Document:

Exhibit 10.10

 

SECURED
TERM PROMISSORY NOTE

 

	$5,000,000	Advance Date:  March 9, 2018
	 	Maturity Date: September 9, 2019

FOR VALUE RECEIVED, Full Spectrum, Inc.,
a Delaware corporation, for itself and each of its Subsidiaries (the “Borrower”) hereby promises to pay to the order
of Steward Capital Holdings, LP, a Delaware partnership, or the holder of this Note (the “Lender”) at 3900 S. Overland
Avenue, Springfield, MO 65807 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory
Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of
Five Million Dollars ($5,000,000) or such lesser principal amount as Lender has advanced to Borrower, together with interest as
set forth in that certain Loan and Security Agreement dated March 9, 2018, by and among Borrower, its Domestic Subsidiaries party
thereto and Lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan
Agreement”).

 

This Promissory Note is the Term Note referred
to in, and is executed and delivered in connection with, the Loan Agreement, and is entitled to the benefit and security of the
Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all
of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All terms defined in the
Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the
Loan Agreement shall constitute an Event of Default under this Promissory Note.

 

Borrower waives presentment and demand for
payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law. Borrower agrees to make all payments
under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory
Note has been negotiated and delivered to Lender and is payable in the State of Missouri. This Promissory Note shall be governed
by and construed and enforced in accordance with, the laws of the State of Missouri, excluding any conflicts of law rules or principles
that would cause the application of the laws of any other jurisdiction.

 

BORROWER FOR ITSELF AND

ON BEHALF OF ITS SUBSIDIARIES: 

 

	 	FULL SPECTRUM, INC.
	 	 	 
	 	By:	/s/ Stewart Kantor  
	 	 	Stewart Kantor, CEOExhibit 4.1

 

 

 

ExlService
Holdings, Inc.

 

and

 

Citibank,
N.A.

 

as
Trustee

 

 

 

INDENTURE

 

Dated
as of October 4, 2018

 

 

 

3.50%
CONVERTIBLE SENIOR NOTES DUE 2024

 

 

 

    			 

     

    

  

TABLE OF CONTENTS

 

 

 

		 	Page 
	 	 	 
	Article 1
	Definitions
	 
	Section 1.01.	Definitions	2
	Section 1.02.	Other Definitions	10
	Section 1.03.	Rules of Construction	11
	Section 1.04.	Incorporation by Reference of Trust Indenture Act	11
	Section 1.05.	References to Interest	12
	 	 	 
	Article 2
	The Securities
	 
	Section 2.01.	Form and Dating	12
	Section 2.02.	Execution and Authentication	13
	Section 2.03.	Registrar, Paying Agent and Conversion Agent	14
	Section 2.04.	Paying Agent to Hold Money in Trust	14
	Section 2.05.	Holder Lists	15
	Section 2.06.	Transfer and Exchange	15
	Section 2.07.	Replacement Securities	15
	Section 2.08.	Outstanding Securities	16
	Section 2.09.	Securities Held by the Company or an Affiliate	16
	Section 2.10.	Temporary Securities	17
	Section 2.11.	Cancellation	17
	Section 2.12.	Defaulted Interest	17
	Section 2.13.	Cusip Numbers	18
	Section 2.14.	Deposit of Moneys	18
	Section 2.15.	Book-Entry Provisions for Global Securities	18
	Section 2.16.	Special Transfer Provisions	23
	Section 2.17.	Restrictive Legends	24
	 	 	 
	Article 3
	Repurchase
	 
	Section 3.01.	Repurchase at Option of Holder Upon a Fundamental Change	25
	 	 	 
	Article 4
	Covenants
	 
	Section 4.01.	Payment of Securities	30
	Section 4.02.	Maintenance of Office or Agency	31
	Section 4.03.	Annual Reports	31

 

    		i	 

     

    

 

	Section 4.04.	Compliance Certificate	33
	Section 4.05.	Stay, Extension and Usury Laws	33
	Section 4.06.	Notice of Default	33
	 	 	 
	Article 5
	Successors
	Section 5.01.	When Company May Merge, Etc.	34
	Section 5.02.	Successor Substituted	34
	 	 	 
