4.03.	Appointments to Fill Vacancies in Trustee’s Office	25
	Section 4.04.	 Provisions as to Paying Agent	25
	Section 4.05.	 Existence	26
	Section 4.06.	Rule 144A Information Requirement and Annual Reports	26
	Section 4.07.	 Stay, Extension and Usury Laws	28
	Section 4.08.	 Compliance Certificate; Statements as to Defaults	28
	Section 4.09. 	Further Instruments and Acts	29

 

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	Article 5 

    Lists of Holders and Reports by the Company and the Trustee
	 
	Section 5.01.	 Lists of Holders	29
	Section 5.02.	Preservation and Disclosure of Lists	29
	 	 	 
	Article 6 

    Defaults and Remedies
	 
	Section 6.01.	Events of Default	29
	Section 6.02.	Acceleration; Rescission and Annulment	31
	Section 6.03.	Additional Interest	32
	Section 6.04.	Payments of Notes on Default; Suit Therefor	33
	Section 6.05.	Application of Monies Collected by Trustee	34
	Section 6.06.	Proceedings by Holders	35
	Section 6.07.	Proceedings by Trustee	36
	Section 6.08.	Remedies Cumulative and Continuing	36
	Section 6.09.	Direction of Proceedings and Waiver of Defaults by Majority of Holders	36
	Section 6.10.	Notice of Defaults	37
	Section 6.11.	 Undertaking to Pay Costs	37
	 	 	 
	Article 7 

    Concerning the Trustee
	 
	Section 7.01.	 Duties and Responsibilities of Trustee	38
	Section 7.02.	Reliance on Documents, Opinions, Etc	39
	Section 7.03.	No Responsibility for Recitals, Etc	40
	Section 7.04.	 Trustee, Paying Agents, Conversion Agents, Bid Solicitation Agent or Note Registrar May Own Notes	40
	Section 7.05.	 Monies and Shares of Common Stock to Be Held in Trust	41
	Section 7.06.	 Compensation and Expenses of Trustee	41
	Section 7.07.	 Officers’ Certificate as Evidence	42
	Section 7.08.	Eligibility of Trustee	42
	Section 7.09.	 Resignation or Removal of Trustee	42
	Section 7.10.	Acceptance by Successor Trustee	43
	Section 7.11.	 Succession by Merger, Etc	44
	Section 7.12.	Trustee’s Application for Instructions from the Company	44
	 	 	 
	Article 8

    Concerning the Holders
	 
	Section 8.01.	Action
by Holders	44
	Section 8.02.	Proof of Execution by Holders	45
	Section 8.03.	 Who Are Deemed Absolute Owners	45
	Section 8.04.	 Company-Owned Notes Disregarded	45
	Section 8.05.	Revocation of Consents; Future Holders Bound	46

 

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	Article
                                         9

                                                                                Holders’ Meetings

	 
	Section 9.01.	 Purpose of Meetings	46
	Section 9.02.	 Call of Meetings by Trustee	47
	Section 9.03.	Call of Meetings by Company or Holders	47
	Section 9.04.	Qualifications for Voting	47
	Section 9.05.	 Regulations	47
	Section 9.06.	Voting	48
	Section 9.07.	No Delay of Rights by Meeting	48
	 	 	 
	Article
                                         10

                                                                                Supplemental Indentures

	 
	Section 10.01.	Supplemental Indentures Without Consent of Holders	48
	Section 10.02.	 Supplemental Indentures with Consent of Holders	50
	Section 10.03.	 Effect of Supplemental Indentures	50
	Section 10.04.	Notation on Notes	51
	Section 10.05.	 Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	51
	 	 	 
	Article
                                         11

                                                                                Consolidation, Merger, Sale, Conveyance and Lease

	 
	Section 11.01.	Company May Consolidate, Etc. on Certain Terms	51
	Section 11.02.	 Successor Corporation to Be Substituted	52
	Section 11.03.	 Opinion of Counsel to Be Given to Trustee	52
	 	 	 
	Article
                                         12

                                                                                Immunity of Incorporators, Shareholders, Officers and Directors

	 
	Section 12.01.	 Indenture and Notes Solely Corporate Obligations	52
	 	 	 
	Article
                                         13

                                                                                [Intentionally Omitted]

	 
	Article
                                         14

                                                                                Conversion of Notes

	 
	Section 14.01.	 Conversion Privilege	53
	Section 14.02.	 Conversion Procedure; Settlement Upon Conversion.	56
	Section 14.03.	Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	60
	Section 14.04.	 Adjustment of Conversion Rate	62
	Section 14.05. 	Adjustments of Prices	71
	Section 14.06.	 Shares to Be Fully Paid	71

 

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	Section 14.07.	 Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.	71
	Section 14.08.	 Certain Covenants	73
	Section 14.09.	Responsibility of Trustee	74
	Section 14.10.	Notice to Holders Prior to Certain Actions	74
	Section 14.11.	 Shareholder Rights Plans	75
	Section 14.12.	 Exchange in Lieu of Conversion	75
	 	 	 
	Article
                                         15

                                                                                Repurchase of Notes at Option of Holders

	 
	Section 15.01.	 [Intentionally Omitted]	76
	Section 15.02.	Repurchase at Option of Holders Upon a Fundamental Change	76
	Section 15.03.	Withdrawal of Fundamental Change Repurchase Notice	78
	Section 15.04.	Deposit of  Fundamental Change Repurchase Price	79
	Section 15.05.	 Covenant to Comply with Applicable Laws Upon Repurchase of Notes	79
	 	 	 
	Article 16 

    No Redemption
	 
	Section 16.01.	 No Redemption	80
	 	 	 
	Article 17 

    Miscellaneous Provisions
	 
	Section 17.01.	Provisions Binding on Company’s Successors	80
	Section 17.02.	Official Acts by Successor Corporation	80
	Section 17.03.	 Addresses for Notices, Etc	80
	Section 17.04.	Governing Law; Jurisdiction	81
	Section 17.05.	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	82
	Section 17.06.	 Legal Holidays	82
	Section 17.07.	No Security Interest Created	82
	Section 17.08.	Benefits of Indenture	82
	Section 17.09.	 Table of Contents, Headings, Etc	82
	Section 17.10.	 Authenticating Agent	82
	Section 17.11.	Execution in Counterparts	84
	Section 17.12.	Severability	84
	Section 17.13.	 Waiver of Jury Trial	84
	Section 17.14.	 Force Majeure	84
	Section 17.15.	 Calculations	84
	Section 17.16.	 USA PATRIOT Act	84

 

EXHIBIT

 

	Exhibit A	 Form of Note	A-1

 

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INDENTURE dated as of September 22, 2020
between THE MARCUS CORPORATION, a Wisconsin corporation, as issuer (the “Company,” as more fully set forth in
 ‎Section 1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,”
as more fully set forth in ‎Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 5.00% Convertible Senior Notes due 2025 (the “Notes”), initially
in an aggregate principal amount not to exceed $100,050,000, and in order to provide the terms and conditions upon which the Notes
are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

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

 

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

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

Article
1

Definitions

 

Section 1.01. Definitions. The terms
defined in this ‎Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires) for
all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this ‎Section
1.01. The words “herein,” “hereof,” “hereunder” and words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural
as well as the singular.

 

     

     

    

 

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

 

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

 

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

 

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

 

“Board of Directors”
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

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

 

“Business Day” means,
with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is authorized
or required by law or executive order to close or be closed.

 

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

 

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

 

“Class B Common Stock”
means the class B common stock of the Company, par value $1.00 per share, at the date of this Indenture.

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

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

 

“Common Stock” means
the common stock of the Company, par value $1.00 per share, at the date of this Indenture, subject to ‎Section 14.07.

 

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

 

“Company Order” means
a written order of the Company, signed by (a) the Company’s Chief Executive Officer, President, Chief Financial Officer,
Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added
before or after the title “Vice President”) and (b) any such other Officer designated in clause (a) of this definition
or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant Secretary, and delivered to the Trustee.

 

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

 

“Conversion Consideration”
shall have the meaning specified in ‎Section 14.12(a).

 

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

 

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

 

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

 

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

 

“Corporate Trust Office”
means the principal office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at 1555 North RiverCenter Drive, Suite 203, Milwaukee, Wisconsin 53212, Attention: Steven F. Posto,
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 office of any successor trustee (or such other address as such successor trustee may designate from time to time
by notice to the Holders and the Company).

 

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

 

    3

     

    

 

“Daily Conversion Value”
means, for each of the 50 consecutive Trading Days during the Observation Period, 2.0% of the product of (a) the Conversion Rate
on such Trading Day and (b) the Daily VWAP for such Trading Day.

 

“Daily Measurement Value”
means the Specified Dollar Amount (if any), divided by 50.

 

“Daily Settlement Amount,”
for each of the 50 consecutive Trading Days during the relevant Observation Period, shall consist of:

 

(a)       cash
in an amount equal to the lesser of (i) the Daily Measurement Value and (ii) the Daily Conversion Value on such Trading Day; and

 

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

 

“Daily VWAP” means, for
each of the 50 consecutive Trading Days during the relevant Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “MCS <equity> AQR” (or its equivalent
successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close
of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market
value of one share of the Common Stock on such Trading Day determined, using a volume-weighted average method, by a nationally
recognized independent investment banking firm retained for this purpose by the Company). The “Daily VWAP” shall
be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

 

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

 

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

 

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

 

“Designated Financial Institution”
shall have the meaning specified in Section 14.12(a).

 

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

 

“Effective Date” shall
have the meaning specified in ‎Section 14.03(c), except that, as
used in ‎Section 14.04 and ‎Section
14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange
or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.

 

    4

     

    

 

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

 

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

 

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

 

“Exchange Election” shall
have the meaning specified in ‎Section 14.12(a).

 

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

 

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

 

“Form of Note” means
the “Form of Note” attached hereto as Exhibit A.

 

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

 

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

 

(a)       a
 “person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Company,
its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, has become the
direct or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Company’s
Common Equity representing more than 50% of the voting power of all of the Company’s then-outstanding Common Equity; provided,
that, for so long as the Marcus Family Members continue to be the direct or indirect “beneficial owners,” as
defined in Rule 13d-3 under the Exchange Act, of the Company’s Common Equity representing more than 50% of the voting
power of all of the Company’s then-outstanding Common Equity, a Fundamental Change shall not occur under this clause
(a) unless the voting power of the Company’s Common Equity directly or indirectly “beneficially owned,” as
defined in Rule 13d-3 under the Exchange Act, in the aggregate by the Marcus Family Members or a “group” (that
includes any Marcus Family Member) represents more than 85% of the voting power of all of the Company’s
then-outstanding Common Equity; provided, further, that the voting power of the Company’s Common Equity
directly or indirectly “beneficially owned,” as defined in Rule 13d-3 under the Exchange Act, by Marcus Family
Members or a “group” (that includes any Marcus Family Member) will exclude any shares of Common Stock directly or
indirectly beneficially owned by a Marcus Family Member as a result of the receipt by them of equity grants (or the exercise
or conversion thereof) outstanding on the date of the Purchase Agreement or subsequently granted, in each case, made under
the Company’s equity incentive plans;

 

    5

     

    

 

(b)       the
consummation of (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision
or combination or change in par value or the automatic conversion of the Class B Common Stock into Common Stock pursuant to the
terms of the Company’s Restated Articles of Incorporation) as a result of which the Common Stock would be converted into,
or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company
pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease
or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the
Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company’s Wholly Owned Subsidiaries;
provided, however, that a transaction described in clause (B) (whether or not also constituting a transaction described
in clause (A)) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own,
directly or indirectly, more than 50% of the voting power of all classes of Common Equity of the continuing or surviving entity
or other transferee or the direct or indirect parent thereof immediately after such transaction in substantially the same proportions
as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b);

 

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

 

(d)       the
Common Stock (or other common stock underlying the Notes) ceases to be listed or quoted on any of The New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors);

 

provided, however, that a transaction or
transactions described in clause (a) or clause (b) above shall not constitute a Fundamental Change, if at least 90% of the
consideration received or to be received by the common shareholders of the Company, excluding cash payments for fractional
shares and cash payments made in respect of dissenters’ statutory appraisal rights, in connection with such transaction
or transactions consists of shares of common stock that are listed or quoted on any of The New York Stock Exchange, The
NASDAQ Global Select Market or The NASDAQ Global Market (or any of their respective successors) or will be so listed or
quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction or
transactions the Notes become convertible into such consideration (excluding cash payments for fractional shares and cash
payments made in respect of dissenters’ statutory appraisal rights) (subject to the provisions of ‎Section
14.02(a)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following
completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have been a
Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of this
definition, following the effective date of such transaction) references to the Company in this definition shall instead be
references to such other entity.

 

    6

     

    

 

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

 

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

 

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

 

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

 

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

 

“Holder,” as applied
to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at
the time a particular Note is registered on the Note Register.

 

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

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., U.S. Bancorp Investments, Inc., BMO Capital Markets Corp., Fifth Third
Securities, Inc., B. Riley Securities, Inc., Barrington Research Associates, Inc. and The Benchmark Company, LLC.

 

“Interest Payment Date”
means each March 15 and September 15 of each year, beginning on March 15, 2021.

 

“Last Reported Sale
Price” of the Common Stock on any date means the closing sale price per share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the
average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities
exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional
securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid
price for the Common Stock in the over-the-counter market on such date as reported by OTC Markets Group Inc. or a similar
organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” shall be the average of
the mid-point of the last bid and ask prices for the Common Stock on such date from a nationally recognized independent
investment banking firm selected by the Company for this purpose.

 

    7

     

    

 

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

 

“Make-Whole Fundamental Change
Period” shall have the meaning specified in ‎Section 14.03(a).

 

“Marcus Family Member”
means each of Stephen H. Marcus, Diane Marcus Gershowitz and Gregory S. Marcus, together with (i) their respective spouses; (ii)
their and their spouse’s respective parents and any lineal descendants (including any adopted child); (iii) any trustee,
guardian or custodian for, or any executor, administrator or other legal representative of the estate of, any of the foregoing;
(iv) the trustee of a trust (including a voting trust) principally for the benefit of any Marcus Family Member; and (v) any corporation,
partnership or other entity if a majority of the “beneficial ownership” (as defined in Rule 13d-3 under the Exchange
Act) thereof is held by the any Marcus Family Member.

 

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

 

“Maturity Date” means
September 15, 2025.

 

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

 

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

 

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

 

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

 

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

 

“Observation
Period” with respect to any Note surrendered for conversion means: (i) if the relevant Conversion Date occurs prior
to March 15, 2025, the 50 consecutive Trading Day period beginning on, and including, the second Trading Day immediately
succeeding such Conversion Date; and (ii) if the relevant Conversion Date occurs on or after March 15, 2025, the 50
consecutive Trading Days beginning on, and including, the 51st Scheduled Trading Day immediately preceding the Maturity
Date.

 

“Offering Memorandum”
means the preliminary offering memorandum dated September 17, 2020, as supplemented by the related pricing term sheet dated September
17, 2020, relating to the offering and sale of the Notes.

 

“Officer” means, with
respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the Secretary,
any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words
added before or after the title “Vice President”).

 

    8

     

    

 

“Officers’ Certificate,”
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by (a) two Officers
of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant
Secretary or the Controller of the Company. Each such certificate shall include the statements provided for in ‎Section 17.05
if and to the extent required by the provisions of such ‎Section 17.05.
One of the Officers giving an Officers’ Certificate pursuant to ‎Section 4.08 shall be the principal executive, financial
or accounting officer of the Company.

 

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

 

“Opinion of Counsel”
means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company, or other counsel acceptable
to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in ‎Section
17.05 if and to the extent required by the provisions of such ‎Section 17.05.

 

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

 

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

 

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

 

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

 

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

 

(e)       Notes
repurchased by the Company pursuant to the penultimate sentence of ‎Section 2.10.

 

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

 

“Person” means an individual,
a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an
unincorporated organization or a government or an agency or a political subdivision thereof.

 

    9

     

    

 

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

 

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

 

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

 

“Purchase Agreement”
means that certain Purchase Agreement, dated as of September 17, 2020, among the Company and the Initial Purchasers.

 

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

 

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

 

“Regular Record Date,”
with respect to any Interest Payment Date, means the March 1 or September 1 (whether or not such day is a Business Day) immediately
preceding the applicable March 15 or September 15 Interest Payment Date, respectively.

 

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

 

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

 

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

 

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

 

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

 

“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which
the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled
Trading Day” means a Business Day.

 

    10

     

    

 

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

 

“Settlement Amount” shall
have the meaning specified in ‎Section 14.02(a)(iv).

 

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

 

“Settlement Notice” shall
have the meaning specified in ‎Section 14.02(a)(iii).

 

“Significant Subsidiary”
means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article 1, Rule 1-02 of
Regulation S-X under the Exchange Act.

 

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

 

“Specified Dollar Amount”
means the maximum cash amount per $1,000 principal amount of Notes to be received upon conversion as specified by the Company (or
deemed specified) in the Settlement Notice related to any converted Notes.

 

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

 

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

 

“Subsidiary” means,
with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the
total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is
at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of
such Person; or (iii) one or more Subsidiaries of such Person.

 

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

 

“Trading Day” means a
day on which (i) trading in the Common Stock (or other security for which a closing sale price must be determined) generally occurs
on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange,
on the principal other U.S. national or regional securities exchange on which the Common Stock (or such other security) is then
listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange,
on the principal other market on which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price
for the Common Stock (or closing sale price for such other security) is available on such securities exchange or market; provided
that if the Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business
Day; and provided, further, that for purposes of determining amounts due upon conversion only, “Trading
Day” means a day on which (x) there is no Market Disruption Event and (y) trading in the Common Stock generally occurs
on The New York Stock Exchange or, if the Common Stock is not then listed on The New York Stock Exchange, on the principal other
U.S. national or regional securities exchange on which the Common Stock is then listed or, if the Common Stock is not then listed
on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock is then listed or admitted
for trading, except that if the Common Stock is not so listed or admitted for trading, “Trading Day” means a
Business Day.

 

    11

     

    

 

“Trading Price” of the
Notes on any date of determination means the average of the secondary market bid quotations obtained by the Bid Solicitation Agent
for $1,000,000 principal amount of Notes at approximately 3:30 p.m., New York City time, on such determination date from three
independent nationally recognized securities dealers the Company selects for this purpose, which may include one or more of the
Initial Purchasers; provided that if three such bids cannot reasonably be obtained by the Bid Solicitation Agent but two
such bids are obtained, then the average of the two bids shall be used, and if only one such bid can reasonably be obtained by
the Bid Solicitation Agent, that one bid shall be used. If on any date of determination the Bid Solicitation Agent cannot reasonably
obtain at least one bid for $1,000,000 principal amount of Notes from a nationally recognized securities dealer on any determination
date, then the Trading Price per $1,000 principal amount of Notes on such determination date shall be deemed to be less than 98%
of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate.

 

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

 

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

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture
Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

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

 

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

 

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

 

“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference
to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”.

 

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

 

    12

     

    

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01. Designation and Amount.
The Notes shall be designated as the “5.00% Convertible Senior Notes due 2025.” The aggregate principal amount of Notes
that may be authenticated and delivered under this Indenture is initially limited to $100,050,000, subject to ‎Section 2.10
and except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes
to the extent expressly permitted hereunder.

 

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

 

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

 

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

 

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

 

    13

     

    

 

Section 2.03. Date and Denomination of
Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall
be issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. Each
Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note. Accrued
interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months,
on the basis of the number of days actually elapsed in a 30-day month.

 

(b)            The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any
Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. The principal amount of any Note (x) in the case of any Physical Note, shall be payable at the office
or agency of the Company maintained by the Company for such purposes, which shall initially be the Corporate Trust Office and
(y) in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the
Depositary or its nominee. The Company shall pay interest (i) on any Physical Notes (A) to Holders holding Physical Notes
having an aggregate principal amount of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as
it appears in the Note Register and (B) to Holders holding Physical Notes having an aggregate principal amount of more than
$5,000,000, either by check mailed to each Holder or, upon application by such a Holder to the Note Registrar not later than
the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the
United States, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the
contrary or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its
nominee.

 

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

 

(i)           
The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts
proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by
the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the
Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Company shall promptly notify the Trustee of such special record date and the Trustee, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts and the special record
date therefor to be delivered to each Holder not less than 10 days prior to such special record date. Notice of the proposed payment
of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted Amounts shall be paid to
the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special
record date and shall no longer be payable pursuant to the following clause (ii) of this ‎Section 2.03‎(c).

 

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

 

Section 2.04. Execution, Authentication
and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or facsimile signature
of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice
Presidents.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company
Order shall authenticate and deliver such Notes, without any further action by the Company hereunder.

 

Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed manually
by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by ‎Section 17.10),
shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee
(or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated
has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

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

 

    15

     

    

 

 

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

 

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

 

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

 

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

 

No service charge shall be imposed by the
Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration
of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.

 

None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes surrendered for conversion
or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes,
or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with ‎Article 15.

 

    16

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    17

     

    

 

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

 

(A)      TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

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

 

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

 

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

 

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

 

Any Note (or security issued in exchange
or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii)
that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities
Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from
registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of such
Note for exchange to the Note Registrar in accordance with the provisions of this ‎Section 2.05, be exchanged for a new Note
or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by this ‎Section
2.05(c) and shall not be assigned a restricted CUSIP number. The Company
shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth
in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian
shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive
legend specified in this ‎Section 2.05(c) and shall not be
assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction
Termination Date and promptly after a registration statement, if any, with respect to the Notes or any Common Stock issued upon
conversion of the Notes has been declared effective under the Securities Act.

 

    18

     

    

 

Notwithstanding any other provisions
of this Indenture (other than the provisions set forth in this ‎Section 2.05(c)), a Global Note may not be transferred
as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical
Notes in accordance with the second immediately succeeding paragraph.

 

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

 

If (i) the Depositary notifies the Company
at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a
successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is
continuing and a beneficial owner of any Note requests, subject to the procedures of the Depositary in effect at that time, that
its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of an Officers’
Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of
clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding
to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial
owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal amount
of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes
shall be canceled.

 

Physical Notes issued in exchange for all
or a part of the Global Note pursuant to this ‎Section 2.05(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii)
of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication,
at the expense of the Company, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes
are so registered.

 

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

 

None of the Company, the Trustee or any
agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments
made on account of beneficial ownership interests of a Global Note or maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

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

 

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

 

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

 

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

 

(A)       TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

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(B)       PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

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

 

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

 

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

 

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

 

(e)           
Any Note or Common Stock issued upon the conversion or exchange of a Note that is repurchased or owned by any Affiliate
of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may
not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant
to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Common Stock,
as the case may be, no longer being a “restricted security” (as defined under Rule 144). The Company shall cause any
Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with ‎Section 2.08.

 

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Section 2.06. Mutilated, Destroyed,
Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its
discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall
authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and
substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss,
liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft,
the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to
their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof.

 

The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require
a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith
as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that
became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered
for required repurchase or is about to be converted in accordance with ‎Article 14 shall become mutilated or be destroyed,
lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of
or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case
may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability,
cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory
to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.

 

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

 

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Section 2.07. Temporary Notes.
Pending the preparation of Physical Notes, the Company may execute and the Trustee or an authenticating agent appointed by
the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but
with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the
Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating
agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without
unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Physical Notes (other
than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange
therefor, at each office or agency maintained by the Company pursuant to ‎Section 4.02 and the Trustee or such
authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount
of Physical Notes. Such exchange shall be made by the Company at its own expense and without any charge therefor. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations
under this Indenture as Physical Notes authenticated and delivered hereunder.

 

Section 2.08. Cancellation of Notes Paid,
Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase, registration of transfer
or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents, Subsidiaries
or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly
by the Trustee. Except for any Notes surrendered for registration of transfer or exchange, or as otherwise expressly permitted
by any of the provisions of this Indenture, no Notes shall be authenticated in exchange for any Notes surrendered to the Trustee
for cancellation. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition,
shall deliver a certificate of such disposition to the Company, at the Company’s written request in a Company Order.

 

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

 

Section 2.10. Additional Notes;
Repurchases. The Company may, without the consent of, or notice to, the Holders and notwithstanding ‎Section 2.01,
reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued hereunder (other
than differences in the issue date, the issue price and interest accrued prior to the issue date of such additional Notes) in
an unlimited aggregate principal amount; provided that if any such additional Notes are not fungible with the Notes
initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number.
Prior to the issuance of any such additional Notes, the Company shall deliver to the Trustee a Company Order, an
Officers’ Certificate and an Opinion of Counsel, such Officers’ Certificate and Opinion of Counsel to cover such
matters, in addition to those required by ‎Section 17.05, as the Trustee shall reasonably request. In addition, the
Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to
the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a
private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps
or other derivatives. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled
swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with ‎Section 2.08 and such
Notes shall no longer be considered outstanding under this Indenture upon their repurchase.

 

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Article
3

Satisfaction and Discharge

 

Section 3.01. Satisfaction and Discharge.
This Indenture shall upon request of the Company contained in an Officers’ Certificate cease to be of further effect,
and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other than Notes which have been destroyed, lost or
stolen and which have been replaced, paid or converted as provided in ‎Section 2.06)
have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with the Trustee or delivered to
Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Fundamental Change Repurchase
Date, upon conversion or otherwise, cash or cash, shares of Common Stock or a combination thereof, as applicable, solely to satisfy
the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under
this Indenture by the Company; and (b) the Company has delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating
to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Company to the Trustee under ‎Section 7.06 shall survive.

 

Article
4

Particular Covenants of the Company

 

Section 4.01. Payment of Principal and
Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Fundamental Change Repurchase
Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the
manner provided herein and in the Notes.

 

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

 

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The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any
manner relieve the Company of its obligation to maintain an office or agency in St. Paul, Minnesota, for such purposes. The Company
will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such
additional or other offices or agencies, as applicable.

 

The Company hereby initially designates
the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office as the office or
agency where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or
for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.

 

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

 

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

 

(i)           
that it will hold all sums held by it as such agent for the payment of the principal (including the Fundamental Change Repurchase
Price, if applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders of the Notes;

 

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

 

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

 

The Company shall, on or before each
due date of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid
interest on, the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Fundamental
Change Repurchase Price, if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of any failure to take such action; provided that if such deposit is made on
the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

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

 

(c)           
Anything in this ‎Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining
a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums
or amounts held in trust by the Company or any Paying Agent hereunder as required by this ‎Section 4.04, such sums or amounts
to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent
to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums
or amounts.

 

(d)           
Any money and shares of Common Stock deposited with the Trustee or any Paying Agent, or then held by the Company, in trust
for the payment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest
on and the consideration due upon conversion of any Note and remaining unclaimed for two years after such principal (including
the Fundamental Change Repurchase Price, if applicable), interest or consideration due upon conversion has become due and payable
shall be paid to the Company on request of the Company contained in an Officers’ Certificate, or (if then held by the Company)
shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and
shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general
circulation in The Borough of Manhattan, The City of New York, notice that such money and shares of Common Stock remain unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money and shares of Common Stock then remaining will be repaid or delivered to the Company.

 

Section 4.05. Existence. Subject
to ‎Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
its corporate existence.

 

Section 4.06. Rule 144A Information
Requirement and Annual Reports. (a) At any time the Company is not subject
to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable
upon conversion thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective
purchaser of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock pursuant
to Rule 144A. The Company shall take such further action as any Holder or beneficial owner of such Notes or such Common Stock
may reasonably request to the extent from time to time required to enable such Holder or beneficial owner to sell such Notes or
shares of Common Stock in accordance with Rule 144A, as such rule may be amended from time to time.

 

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(b)           
The Company shall file with the Trustee, within 15 days after the same are required to be filed with the Commission, copies
of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act (giving effect to any grace period provided by Rule 12b-25 or any successor rule under the Exchange Act). Any such document
or report that the Company files or furnishes with the Commission via the Commission’s EDGAR system (or any successor system
thereto) shall be deemed to be filed with the Trustee for purposes of this ‎Section 4.06(b) at the time such documents are
filed via the EDGAR system (or such successor system).

 

(c)           
Delivery of the reports and documents described in subsection ‎(b) above to the Trustee is for informational purposes
only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to conclusively rely on an Officers’ Certificate).

 

(d)            If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of
original issuance of the Notes, the Company fails to timely file any document or report that it is required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace
periods thereunder and other than reports on Form 8-K), or the Notes are not otherwise freely tradable pursuant to Rule 144
by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during
the three months immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this
Indenture or the Notes, it being understood and agreed that the assignment of a restricted CUSIP number shall not constitute
a restriction pursuant to U.S. securities laws or the terms of this Indenture or the Notes for purposes of this Section
4.06(d)), the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the
rate of 0.50% per annum of the principal amount of the Notes outstanding for each day during such period for which the
Company’s failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to
Rule 144 by Holders other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time
during within the prior three months (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or
the Notes, it being understood and agreed that the assignment of a restricted CUSIP number shall not constitute a restriction
pursuant to U.S. securities laws or the terms of this Indenture or the Notes for purposes of this Section 4.06(d)). As used
in this Section 4.06(d), documents or reports that the Company is required to “file” with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company furnishes to the Commission
pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)           
If, and for so long as, the restrictive legend on the Notes specified in ‎Section 2.05(c) has not been removed, the
Notes are assigned a restricted CUSIP number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other
than the Company’s Affiliates or Holders that were the Company’s Affiliates within the prior three months (without
restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of the 370th day after the last date
of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at a rate equal to 0.50% per annum of
the principal amount of Notes outstanding until the restrictive legend on the Notes has been removed in accordance with ‎Section
2.05(c), the Notes are assigned an unrestricted CUSIP number and the Notes are freely tradable pursuant to Rule 144 by Holders
other than the Company’s Affiliates or Holders that were the Company’s Affiliates at any time during the three months
immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes).

 

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(f)            
Additional Interest will be payable in arrears on each Interest Payment Date following accrual in the same manner as regular
interest on the Notes.

 

(g)           
The Additional Interest that is payable in accordance with Section 4.06‎(d) or Section 4.06‎(e) shall be in
addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s election pursuant
to ‎Section 6.03; provided, however, that in no event shall any Additional Interest payable in accordance with Section
4.06(d) as a result of the Company’s failure to timely file any document or report as set forth therein, together with any
Additional Interest payable at the Company’s election pursuant to Section 6.03, accrue at a rate in excess of 0.50% per annum
on any Notes, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

(h)           
If Additional Interest is payable by the Company pursuant to Section 4.06‎(d) or Section 4.06‎(e), the Company
shall deliver to the Trustee an Officers’ Certificate to that effect stating (i) the amount of such Additional Interest that
is payable and (ii) the date on which such Additional Interest is payable. Unless and until a Responsible Officer of the Trustee
receives at the Corporate Trust Office such a certificate, the Trustee may assume without inquiry that no such Additional Interest
is payable. If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the
Trustee an Officers’ Certificate setting forth the particulars of such payment.

 

Section 4.07. Stay, Extension and
Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law
that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the Notes as
contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such
law had been enacted.

 

Section 4.08. Compliance Certificate;
Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Company (beginning with the fiscal year ending on December 31, 2020) an Officers’ Certificate stating whether the signers
thereof have knowledge of any Default that occurred during the previous year.

 

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In addition, the Company shall deliver to
the Trustee, within 30 days after the occurrence of any Event of Default or Default, an Officers’ Certificate setting forth
the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect
thereof.

 

Section 4.09. Further Instruments and
Acts. Upon request of the Trustee, the Company will execute and deliver such further instruments and do such further acts as
may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

Section 4.10. No Rights as Shareholders.
Holders of Notes, as such, will not have any rights as shareholders of the Company (including voting rights and rights to receive
any dividends or other distributions on Common Stock).

 

Article
5

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01. Lists of Holders. The
Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually, not more than 15 days
after each March 1 and September 1 in each year beginning with March 1, 2021, and at such other times as the Trustee may request
in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the Trustee may reasonably
request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee
may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other date as the
Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except
that no such list need be furnished so long as the Trustee is acting as Note Registrar.

 

Section 5.02. Preservation and
Disclosure of Lists. The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to
the names and addresses of the Holders contained in the most recent list furnished to it as provided in ‎Section 5.01
or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to
it as provided in ‎Section 5.01 upon receipt of a new list so furnished.

 

Article
6

Defaults and Remedies

 

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

 

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

 

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

 

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

 

(d)           
failure by the Company to issue a Fundamental Change Company Notice in accordance with ‎Section 15.02(c),
notice of a Make-Whole Fundamental Change in accordance with ‎Section
14.03(b) or notice of a specified corporate event in accordance with Section 14.01(b)(ii) or 14.01(b)(iii), in each case when due;

 

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

 

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

 

(g)           
default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under
which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of
$10,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness
now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii)
constituting a failure to pay the principal or interest of any such debt when due and payable (after the expiration of all applicable
grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, and in the cases
of clauses (i) and (ii), such acceleration shall not have been rescinded or annulled or such failure to pay or default shall not
have been cured or waived, or such indebtedness is not paid or discharged, as the case may be, within 30 days after written notice
to the Company by the Trustee or to the Company and the Trustee by Holders of at least 25% in aggregate principal amount of Notes
then outstanding in accordance with this Indenture;

 

(h)           
 a final judgment or judgments for the payment of $10,000,000 (or its foreign currency equivalent) or more (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is
not discharged, bonded, paid, waived or stayed within 60 days after (i) the
date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii)
the date on which all rights to appeal have been extinguished;

 

(i)            
the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to
any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become
due; or

 

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(j)             
an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case
or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive days.

 

Section 6.02. Acceleration; Rescission
and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree
or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and every
such case (other than an Event of Default specified in ‎Section 6.01(i) or ‎Section 6.01(j) with respect to the Company
or any of its Significant Subsidiaries), unless the principal of all of the Notes shall have already become due and payable, either
the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance
with ‎Section 8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may (and the Trustee, at
the written request of such Holders, shall) declare 100% of the principal of, and accrued and unpaid interest on, all the Notes
to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due
and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified
in ‎Section 6.01(i) or ‎Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs and
is continuing, 100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically
be immediately due and payable.

 

The immediately preceding paragraph,
however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due
and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued
and unpaid interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by
acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such
interest is enforceable under applicable law, and on such principal at the rate borne by the Notes at such time) and amounts
due to the Trustee pursuant to ‎Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a
court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the
nonpayment of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such
acceleration, shall have been cured or waived pursuant to ‎Section 6.09, then and in every such case (except as
provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then
outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of Default with respect to
the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or
rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any
right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall
extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, any Notes, (ii) a failure to
repurchase any Notes when required or (iii) a failure to pay or deliver, as the case may be, the consideration due upon
conversion of the Notes.

 

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Section 6.03. Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects,
the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth
in ‎Section 4.06(b) shall (i) for the first 90 days after the
occurrence of such an Event of Default (beginning on, and including the date on which such an Event of Default first occurs)
consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the
principal amount of the Notes outstanding for each day during the 90-day period on which such Event of Default is continuing
and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including,
the 180th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional
Interest on the Notes at a rate equal to 0.50% per annum of the principal amount of the Notes outstanding for each day
during such additional 90-day period on which such Event of Default is continuing. Additional Interest payable pursuant to
this ‎Section 6.03 shall be in addition to, not in lieu of, any Additional Interest payable pursuant to ‎Section
4.06(d) or ‎Section 4.06(e), subject to the second immediately succeeding paragraph. If the Company so elects, such
Additional Interest shall be payable in the same manner and on the same dates as the stated interest payable on the Notes and
will accrue on all outstanding Notes from, and including, the date on which the Event of Default relating to the
Company’s failure to file first occurs to, but not including, the 181st day thereafter (or such earlier date on which
such Event of Default is cured or waived by the Holders of a majority in principal amount of the outstanding Notes). On the
181st day after such Event of Default (if the Event of Default relating to the Company’s failure to file is not cured
or waived prior to such 181st day), such Additional Interest will cease to accrue and the Notes shall be immediately subject
to acceleration as provided in ‎Section 6.02. The provisions of this paragraph will not affect the rights of Holders of
Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its
obligations as set forth in ‎ ‎Section 4.06(b). In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this ‎Section 6.03 or the Company elected to make such
payment but does not pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided
in ‎Section 6.02.

 

In order to elect to pay Additional Interest
as the sole remedy during the first 180 days after the occurrence of any Event of Default described in the immediately preceding
paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying Agent of such election prior to the beginning
of such 180-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as
provided in ‎Section 6.02.

 

In no event shall any Additional Interest
payable at the Company’s election pursuant to this Section 6.03, together with any Additional Interest payable in accordance
with Section 4.06(d) as a result of the Company’s failure to timely file any document or report as set forth therein, accrue
at a rate in excess of 0.50% per annum on any Notes, regardless of the number of events or circumstances giving rise to the requirement
to pay such Additional Interest.

 

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Section 6.04. Payments of Notes on Default;
Suit Therefor. If an Event of Default described in clause ‎(a) or ‎(b) of ‎Section 6.01 shall have occurred,
the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount
then due and payable on the Notes for principal and interest, if any, with interest on any overdue principal and interest, if any,
at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any
amounts due to the Trustee under ‎Section 7.06. If the Company shall fail to pay such amounts forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the
sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company
or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out
of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event there shall be pending
proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of
the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company
or such other obligor, the property of the Company or such other obligor, or in the event of any other judicial proceedings
relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions
of this ‎Section 6.04, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and
prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in respect of the Notes,
and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other
actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or
its or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and
to distribute the same after the deduction of any amounts due to the Trustee under ‎Section 7.06; and any receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each
of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable
compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to
the Trustee under ‎Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment of
reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for
any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.

 

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

 

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

 

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

 

In case the Trustee shall have
proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of
any waiver pursuant to ‎Section 6.09 or any rescission and annulment pursuant to ‎Section 6.02 or for any other
reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the
Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and
rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue as though no
such proceeding had been instituted.

 

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

 

First, to the payment of all amounts
due the Trustee under ‎Section 7.06;

 

Second, in case the principal of
the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion
of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case
may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate
borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;

 

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Third, in case the principal of the
outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Fundamental Change Repurchase Price and any cash due upon conversion) then owing and unpaid upon
the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent that such interest has
been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such time from the required
payment date, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes,
then to the payment of such principal (including, if applicable, the Fundamental Change Repurchase Price and any cash due upon
conversion) and interest without preference or priority of principal over interest, or of interest over principal or of any installment
of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal
(including, if applicable, the Fundamental Change Repurchase Price and any cash due upon conversion) and accrued and unpaid interest;
and

 

Fourth, to the payment of the remainder,
if any, to the Company.

 

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

 

(a)           
 such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof,
as herein provided;

 

(b)           
Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder;

 

(c)           
such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss,
liability or expense to be incurred therein or thereby;

 

(d)           
the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected
or refused to institute any such action, suit or proceeding; and

 

(e)           
no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the
Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period
pursuant to ‎Section 6.09,

 

it being understood and intended, and being
expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more
Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders (except as otherwise provided herein). For the protection and enforcement of this ‎Section 6.06, each and
every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

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Notwithstanding any other provision of this
Indenture and any provision of any Note, each Holder shall have the right to receive payment or delivery, as the case may be, of
(x) the principal (including the Fundamental Change Repurchase Price, if applicable) of, (y) accrued and unpaid interest, if any,
on, and (z) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided for
in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be.