	Article 6
	Defaults and Remedies
	Section 6.01.	Events of Default	35
	Section 6.02.	Acceleration	37
	Section 6.03.	Other Remedies	39
	Section 6.04.	Waiver of Past Defaults	39
	Section 6.05.	Control by Majority	40
	Section 6.06.	Limitation on Suits	40
	Section 6.07.	Rights of Holders to Receive Payment and to Convert Securities	41
	Section 6.08.	Collection Suit by Trustee	41
	Section 6.09.	Trustee May File Proofs of Claim	41
	Section 6.10.	Priorities	41
	Section 6.11.	Remedies Cumulative and Continuing	42
	Section 6.12.	Undertaking for Costs	42
	 	 	 
	Article 7
	Trustee
	 	 	 
	Section 7.01.	Duties of Trustee	42
	Section 7.02.	Rights of Trustee	43
	Section 7.03.	Individual Rights of Trustee	45
	Section 7.04.	Trustee’s Disclaimer	46
	Section 7.05.	Notice of Defaults	46
	Section 7.06.	Compensation and Indemnity	46
	Section 7.07.	Replacement of Trustee	47
	Section 7.08.	Successor Trustee by Merger, Etc.	48
	Section 7.09.	Eligibility; Disqualification	48
	Section 7.10.	Preferential Collection of Claims Against Company	48
	Section 7.11.	Reports by Trustee to Holders	48
	 	 	 
	Article 8
	Discharge of Indenture
	 	 	 
	Section 8.01.	Termination of the Obligations of the Company	48
	Section 8.02.	Application of Trust Money	49

 

    		ii	 

     

    

  

	Section 8.03.	Repayment to Company	49
	Section 8.04.	Reinstatement	49
	 	 	 
	Article 9
	Amendments
	 	 	 
	Section 9.01.	Without Consent of Holders	50
	Section 9.02.	With Consent of Holders	51
	Section 9.03.	Revocation and Effect of Consents	52
	Section 9.04.	Notation on or Exchange of Securities	52
	Section 9.05.	Trustee Protected	52
	Section 9.06.	Effect of Supplemental Indentures	53
	 	 	 
	Article 10
	Conversion
	 
	Section 10.01.	Conversion Privilege	53
	Section 10.02.	Conversion Procedure and Payment Upon Conversion	53
	Section 10.03.	Cash in Lieu of Fractional Shares	57
	Section 10.04.	Taxes on Conversion	57
	Section 10.05.	Company to Provide Common Stock	57
	Section 10.06.	Adjustment of Conversion Rate	58
	Section 10.07.	No Adjustment	67
	Section 10.08.	Other Adjustments	68
	Section 10.09.	Adjustments for Tax Purposes	69
	Section 10.10.	Notice of Adjustment and Certain Events	69
	Section 10.11.	Effect of Reclassifications, Consolidations, Mergers, Binding Share Exchanges or Sales on Conversion Privilege	70
	Section 10.12.	Trustee’s Disclaimer	71
	Section 10.13.	Rights Distributions Pursuant to Shareholders’ Rights Plans	72
	Section 10.14.	Increased Conversion Rate Applicable to Certain Securities Surrendered in Connection with Make-Whole Fundamental Changes	72
	 	 	 
	Article 11
	Concerning the Holders
	 
	Section 11.01.	Action by Holders	74
	Section 11.02.	Proof of Execution by Holders	75
	Section 11.03.	Persons Deemed Absolute Owners	75
	 	 	 
	Article 12
	Holders’ Meetings
	 
	Section 12.01.	Purpose of Meetings	75
	Section 12.02.	Call of Meetings by Trustee	76
	Section 12.03.	Call of Meetings by Company or Holders	76

 

    		iii	 

     

    

 

	Section 12.04.	Qualifications for Voting	76
	Section 12.05.	Regulations	76
	Section 12.06.	Voting	77
	Section 12.07.	No Delay of Rights by Meeting	77
	 	 	 
	Article 13
	Redemption
	 
	Section 13.01.	Optional Redemption; Election to Redeem; Notice to Trustee	78
	Section 13.02.	[Reserved]	79
	Section 13.03.	Notice of Redemption	79
	Section 13.04.	Deposit of Redemption Price	80
	Section 13.05.	Securities Payable on Redemption Date	80
	 	 	 
	Article 14
	Miscellaneous
	 
	Section 14.01.	Notices	80
	Section 14.02.	Communication by Holders with Other Holders	82
	Section 14.03.	Certificate and Opinion as to Conditions Precedent	83
	Section 14.04.	Statements Required in Certificate or Opinion	83
	Section 14.05.	Rules by Trustee and Agents	83
	Section 14.06.	Legal Holidays	83
	Section 14.07.	Duplicate Originals	83
	Section 14.08.	Facsimile and PDF Delivery of Signature Pages	84
	Section 14.09.	Governing Law	84
	Section 14.10.	No Adverse Interpretation of Other Agreements	85
	Section 14.11.	Successors	85
	Section 14.12.	Separability	85
	Section 14.13.	Table of Contents, Headings, Etc.	85
	Section 14.14.	Calculations in Respect of the Securities	85
	Section 14.15.	No Personal Liability of Directors, Officers, Employees or Shareholders	85
	Section 14.16.	Force Majeure	85
	Section 14.17.	Trust Indenture Act Controls	86
	Section 14.18.	No Security Interest Created	86
	Section 14.19.	Benefits of Indenture.	86
	Section 14.20.	Tax Treatment.	86
	Section 14.21.	Withholding	86
	Section 14.22.	USA PATRIOT Act	86
	 	 	 
	EXHIBITS
	 
	Exhibit A	Form of Security	 
	Exhibit B-1A	Form of Security Private Placement Legend	 

  

    		iv	 

     

    

 

	Exhibit B-1B	Form of Common Stock Private Placement Legend 	 
	Exhibit B-2	Form of Legend for Global Security	 
	Exhibit C	Form of Notice of Transfer Pursuant to Registration Statement	 
	Exhibit D	Form of Certificate of Transfer	 
	Exhibit E	Form of Certificate of Exchange	 

 

    		v	 

     

    

 

EXLSERVICE
HOLDINGS, INC.

Reconciliation and tie between Trust Indenture
Act of 1939 and

Indenture, dated as of October 4, 2018

 

	§ 310(a)(1)	7.09
	(a)(2)	7.09
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	7.09
	(b)	7.09
	§ 311(a)	7.10
	(b)	7.10
	(c)	Not Applicable
	§ 312(a)	2.05
	(b)	14.02
	(c)	14.02
	§ 313(a)	7.11
	(b)(1)	7.11
	(b)(2)	7.11
	(c)	7.11
	(d)	7.11
	§ 314(a)	4.03, 14.01, 14.04
	(b)	Not Applicable
	(c)(1)	14.03
	(c)(2)	14.03
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	14.04
	(f)	Not Applicable
	§ 315(a)	7.01
	(b)	7.05
	(c)	7.01
	(d)	7.01
	(e)	6.11
	§ 316(a)(last sentence)	2.09
	(a)(1)(A)	6.05
	(a)(1)(B)	6.04
	(a)(2)	Not Applicable
	(b)	6.07
	(c)	2.12
	§ 317(a)(1)	6.08
	(a)(2)	6.09
	(b)	2.04
	§ 318(a)	14.17

 

Note: This reconciliation and tie shall not, for any purpose,
be deemed to be part of the Indenture.

 

    			 

     

    

  

INDENTURE, dated as of October 4,
2018, between ExlService Holdings, Inc., a Delaware corporation (the “Company,” as more fully set forth in Section
1.01), and Citibank, N.A. a national banking association, as trustee (the “Trustee,” as more fully set forth
in Section 1.01).

 

Each party agrees as follows for the benefit
of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company’s 3.50%
Convertible Senior Notes due 2024 (the “Securities”).

 

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.

 

“Additional Interest”
means all amounts, if any, payable pursuant to Section 4.03(d), Section 4.03(e) and Section 6.02(b), as applicable.

 

“Affiliate” means, with
respect to a specified Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For this purpose, “control” shall mean the power to direct the management
and policies of a Person through the ownership of securities, by contract or otherwise.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for the beneficial interests in any Global Security, the rules and procedures
of the Depository that apply to such transfer or exchange.