 

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

 

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

 

Section 6.09. Direction of Proceedings
and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at
the time outstanding determined in accordance with ‎Section 8.04 shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee
with respect to the Notes; provided, however, that (a) such
direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action
deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that
it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.
The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with ‎Section
8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences
except (i) a default in the payment of accrued and unpaid interest, if any, on, or the principal (including any Fundamental Change
Repurchase Price) of, the Notes when due that has not been cured pursuant to the provisions of ‎Section 6.01, (ii) a failure
by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or(iii) a default in
respect of a covenant or provision hereof which under ‎Article 10 cannot be modified or amended without the consent of each
Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder; but 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 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed
to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereon.

 

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Section 6.10. Notice of
Defaults. The Trustee shall, within 90 days after the occurrence and continuance of a Default of which a Responsible
Officer has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such
Defaults shall have been cured or waived before the giving of such notice; provided that, except in the case of a
Default in the payment of the principal of (including the Fundamental Change Repurchase Price, if applicable), or accrued and
unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the
Trustee shall be protected in withholding such notice if and so long it in good faith determines that the withholding of such
notice is in the interests of the Holders.

 

Section 6.11. Undertaking to Pay Costs.
All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that
any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; provided that the provisions of this ‎Section 6.11 (to the extent
permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with ‎Section
8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or accrued and unpaid interest,
if any, on any Note (including, but not limited to, the Fundamental Change Repurchase Price, if applicable) on or after the due
date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the
consideration due upon conversion, in accordance with the provisions of ‎Article 14.

 

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Article
7

Concerning the Trustee

 

Section 7.01. Duties and Responsibilities
of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiver of all Events of Default
that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture.
In the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is
continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request
or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory
to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 

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

 

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

 

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

 

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

 

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

 

(c)           
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding
determined as provided in ‎Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

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

 

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

 

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

 

(g)            in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a
non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its
maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party
directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest
or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and

 

(h)           
in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation
Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this ‎Article 7 shall also
be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent, Bid Solicitation Agent or transfer agent.

 

None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers.

 

Section 7.02. Reliance on Documents,
Opinions, Etc. Except as otherwise provided in ‎Section 7.01:

 

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

 

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

 

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

 

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

 

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

 

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

 

In no event shall the Trustee be liable
for any consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused
by the Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default
or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company
or by any Holder of the Notes.

 

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

 

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

 

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

 

Section 7.06. Compensation and
Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing between
the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this
Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents
and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have
been caused by its gross negligence, willful misconduct or bad faith. The Company also covenants to indemnify the Trustee in
any capacity under this Indenture and any other document or transaction entered into in connection herewith and its agents
and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred
without gross negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or
employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance
or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending
themselves against any claim of liability in the premises. The obligations of the Company under this ‎Section 7.06 to
compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be
secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the
Trustee, except, subject to the effect of ‎Section 6.05, funds held in trust herewith for the benefit of the Holders of
particular Notes. The Trustee’s right to receive payment of any amounts due under this ‎Section 7.06 shall not be
subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this ‎Section
7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal of the Trustee.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The
indemnification provided in this ‎Section 7.06 shall extend to the officers, directors, agents and employees of the
Trustee.

 

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

 

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Section 7.07. Officers’ Certificate
as Evidence. Except as otherwise provided in ‎Section 7.01, 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 omitting any
action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, be deemed to be conclusively proved
and established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence
of gross negligence, willful misconduct, recklessness and bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof.

 

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

 

Section 7.09. Resignation or Removal
of Trustee.(a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering
notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee
by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 60 days after the giving of such notice of resignation to the Holders, the resigning Trustee may (at
the Company’s expense), upon ten Business Days’ notice to the Company and the Holders, petition any court of competent
jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for
at least six months (or since the date of this Indenture) may, subject to the provisions of ‎Section 6.11, on behalf of
himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such
court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

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

 

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

 

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

 

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(c)            The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with
 ‎Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as
successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which
case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in ‎Section 7.09(a) provided,
may petition any court of competent jurisdiction for an appointment of a successor trustee.

 

(d)           
Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
 ‎Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in ‎Section
7.10.

 

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

 

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

 

Upon acceptance of appointment by a successor
trustee as provided in this ‎Section 7.10, each of the Company and the successor trustee, at the written direction and at
the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders.
If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be delivered at the expense of the Company.

 

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

 

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

 

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

 

Article
8

Concerning the Holders

 

Section 8.01. Action by
Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or
waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed
by Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof
at any meeting of Holders duly called and held in accordance with the provisions of ‎Article 9, or (c) by a combination
of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee
solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to,
fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The
record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such
action.

 

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Section 8.02. Proof of Execution by Holders.
Subject to the provisions of ‎Section 7.01, ‎Section 7.02
and ‎Section 9.05, proof of the execution of any instrument
by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be
prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the
Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner
provided in ‎Section 9.06.

 

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

 

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

 

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

 

Article
9

Holders’ Meetings

 

Section 9.01. Purpose of Meetings.
A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this ‎Article 9 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 permitted under this Indenture,
or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and
its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of ‎Article
6;

 

(b)           
to remove the Trustee and nominate a successor trustee pursuant to the provisions of ‎Article 7;

 

(c)           
to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of ‎Section
10.02; 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 Notes under any other provision of this Indenture or under applicable law.

 

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Section 9.02. Call of Meetings by
Trustee. The Trustee may at any time call a meeting of Holders 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 Holders, setting forth the
time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment
of any record date pursuant to ‎Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be
delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for
the meeting.

 

Any meeting of Holders shall be valid without
notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the
meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice.

 

Section 9.03. Call of Meetings by Company
or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate
principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the
notice of such meeting within 20 days after receipt of such request, then the Company or such Holders 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 delivering notice
thereof as provided in ‎Section 9.02.

 

Section 9.04. Qualifications for Voting.
To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder
of one or more Notes on the record date pertaining to such meeting or (b) be
a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such
meeting. The only Persons who shall be entitled to be present or to speak at any meeting of Holders 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. Regulations. Notwithstanding
any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders, in regard to proof of the holding of Notes 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 think fit.

 

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 Holders as provided
in ‎Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders
of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of
 ‎Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000
principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or
counted at any meeting in respect of any Note 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 Notes held by it or
instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting of
Holders duly called pursuant to the provisions of ‎Section 9.02 or ‎Section 9.03 may be adjourned from time to
time by the Holders of a majority of the aggregate principal amount of Notes represented at the meeting, whether or not
constituting a quorum, and the meeting may be held as so adjourned without further notice.

 

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Section 9.06. Voting. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the
Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes 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 Holders 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 delivered as provided in ‎Section 9.02. The record shall show the aggregate
principal amount of the Notes 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 to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

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 9 shall be deemed or construed to authorize or permit, by reason of any call of a meeting
of Holders 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 Holders under any of the provisions of this Indenture or
of the Notes.

 

Article
10

Supplemental Indentures

 

Section 10.01. Supplemental Indentures
Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the
Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one
or more of the following purposes:

 

(a)           
to cure any ambiguity, omission, defect or inconsistency;

 

(b)           
to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture and the Notes
pursuant to ‎Article 11;

 

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(c)           
 to add guarantees with respect to the Notes;

 

(d)           
to secure the Notes;

 

(e)           
to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power
conferred upon the Company;

 

(f)            
to make any change that does not adversely affect the rights of any Holder in any material respect;

 

(g)           
in connection with any Specified Corporate Event, to provide that the Notes are convertible into Reference Property, subject
to the provisions of ‎Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required
by ‎Section 14.07;

 

(h)           
to increase the Conversion Rate as provided in this Indenture;

 

(i)            
to provide for the acceptance of appointment by a successor Trustee, security registrar, Paying Agent, Bid Solicitation
Agent or Conversion Agent or facilitate the administration of the trusts under this Indenture by more than one trustee;

 

(j)            
to irrevocably elect a Settlement Method or a Specified Dollar Amount, or eliminate the Company's right to elect a Settlement
Method; provided, however, that no such election or elimination will affect any Settlement Method theretofore elected
(or deemed to be elected) with respect to any Note pursuant to the provisions of Article 14;

 

(k)           
to comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act, as then amended and in effect; or

 

(l)            
to conform the provisions of this Indenture or the Notes to any provision of the “Description of notes” section
of the Offering Memorandum as evidenced in an Officers’ Certificate.

 

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

 

Any supplemental indenture authorized by
the provisions of this ‎Section 10.01 may be executed by the Company and the Trustee without prior notice to or the consent
of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of ‎Section 10.02.

 

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Section 10.02. Supplemental
Indentures with Consent of Holders. With the consent (evidenced as provided in ‎Article 8) of the Holders of at
least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with
 ‎Article 8 and including, without limitation, consents obtained in connection with a repurchase of, or tender or
exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors and the Trustee, at the
Company’s expense, 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 of the provisions of this Indenture or
any supplemental indenture or of modifying in any manner the rights of the Holders; provided, however, that,
without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall:

 

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

 

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

 

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

 

(d)           
except as expressly permitted under this Indenture, make any change that adversely affects the conversion rights of any
Note;

 

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

 

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

 

(g)           
change the ranking of the Notes; or

 

(h)           
make any change in this ‎Article 10 that requires each Holder’s consent or in the waiver provisions in ‎Section
6.02 or ‎Section 6.09.

 

Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to ‎Section 10.05, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such 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 such supplemental indenture.

 

Holders do not need under this ‎Section
10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve the
substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly
describing such supplemental indenture. However, the failure to give such notice to all the Holders, or any defect in the notice,
will not impair or affect the validity of the supplemental indenture.

 

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

 

    50

     

    

 

Section 10.04. Notation on Notes.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this ‎Article
10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental
indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may, at the Company’s
expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the
Trustee pursuant to ‎Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes
then outstanding.

 

Section 10.05. Evidence of Compliance
of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by ‎Section 17.05, the Trustee
shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed
pursuant hereto complies with the requirements of this ‎Article 10, is permitted or authorized by this Indenture and is valid,
binding and enforceable against the Company in accordance with its terms, subject to customary exceptions and qualifications.

 

Article
11

Consolidation, Merger, Sale, Conveyance and Lease

 

Section 11.01. Company May Consolidate,
Etc. on Certain Terms. Subject to the provisions of ‎Section 11.02, the Company shall not consolidate with or merge with
or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless:

 

(a)           
the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall be
a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia,
and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the
Company under the Notes and this Indenture; and

 

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

 

For purposes of this ‎Section
11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more
Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such
Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis,
shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the
Company to another Person.

 

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Section 11.02. Successor Corporation
to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by
the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee,
of the due and punctual payment of the principal of and accrued and unpaid interest on all of the Notes, the due and punctual delivery
or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all
of the covenants and conditions of this Indenture to be performed by the Company, such Successor Company (if not the Company) shall
succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be
substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and, except in
the case of a lease of all or substantially all of the Company’s properties and assets, the Company shall be discharged from
all of its obligations under the Notes and the Indenture. Such Successor Company thereupon may cause to be signed, and may issue
either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver,
or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the
Company to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes
had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer
(but not in the case of a lease), upon compliance with this ‎Article 11 the Person named as the “Company” in
the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this
 ‎Article 11) may be dissolved, wound up and liquidated at
any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker
of the Notes and from its obligations under this Indenture and the Notes.

 

In case of any such consolidation, merger,
sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter
to be issued as may be appropriate.

 

Section 11.03. Opinion of Counsel to
Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee
shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture, complies with the provisions of this ‎Article 11.

 

Article
12

Immunity
of Incorporators, Shareholders, Officers and Directors

 

Section 12.01. Indenture and Notes Solely
Corporate Obligations. No recourse for the payment of the principal of or accrued and unpaid interest on any Note, nor for
any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of
the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director or Subsidiary, as
such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of,
and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

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Article
13

[Intentionally Omitted]

 

Article
14

Conversion of Notes

 

Section 14.01. Conversion Privilege.
(a) Subject to and upon compliance with the provisions of this ‎Article
14, each Holder of a Note shall have the right, at such Holder’s option, to convert all or any portion (if the portion to
be converted is $1,000 principal amount or an integral multiple thereof) of such Note (i) subject to satisfaction of the conditions
described in ‎Section 14.01(b), at any time prior to the close of business on the Business Day immediately preceding March
15, 2025, under the circumstances and during the periods set forth in ‎Section 14.01(b), and (ii) regardless of the conditions
described in ‎Section 14.01(b), on or after March 15, 2025 and prior to the close of business on the second Scheduled Trading
Day immediately preceding the Maturity Date, in each case, at an initial conversion rate of 90.8038 shares of Common Stock (subject
to adjustment as provided in this ‎Article
14, the “Conversion Rate”) per $1,000 principal amount of Notes (subject to, and in accordance with,
the settlement provisions of ‎Section 14.02, the “Conversion Obligation”).

 

(b)            (i)
Prior to the close of business on the Business Day immediately preceding March 15, 2025, a Holder may surrender all or any
portion of its Notes for conversion at any time during the five Business Day period immediately after any five consecutive
Trading Day period (the “Measurement Period”) in which the Trading Price per $1,000 principal amount of
Notes, as determined following a request by a Holder of Notes in accordance with this subsection (b)(i), for each Trading Day
of the Measurement Period was less than 98% of the product of the Last Reported Sale Price of the Common Stock on each such
Trading Day and the Conversion Rate on each such Trading Day. The Trading Prices shall be determined by the Bid Solicitation
Agent pursuant to this subsection (b)(i) and the definition of Trading Price set forth in this Indenture. The Company shall
provide written notice to the Bid Solicitation Agent (if other than the Company) of the three independent nationally
recognized securities dealers selected by the Company pursuant to the definition of Trading Price, along with appropriate
contact information for each. The Bid Solicitation Agent (if other than the Company) shall have no obligation to determine
the Trading Price per $1,000 principal amount of Notes unless the Company has requested such determination, and the Company
shall have no obligation to make such request (or, if the Company is acting as Bid Solicitation Agent, the Company shall have
no obligation to determine the Trading Price per $1,000 principal amount of Notes) unless a Holder provides the Company with
reasonable evidence that the Trading Price per $1,000 principal amount of Notes on any Trading Day would be less than 98% of
the product of the Last Reported Sale Price of the Common Stock on such Trading Day and the Conversion Rate on such Trading
Day, at which time the Company shall instruct the Bid Solicitation Agent (if other than the Company) to determine, or if the
Company is acting as Bid Solicitation Agent, the Company shall determine, the Trading Price per $1,000 principal amount of
Notes beginning on the next Trading Day and on each successive Trading Day until the Trading Price per $1,000 principal
amount of Notes is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the
Conversion Rate. If (x) the Company is not acting as Bid Solicitation Agent, and the Company does not instruct the Bid
Solicitation Agent to determine the Trading Price per $1,000 principal amount of Notes when obligated as provided in the
preceding sentence, or if the Company instructs the Bid Solicitation Agent to obtain bids and the Bid Solicitation Agent
fails to make such determination, or (y) the Company is acting as Bid Solicitation Agent and the Company fails to make such
determination when obligated as provided in the preceding sentence, then, in either case, the Trading Price per $1,000
principal amount of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common
Stock and the Conversion Rate on each Trading Day of such failure. If the Trading Price condition set forth above has been
met, the Company shall so notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee). If, at any
time after the Trading Price condition set forth above has been met, the Trading Price per $1,000 principal amount of Notes
is greater than or equal to 98% of the product of the Last Reported Sale Price of the Common Stock and the Conversion Rate
for such Trading Day, the Company shall so notify the Holders of the Notes, the Trustee and the Conversion Agent (if other
than the Trustee).

 

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(ii)           If, prior to the close of business on the Business Day immediately preceding March 15, 2025, the Company elects to:

 

(A)           
issue to all or substantially all holders of the Common Stock any rights, options or warrants entitling them, for a period
of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common
Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance; or

 

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

 

then, in either case, the Company shall notify all Holders of
the Notes, the Trustee and the Conversion Agent (if other than the Trustee) at least 55 Scheduled Trading Days prior to the Ex-Dividend
Date for such issuance or distribution. Once the Company has given such notice, a Holder may surrender all or any portion of its
Notes for conversion at any time until the earlier of (1) the close of business on the Business Day immediately preceding the Ex-Dividend
Date for such issuance or distribution and (2) the Company’s announcement that such issuance or distribution will not take
place, in each case, even if the Notes are not otherwise convertible at such time; provided that Holders may not convert
their Notes pursuant to this subsection (b)(ii) if they participate, at the same time and upon the same terms as holders of Common
Stock and solely as a result of holding the Notes, in any of the transactions described in clause (A) or (B) of this subsection
(b)(ii) without having to convert their Notes as if they held a number of shares of Common Stock equal to the Conversion Rate,
multiplied by the principal amount (expressed in thousands) of Notes held by such Holder.

 

    54

     

    

 

(iii)         
If a transaction or event that constitutes a Fundamental Change or a Make-Whole Fundamental Change occurs prior to the close
of business on the Business Day immediately preceding March 15, 2025, regardless of whether a Holder has the right to require the
Company to repurchase the Notes pursuant to ‎Section 15.02, or if the Company is a party to a consolidation, merger, binding
share exchange, or transfer or lease of all or substantially all of its assets that occurs prior to the close of business on the
Business Day immediately preceding March 15, 2025, in each case, pursuant to which the Common Stock would be converted into cash,
securities or other assets, all or any portion of a Holder’s Notes may be surrendered for conversion at any time from or
after the date that is 30 Scheduled Trading Days prior to the anticipated effective date of the transaction (or, if later, the
earlier of (x) the Business Day after the Company gives notice of such transaction and (y) the actual effective date of such transaction)
until 35 Trading Days after the effective date of such transaction or, if such transaction also constitutes a Fundamental Change,
until the related Fundamental Change Repurchase Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if
other than the Trustee) of the effective date of any such transaction (A) as promptly as practicable following the date of the
Company’s public announcement of such transaction but in no event less than 30 Scheduled Trading Days prior to the anticipated
effective date of such transaction; or (B) if the Company does not have knowledge of such transaction at least 30 Scheduled Trading
Days prior to the anticipated effective date of such transaction, within one Business Day of the date upon which the Company receives
notice, or otherwise becomes aware, of such transaction, but in no event later than the actual effective date of such transaction.

 

(iv)        
 Prior to the close of business on the Business Day immediately preceding March 15, 2025, a Holder may surrender all or
any portion of its Notes for conversion at any time during any fiscal quarter commencing after the fiscal quarter ending on December
31, 2020 (and only during such fiscal quarter), if the Last Reported Sale Price of the Common Stock for at least 20 Trading Days
(whether or not consecutive) during the period of 30 consecutive Trading Days ending on, and including, the last Trading Day of
the immediately preceding fiscal quarter is greater than or equal to 130% of the Conversion Price on each applicable Trading Day.
The Company shall determine at the beginning of each fiscal quarter commencing after December 31, 2020 whether the Notes may be
surrendered for conversion in accordance with this clause ‎(iv).

 

    55

     

    

 

 

Section 14.02. Conversion Procedure;
Settlement Upon Conversion.

 

(a)           
Subject to this ‎Section 14.02, ‎Section 14.03(b) and ‎Section 14.07(a), upon conversion of any Note,
the Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Notes
being converted, cash (“Cash Settlement”), shares of Common Stock, together with cash, if applicable, in lieu
of delivering any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02 (“Physical
Settlement”) or a combination of cash and shares of Common Stock, together with cash, if applicable, in lieu of delivering
any fractional share of Common Stock in accordance with subsection ‎(j) of this ‎Section 14.02 (“Combination
Settlement”), at its election, as set forth in this ‎Section 14.02.

 

(i)           
All conversions for which the relevant Conversion Date occurs on or after March 15, 2025 shall be settled using the same
Settlement Method.

 

(ii)           
Except for any conversions for which the relevant Conversion Date occurs on or after March 15, 2025, the Company shall use
the same Settlement Method for all conversions with the same Conversion Date, but the Company shall not have any obligation to
use the same Settlement Method with respect to conversions with different Conversion Dates.