 

“Bankruptcy Custodian”
means any receiver, trustee, liquidator or similar official under any Bankruptcy Law.

 

“Bankruptcy Law” means
Title 11, U.S. Code or any similar U.S. Federal or State law for the relief of debtors, or any analogous foreign law applicable
to the Company or its Subsidiaries, as the case may be.

 

“Board of Directors”
means the board of directors of the Company or any committee thereof authorized to act for it.

 

“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.

 

    		2	 

     

    

  

“Business Day” means
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” of any
Person means any and all shares, interests, participations or other equivalents (however designated) of capital stock of such Person
and all warrants or options to acquire such capital stock.

 

“Close of Business” means
5:00 p.m., New York City time.

 

“Closing Sale Price”
on any date means the per share price of the Common Stock on such date, which shall be: (i) determined on the basis of the closing
sale price per share (or if no closing sale price per share 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 the composite transactions
for the Relevant Stock Exchange; or (ii) if the Common Stock is not listed on a U.S. national or regional securities exchange on
the relevant date, the last quoted bid price for the Common Stock on the relevant date, as reported by OTC Markets Group, Inc.
or a similar organization; provided, however, that in the absence of any such report or quotation, the “Closing
Sale Price” shall be the price determined by a nationally recognized independent investment banking firm retained by
the Company for such purpose as most accurately reflecting the per share price that a fully informed buyer, acting on his own accord,
would pay to a fully informed seller, acting on his own accord in an arm’s-length transaction, for one share of Common Stock.
The Closing Sale Price shall be determined without reference to after-hours or extended market trading.

 

“Code” means the Internal
Revenue Code of 1986.

 

“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.

 

“Company” means the party
named as such above until a successor replaces it pursuant to the applicable provision hereof and thereafter means such successor.
The foregoing sentence shall likewise apply to any such successor or subsequent successor.

 

“Company Order” means
a written request or order signed on behalf of the Company by an Officer and delivered to the Trustee.

 

“Common Stock” means
the common stock, par value $0.001 per share, of the Company at the date of this Indenture, subject to Section 10.11.

 

“Conversion Date” with
respect to a Security means the date on which a Holder satisfies all the requirements for such conversion specified under Section
10.01(b).

 

    		3	 

     

    

 

“Conversion Notice” means
a “Conversion Notice” in the form attached as Attachment 2 to the Form of Security attached hereto as Exhibit A.

 

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

 

“Conversion Rate” shall
initially be 13.3333, subject to adjustment as provided in Article 10.

 

“Corporate Trust Office of the
Trustee” means the corporate trust office of the Trustee at which at any time this Indenture shall be administered, which
office as of the date hereof is located at 388 Greenwich Street, New York, NY 10013, Attention: Agency & Trust – ExlService
Holdings, Inc., or such other address as the Trustee may designate from time to time by written 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 written notice to the Holders and the Company).

 

“Daily Conversion Value”
means, for each Trading Day during the Observation Period, one-sixtieth (1/60th) 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 60.

 

“Daily Settlement Amount,”
for each Trading Day during the 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 Trading Day during the relevant Observation Period, the per share volume-weighted average price as displayed under the heading
 “Bloomberg VWAP” on Bloomberg page “EXLS <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
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.

 

    		4	 

     

    

 

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

 

“Depository” means The
Depository Trust Company, its nominees and successors.

 

“Ex Date” means the first
date on which the Common Stock trades on the Relevant Stock Exchange, 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 the Relevant Stock Exchange
(in the form of due bills or otherwise) as determined by the Relevant Stock Exchange.

 

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

 

“Final Determination”
shall mean any final determination of liability in respect of a tax that, under applicable law, is not subject to further
appeal, review or modification through proceedings or otherwise (including the expiration of a statute of limitations or a period
for the filing of claims for refunds, amended returns or appeals from adverse determinations), including a “determination”
as defined in Section 1313(a) of the Code or execution of an Internal Revenue Service Form 870AD.