 

(iii)            If,
in respect of any Conversion Date (or the period described in the third immediately succeeding set of parentheses, as the
case may be), the Company elects to deliver a notice (the “Settlement Notice”) of the relevant Settlement
Method in respect of such Conversion Date (or such period, as the case may be), the Company, through the Trustee, shall
deliver such Settlement Notice to converting Holders no later than the close of business on the Trading Day immediately
following the relevant Conversion Date (or, in the case of any conversions for which the relevant Conversion Date occurs on
or after March 15, 2025, no later than March 15, 2025). If the Company does not elect a Settlement Method prior to the
deadline set forth in the immediately preceding sentence, the Company shall no longer have the right to elect Cash Settlement
or Physical Settlement with respect to the relevant Conversion Date and the Company shall be deemed to have elected
Combination Settlement in respect of its Conversion Obligation, and the Specified Dollar Amount per $1,000 principal amount
of Notes shall be equal to $1,000. Such Settlement Notice shall specify the relevant Settlement Method and in the case of an
election of Combination Settlement, the relevant Settlement Notice shall indicate the Specified Dollar Amount per $1,000
principal amount of Notes. If the Company delivers a Settlement Notice electing Combination Settlement in respect of its
Conversion Obligation but does not indicate a Specified Dollar Amount per $1,000 principal amount of Notes in such Settlement
Notice, the Specified Dollar Amount per $1,000 principal amount of Notes shall be deemed to be $1,000.

 

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

 

(A)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Physical Settlement, the Company
shall deliver to the converting Holder in respect of each $1,000 principal amount of Notes being converted a number of shares of
Common Stock equal to the Conversion Rate in effect on the Conversion Date;

 

    56

     

    

 

(B)            
if the Company elects to satisfy its Conversion Obligation in respect of such conversion by Cash Settlement, the Company
shall pay to the converting Holder in respect of each $1,000 principal amount of Notes being converted cash in an amount equal
to the sum of the Daily Conversion Values for each of the 50 consecutive Trading Days during the related Observation Period; and

 

(C)            
if the Company elects (or is deemed to have elected) to satisfy its Conversion Obligation in respect of such conversion
by Combination Settlement, the Company shall pay or deliver, as the case may be, in respect of each $1,000 principal amount of
Notes being converted, a Settlement Amount equal to the sum of the Daily Settlement Amounts for each of the 50 consecutive Trading
Days during the related Observation Period.

 

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

 

(b)            Subject
to ‎Section 14.02(e), before any Holder of a Note shall
be entitled to convert a Note as set forth above, such Holder shall (i)
in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and, if required, pay funds
equal to interest payable on the next Interest Payment Date to which such Holder is not entitled as set forth in
 ‎Section 14.02(h) and (ii) in the case of a Physical Note (1)
complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of
Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and
state in writing therein the principal amount of Notes to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the
Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied
by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, furnish
appropriate endorsements and transfer documents and (4) if required, pay funds equal to interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in ‎Section 14.02(h). The Trustee (and if different, the
Conversion Agent) shall notify the Company of any conversion pursuant to this ‎Article 14 on the Conversion Date for
such conversion. No Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has
also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn
such Fundamental Change Repurchase Notice in accordance with ‎Section 15.03.

 

    57

     

    

 

If more than one Note shall be surrendered
for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis
of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.

 

(c)           
A Note shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion
Date”) that the Holder has complied with the requirements set forth in subsection ‎(b) above. Except as set forth
in ‎‎Section 14.03(b) and ‎Section 14.07(a), the Company shall pay or deliver, as the case may be, the consideration
due in respect of the Conversion Obligation no later than the second Business Day immediately following the relevant Conversion
Date, if the Company elects Physical Settlement, or no later than the second Business Day immediately following the last Trading
Day of the Observation Period, in the case of Cash Settlement or Combination Settlement. If any shares of Common Stock are due
to a converting Holder, the Company shall issue or cause to be issued, and deliver (if applicable) to the converting Holder, or
such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall be entitled, in book-entry
format through the Depositary, in satisfaction of the Company’s Conversion Obligation.

 

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

 

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

 

(f)           
Except as provided in ‎Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued
upon the conversion of any Note as provided in this Article 14.

 

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

 

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(h)            Upon
conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as set forth
below. The Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to
pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion
Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed
to be paid in full rather than cancelled, extinguished or forfeited. Upon a conversion of Notes into a combination of cash
and shares of Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon such
conversion. Notwithstanding the foregoing, if Notes are converted after the close of business on a Regular Record Date,
Holders of such Notes as of the close of business on such Regular Record Date will receive the full amount of interest
payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion. Notes surrendered for
conversion during the period from the close of business on any Regular Record Date to the open of business on the immediately
following Interest Payment Date must be accompanied by funds equal to the amount of interest payable on the Notes so
converted on the corresponding Interest Payment Date (regardless of whether the converting Holder was the shareholder of
record on the corresponding Regular Record Date); provided that no such payment shall be required (1) for conversions
following the Regular Record Date immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental
Change Repurchase Date that is after a Regular Record Date and on or prior to the Business Day immediately following the
corresponding Interest Payment Date; or (3) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the
time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Regular
Record Date immediately preceding the Maturity Date and any Fundamental Change Repurchase Date described in (2) of this
 ‎Section 14.02(h) shall receive the full interest payment due on the Maturity Date or other applicable Interest Payment
Date regardless of whether their Notes have been converted following such Regular Record Date.

 

(i)           
The Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a shareholder
of record as of the close of business on the relevant Conversion Date (if the Company elects to satisfy the related Conversion
Obligation by Physical Settlement) or the last Trading Day of the relevant Observation Period (if the Company elects to satisfy
the related Conversion Obligation by Combination Settlement), as the case may be. Upon a conversion of Notes, such Person shall
no longer be a Holder of such Notes surrendered for conversion.

 

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

 

    59

     

    

 

Section 14.03. Increased Conversion Rate
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. (a)
If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to convert its Notes
in connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the
Conversion Rate for the Notes so surrendered for conversion by a number of additional shares of Common Stock (the “Additional
Shares”), as described below. A conversion of Notes shall be deemed for these purposes to be “in connection with”
such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including,
the Effective Date of the Make-Whole Fundamental Change up to, and including, the close of business on the Business Day immediately
preceding the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been
a Fundamental Change but for the proviso in clause (b) of the definition thereof, the 35th Trading Day immediately following
the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”).

 

(b)            Upon
surrender of Notes for conversion in connection with a Make-Whole Fundamental Change pursuant to ‎Section
14.01(b)(iii), the Company shall, at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash
Settlement or Combination Settlement in accordance with ‎Section 14.02; provided, however, that if, at
the effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the
Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of Notes
following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based
solely on the Stock Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of
converted Notes equal to the Conversion Rate (including any adjustment for Additional Shares), multiplied by such
Stock Price. In such event, the Conversion Obligation shall be paid to Holders in cash on the second Business Day following
the Conversion Date. The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change
and issue a press release through customary channels announcing such Effective Date no later than five Business Days after
such Effective Date.

 

(c)           
The number of Additional Shares, if any, by which the Conversion Rate shall be increased shall be determined by reference
to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (“Effective
Date”) and the price (the “Stock Price”) paid (or deemed to be paid) per share of the Common Stock
in the Make-Whole Fundamental Change. If the holders of the Common Stock receive in exchange for their Common Stock only cash in
a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash
amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the Common Stock over
the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole
Fundamental Change. The Board of Directors shall make appropriate adjustments to the Stock Price, in its good faith determination,
to account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion
Rate where the Ex-Dividend Date, Effective Date (as such term is used in ‎Section 14.04) or expiration date of the event
occurs during such ten consecutive Trading Day period.

 

    60

     

    

 

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

 

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

 

	Stock
    Price
	Effective
    Date	 	$	8.99	 	 	$	10.00	 	 	$	11.01	 	 	$	12.00	 	 	$	14.00	 	 	$	16.00	 	 	$	20.00	 	 	$	25.00	 	 	$	30.00	 	 	$	40.00	 	 	$	50.00	 	 	$	75.00	 
	September 22, 2020	 	 	20.4309	 	 	 	17.0080	 	 	 	14.4478	 	 	 	12.5117	 	 	 	9.7064	 	 	 	7.8031	 	 	 	5.3840	 	 	 	3.6184	 	 	 	2.5177	 	 	 	1.2533	 	 	 	0.5988	 	 	 	0.0173	 
	September 15, 2021	 	 	20.4309	 	 	 	16.0010	 	 	 	13.3569	 	 	 	11.4108	 	 	 	8.6936	 	 	 	6.9238	 	 	 	4.7555	 	 	 	3.2100	 	 	 	2.2490	 	 	 	1.1343	 	 	 	0.5474	 	 	 	0.0109	 
	September 15, 2022	 	 	20.4309	 	 	 	14.7780	 	 	 	11.9728	 	 	 	9.9892	 	 	 	7.3679	 	 	 	5.7725	 	 	 	3.9335	 	 	 	2.6716	 	 	 	1.8893	 	 	 	0.9695	 	 	 	0.4742	 	 	 	0.0040	 
	September 15, 2023	 	 	20.4309	 	 	 	13.2940	 	 	 	10.1744	 	 	 	8.1000	 	 	 	5.6071	 	 	 	4.2663	 	 	 	2.8785	 	 	 	1.9764	 	 	 	1.4157	 	 	 	0.7425	 	 	 	0.3696	 	 	 	0.0000	 
	September 15, 2024	 	 	20.4309	 	 	 	11.4140	 	 	 	7.6158	 	 	 	5.3758	 	 	 	3.1964	 	 	 	2.3169	 	 	 	1.5705	 	 	 	1.1020	 	 	 	0.8027	 	 	 	0.4338	 	 	 	0.2220	 	 	 	0.0000	 
	September 15, 2025	 	 	20.4309	 	 	 	9.1960	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

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

 

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

 

(ii)           
if the Stock Price is greater than $75.00 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion
Rate; and

 

(iii)           
if the Stock Price is less than $8.99 per share (subject to adjustment in the same manner as the Stock Prices set forth
in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion
Rate.

 

Notwithstanding the foregoing, in no event
shall the Conversion Rate per $1,000 principal amount of Notes exceed 111.2347 shares of Common Stock, subject to adjustment in
the same manner as the Conversion Rate pursuant to ‎Section 14.04.

 

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

 

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

 

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

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend
                                                                                Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split
                                                                                or share combination, as applicable;

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on
                                                                                            such Ex-Dividend Date or Effective Date, as applicable (before giving effect to any such dividend, distribution, share split
                                                                                            or share combination); and

 

	OS'	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or
share combination.

 

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

 

(b)           
If the Company issues to all or substantially all holders of the Common Stock any rights, options or warrants entitling
them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase
shares of the Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock
for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement
of such issuance, the Conversion Rate shall be increased based on the following formula:

 

    62

     

    

 

 

 

where,

 

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

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;

 

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

 

	Y	=	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided
by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on,
and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

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

 

For purposes of this ‎Section 14.04(b)
and for the purpose of ‎Section 14.01(b)(ii)(A), in determining whether any rights, options or warrants entitle the holders
of the Common Stock to subscribe for or purchase shares of the Common Stock at less than such average of the Last Reported Sale
Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there
shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable
on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.

 

    63

     

    

 

(c)           
If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common
Stock, excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to ‎Section 14.04(a)
or ‎Section 14.04(b), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in ‎Section
14.04(d) shall apply, (iii) any dividends or distributions of Reference Property in a transaction described in ‎‎Section
14.07, and (iv) Spin-Offs as to which the provisions set forth below in this ‎Section 14.04(c) shall apply (any of such shares
of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or
other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following
formula:

 

 

 

where,

 

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

 

	CR'	=	the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;

 

	SP0	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

 

	FMV	=	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share
of the Common Stock on the Ex-Dividend Date for such distribution.

 

Any increase made under the portion of this
 ‎Section 14.04(c) above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution.
If such distribution is not so paid or made, the Conversion Rate shall be decreased, effective as of the date the Board of Directors
determines not to pay or make such distribution, to the Conversion Rate that would then be in effect if such distribution had not
been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal
amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount
and kind of Distributed Property such Holder would have received if such Holder owned a number of shares of Common Stock equal
to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV”
(as defined above) of any distribution for purposes of this ‎Section 14.04(c) by reference to the actual or when-issued trading
market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately
preceding the Ex-Dividend Date for such distribution.

 

    64

     

    

 

With respect to an adjustment pursuant to
this ‎Section 14.04(c) where there has been a payment of a dividend or other distribution on the Common Stock of shares of
Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the
Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a “Spin-Off”),
the Conversion Rate shall be increased based on the following formula:

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the end of the Valuation Period;

 

	CR'	=	the Conversion Rate in effect immediately after the end of the Valuation Period;

 

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

 

	MP0	=	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 

The increase to the Conversion Rate under
the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period; provided that
(x) in respect of any conversion of Notes for which Physical Settlement is applicable, if the relevant Conversion Date occurs during
the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Conversion
Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for which Cash Settlement or Combination
Settlement is applicable, for any Trading Day that falls within the relevant Observation Period for such conversion and within
the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be replaced with such lesser
number of Trading Days as have elapsed from, and including, the Ex-Dividend Date of such Spin-Off to, and including, such Trading
Day in determining the Conversion Rate as of such Trading Day. If any dividend or distribution that constitutes a Spin-Off is declared
but not so paid or made, the Conversion Rate shall be immediately decreased, effective as of the date the Board of Directors determines
not to pay or make such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared or announced.

 

    65

     

    

 

For purposes of this ‎Section
14.04(c) (and subject in all respect to ‎Section 14.11),
rights, options or warrants distributed by the Company to all holders of the Common Stock entitling them to subscribe for or
purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain
circumstances), which rights, options or warrants, until the occurrence of a specified event or events (“Trigger
Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii)
are also issued in respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes
of this ‎Section 14.04(c) (and no adjustment to the Conversion Rate under this ‎Section 14.04(c) will be
required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to
have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be made under this
 ‎Section 14.04(c). If any such right, option or warrant, including any such existing rights, options or warrants
distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or
warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new
rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to
terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type
described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this ‎Section 14.04(c) was made, (1) in the
case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders
thereof, upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or
warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution,
deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share
redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants
(assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of
such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been
terminated without exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and
warrants had not been issued.

 

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

 

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

 

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

 

    66

     

    

 

then, in either case, (1) such dividend
or distribution, other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or
distribution to which this ‎Section 14.04(c) is applicable (the “Clause C Distribution”) and any
Conversion Rate adjustment required by this ‎Section 14.04(c) with respect to such Clause C Distribution shall then be
made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C
Distribution and any Conversion Rate adjustment required by ‎Section 14.04(a) and ‎Section 14.04(b) with respect
thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the Clause A
Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II)
any shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be
 “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the
meaning of ‎Section 14.04(a) or “outstanding immediately prior to the open of business on such Ex-Dividend
Date” within the meaning of ‎Section 14.04(b).

 

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

 

 

 

where,

 

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

 

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

 

	SP0	=	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend
or distribution; and

 

	C	=	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 

Any increase pursuant to this ‎Section 14.04(d) shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines
not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of
Notes, at the same time and upon the same terms as holders of shares of the Common Stock, the amount of cash that such Holder would
have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect immediately prior
to the open of business on the Ex-Dividend Date for such cash dividend or distribution.

 

    67

     

    

 

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

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;

 

	CR'	=	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;

 

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

 

	OS0	=	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to
giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer);

 

	OS'	=	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving
effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or exchange offer); and

 

	SP'	=	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and
including, the Trading Day next succeeding the date such tender or exchange offer expires.

 

The increase to the Conversion Rate
under this ‎Section 14.04(e) shall occur at the close
of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such
tender or exchange offer expires; provided that (x) in respect of any conversion of Notes for which Physical
Settlement is applicable, if the relevant Conversion Date occurs during the 10 Trading Days immediately following, and
including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references to
 “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the date that such tender or exchange offer expires
to, and including, the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion of Notes for
which Cash Settlement or Combination Settlement is applicable, for any Trading Day that falls within the relevant Observation
Period for such conversion and within the 10 Trading Days immediately following, and including, the Trading Day next
succeeding the expiration date of any tender or exchange offer, references to
 “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading
Days as have elapsed from, and including, the Trading Day next succeeding the expiration date of such tender or exchange
offer to, and including, such Trading Day in determining the Conversion Rate as of such Trading Day.

 

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In the event that the Company or one of
its Subsidiaries is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange offer described
in this ‎‎Section 14.04(e), but the Company or such Subsidiary is permanently prevented by applicable law from effecting
any such purchase, or all such purchases are rescinded, then the Conversion Rate shall be readjusted to be the Conversion Rate
that would then be in effect if such tender or exchange offer had not been made or had been made only in respect of the purchases
that have been consummated.

 

(f)           
Notwithstanding this ‎Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment
becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or
prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related Conversion
Date as described under ‎Section 14.02(i) based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding
the Conversion Rate adjustment provisions in this ‎Section 14.04, the Conversion Rate adjustment relating to such Ex-Dividend
Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner
of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving
rise to such adjustment.

 

(g)           
Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of shares of the Common Stock
or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common
Stock or such convertible or exchangeable securities.

 

(h)           
In addition to those adjustments required by clauses ‎(a), ‎(b), ‎(c), ‎(d) and ‎(e) of this
 ‎Section 14.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which
any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount
for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s
best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any exchange on which
any of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to
avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in connection with a dividend or
distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion
Rate is increased pursuant to either of the preceding two sentences, the Company shall deliver to the Holder of each Note a notice
of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect.

 

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(i)           
Notwithstanding anything to the contrary in this ‎Article 14, the Conversion Rate shall not be adjusted:

 

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

 

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

 

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

 

(iv)           
for ordinary course of business stock repurchases that are not tender offers referred to in ‎Section 14.04(e), including
structured or derivative transactions or pursuant to a stock repurchase program approved by the Board of Directors;

 

(v)           
solely for a change in the par value of the Common Stock; or

 

(vi)           
for accrued and unpaid interest, if any.

 

(j)           
All calculations and other determinations under this ‎Article 14 shall be made by the Company and shall be made to
the nearest one-ten thousandth (1/10,000th) of a share. Notwithstanding anything in this ‎Article 14 to the contrary, if
an adjustment to the Conversion Rate otherwise required by ‎Section 14.04 would result in a change of less than 1% to the
Conversion Rate, then the Company may, at its election, defer and carry forward such adjustment, except that all such deferred
adjustments must be given effect immediately upon the earliest to occur of the following: (i) when all such deferred adjustments
would result in an aggregate change of at least 1% to the Conversion Rate; (ii) on the Conversion Date for any Notes (in the case
of Physical Settlement); (iii) on each Trading Day of any Observation Period related to any conversion of Notes (in the case of
Cash Settlement or Combination Settlement); (iv) March 15, 2025; and (iv) on the effective date of any Fundamental Change and/or
Make-Whole Fundamental Change, in each case, unless the adjustment has already been made.

 

(k)            Whenever
the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion
Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting
forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall
have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the
Conversion Rate and may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect.
Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate
setting forth the adjusted Conversion Rate and the date on which each adjustment becomes effective and shall deliver such
notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality
or validity of any such adjustment.

 

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(l)           
For purposes of this ‎Section 14.04, the number of shares of Common Stock at any time outstanding shall not include
shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution
on shares of Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable in respect of
scrip certificates issued in lieu of fractions of shares of Common Stock.

 

Section 14.05. Adjustments of Prices.
Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices, the Daily VWAPs,
the Daily Conversion Values or the Daily Settlement Amounts over a span of multiple days (including, without limitation, an Observation
Period and the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the Board of Directors
shall make appropriate adjustments to each to account for any adjustment to the Conversion Rate that becomes effective, or any
event requiring an adjustment to the Conversion Rate where the Ex-Dividend Date, Effective Date or expiration date, as the case
may be, of the event occurs, at any time during the period when the Last Reported Sale Prices, the Daily VWAPs, the Daily Conversion
Values or the Daily Settlement Amounts are to be calculated.

 

Section 14.06. Shares to Be Fully Paid.
The Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient
shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming
delivery of the maximum number of Additional Shares pursuant to ‎Section 14.03 and that at the time of computation of such
number of shares, all such Notes would be converted by a single Holder and that Physical Settlement were applicable).

 

Section 14.07. Effect of Recapitalizations,
Reclassifications and Changes of the Common Stock.

 

(a)           
In the case of:

 

(i)           
any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or
combination, a change in the par value of the Common Stock or Class B Common Stock or the automatic conversion of the Class B Common
Stock into Common Stock pursuant to the terms of the Company’s Restated Articles of Incorporation),

 

(ii)           
any consolidation, merger, combination or similar transaction involving the Company,

 

(iii)           
any sale, lease or other transfer or disposition to a third party of all or substantially all of the consolidated assets
of the Company and the Company’s Subsidiaries, taken as a whole or

 

(iv)           
 any statutory share exchange,

 

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in each case, as a result of which the Common
Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination
thereof) (any such event, a “Specified Corporate Event”), then, at and after the effective time of such Specified
Corporate Event, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal
amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any
combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to such
Specified Corporate Event would have owned or been entitled to receive (the “Reference Property,” with each
 “unit of Reference Property” meaning the kind and amount of Reference Property that a holder of one share of
Common Stock is entitled to receive) upon such Specified Corporate Event and, prior to or at the effective time of such Specified
Corporate Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee, without
the consent of the Holders, a supplemental indenture permitted under ‎Section 10.01(g) providing for such change in the right
to convert each $1,000 principal amount of Notes; provided, however, that at and after the effective time of the
Specified Corporate Event (A) the Company shall continue to have the right to determine the form of consideration to be paid or
delivered, as the case may be, upon conversion of Notes in accordance with ‎Section 14.02 and (B) (I) any amount payable
in cash upon conversion of the Notes in accordance with ‎Section 14.02 shall continue to be payable in cash, (II) any shares
of Common Stock that the Company would have been required to deliver upon conversion of the Notes in accordance with ‎Section
14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common
Stock would have been entitled to receive in such Specified Corporate Event and (III) the Daily VWAP shall be calculated based
on the value of a unit of Reference Property.

 

If the Specified Corporate Event causes
the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of shareholder election), then (i) the Reference Property into which the Notes will be convertible
shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of Common
Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration
referred to in clause (i) attributable to one share of Common Stock. If the holders of the Common Stock receive only cash in such
Specified Corporate Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such
Specified Corporate Event (A) the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash
in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant
to ‎Section 14.03), multiplied by the price paid per share of Common Stock in such Specified Corporate Event and (B)
the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the second Business Day immediately
following the relevant Conversion Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the
Trustee) of such weighted average as soon as practicable after such determination is made.

 

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Such
supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments
that shall be as nearly equivalent as is possible to the adjustments provided for in this ‎Article 14. If, in the case of
any Specified Corporate Event, the Reference Property includes shares of stock, other securities or other property or assets (including
cash or any combination thereof) of a Person other than the successor or purchasing Person, as the case may be, in such Specified
Corporate Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional
provisions to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by
reason of the foregoing, including the provisions providing for the purchase rights set forth in ‎Article 15.

 

(b)           
When the Company executes a supplemental indenture pursuant to subsection ‎(a) of this ‎Section 14.07, the Company
shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of
cash, securities or property or asset that will comprise a unit of Reference Property after any such Specified Corporate Event,
any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver
notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be delivered to
each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of
such supplemental indenture.

 

(c)           
The Company shall not become a party to any Specified Corporate Event unless its terms are consistent with this ‎Section
14.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into cash, shares of Common
Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in ‎Section 14.01 and ‎Section
14.02 prior to the effective date of such Specified Corporate Event.

 

(d)           
The above provisions of this Section 14.07 shall similarly apply to successive Specified Corporate Events. For the avoidance
of doubt, the conversion of any or all of the Class B Common Stock into Common Stock in one or more transactions pursuant to the
Company’s Restated Articles of Incorporation will not constitute a Specified Corporate Event.

 

Section 14.08. Certain Covenants.
(a) The Company covenants that all shares of Common Stock issued upon conversion
of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue
thereof.

 

(b)           
The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such shares of Common
Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be.

 

(c)            The
Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or
automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, any Common Stock issuable upon conversion of the Notes.

 

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Section 14.09. Responsibility of Trustee.
The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine
the Conversion Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any increase)
of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect
to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The Trustee and
any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares
of Common Stock, or of any securities, property or cash that may at any time be issued or delivered upon the conversion of any
Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any
Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or
stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply
with any of the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality
of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to ‎Section 14.07 relating either to the kind
or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes
after any event referred to in such ‎Section 14.07 or to any adjustment to be made with respect thereto, but, subject to
the provisions of ‎Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. Neither the Trustee nor
the Conversion Agent shall be responsible for determining whether any event contemplated by ‎Section 14.01(b) has occurred
that makes the Notes eligible for conversion or no longer eligible therefor until the Company has delivered to the Trustee and
the Conversion Agent the notices referred to in ‎Section 14.01(b) with respect to the commencement or termination of such
conversion rights, on which notices the Trustee and the Conversion Agent may conclusively rely, and the Company agrees to deliver
such notices to the Trustee and the Conversion Agent immediately after the occurrence of any such event or at such other times
as shall be provided for in ‎Section 14.01(b).

 

Section 14.10. Notice to Holders Prior
to Certain Actions. In case of any:

 

(a)           
action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to ‎Section
14.04 or ‎Section
14.11;

 

(b)           
Specified Corporate Event; or

 

(c)           
voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries;

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion
Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days
prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose
of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of
Common Stock of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries, or (ii)
the date on which such Specified Corporate Event, dissolution, liquidation or winding-up is expected to become effective or occur,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock
for securities or other property deliverable upon such Specified Corporate Event, dissolution, liquidation or winding-up. Failure
to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its
Subsidiaries, Specified Corporate Event, dissolution, liquidation or winding-up.

 

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Section 14.11. Shareholder Rights Plans.
If the Company has a shareholder rights plan in effect upon conversion of the Notes, each share of Common Stock, if any, issued
upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the
Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any such
shareholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights
have separated from the shares of Common Stock in accordance with the provisions of the applicable shareholder rights plan, the
Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of
the Common Stock Distributed Property as provided in ‎Section 14.04(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights.

 

Section 14.12. Exchange In Lieu Of Conversion.
(a) When a Holder surrenders its Notes for conversion, the Company
may, at its election (an “Exchange Election”), direct the Conversion Agent to surrender, on or prior to the
Business Day immediately following the Conversion Date, such Notes to one or more financial institutions designated by the Company
(each, a “Designated Financial Institution”) for exchange in lieu of conversion. In order to accept any Notes
surrendered for conversion, the Designated Financial Institution(s) must agree to timely pay and/or deliver, as the case may be,
in exchange for such Notes, the amount of cash, number of shares of Common Stock or any combination thereof, at the Company’s
election, that would otherwise be due upon conversion pursuant to ‎Section 14.02 (the “Conversion Consideration”).
If the Company makes an Exchange Election, the Company shall, by the close of business on the Business Day immediately following
the relevant Conversion Date, notify in writing the Trustee, the Conversion Agent (if other than the Trustee) and the Holder surrendering
its Notes for conversion that the Company has made the Exchange Election and the Company shall notify the Designated Financial
Institution(s) of the relevant Settlement Method and the relevant deadline for payment and/or delivery of the Conversion Consideration.

 

(b)            Any
Notes exchanged by the Designated Financial Institution(s) shall remain outstanding and such exchange shall be subject to
applicable procedures of the Depositary. If the Designated Financial Institution(s) agree(s) to accept any Notes for exchange
but does not timely pay and/or deliver, as the case may be, the related Conversion Consideration, or if such Designated
Financial Institution does not accept the Notes for exchange, the Company shall pay and/or deliver, as the case may be, the
relevant Conversion Consideration as if the Company had not made the Exchange Election

 

(c)           
The Company’s designation of any Designated Financial Institution(s) to which the Notes may be submitted for exchange
does not require such Designated Financial Institution(s) to accept any Notes.

 

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Article
15

Repurchase of Notes at Option of Holders

 

Section 15.01. [Intentionally Omitted].

 

Section 15.02. Repurchase at Option of
Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at
any time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of
such Holder’s Notes, or any portion thereof that is equal to $1,000 or a multiple of $1,000, on the date (the “Fundamental
Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days
following the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of the principal amount thereof,
plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental
Change Repurchase Price”), unless the Fundamental Change Repurchase Date falls after a Regular Record Date but on or
prior to the Interest Payment Date to which such Regular Record Date relates, in which case the Company shall instead pay the full
amount of accrued and unpaid interest to Holders of record as of such Regular Record Date, and the Fundamental Change Repurchase
Price shall be equal to 100% of the principal amount of Notes to be repurchased pursuant to this ‎Article 15.

 

(b)           
Repurchases of Notes under this ‎Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

(i)           
delivery to the Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”)
in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in
compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in
each case on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date;
and

 

(ii)            delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change
Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent,
or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in
each case such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

The Fundamental Change Repurchase Notice
in respect of any Notes to be repurchased shall state:

 

(i)            
in the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

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

 

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(iii)          
that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Repurchase Notice must comply with appropriate Depositary procedures.

 

Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this ‎Section 15.02 shall
have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal
to the Paying Agent in accordance with ‎Section 15.03.

 

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

 

(c)           
On or before the 20th calendar day after the occurrence of the effective date of a Fundamental Change, the Company shall
provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice
(the “Fundamental Change Company Notice”) of the occurrence of the effective date of the Fundamental Change
and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice
shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable
procedures of the Depositary. Simultaneously with providing such notice, the Company shall issue a press release containing the
information set forth in the Fundamental Change Company Notice and publish such information on the Company’s website or through
such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify:

 

(i)            
the events causing the Fundamental Change;

 

(ii)           
the date of the Fundamental Change;

 

(iii)          
the last date on which a Holder may exercise the repurchase right pursuant to this ‎Article 15;

 

(iv)          
 the Fundamental Change Repurchase Price;

 

(v)           
the Fundamental Change Repurchase Date;

 

(vi)          
the name and address of the Paying Agent and the Conversion Agent, if applicable;

 

(vii)         
if applicable, the Conversion Rate and any adjustments to the Conversion Rate;

 

(viii)        
that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted
only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and

 

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(ix)           
the procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the
repurchase of the Notes pursuant to this ‎Section 15.02.

 

At the Company’s request, the Trustee
shall give such notice in the Company’s name and at the Company’s expense; provided, however, that, in
all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

(d)           
Notwithstanding anything to the contrary in this Article 15, the Company shall not be required to repurchase, or to make
an offer to repurchase, the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same
time and otherwise in compliance with the requirements for an offer made by the Company as set forth in this Article 15 and such
third party purchases all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same
time and otherwise in compliance with the requirements for an offer made by the Company as set forth above.

 

(e)            Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change
if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such
date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change
Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any
Physical Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a
Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any
instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary shall be deemed to have
been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with
respect thereto shall be deemed to have been withdrawn.

 

Section 15.03. Withdrawal of Fundamental
Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may
be withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying
Agent in accordance with this ‎Section 15.03 at any time prior to the close of business on the Business Day immediately preceding
the Fundamental Change Repurchase Date, specifying:

 

(i)            
the principal amount of the Notes with respect to which such notice of withdrawal is being submitted,

 

(ii)           
if Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is
being submitted, and

 

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(iii)          
the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which
portion must be in principal amounts of $1,000 or an integral multiple of $1,000;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate procedures of the Depositary.

 

Section 15.04. Deposit of Fundamental
Change Repurchase Price. (a) The Company will deposit with the Trustee
(or other Paying Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and
hold in trust as provided in ‎Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase
Date an amount of money, in immediately available funds, sufficient to repurchase all of the Notes to be repurchased at the appropriate
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by
the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase
Date (provided the Holder has satisfied the conditions in ‎Section 15.02) and (ii) the time of book-entry transfer
or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner
required by ‎Section 15.02 by mailing checks for the amount payable to the Holders of such Notes entitled thereto as they
shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer
of immediately available funds to the account of the Depositary or its nominee. The Trustee shall, promptly after such payment
and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price.

 

(b)           
If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such
Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have
not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether
or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Trustee or Paying Agent) and (iii)
all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase
Price and, if applicable, accrued and unpaid interest).

 

(c)           
Upon surrender of a Note that is to be repurchased in part pursuant to ‎Section 15.02, the Company shall execute and
the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to
the unrepurchased portion of the Note surrendered.

 

Section 15.05. Covenant to Comply with
Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a)           
comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act;

 

    79

     

    

 

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

 

(c)           
otherwise comply with all federal and state securities laws in connection with any offer by the Company to repurchase the
Notes;

 

in each case, so as to permit the rights and
obligations under this ‎Article 15 to be exercised in the time and in the manner specified in this ‎Article 15.

 

Article
16

No Redemption

 

Section 16.01. No Redemption. The
Notes shall not be redeemable by the Company prior to the Maturity Date, and no sinking fund is provided for the Notes.

 

Article
17

Miscellaneous Provisions

 

Section 17.01. Provisions Binding on
Company’s Successors. All the covenants, stipulations, promises and agreements of the Company contained in this Indenture
shall bind its successors and assigns whether so expressed or not.

 

Section 17.02. Official Acts by Successor
Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any
board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee
or officer of any corporation or other entity that shall at the time be the lawful sole successor of the Company.

 

Section 17.03. Addresses for Notices,
Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served
by being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address
is filed by the Company with the Trustee) to The Marcus Corporation, 100 East Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin
53202-4125, Attention: General Counsel. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed
to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered
or certified mail in a post office letter box addressed to the Corporate Trust Office.

 

The Trustee, by notice to the Company, may
designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication delivered or
to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address as it
appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the
Depositary and shall be sufficiently given to it if so delivered within the time prescribed.

 

    80

     

    

 

Failure to mail or deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives
it.

 

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

 

All notices, approvals, consents, requests
and any communications under this Indenture must be in writing (provided that any communication sent to the Trustee must be in
the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature
provider as specified in writing to the Trustee by the Company)), in English. The party using digital signatures and electronic
methods agrees to assume all risks arising out of the use of digital signatures and electronic methods to submit communications
to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties.

 

Section 17.04. Governing Law;
Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW).

 

The Company irrevocably consents and agrees,
for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against
it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes
may be brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New
York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents
and submits to the non-exclusive jurisdiction of each such court in personam, generally and unconditionally with respect
to any action, suit or proceeding for itself in respect of its properties, assets and revenues.

 

The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any
of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the
State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.

 

    81

     

    

 

Section 17.05. Evidence of Compliance
with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to
the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish
to the Trustee an Officers’ Certificate stating that such action is permitted by the terms of this Indenture.

 

Each Officers’ Certificate provided
for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance with this Indenture
(other than the Officers’ Certificates provided for in ‎Section 4.08) shall include (a) a statement that the person
signing such certificate is familiar with the requested action and this Indenture; (b) a brief statement as to the nature and
scope of the examination or investigation upon which the statement contained in such certificate is based; (c)
a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary to enable
him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement
as to whether or not, in the judgment of such person, such action is permitted by this Indenture.

 

Notwithstanding anything to the contrary
in this ‎Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an
Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled
to, or entitled to request, such Opinion of Counsel.

 

Section 17.06. Legal Holidays.
In any case where any Interest Payment Date, any Fundamental Change Repurchase Date or the Maturity Date is not a Business
Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding
Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect of the
delay.

 

Section 17.07. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the
Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction.

 

Section 17.08. Benefits of Indenture.
Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders, the parties
hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 17.09. Table of Contents, Headings,
Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms
or provisions hereof.

 

Section 17.10. Authenticating Agent.
The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction in the
authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder,
including under ‎Section 2.04, ‎Section 2.05, ‎Section 2.06, ‎Section 2.07, ‎Section 10.04 and ‎Section
15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and
those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes
by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a
certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement
hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be
a Person eligible to serve as trustee hereunder pursuant to ‎Section 7.08.

 

    82

     

    

 

Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder,
if such successor corporation or other entity is otherwise eligible under this ‎Section 17.10, without the execution or filing
of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or
other entity.

 

Any authenticating agent may at any
time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate
the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating
agent shall cease to be eligible under this ‎Section 17.10, the Trustee may appoint a successor authenticating agent
(which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such
appointment to all Holders.

 

The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services although the Company may terminate the authenticating agent, if
it determines such agent’s fees to be unreasonable.

 

The provisions of ‎Section 7.02, ‎Section
7.03, ‎Section 7.04, ‎Section 8.03 and this ‎Section 17.10 shall be applicable to any authenticating agent.

 

If an authenticating agent is appointed
pursuant to this ‎Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication,
an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

    83

     

    

 

Section 17.11. Execution in Counterparts.
This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu
of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

Section 17.12. Severability. In the
event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13. Waiver of Jury Trial.
EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 17.14. Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation,
strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances.

 

Section 17.15. Calculations. Except
as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes. These calculations
include, but are not limited to, determinations of the Stock Price, the Last Reported Sale Prices of the Common Stock, the Daily
VWAPs, the Daily Conversion Values, the Daily Settlement Amounts, accrued interest payable on the Notes and the Conversion Rate
of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s calculations
shall be final and binding on Holders of Notes, the Trustee and the Conversion Agent. The Company shall provide a schedule of its
calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely
conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the
Company’s calculations to any Holder of Notes upon the request in writing of that Holder at the sole cost and expense of
the Company.

 

Section 17.16. USA PATRIOT Act. The
parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy
the requirements of the USA PATRIOT Act.

 

[Remainder of page
intentionally left blank]

 

    84

     

    

 

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

 

	 	THE MARCUS CORPORATION
	 	 
	 	By:	/s/ Douglas A. Neis
	 	 	Name: Douglas A. Neis
	 	 	Title:   Chief Financial Officer

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Steven F. Posto
	 	 	Name: Steven F. Posto
	 	 	Title:   Vice President

 

     

     

    

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND
IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]

 

[INCLUDE FOLLOWING LEGEND
IF A RESTRICTED SECURITY]

 

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

 

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

 

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

 

(A) TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

    A-1

     

    

 

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

 

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

 

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

 

    A-2

     

    

 

THE MARCUS CORPORATION

 

5.00% Convertible Senior Note due 2025

 

	No. [_____]	[Initially]1 $[_________]

 

CUSIP No. 566330 AA42

ISIN
No. US566330AA412

 

The Marcus Corporation, a corporation duly
organized and validly existing under the laws of the State of Wisconsin (the “Company,” which term includes
any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE & CO.]3 [_______]4,
or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5
[of $[_______]]6, which
amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture,
exceed $100,050,000, in accordance with the rules and procedures of the Depositary, on September 15, 2025, and interest thereon
as set forth below.

 

This Note shall bear interest at the rate
of 5.00% per year from September 22, 2020, or from the most recent date to which interest had been paid or provided for to, but
excluding, the next scheduled Interest Payment Date until September 15, 2025. Interest is payable semi-annually in arrears on each
March 15 and September 15, commencing on March 15, 2021, to Holders of record at the close of business on the preceding March 1
and September 1 (whether or not such day is a Business Day), respectively. Additional Interest will be payable as set forth in
 ‎Section 4.06(d), ‎Section 4.06(e) and ‎Section 6.03 of the within-mentioned Indenture, and any reference to
interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional
Interest is, was or would be payable pursuant to any of such ‎Section 4.06(d), ‎Section 4.06(e) or ‎Section 6.03,
and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional
Interest in those provisions thereof where such express mention is not made.