 

“Fundamental Change”
shall be deemed to have occurred at such time as:

 

(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 of more than 50% of (A) the Common Stock or (B) the voting power of the Company’s Common Equity;

 

(b)       the
consummation of: (A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a
subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities,
or other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock
will be converted into cash, securities or other property or assets; 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) in which the holders of the Common Stock immediately prior to such transaction own, directly
or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent
thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction
shall not be a Fundamental Change pursuant to this clause (b);

 

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

 

    		5	 

     

    

 

(d)        the
Common Stock (or other common stock underlying the Securities) 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 100% of the consideration
received or to be received by the holders of the Common Stock, excluding cash payments for fractional shares, 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 Securities become convertible into such consideration, excluding cash payments for fractional shares (subject to the provisions
of Section 10.02(a)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, then
following completion of any related Make-Whole Conversion Period (or, in the case of a transaction that would have been a Fundamental
Change or a Make-Whole Fundamental Change, in each case, but for the proviso in the immediately preceding sentence, following the
effective date of such transaction) references to the Company in this definition shall instead be references to such other entity.

 

“Holder” means a Person
in whose name a Security is registered on the Registrar’s books.

 

“Indenture” means this
Indenture as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Security through a Participant.

 

“Interest Payment Date”
means October 1 and April 1 of each year, beginning on April 1, 2019.

 

“Investment Agreement”
means the Investment Agreement, dated as of October 1, 2018 by and between ExlService Holdings, Inc. and Orogen Echo LLC.

 

“Issue Date” means October
4, 2018.

 

“Make-Whole Fundamental Change”
means an event described in the definition of Fundamental Change set forth above after giving effect to any exceptions to or exclusions
from such definition (including, without limitation, the exception described in the paragraph immediately following clause (d)),
but without regard to the proviso set forth in clause (b) of such definition.

 

“Market Disruption Event”
means, with respect to the Common Stock or any other security, (i) a failure by the Relevant Stock Exchange to open for trading
during its regular trading session or (ii) the occurrence or existence for more than a one-half hour period in the aggregate on
any Scheduled Trading Day for Common Stock or such other security of any suspension or limitation imposed on trading (by reason
of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise) of the Common Stock or such other
security or in any options contracts or futures contracts relating to the Common Stock or such other security, and such suspension
or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such day.

 

    		6	 

     

    

 

“Maturity Date” means
October 1, 2024.

 

“Observation Period,”
with respect to any Security surrendered for conversion means: (i) subject to clause (ii), if the relevant Conversion Date occurs
prior to the 61st Scheduled Trading Day immediately preceding the Maturity Date, the 60 consecutive Trading Day period beginning
on, and including, the second Trading Day immediately succeeding such Conversion Date; (ii) if the relevant Conversion Date occurs
on or after the date of the Company’s issuance of a notice of redemption with respect to the Securities pursuant to Section
13.03 and prior to the relevant Redemption Date, the 60 consecutive Trading Days beginning on, and including, the 61st Scheduled
Trading Day immediately preceding such Redemption Date; and (iii) subject to clause (ii), if the relevant Conversion Date occurs
on or after the 61st Scheduled Trading Day immediately preceding the Maturity Date, the 60 consecutive Trading Days beginning on,
and including, the 61st Scheduled Trading Day immediately preceding the Maturity Date.

 

“Officer” means the Chief
Executive Officer, the President, the Chief Financial Officer, Controller, Director of Treasury, the Treasurer, the Secretary,
any Assistant Treasurer, any Assistant Secretary and any Vice President (whether or not designated by a word or words added before
or after the title “Vice President”) of the Company.

 

“Officers’ Certificate”
means a certificate signed by (i) by the Chief Executive Officer, the President, the Chief Financial Officer or any of the Vice
Presidents of the Company, and (ii) by the Controller, Director of Treasury, Treasurer, any Assistant Treasurer, the Secretary,
any Assistant Secretary or any of the Vice Presidents of the Company, delivered to the Trustee.

 

“Open of Business” means
9:00 a.m., New York City time.

 

“Opinion of Counsel”
means a written opinion that meets the requirements of Section 14.04 from legal counsel who may be an employee of or counsel for
the Company, or other counsel, including counsel for the transferor or transferee, reasonably acceptable to the Trustee.