 

Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the
relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election,
in accordance with ‎Section 2.03(c) of the Indenture.

 

The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds to the Depositary or its nominee,
as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company
shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company
for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes
and its agency in St. Paul, Minnesota, as a place where Notes may be presented for payment or for registration of transfer and
exchange.

 

 

1
Include if a global note.

2
This Note will be deemed to be identified by CUSIP No. 566330 AB2 and ISIN No. US566330AB24 from and after such time when (i) the
Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written notice to the Trustee of the occurrence
of the Resale Restriction Termination Date and the removal of the restrictive legend affixed to this Note and (ii) this Note is
identified by such CUSIP number in accordance with the applicable procedures of the Depositary.

3
Include if a global note.

4 Include if a physical note.

 

6 Include if a physical note.

 

    A-3

     

    

 

Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into cash, shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, on the
terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York without regard to the conflicts of laws principles thereof (except for Sections 5-1401 and 5-1402 of the New York General
Obligations Law).

 

In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized
authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    A-4

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

	 	THE MARCUS CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

U.S. BANK NATIONAL ASSOCIATION

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	 	Authorized Officer	 

 

    A-5

     

    

 

[FORM OF REVERSE OF NOTE]

 

THE MARCUS CORPORATION

5.00% Convertible Senior Note due 2025

 

This Note is one of a duly authorized issue
of Notes of the Company, designated as its 5.00% Convertible Senior Notes due 2025 (the “Notes”), limited to
the aggregate principal amount of $100,050,000 all issued or to be issued under and pursuant to an Indenture dated as of September
22, 2020 (the “Indenture”), between the Company and U.S. Bank National Association (the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes
may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized
terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.

 

In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to
a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States
that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.

 

Each Holder shall have the right to receive
payment or delivery, as the case may be, of (x) the principal (including the Fundamental Change Repurchase Price, if applicable)
of, (y) accrued and unpaid interest, if any, on, and (z) the consideration due upon conversion of, this Note at the place, at the
respective times, at the rate and in the lawful money or shares of Common Stock, as the case may be, herein prescribed.

 

The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

    A-6

     

    

 

The Notes are not subject to redemption
through the operation of any sinking fund or otherwise.

 

Upon the occurrence of a Fundamental Change,
the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s
Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase
Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to
convert any Notes or portion thereof that is $1,000 or an integral multiple thereof, into at the Company’s election cash,
shares of Common Stock or a combination of cash and shares of Common Stock, as applicable, as set forth in the Indenture, at the
Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

    A-7

     

    

 

ABBREVIATIONS

 

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

 

TEN COM = as tenants in common

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties

JT TEN = joint tenants with right of survivorship and not as tenants in common

 

Additional abbreviations may also be used
though not in the above list.

 

    A-8

     

    

 

SCHEDULE A7

 

SCHEDULE OF EXCHANGES OF NOTES

 

THE MARCUS CORPORATION

5.00% Convertible Senior Notes due 2025

 

The initial principal amount of this Global
Note is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been made:

 

	Date of exchange	 	Amount of

 decrease in

 principal amount

 of this Global Note	 	Amount of

 increase in

 principal amount

 of this Global Note	 	Principal amount

 of this Global Note

 following such

 decrease or

 increase	 	Signature of

 authorized

 signatory of

 Trustee or

 Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

7 Include if a global note.

 

    A-9

     

    

 

ATTACHMENT 1

 

[FORM OF NOTICE OF CONVERSION]

 

To: U.S. Bank National Association

111 East Fillmore Avenue E

St. Paul, MN 55107

 

The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into, at the Company’s election, cash, shares of Common Stock or a combination of cash and shares
of Common Stock, as applicable, in accordance with the terms of the Indenture referred to in this Note, and directs that any cash
payable and any shares of Common Stock issuable and deliverable upon such conversion, together with any cash for any fractional
share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof
unless a different name has been indicated below. If any shares of Common Stock or any portion of this Note not converted are to
be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue
or transfer taxes, if any in accordance with ‎Section 14.02(d) and ‎Section 14.02(e) of the Indenture. Any amount required
to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall
have the meanings ascribed to such terms in the Indenture.

 

	Dated:	 	 	 

 

	 	 
	 	Signature(s)
	 	 

	 	 	 
	Signature Guarantee	 	 

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if shares

of Common Stock are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

    1

     

    

 

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

 

	 	 	 
	(Name)	 	 
	 	 	 
	(Street Address)	 	 
	 	 	 
	(City, State and Zip Code)	 	 
	Please print name and address	 	 

 

	 	Principal amount to be converted (if less than all): $______,000
	 	 
	 	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
	 	 
	 	Social Security or Other Taxpayer
	 	Identification Number

 

    2

     

    

 

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

To: U.S. Bank National Association

111 East Fillmore Avenue E

St. Paul, MN 55107

 

The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from The Marcus Corporation (the “Company”) as to the occurrence
of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs
the Company to pay to the registered holder hereof in accordance with ‎Section 15.02 of the Indenture referred to in this
Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding,
such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

In the case of Physical Notes, the certificate
numbers of the Notes to be repurchased are as set forth below:

 

Dated: _____________________

 

	 	 
	 	Signature(s)
	 	 
	 	 
	 	Social Security or Other Taxpayer
	 	Identification Number
	 	 
	 	Principal amount to be repaid
    (if less than all): $______,000
	 	 
	 	NOTICE: The above signature(s)
    of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration
    or enlargement or any change whatever.

 

    1

     

    

 

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

	 ̈	To The Marcus Corporation or a subsidiary thereof; or

 

	 ̈	Pursuant to a registration statement that has become
or been declared effective under the Securities Act of 1933, as amended; or

 

	 ̈	Pursuant to and in compliance with Rule 144A under the
Securities Act of 1933, as amended; or

 

	 ̈	Pursuant to and in compliance with Rule 144 under the
Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act
of 1933, as amended.

 

    1

     

    

 

Dated: ________________________

 

	 	 
	 	 
	 	 
	Signature(s)	 
	 	 
	Signature Guarantee	 

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.

 

NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    2Exhibit 10.1

 

$ 87,000,000

The Marcus Corporation

5.00% Convertible Senior Notes due 2025

 

Purchase Agreement

 

September 17, 2020

 

J.P. Morgan Securities LLC

As Representative of the

several Initial Purchasers listed

in Schedule 1 hereto

 

c/o J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

 

Ladies and Gentlemen:

 

The Marcus Corporation, a Wisconsin corporation
(the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial
Purchasers”), for whom you are acting as representative (the “Representative”), $ 87,000,000 principal amount
of its 5.00% Convertible Senior Notes due 2025 (the “Underwritten Securities”) and, at the option of the Initial Purchasers,
up to an additional $ 13,050,000 principal amount of its 5.00% Convertible Senior Notes due 2025 (the “Option Securities”)
if and to the extent that the Initial Purchasers shall have determined to exercise the option to purchase such 5.00% Convertible
Senior Notes due 2025 granted to the Initial Purchasers in Section ‎2
hereof. The Underwritten Securities and the Option Securities are herein referred to as the “Securities”. The Securities
will be convertible into shares (the “Underlying Securities”) of common stock of the Company, par value $1.00 per share
(the “Common Stock”) in the manner provided in the Indenture (as defined below). The Securities will be issued pursuant
to an Indenture to be dated as of September 22, 2020 (the “Indenture”), between the Company and U.S. Bank, N.A., as
trustee (the “Trustee”).

 

In connection with the offering of the Underwritten
Securities, the Company is separately entering into capped call transactions with one or more of the Initial Purchasers or their
respective affiliates and/or other financial institutions (the “Capped Call Counterparties”), in each case pursuant
to a capped call confirmation (each, a “Base Capped Call Confirmation”) dated the date hereof, and in connection with
the issuance of any Option Securities, the Company and the Capped Call Counterparties may enter into additional capped call transactions,
in each case pursuant to an additional capped call confirmation (each, an “Additional Capped Call Confirmation”) to
be dated the date on which the option granted to the Initial Purchasers pursuant to Section ‎2
hereof to purchase such Option Securities is exercised (the Additional Capped Call Confirmations together with the Base Capped
Call Confirmations, the “Capped Call Confirmations”).

 

    

     

    

 

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

 

1.            
Offering Memorandum and Transaction Information. The Securities will be sold to the Initial Purchasers without being
registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom.
The Company has prepared a preliminary offering memorandum dated September 17, 2020 (the “Preliminary Offering Memorandum”)
and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information
concerning the Company and the Securities, the Capped Call Confirmations and the Underlying Securities. Copies of the Preliminary
Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Company to the Initial Purchasers
pursuant to the terms of this purchase agreement (this “Agreement”). The Company hereby confirms that it has authorized
the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum
in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement.
References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed
to refer to and include any document incorporated by reference therein and any reference to “amend,” “amendment”
or “supplement” with respect to the Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to refer
to and include any documents filed with the U.S. Securities and Exchange Commission (the “Commission”) after such date
and incorporated by reference therein.

 

At or prior to 9:10 p.m. New York City time
on the date hereof (the “Time of Sale”), the Company had prepared the following information (collectively, the “Time
of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed
on Annex A hereto.

 

2.            
Purchase and Resale of the Securities. (a) On the basis of the representations, warranties and agreements set forth
herein and subject to the conditions set forth herein, the Company agrees to issue and sell the Underwritten Securities to the
several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties
and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase
from the Company the respective principal amount of Underwritten Securities set forth opposite such Initial Purchaser’s name
in Schedule 1 hereto at a price equal to 96.25% of the principal amount thereof (the “Purchase Price”) plus accrued
interest, if any, from September 22, 2020 to the Closing Date (as defined below).

 

In addition, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set forth herein, the Company agrees to issue and sell
the Option Securities to the several Initial Purchasers as provided in this Agreement, and the Initial Purchasers, on the basis
of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, shall have the
option to purchase, severally and not jointly, from the Company the Option Securities at the Purchase Price plus accrued interest,
if any, from September 22, 2020 to the date of payment and delivery.

 

    2

     

    

 

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

 

The Initial Purchasers may exercise the
option to purchase the Option Securities at any time in whole, or from time to time in part, by written notice from the Representative
to the Company for the sole purpose of covering sales in excess of the aggregate principal amount of the Underwritten Securities;
provided that any Additional Closing Date (as defined below) shall occur within a period (the “Exercise Period”)
of thirteen calendar days from, and including, the Closing Date (as defined below). Such notice shall set forth the aggregate principal
amount of Option Securities plus accrued interest as to which the option is being exercised and the date and time when the Option
Securities are to be delivered and paid for which may be the same date and time as the Closing Date (as hereinafter defined) but
shall not be earlier than the Closing Date nor later than the tenth full business day (as hereinafter defined) after the date of
such notice (unless such time and date are postponed in accordance with the provisions of Section ‎10
hereof); provided, in each case, that such date and time fall within the Exercise Period. Except as separately agreed in writing
by the Company and the Representative, any such notice shall be given at least two business days prior to the date and time of
delivery specified therein; provided that any notice where the Option Securities are to be delivered on the Closing Date
shall be given at least one business day prior to the Closing Date.

 

(b)           
The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in
the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

 

(i)           
it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”) and
an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”);

 

(ii)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by
means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner
involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 

(iii)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities
as part of their initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A
under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable
steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A;

 

    3

     

    

 

(c)           
Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the “no registration” opinions
to be delivered to the Initial Purchasers pursuant to Sections ‎6(f) and ‎6(g),
counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations
and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph
‎(b) above, and each Initial Purchaser hereby consents to such reliance.

 

(d)           
The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate
of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser,
provided that such offers and sales shall be made in accordance with the provisions of this Agreement.

 

(e)           
Payment for the Securities shall be made by wire transfer in immediately available funds to the account specified by the
Company to the Representative in the case of the Underwritten Securities, at the offices of Davis Polk & Wardwell LLP at 1600
El Camino Real, Menlo Park, CA 94025 at 10:00 A.M. New York City time on September 22, 2020, or at such other time or place on
the same or such other date, not later than the fifth business day thereafter, as the Representative and the Company may agree
upon in writing or, in the case of the Option Securities, on the date and at the time and place specified by the Representative
in the written notice of the Initial Purchasers’ election to purchase such Option Securities. The time and date of such payment
for the Underwritten Securities is referred to herein as the “Closing Date” and the time and date for such payment
for the Option Securities, if other than the Closing Date, is herein referred to as the “Additional Closing Date”.

 

Payment for the Securities to be purchased
on the Closing Date or the Additional Closing Date, as the case may be, shall be made against delivery to the nominee of The Depository
Trust Company (“DTC”), for the respective accounts of the several Initial Purchasers of the Securities to be purchased
on such date of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer
taxes payable in connection with the sale of such Securities duly paid by the Company. The Global Note will be made available for
inspection by the Representative at the office of J.P. Morgan Securities LLC set forth above not later than 1:00 P.M., New York
City time, on the business day prior to the Closing Date or the Additional Closing Date, as the case may be.

 

(f)            The
Company acknowledges and agrees that each Initial Purchaser is acting solely in the capacity of an arm’s length
contractual counterparty to the Company with respect to the offering of Securities contemplated hereby (including in
connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the
Company or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Company
or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company shall
consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation
and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall have no responsibility or liability
to the Company with respect thereto. Any review by the Representative or any Initial Purchaser of the Company, the
transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of
the Representative or such Initial Purchaser and shall not be on behalf of the Company or any other person.

 

    4

     

    

 

3.            
Representations and Warranties of the Company. The Company represents and warrants to each Initial Purchaser that:

 

(a)           
Preliminary Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that the Company makes no representation and warranty
with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser
furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in any Preliminary Offering
Memorandum, it being understood and agreed that the only such information furnished by any Initial Purchaser consists of the information
described as such in Section ‎7(b) hereof.

 

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

 

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

 

    5

     

    

 

(d)           
Offering Memorandum. As of the date of the Offering Memorandum and as of the Closing Date and as of the Additional
Closing Date, as the case may be, the Offering Memorandum does not and will not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements
or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company
in writing by such Initial Purchaser through the Representative expressly for use in the Offering Memorandum, it being understood
and agreed that the only such information furnished by any Initial Purchaser consists of the information described as such in Section
‎7(b) hereof.

 

(e)           
Incorporated Documents. The documents incorporated by reference in the Offering Memorandum or the Time of Sale Information,
when they were filed with the Commission conformed or will conform, as the case may be, in all material respects to the requirements
of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the
 “Exchange Act”) and, as of the date such documents were filed or will be filed with the Commission, such documents
did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

 

(f)            Financial
Statements. The financial statements and the related notes thereto of the Company and its consolidated subsidiaries
included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly in all
material respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the
results of their operations and the changes in their cash flows for the periods specified; such financial statements have
been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States applied
on a consistent basis throughout the periods covered thereby; and the other financial information included or incorporated by
reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of
the Company and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby.

 

    6

     

    

 

(g)           
No Material Adverse Change. Since the date of the most recent financial statements of the Company included or incorporated
by reference in each of the Time of Sale Information and the Offering Memorandum, (i) there has not been any change in the capital
stock or long-term debt of the Company or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside
for payment, paid or made by the Company on any class of capital stock, or any material adverse change, or any development that
could reasonably be expected to result in a material adverse change, in or affecting the business, properties, management, financial
position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as a whole;
(ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company
and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company
and its subsidiaries taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any material loss
or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority,
except in each case as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum.

 

(h)           
Organization and Good Standing. The Company and its subsidiaries have been duly organized and are validly existing
and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are
in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective
businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and
to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have such
power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management,
financial position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as
a whole or on the performance by the Company of its obligations under the Transaction Documents (as defined below) (a “Material
Adverse Effect”). The Company does not own or control, directly or indirectly, any corporation, association or other entity
other than (i) any subsidiaries listed on Exhibit 21 to the Company’s Annual Report on Form 10-K for the most recently ended
fiscal year and (ii) any subsidiaries not required to be listed on Exhibit 21 by Item 601 of Regulation S-K under the Exchange
Act.

 

(i)            Capitalization.
The Company has an authorized capitalization as set forth in the Time of Sale Information and the Offering Memorandum under
the heading “Capitalization”; all the outstanding shares of capital stock of the Company have been duly and
validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights;
except as described in or expressly contemplated by the Time of Sale Information and the Offering Memorandum, there are no
outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments
convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its
subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of
any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights,
warrants or options; the capital stock of the Company conforms in all material respects to the description thereof contained
in the Time of Sale Information and the Offering Memorandum; and all the outstanding shares of capital stock or other equity
interests of each subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued,
are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge,
encumbrance, security interest, restriction on voting or transfer or any other claim of any third party, except as disclosed
in the Time of Sale Information and the Offering Memorandum.

 

    7

     

    

 

(j)           
Stock Options. With respect to the stock options (the “Stock Options”) granted pursuant to the stock-based
compensation plans of the Company and its subsidiaries (the “Company Stock Plans”), (i) each Stock Option intended
to qualify as an “incentive stock option” under Section 422 of the Code so qualifies, (ii) each grant of a Stock Option
was duly authorized no later than the date on which the grant of such Stock Option was by its terms to be effective (the “Grant
Date”) by all necessary corporate action, including, as applicable, approval by the board of directors of the Company (or
a duly constituted and authorized committee thereof) and any required stockholder approval by the necessary number of votes or
written consents, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto,
(iii) each such grant was made in accordance with the terms of the Company Stock Plans, the Exchange Act and all other applicable
laws and regulatory rules or requirements, including the rules of the New York Stock Exchange (the “Exchange”) and
any other exchange on which Company securities are traded, (iv) the per share exercise price of each Stock Option was equal to
at least the fair market value of a share of Common Stock on the applicable Grant Date and (v) each such grant was properly accounted
for in accordance with GAAP in the financial statements (including the related notes) of the Company and disclosed in the Company’s
filings with the Commission in accordance with the Exchange Act and all other applicable laws. The Company has not knowingly granted,
and there is no and has been no policy or practice of the Company of granting, Stock Options prior to, or otherwise coordinating
the grant of Stock Options with, the release or other public announcement of material information regarding the Company or its
subsidiaries or their results of operations or prospects, in each case, in a manner that constitutes a violation of the Exchange
Act or other applicable law.

 

(k)           
Due Authorization. The Company has full corporate right, power and authority to execute and deliver this Agreement,
the Indenture, the Capped Call Confirmations and the Securities (collectively, the “Transaction Documents”) and to
perform its obligations hereunder and thereunder; and all corporate action required to be taken for the due and proper authorization,
execution and delivery by it of each of the Transaction Documents and the consummation by it of the transactions contemplated thereby
or by the Time of Sale Information and the Offering Memorandum has been duly and validly taken.

 

    8

     

    

 

(l)           
 The Indenture. The Indenture has been duly authorized by the Company and, when duly executed and delivered in accordance
with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency
or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability
(collectively, the “Enforceability Exceptions”); and on the Closing Date the Indenture will conform in all material
respects to the applicable requirements of the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
thereunder (collectively, the “Trust Indenture Act”).

 

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

 

(n)           
The Securities. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued
and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and
will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms,
subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. When executed and delivered, the
Securities will be in the form contemplated by the Indenture.

 

(o)           
The Underlying Securities. Upon issuance and delivery of the Securities in accordance with this Agreement and the
Indenture, the Securities will be convertible at the option of the holder thereof into cash, shares of the Underlying Securities
or a combination of cash and shares of Underlying Securities, at the Company’s election, in accordance with, and subject
to, the terms of the Securities and the Indenture; the maximum number of Underlying Securities initially issuable upon conversion
of the Securities (assuming full physical settlement of the Securities upon conversion and the maximum conversion rate under any
 “make-whole” adjustment (including upon optional redemption) applies) (the “Conversion Shares”) have been
duly authorized and reserved and, when and to the extent issued upon conversion of the Securities in accordance with the terms
of the Securities and the Indenture, will be validly issued, fully paid and non-assessable, and the issuance of any Underlying
Securities will not be subject to any preemptive or similar rights under the Wisconsin Business Corporation Law, the Restated Articles
of Incorporation of the Company or any agreement to which the Company or any of its subsidiaries is a party, or otherwise created
by the Company.

 

(p)           
Capped Call Confirmations. The Capped Call Confirmations have been duly authorized by the Company. Each Base Capped
Call Confirmation has been duly executed and delivered by the Company and constitutes a valid and legally binding agreement of
the Company enforceable against the Company in accordance with its terms, and any Additional Capped Call Confirmation will, on
the date such Additional Capped Call Confirmation is entered into, have been duly executed and delivered by the Company and constitute
a valid and legally binding agreement of the Company enforceable against the Company in accordance with its terms, subject in each
case to the Enforceability Exceptions.

 

    9

     

    

 

(q)           
 Descriptions of the Transaction Documents. Each Transaction Document conforms in all material respects to the description
thereof contained in each of the Time of Sale Information and the Offering Memorandum.

 

(r)           
No Violation or Default. Neither the Company nor any of its significant subsidiaries is (i) in violation of
its articles of incorporation or by-laws or similar organizational documents; (ii) in default, and no event has occurred that,
with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant
or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the
Company or any of its subsidiaries is a party or by which the Company or any of its significant subsidiaries is bound or to which
any property or asset of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute or
any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case
of clauses ‎(ii) and ‎(iii)
above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect.

 

(s)           
No Conflicts. The execution, delivery and performance by the Company of each of the Transaction Documents, the issuance
and sale of the Securities (including the issuance of the Underlying Securities upon conversion thereof) and the consummation of
the transactions contemplated by the Transaction Documents, the Time of Sale Information and the Offering Memorandum will not (i)
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in
the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon
any property, right or asset of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or
any of its subsidiaries is bound or to which any property, right or asset of the Company or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or
any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any
court or arbitrator or governmental or regulatory authority, except in the case of (i) and (iii) above, for any such conflicts,
breaches, violations, defaults, terminations, modifications, accelerations, liens, charges or encumbrances which would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(t)            No
Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or
arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company of
each of the Transaction Documents, the issuance and sale of the Securities (including the issuance of the Underlying
Securities upon conversion thereof) and the consummation of the transactions contemplated by the Transaction Documents or the
Time of Sale Information and the Offering Memorandum, except for such consents, approvals, authorizations, orders and
registrations or qualifications as may be required (i) under applicable state securities laws in connection with the purchase
and resale of the Securities by the Initial Purchasers or (ii) by the Exchange in connection with the listing of the
Underlying Securities on the Exchange.

 

    10

     

    

 

(u)           
Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there
are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings
(“Actions”) pending to which the Company or any of its subsidiaries is a party or to which any property of the Company
or any of its subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company or any
of its subsidiaries, would reasonably be expected to have a Material Adverse Effect; and, to the knowledge of the Company, no such
Actions are threatened or contemplated by any governmental or regulatory authority or threatened by others.

 

(v)           
Independent Accountants. Deloitte & Touche LLP, who have certified certain financial statements of the Company
and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within
the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States)
and as required by the Securities Act.

 

(w)           
Title to Real and Personal Property. The Company and its subsidiaries have good and marketable title to, or have
valid rights to lease or otherwise use, all items of real and personal property that are material to the businesses of the Company
and its subsidiaries taken as a whole, in each case free and clear of all liens, charges, encumbrances, claims and defects and
imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property
by the Company and its subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate, to have a Material
Adverse Effect.

 

(x)            Intellectual
Property. (i) The Company and its subsidiaries own or have adequate rights to use any and all issued patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names,
other source indicators, copyrights, copyrightable works, software, know-how, trade secrets, inventions, systems, procedures,
proprietary information, confidential information and any and all other worldwide intellectual property, industrial property
and proprietary rights, including any and all goodwill associated therewith (collectively, “Intellectual
Property”), in each case, necessary for the conduct of their respective businesses as currently conducted by them as
described in the Time of Sale Information and the Offering Memorandum (the “Company Intellectual Property”); (ii)
the Company’s and its subsidiaries’ conduct of their respective businesses as currently conducted by them as
described in the Time of Sale Information and the Offering Memorandum does not infringe, misappropriate or otherwise violate,
and has not infringed, misappropriated or otherwise violated, any Intellectual Property of any person; (iii) neither the
Company nor any of its subsidiaries have received any written notice of any claim relating to Intellectual Property
(including with respect to the ownership, validity, enforceability or scope of any Company Intellectual Property or the
infringement, misappropriation or other violation of Intellectual Property), and no such claim is pending or, to the
knowledge of the Company, threatened against the Company or any of its subsidiaries; (iv) to the knowledge of the Company,
the Company Intellectual Property is not being infringed, misappropriated or otherwise violated, and has not been infringed,
misappropriated or otherwise violated, by any person; (v) all Company Intellectual Property is valid and enforceable, and all
Company Intellectual Property owned or purported to be owned by the Company or any of its subsidiaries is owned solely and
exclusively by the Company or one of its subsidiaries, in each case, free and clear of all liens, encumbrances, defects or
other restrictions; and (vi) the Company and its subsidiaries have taken commercially reasonably steps to maintain the
confidentiality of all Company Intellectual Property the value of which to the Company or any of its subsidiaries is
contingent upon maintaining the confidentiality thereof, including any trade secrets and confidential information owned, used
or held for use by the Company or any of its subsidiaries, except in each case with respect to the events or conditions set
forth in (i) through (vi) hereof, as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

    11

     

    

 

(y)           
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company or any of
its subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers or other affiliates of the
Company or any of its subsidiaries, on the other, that would be required by the Securities Act to be described in a registration
statement to be filed with the Commission and that is not so described in the each of Time of Sale Information and the Offering
Memorandum.

 

(z)           
Investment Company Act. The Company is not and, immediately after giving effect to the transactions contemplated
by the Capped Call Confirmations and the offering and sale of the Securities and the application of the proceeds thereof as described
in the Time of Sale Information and the Offering Memorandum, will not be required to register as an “investment company”
or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of
1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”).

 

(aa)           
Taxes. The Company and its subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns
required to be paid or filed through the date hereof, except where such failure to pay or file would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect; and except as otherwise disclosed in each of the Time of Sale
Information and the Offering Memorandum, there is no tax deficiency that has been, or would reasonably be expected to be, asserted
against the Company or any of its subsidiaries or any of their respective properties or assets, except as would not reasonably
be expected to have a Material Adverse Effect.

 

(bb)            Licenses
and Permits. The Company and its subsidiaries possess all licenses, sub-licenses, certificates, permits and other
authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign
governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the
conduct of their respective businesses as described in each of the Time of Sale Information and the Offering Memorandum,
except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse
Effect; and except as described in each of the Time of Sale Information and the Offering Memorandum, neither the Company nor
any of its subsidiaries has received notice of any revocation or modification of any such license, sub-license, certificate,
permit or authorization or has any reason to believe that any such license, sub-license, certificate, permit or authorization
will not be renewed in the ordinary course except as would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

 

    12

     

    

 

(cc)           
No Labor Disputes. No labor disturbance by or material dispute with employees of the Company or any of its subsidiaries
exists or, to the knowledge of the Company, is contemplated or threatened and the Company is not aware of any existing or imminent
labor disturbance by, or dispute with, the employees of any of its or its subsidiaries’ principal suppliers, contractors
or customers, except as would not have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received
any notice of cancellation or termination with respect to any collective bargaining agreement to which it is a party.

 

(dd)           
Certain Environmental Matters. Except as described in each of the Time of Sale Information and the Offering Memorandum,
(i) the Company and its subsidiaries (x) are in compliance with all applicable federal, state, local and foreign laws (including
common law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable requirements
relating to pollution or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances
or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (y) have received and are in compliance
with all permits, licenses, certificates or other authorizations or approvals required of them under any Environmental Laws to
conduct their respective businesses; and (z) have not received written notice of any actual or potential liability or obligation
under or relating to, or any actual or potential violation of, any Environmental Laws, including for the investigation or remediation
of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any
event or condition that would reasonably be expected to result in any such notice, and (ii) there are no costs or liabilities associated
with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of (i) and (ii) above, for
any such matter as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii)
(x) there is no proceeding that is pending, or that is known to be contemplated, against the Company or any of its subsidiaries
under any Environmental Laws in which a governmental entity is also a party, except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (y) the Company and its significant subsidiaries are not aware of any
facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning
hazardous or toxic substances or wastes, pollutants or contaminants, that would reasonably be expected to have a material effect
on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, and (z) none of the Company
or its subsidiaries anticipates material capital expenditures relating to any Environmental Laws.

 

    13

     

    

 

(ee)           
 Compliance with ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group”
(defined as any entity, whether or not incorporated, that is under common control with the Company within the meaning of Section
4001(a)(14) of ERISA or any entity that would be regarded as a single employer with the Company under Section 414(b),(c),(m) or
(o) of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any liability (each, a “Plan”)
has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or
Section 4975 of the Code, has occurred with respect to any Plan, excluding transactions effected pursuant to a statutory or administrative
exemption; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no Plan
has failed (whether or not waived), or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning
of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan; (iv) no Plan is, or is reasonably expected to be,
in “at risk status” (within the meaning of Section 303(i) of ERISA), and no Plan that is a “multiemployer plan”
within the meaning of Section 4001(a)(3) of ERISA is in “endangered status” or “critical status” (within
the meaning of Sections 304 and 305 of ERISA); (v) the fair market value of the assets of each Plan exceeds the present value of
all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan); (vi) no “reportable
event” (within the meaning of Section 4043(c) of ERISA and the regulations promulgated thereunder) has occurred or is reasonably
expected to occur; (vii) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified, and nothing
has occurred, whether by action or by failure to act, which would cause the loss of such qualification; (viii) neither the Company
nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title IV of ERISA (other
than contributions to the Plan or premiums to the Pension Benefit Guarantee Corporation, in the ordinary course and without default)
in respect of a Plan (including a “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA); and (ix)
none of the following events has occurred or is reasonably likely to occur: (A) a material increase in the aggregate amount of
contributions required to be made to all Plans by the Company or its Controlled Group affiliates in the current fiscal year of
the Company and its Controlled Group affiliates compared to the amount of such contributions made in the Company’s and its
Controlled Group affiliates’ most recently completed fiscal year; or (B) a material increase in the Company and its subsidiaries’
 “accumulated post-retirement benefit obligations” (within the meaning of Accounting Standards Codification Topic 715-60)
compared to the amount of such obligations in the Company and its subsidiaries’ most recently completed fiscal year, except
in each case with respect to the events or conditions set forth in (i) through (ix) hereof, as would not, individually or in the
aggregate, have a Material Adverse Effect.

 

(ff)            Disclosure
Controls. The Company maintains an effective system of “disclosure controls and procedures” (as defined in
Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in
reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time
periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such
information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions
regarding required disclosure. The Company has carried out evaluations of the effectiveness of its disclosure controls and
procedures as required by Rule 13a-15 of the Exchange Act.

 

    14

     

    

 

(gg)           
Accounting Controls. The Company maintains a system of “internal control over financial reporting” (as
defined in Rule 13a-15(f) of the Exchange Act) that has been designed to comply with the requirements of the Exchange Act and has
been designed by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons
performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP, including, but not limited to internal accounting controls
sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s
general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences; and (v) interactive data in eXtensible Business Reporting
Language included or incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the
information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines
applicable thereto. Except as disclosed in the Time of Sale Information and the Offering Memorandum, there are no material weaknesses
in the Company’s internal controls. The Company’s auditors and the Audit Committee of the Board of Directors of the
Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls
over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize
and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees who
have a significant role in the Company’s internal controls over financial reporting.

 

(hh)           
eXtensible Business Reporting Language. The interactive data in eXtensible Business Reporting Language included or
incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the information called for
in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

 

(ii)            Insurance. Except
as would not reasonably be expected to have a Material Adverse Effect, the Company and its subsidiaries have insurance
covering their respective properties, operations, personnel and businesses, including business interruption insurance, which
insurance is in amounts and insures against such losses and risks as the Company believes in good faith are adequate to
protect the Company and its subsidiaries and their respective businesses, taken as a whole; and neither the Company nor any
of its subsidiaries has (i) received notice from any insurer or agent of such insurer that capital improvements or other
expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it
will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at
reasonable cost from similar insurers as may be necessary to continue its business.

 

    15

     

    

 

(jj)           
No Unlawful Payments. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any
director, officer or employee of the Company or any of its subsidiaries or any agent, affiliate or other person associated with
or acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise
or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee
, including of any government-owned or controlled entity or of a public international organization, or any person acting in an
official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable
law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions,
or committed an offence under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption
law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including,
without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company
and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures
designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.

 

(kk)           
Compliance with Anti-Money Laundering Laws. The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements,
including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes
of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.

 

    16

     

    

 

(ll)            No
Conflicts with Sanctions Laws. Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any
director, officer, employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of
its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government,
(including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”) or the U.S. Department of Commerce or the U.S. Department of State and including, without limitation,
the designation as a “specially designated national” or “blocked person”), the United Nations
Security Council (“UNSC”), the European Union, Canada, Her Majesty’s Treasury of the United Kingdom
(“HMT”), or other relevant sanctions authority with jurisdiction over the Company’s activities
(collectively, “Sanctions”), nor is the Company or any of its subsidiaries located, organized or resident in a
country or territory that is the subject or target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North
Korea and Syria (each, a “Sanctioned Country”); and the Company will not directly or indirectly use the proceeds
of the offering and sale of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any
person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate
any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any
person (including any person participating in the transaction, whether as initial purchaser, underwriter, advisor, investor
or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in and are
not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is
or was the subject or the target of Sanctions or with any Sanctioned Country.

 

(mm)           
No Restrictions on Subsidiaries. Except as described in or expressly contemplated by the Time of Sale Information
and the Offering Memorandum, no subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement
or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution
on such subsidiary’s capital stock or similar ownership interest, from repaying to the Company any loans or advances to such
subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other
subsidiary of the Company.

 

(nn)           
No Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to any contract, agreement or
understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or any Initial
Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities.

 

(oo)           
Rule 144A Eligibility. On the Closing Date, the Securities will not be of the same class as securities listed on
a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation
system; and each of the Time of Sale Information, as of the Time of Sale, and the Offering Memorandum, as of its date, contains
or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided
to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

 

(pp)            No
Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or
through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as
defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require
registration of the Securities under the Securities Act.

 

    17

     

    

 

(qq)           
No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person
acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers
for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning
of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities
Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“Regulation
S”), and all such persons have complied with the offering restrictions requirement of Regulation S.

 

(rr)           
Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers
contained in Section ‎2(b) and their compliance with their agreements set forth
therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer,
resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale
Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture under
the Trust Indenture Act.

 

(ss)           
No Stabilization. The Company has not taken, directly or indirectly, any action designed to or that could reasonably
be expected to cause or result in any stabilization or manipulation of the price of the Securities.

 

(tt)           
Margin Rules. Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof
by the Company as described in the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the
Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors.

 

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

 

(vv)           
Statistical and Market Data. Nothing has come to the attention of the Company that has caused the Company to believe
that the statistical and market-related data included or incorporated by reference in the Time of Sale Information and the Offering
Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

 

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(ww)            IT
Systems; Cybersecurity. The Company and its subsidiaries’ respective information technology assets, equipment,
computers, systems, networks, hardware, software, websites, applications, and databases (collectively, “IT
Systems”) are adequate for, and operate and perform in all material respects as required in connection with, the
operation of the respective businesses of the Company and its subsidiaries as currently conducted by them as described in the
Time of Sale Information and the Offering Memorandum, and to the knowledge of the Company, free and clear in each case of all
material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants. The Company and its subsidiaries
have taken commercially reasonable measures to maintain and protect their material confidential information and the
integrity, continuous operation, redundancy and security of the IT Systems, and, to the knowledge of the Company, there have
been no malfunctions, failures, breaches, destructions, losses, disablements, violations, outages, unauthorized disclosures
or unauthorized uses of, or unauthorized accesses to, the same, except for those that have been fully remedied without
material cost or liability or the duty to notify any other person or entity, nor any incidents under internal review or
investigations relating to the same.

 

(xx)           
Data Protection. Except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, with regard to the Company’s and its subsidiaries’ receipt, collection, handling, processing, sharing,
transfer, usage, import, export, disclosure, interception, security, storage and disposal of any and all personal, personally identifiable,
household, sensitive, confidential or regulated data (collectively, “Personal Data”), (i) the Company and its subsidiaries
currently comply and at all times have complied with, and have implemented commercially reasonable policies and procedures to ensure
compliance with, all applicable laws, regulations, rules, judgments, orders, internal and external policies and contractual obligations
(including, to the extent applicable, the California Consumer Privacy Act and the European Union General Data Protection Regulation)
(“Privacy Legal Obligations”); (ii) the Company and its subsidiaries have required and do require all third parties
to which they provide any Personal Data to maintain the privacy and security of such Personal Data and to comply with applicable
Privacy Legal Obligations, including by contractually requiring such third parties to protect such Personal Data from unauthorized
access, use and/or disclosure; (iii) the Company and its subsidiaries maintain, and at all times have maintained, reasonable data
security policies and procedures designed to protect the confidentiality, security, and integrity of Personal Data and to prevent
unauthorized use of and access to Personal Data; (iv) to the knowledge of the Company, there has been no unauthorized access to,
or use or disclosure of, any such Personal Data collected, maintained, handled, stored, transferred, used, disclosed or otherwise
processed by or for the Company or any of its subsidiaries; (v) neither the Company nor any of its subsidiaries have received any
notification of or complaint regarding, or is aware of any other facts that would reasonably indicate, non-compliance with any
Privacy Legal Obligation; and (vi) there is no pending, or to the Company’s knowledge, threatened action, suit, proceeding
or claim by or before any court or governmental agency, authority or body alleging non-compliance by the Company or any of its
subsidiaries with any Privacy Legal Obligation.

 

(yy)           
Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or any of the Company’s directors
or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002,
as amended and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”) applicable
as of or prior to the date hereof, including Section 402 related to loans and Sections 302 and 906 related to certifications.

 

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(zz)           
Lock-Ups. Each director and officer (within the meaning of Rule 16a-1(f) under the Exchange Act) of the Company
(each such officer, an “executive officer”) has executed and delivered to the Representative a lock-up agreement in
the form of Exhibit A hereto (a “Lock-Up Agreement”).

 

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

 

(a)            
Delivery of Copies. The Company will deliver to the Initial Purchasers as many copies of the Preliminary Offering
Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments
and supplements thereto) as the Representative may reasonably request.

 

(b)           
Offering Memorandum, Amendments or Supplements. Before finalizing the Offering Memorandum or making or distributing
any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any
document that will be incorporated by reference therein, the Company will furnish to the Representative and counsel for the Initial
Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference
therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or file any such document
with the Commission to which the Representative reasonably objects in a timely manner.

 

(c)            
Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer
Written Communication, the Company will furnish to the Representative and counsel for the Initial Purchasers a copy of such written
communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which
the Representative reasonably objects in a timely manner.

 

(d)             Notice
to the Representative. The Company will advise the Representative promptly, and confirm such advice in writing, (i) of
the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of
Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any
proceeding for that purpose; (ii) of the occurrence or development of any event at any time prior to the completion of the
initial offering of the Securities as a result of which any of the Time of Sale Information, any Issuer Written Communication
or the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when such
Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser, not
misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the qualification of the
Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and
the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use
of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such
qualification of the Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.