 

“Orogen Global Securities”
means the Global Securities issued and authenticated on the Issue Date with an initial balance of $150,000,000 and identified by
the CUSIP and ISIN numbers set forth in Section 2.13.

 

“Orogen Securities” means
any Orogen Global Securities or any temporary Securities or Physical Securities issued in exchange for beneficial interests in
an Orogen Global Security.

 

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

 

    		7	 

     

    

 

“Physical Security” means
permanent certificated Securities in registered non-global form issued in denominations of $1,000 principal amount and integral
multiples in excess thereof.

 

“record date” means,
unless the context requires otherwise, with respect to any dividend, distribution or other transaction or event in which the holders
of Common Stock (or any other security) have the right to receive any cash, securities or other property or in which 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 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 or by statute, contract or otherwise).

 

“Record Date” for interest
payable in respect of any Security on any Interest Payment Date means the March 15 or September 15 (whether or not a Business Day),
as the case may be, immediately preceding such Interest Payment Date.

 

“Relevant Stock Exchange”
means The NASDAQ Global Select Market or, if the Common Stock (or any other security for which the Closing Sale Price must be determined)
is not then listed on The NASDAQ Global Select Market, the principal other U.S. national or regional securities exchange or market
on which the Common Stock (or such other security) is then listed.

 

“Repurchase Notice” means
a “Repurchase Notice” in the form attached as Attachment 3 to the form of Security attached hereto as Exhibit
A.

 

“Responsible Officer”
shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, and any other
officer of the Trustee to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with
the particular subject, and, in each case, having direct responsibility for the administration of this Indenture.

 

“Restricted Global Security”
means a Global Security that bears the Security Private Placement Legend.

 

“Restricted Security”
means a Security that constitutes a “restricted security” within the meaning of Rule 144(a)(3) under the Securities
Act until such time as such Security is freely tradable by a Person who is not (and has not been for the three months preceding
the applicable transfer) an “affiliate” (as defined in such rule) pursuant to such rule. Each of the Securities issued
on the Issue Date that bear the Security Private Placement Legend shall be Restricted Securities as of the Issue Date.

 

“Scheduled Trading Day”
means a day that is scheduled to be a Trading Day on Relevant Stock Exchange. If the Common Stock is not listed on any U.S. national
or regional securities exchange, “Scheduled Trading Day” means a Business Day.

 

“SEC” means the Securities
and Exchange Commission.

 

    		8	 

     

    

 

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

 

“Securities Agent” means
any Registrar, Paying Agent or Conversion Agent.

 

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

 

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

 

“Specified Dollar Amount”
means the maximum cash amount per $1,000 principal amount of Securities to be received upon conversion as specified in the Settlement
Notice (or deemed specified pursuant to this Indenture) related to any converted Securities (or portion thereof).

 

“Subsidiary” of any Person
means any corporation, association, partnership or other business entity of which more than 50% of the total voting power of the
shares, interests, participations or other equivalents (however designated) of Capital Stock ordinarily entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other voting members of the governing
body thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more Subsidiaries
of such Person or (c) one or more Subsidiaries of such Person.

 

“TIA” means the Trust
Indenture Act of 1939 as amended and in effect from time to time.

 

“Trading Day” means a
day on which (i) trading in the Common Stock (or any other security for which a Closing Sale Price must be determined) generally
occurs on the Relevant Stock Exchange or, if the Common Stock (or such other security) is not then listed on a 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 Closing Sale Price for the Common Stock (or 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 (i) there is no Market Disruption Event, (ii) trading in the Common Stock generally occurs on the Relevant
Stock Exchange 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 traded, and (iii) a Closing Sale Price for the Common Stock is available on such
securities exchange or market; provided that if the Common Stock (or other security for which a Closing Sale Price must
be determined) is not so listed or traded, “Trading Day” means a Business Day.

 

“Trustee” means the party
named as such in this Indenture until a successor replaces it in accordance with the provisions hereof and thereafter means such
successor. The foregoing sentence shall likewise apply to any such successor or subsequent successor.