 

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(e)            
Ongoing Compliance of the Offering Memorandum and Time of Sale Information. (1) If at any time prior to the completion
of the initial offering of the Securities (i) any event or development shall occur or condition shall exist as a result of which
the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state
any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Offering
Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to
comply with law, the Company will as promptly as practicable notify the Initial Purchasers thereof and forthwith prepare and, subject
to paragraph ‎(b) above, furnish to the Initial Purchasers such amendments or
supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein)
as may be necessary so that the statements in the Offering Memorandum as so amended or supplemented (or including such document
to be incorporated by reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered
to a purchaser, be misleading or so that the Offering Memorandum will comply with law and (2) if at any time prior to the Closing
Date (i) any event or development shall occur or condition shall exist as a result of which any of the Time of Sale Information
as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it
is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Company will as promptly as practicable
notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph ‎(b)
above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document
to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the
Time of Sale Information as so amended or supplemented will not, in light of the circumstances under which they were made, be misleading.

 

(f)            
Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue Sky
laws of such jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long
as required for the offering and resale of the Securities; provided that the Company shall not be required to (i) qualify
as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be
required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to
taxation in any such jurisdiction if it is not otherwise so subject.

 

(g)            Clear
Market. For a period of 60 days after the date of the offering of the Securities, the Company will not (i) offer, pledge,
sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with,
the Commission a registration statement under the Securities Act relating to, any shares of Common Stock or any securities
convertible into or exercisable or exchangeable for Common Stock, or publicly disclose the intention to undertake any of the
foregoing, or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of the Common Stock or any such other securities, whether any such transaction described in clause
(i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise, without the
prior written consent of the Representative, other than (A) the Securities to be sold hereunder (including the issuance of
any Underlying Securities upon conversion of the Securities), (B) any shares of Common Stock of the Company issued upon the
exercise (including a cashless exercise) or vesting of options or other awards or any conversion or exchange of any other
equity security granted under existing employee benefit plans or other arrangements described in the Time of Sale Information
and the Offering Memorandum (the “Company Benefit Plans”), (C) the issuance by the Company of securities
convertible into or exercisable for shares of Common Stock pursuant to the Company Benefit Plans, (D) the entry by the
Company into the Capped Call Confirmations and (E) any shares of Common Stock issuable upon conversion of shares of the Class
B Common Stock of the Company, par value $1.00 per share, outstanding as of the date hereof.

 

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(h)           
Use of Proceeds. The Company will apply the net proceeds from the sale of the Securities as described in each of
the Time of Sale Information and the Offering Memorandum under the heading “Use of Proceeds”.

 

(i)             
No Stabilization. The Company will not take, directly or indirectly, any action designed to or that would reasonably
be expected to cause or result in any stabilization or manipulation of the price of the Securities and will not take any action
prohibited by Regulation M under the Exchange Act in connection with the distribution of the Securities contemplated hereby.

 

(j)            
Underlying Securities. The Company will reserve and keep available at all times, free of pre-emptive rights, shares
of Common Stock for the purpose of enabling the Company to satisfy all obligations to issue the Underlying Securities upon conversion
of the Securities. The Company will use its reasonable best efforts to cause the Underlying Securities to be listed on the Exchange.

 

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

 

(l)             
DTC. The Company will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance
and settlement through DTC.

 

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(m)           
No Resales by the Company. During the period from the Closing Date until one year after the Closing Date or the
Additional Closing Date, if applicable, the Company will not, and will not permit any of its affiliates (as defined in Rule 144
under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased
by the Company or any of its affiliates and resold in a transaction registered under the Securities Act.

 

(n)           
No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) will, directly
or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined
in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration
of the Securities under the Securities Act.

 

(o)           
No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person
acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for,
or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act
or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering
restrictions requirement of Regulation S.

 

5.            
Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not
and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes
an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the
Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2)
under the Securities Act) that was not included (including through incorporation by reference) in the Time of Sale Information
or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section ‎4(c)
above (including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the
Company in advance in writing or (v) any written communication relating to or that contains the terms of the Securities and/or
other information that was included (including through incorporation by reference) in the Time of Sale Information or the Offering
Memorandum.

 

6.            
Conditions of Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase the Underwritten
Securities on the Closing Date or the Option Securities on the Additional Closing Date, as the case may be, as provided herein
is subject to the performance by the Company of its covenants and other obligations hereunder and to the following additional conditions:

 

(a)             Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct on the date
hereof and on and as of the Closing Date or the Additional Closing Date (or such other date specified in a representation or
warranty), as the case may be; and the statements of the Company and its officers made in any certificates delivered pursuant
to this Agreement shall be true and correct on and as of the Closing Date or the Additional Closing Date (or such other date
specified in a representation or warranty), as the case may be.

 

    23

     

    

 

(b)            
No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement,
(i) no downgrading shall have occurred in the rating accorded any securities or preferred stock issued or guaranteed by the Company
or any of its subsidiaries by any “nationally recognized statistical rating organization”, as such term is defined
under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance
or review, or has changed its outlook with respect to, its rating of any securities or preferred stock issued or guaranteed by
the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

 

(c)            
No Material Adverse Change. No event or condition of a type described in Section ‎3(g)
hereof shall have occurred or shall exist, which event or condition is not described in the Time of Sale Information (excluding
any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) and the effect
of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery
of the Securities on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner contemplated
by this Agreement, the Time of Sale Information and the Offering Memorandum.

 

(d)           
Officer’s Certificate. The Representative shall have received on and as of the Closing Date or the Additional
Closing Date, as the case may be, a certificate of the chief financial officer or chief accounting officer of the Company and one
additional senior executive officer of the Company who is reasonably satisfactory to the Representative (i) confirming that such
officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officers,
the representations set forth in Sections ‎3(b) and ‎3(d)
hereof are true and correct as of such date, (ii) confirming that the other representations and warranties of the Company in this
Agreement are true and correct as of such date and that the Company has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied hereunder at or prior to such Closing Date and (iii) to the effect set forth in paragraphs
‎(b) and ‎(c) above.

 

(e)           
Comfort Letters. (i) On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the
case may be, Deloitte & Touche LLP shall have furnished to the Representative, at the request of the Company, letters, dated
the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory
to the Representative, containing statements and information of the type customarily included in accountants’ “comfort
letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated
by reference in the Time of Sale Information and the Offering Memorandum; provided, that the letter delivered on the Closing Date
or the Additional Closing Date, as the case may be shall use a “cut-off” date no more than three business days prior
to such Closing Date or such Additional Closing Date, as the case may be.

 

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(ii)           
 On the date of this Agreement and on the Closing Date or the Additional Closing Date, as the case may be, the Company shall
have furnished to the Representative a certificate, dated the respective dates of delivery thereof and addressed to the Initial
Purchasers, of its chief financial officer with respect to certain financial data contained in the Time of Sale Information and
the Offering Memorandum, providing “management comfort” with respect to such information, in form and substance reasonably
satisfactory to the Representative.

 

(f)            
Opinion and 10b-5 Statement of Counsel for the Company. Foley & Lardner LLP, counsel for the Company, shall have
furnished to the Representative, at the request of the Company, their written opinion and 10b-5 statement, dated the Closing Date
or the Additional Closing Date, as the case may be, and addressed to the Initial Purchasers, in form and substance reasonably satisfactory
to the Representative.

 

(g)           
Opinion and 10b-5 Statement of Counsel for the Initial Purchasers. The Representative shall have received on and
as of the Closing Date or the Additional Closing Date, as the case may be, an opinion and 10b-5 statement of Davis Polk & Wardwell
LLP, counsel for the Initial Purchasers, with respect to such matters as the Representative may reasonably request, and such counsel
shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

 

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

 

(i)             
Good Standing. The Representative shall have received on and as of the Closing Date or the Additional Closing Date,
as the case may be, satisfactory evidence of the good standing of the Company in its jurisdiction of organization and its good
standing as a foreign entity in such other jurisdictions as the Representative may reasonably request, in each case in writing
or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions.

 

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

 

(k)            
Exchange Listing. An application for the listing of the Underlying Securities shall have been submitted to the Exchange.

 

(l)              Lock-up
Agreements. The Lock-Up Agreements, each substantially in the form of Exhibit A hereto, between the Representative and
the officers and directors of the Company as described in Section ‎3(zz)
relating to sales and certain other dispositions of shares of Common Stock or certain other securities, delivered to the
Representative on or before the date hereof, shall be full force and effect on the Closing Date or Additional Closing Date,
as the case may be.

 

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(m)            
Additional Documents. On or prior to the Closing Date or the Additional Closing Date, as the case may be, the Company
shall have furnished to the Representative such further certificates and documents as the Representative may reasonably request.

 

All opinions, letters, certificates and
evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if
they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers.

 

7.            
Indemnification and Contribution.

 

(a)            
Indemnification of the Initial Purchasers. The Company agrees to indemnify and hold harmless each Initial Purchaser,
its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, reasonable and documented out of pocket legal fees and other expenses incurred in connection with
defending or investigating any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint
or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained
in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication, any road show
as defined in Rule 433(h) under the Securities Act (a “road show”) or the Offering Memorandum (or any amendment or
supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses,
claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Company
in writing by such Initial Purchaser through the Representative expressly for use therein, it being understood and agreed that
the only such information furnished by any Initial Purchaser consists of the information described as such in subsection ‎(b)
below.

 

(b)            Indemnification
of the Company. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Company, its
directors, its officers and each person, if any, who controls the Company within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph ‎(a)
above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information
relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative
expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information (including any of the
other Time of Sale Information that has subsequently been amended), any Issuer Written Communication, any road show or the
Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed that the only such information
furnished by any Initial Purchaser consists of the following information in the section entitled “Plan of
Distribution” in the Offering Memorandum furnished on behalf of each Initial Purchaser: the information contained in
(x) the fourth and fifth sentences relating to market making in the third paragraph under the caption “New issue of
notes” and (y) the first paragraph under the caption “Price stabilization and short positions; repurchase of
common stock”.

 

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(c)             Notice
and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand
shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either
paragraph ‎(a) or ‎(b)
above, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification
may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have under paragraph ‎(a)
or ‎(b) above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person
otherwise than under paragraph ‎(a) or ‎(b)
above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the
Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person
(who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the
Indemnified Person and any others entitled to indemnification pursuant to this Section that the Indemnifying Person may
designate in such proceeding and shall pay the reasonable and documented out of pocket fees and expenses in such proceeding
and shall pay the reasonable and documented out of pocket fees and expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and
expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable
time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably
concluded, based on the advice of counsel, that there may be legal defenses available to it that are different from or in
addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed
that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be
liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for any
Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be
designated in writing by J.P. Morgan Securities LLC and any such separate firm for the Company, its directors, its officers
and any control persons of the Company shall be designated in writing by the Company. The Indemnifying Person shall not be
liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and
against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any
time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and
expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is entered into in good faith more than 60 days after
receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified
Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the
written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which
any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such
proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.

 

    27

     

    

 

(d)           
Contribution. If the indemnification provided for in paragraphs ‎(a)
or ‎(b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein (other than as a result of the limitations on indemnification
imposed thereunder), then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Initial
Purchasers, on the other, from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but
also the relative fault of the Company, on the one hand, and the Initial Purchasers, on the other, in connection with the statements
or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.
The relative benefits received by the Company, on the one hand, and the Initial Purchasers, on the other, shall be deemed to be
in the same respective proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the
Securities and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this
Agreement, bear to the aggregate offering price of the Securities. The relative fault of the Company, on the one hand, and the
Initial Purchasers, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission.

 

    28

     

    

 

(e)           
 Limitation on Liability. The Company and the Initial Purchasers agree that it would not be just and equitable if
contribution pursuant to this Section ‎7 were determined by pro rata allocation
(even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not
take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person
as a result of the losses, claims, damages and liabilities referred to in paragraph ‎(d)
above shall be deemed to include, subject to the limitations set forth above, any reasonable and documented out of pocket legal
or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions
of this Section ‎7, in no event shall an Initial Purchaser be required to contribute
any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect
to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section ‎7
are several in proportion to their respective purchase obligations hereunder and not joint.

 

(f)            
Non-Exclusive Remedies. The remedies provided for in this Section ‎7
are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law
or in equity.

 

8.            
Effectiveness of Agreement. This Agreement shall become effective as of the date first written above.

 

9.            
Termination. This Agreement may be terminated in the absolute discretion of the Representative, by notice to the
Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date or, in the case of the Option
Securities, prior to the Additional Closing Date (i) trading generally shall have been suspended or materially limited on or by
any of the Exchange or The Nasdaq Global Market; (ii) trading of any securities issued or guaranteed by the Company shall have
been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall
have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities
or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment
of the Representative, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or
delivery of the Securities on the Closing Date or the Additional Closing Date, as the case may be, on the terms and in the manner
contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

 

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10.           Defaulting
Initial Purchaser. (a) If, on the Closing Date or the Additional Closing Date, as the case may be, any Initial Purchaser
defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder on such date, the
non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons
satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any
Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company
shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting
Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree to purchase the
Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone
the Closing Date or the Additional Closing Date, as the case may be, for up to five full business days in order to effect any
changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Time of
Sale Information, the Offering Memorandum or in any other document or arrangement, and the Company agrees to promptly prepare
any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used
in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context
otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section ‎10,
purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.

 

(b)           
If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial
Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph ‎(a)
above, the aggregate number of Securities that remain unpurchased on the Closing Date or the Additional Closing Date, as the case
may be does not exceed one-eleventh of the aggregate number of Securities to be purchased on such date, then the Company shall
have the right to require each non-defaulting Initial Purchaser to purchase the number of Securities that such Initial Purchaser
agreed to purchase hereunder on such date plus such Initial Purchaser’s pro rata share (based on the number of Securities
that such Initial Purchaser agreed to purchase on such date) of the Securities of such defaulting Initial Purchaser or Initial
Purchasers for which such arrangements have not been made.

 

(c)            
If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial
Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph ‎(a)
above, the aggregate number of Securities that remain unpurchased on the Closing Date or the Additional Closing Date, as the case
may be, exceeds one-eleventh of the aggregate principal amount of Securities to be purchased on such date, or if the Company shall
not exercise the right described in paragraph ‎(b) above, then this Agreement
or, with respect to any Additional Closing Date, the obligation of the Initial Purchasers to purchase Securities on the Additional
Closing Date, as the case may be, shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination
of this Agreement pursuant to this Section ‎10 shall be without liability on
the part of the Company, except that the Company will continue to be liable for the payment of expenses as set forth in Section
‎11 hereof and except that the provisions of Section ‎7
hereof shall not terminate and shall remain in effect.

 

(d)            
Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company or any
non-defaulting Initial Purchaser for damages caused by its default.

 

    30

     

    

 

11.           Payment of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or
this Agreement is terminated, the Company will pay or cause to be paid all costs and expenses incident to the performance of its
obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation
and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing
of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering
Memorandum (including any amendments and supplements thereto) and the distribution thereof; (iii) the costs of reproducing
and distributing each of the Transaction Documents; (iv) the fees and expenses of the Company’s counsel and independent
accountants; (v) the reasonable fees and expenses incurred in connection with the registration or qualification and determination
of eligibility for investment of the Securities under the state or foreign securities or blue sky laws of such jurisdictions as
the Representative may reasonably designate and the preparation, printing and distribution of a blue sky memorandum (including
the reasonable related fees and expenses of counsel for the Initial Purchasers); provided, however, that the amounts payable by
the Company for the fees and disbursements of counsel for the Initial Purchasers pursuant to this subsection (v) shall not exceed
$10,000 in the aggregate; (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses
of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses
and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all expenses
incurred by the Company in connection with any “road show” presentation to potential investors; and (x) all expenses
and application fees related to the listing of the Underlying Securities on the Exchange.

 

(b)    
         If (i) this Agreement is terminated pursuant to Section ‎9,
(ii) the Company for any reason fails to tender the Securities for delivery to the Initial Purchasers (other than by reason
of a default by any Initial Purchaser) or (iii) the Initial Purchasers decline to purchase the Securities for any reason
permitted under this Agreement, the Company agrees to reimburse the Initial Purchasers for all documented out-of-pocket costs
and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection
with this Agreement and the offering contemplated hereby.

 

12.          
Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective successors and the officers and directors and any controlling persons referred to in Section ‎7
hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy
or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Initial Purchaser
shall be deemed to be a successor merely by reason of such purchase.

 

13.          
Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company
and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company or the Initial Purchasers pursuant
to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and
shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf
of the Company or the Initial Purchasers.

 

    31

     

    

 

14.          
Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate”
has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than
a day on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning
set forth in Rule 405 under the Securities Act; and (d) the term “significant subsidiary” has the meaning set forth
in Article 1, Rule 1-02(w) of Regulation S-X under the Exchange Act.

 

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

 

16.          
Miscellaneous. (a) Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the
Initial Purchasers shall be given to the Representative c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York
10179 (fax: (212) 622-8358); Attention: Equity Syndicate Desk. Notices to the Company shall be given to it at The Marcus Corporation,
100 East Wisconsin Avenue, Suite 1900, Milwaukee, Wisconsin 53202; Attention: Thomas F. Kissinger.

 

(b)           
Governing Law. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall
be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed
in such state.

 

(c)           
Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by jury in any suit or proceeding
arising out of or relating to this Agreement.

 

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

 

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

 

(ii)            
In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against
such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the
U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

 

    32

     

    

 

As used in this Section ‎16(g):

 

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

 

“Covered Entity” means any of the following:

 

(i) a “covered entity” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii) a “covered bank” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii) a “covered FSI” as that term is
defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right” has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

 

“U.S. Special Resolution Regime” means each
of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

(e)            
Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard
form of telecommunication, including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), each of which shall
be an original and all of which together shall constitute one and the same instrument.

 

(f)            
Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to
any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

 

(g)           
Headings. The headings herein are included for convenience of reference only and are not intended to be part of,
or to affect the meaning or interpretation of, this Agreement.

 

(h)           
Xtract Research LLC. The Company hereby agrees that the Initial Purchasers may provide copies of the Preliminary
Offering Memorandum and the Final Offering Memorandum relating to the offering of the Securities and any other agreements or documents
relating thereto, including, without limitation, trust indentures, to Xtract Research LLC (“Xtract”) following the
completion of the offering for inclusion in an online research service sponsored by Xtract, access to which is restricted to “qualified
institutional buyers” as defined in Rule 144A under the Securities Act.

 

[Signature page follows]

 

    33

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	THE MARCUS CORPORATION
	 	 
	 	By:	/s/ Douglas A. Neis

	 	Name: Douglas A. Neis
	 	Title: Chief Financial Officer

 

Accepted: As of the date first written above

 

J.P. MORGAN SECURITIES LLC

 

For itself and on behalf of the

		several	Initial Purchasers listed

in Schedule 1 hereto.

 

	By:	/s/ Santosh Sreenivasan	 

Authorized Signatory

 

[Signature Page
to Purchase Agreement]

 

     

     

    

 

Schedule 1

 

	Initial Purchaser	 	Principal Amount	 
	J.P. Morgan Securities LLC	 	$	56,497,000	 
	BofA Securities, Inc.	 	 	8,415,000	 
	U.S. Bancorp Investments, Inc.	 	 	12,622,000	 
	BMO Capital Markets Corp.	 	 	3,155,000	 
	Fifth Third Securities, Inc.	 	 	3,155,000	 
	B. Riley Securities, Inc.	 	 	1,052,000	 
	Barrington Research Associates, Inc.	 	 	1,052,000	 
	The Benchmark Company, LLC	 	 	1,052,000	 
	Total	 	$	87,000,000	 

 

     

     

    

Annex A

 

a. Time of Sale Information

 

Term sheet containing the terms of the Securities,
substantially in the form of Annex B.

 

     

     

    

 

Annex B

 

The Marcus Corporation

 

Pricing Term Sheet

 

     

     

    

Exhibit A

 

FORM OF LOCK-UP AGREEMENT

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