 

    		9	 

     

    

 

“Unrestricted Global Security”
means a Global Security that does not bear the Security Private Placement Legend.

 

“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%.”

 

“Withdrawal Time” means
the time the beneficial owners of the Orogen Securities are notified by the Company in writing of the Blackout Period (as defined
in the Investment Agreement) and withdrawal of the redemption notice with respect to the Orogen Securities in accordance with the
Investment Agreement.

 

Section
1.02.     Other Definitions.

 

	
         Term
	Defined in Section
	“Applicable Price”	10.14(d)
	“Authorized Officers”
	14.01
	“Cash Settlement”	10.02(a)
	“Clause A Distribution”	10.06(c)
	“Clause B Distribution”	10.06(c)
	
        “Clause C Distribution”

        “Combination Settlement”
	
        10.06(c)

        10.02(a)

	“Common Stock Private Placement
Legend”	2.17
	“Conversion Agent”	2.03
	“Conversion Obligation”	10.01(a)
	“Distributed Property”	10.06(c)
	“Effective Date”	10.14(a)
	“Electronic Means”
	14.01
	“Event of Default”	6.01
	“Fundamental Change Notice”	3.01(b)
	“Fundamental Change Repurchase
Date”	3.01(a)
	“Fundamental Change Repurchase
Price”	3.01(a)
	“Fundamental Change Repurchase
Right”	3.01(a)
	“Global Securities”	2.01
	“Instructions” 	14.01
	“Make-Whole Applicable Increase”	10.14(b)
	“Make-Whole Conversion Period”	10.14(a)
	“Merger Event”	10.11
	“Open Period”	13.01
	“Participants”	2.15
	“Paying Agent”	2.03
	“Physical Settlement”	10.02(a)
	“Redemption Date”       	13.01
	“Redemption Price”       	13.01
	“Reference Property”       	10.11
	“Registrar”       	2.03

 

    		10	 

     

    

  

	“Repurchase Upon Fundamental Change”	3.01(a)
	“Resale Restriction Termination Date”	2.17
	“Securities”	Preamble
	
        “Security Private Placement Legend”

        “Settlement Amount”

        “Settlement Notice”
	
        2.17

        10.02(a)(iv)

        10.02(a)(iii)

	“Spin-Off”       	10.06(c)
	“Trigger Event”	10.06(c)
	“Valuation Period”	10.06(c)

 

Section 1.03.       Rules
of Construction. Unless the context otherwise requires:

 

(i)       a
term has the meaning assigned to it;

 

(ii)       an
accounting term not otherwise defined has the meaning assigned to it in accordance with U.S. generally accepted accounting principles
in effect from time to time;

 

(iii)       “or”
is not exclusive;

 

(iv)       “including”
means “including without limitation;”

 

(v)       words
in the singular include the plural and in the plural include the singular;

 

(vi)       provisions
apply to successive events and transactions;

 

(vii)       the
term “principal” means the principal of any Security payable under the terms of such Securities, unless the context
otherwise requires;

 

(viii)       “herein,”
 “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision of this Indenture;

 

(ix)       references
to currency shall mean the lawful currency of the United States of America, unless the context requires otherwise; and

 

(x)       any
definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified.

 

Section 1.04.       Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

    		11	 

     

    

 

“Commission” means
the SEC.

 

“indenture securities”
means the Securities.

 

“indenture security holder”
means a Securityholder.

 

“indenture to be qualified”
means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Company and any successor obligor upon the Securities.

 

All other terms used in this Indenture that
are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined
herein are used herein as so defined.

 

Section 1.05.       References
to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any Security in this Indenture
shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable. Unless the
context otherwise requires, any express mention of Additional Interest in any provision hereof shall not be construed as excluding
Additional Interest, as the case may be, in those provisions hereof where such express mention is not made.

 

Article
2

The Securities

 

Section 2.01.       Form
and Dating. The Securities and the Trustee’s certificate of authentication shall be substantially in the form set forth
in Exhibit A, which is incorporated in and forms a part of this Indenture. The Securities may have notations, legends or
endorsements required by law, stock exchange rule or usage; provided that such notations, legends or endorsements are in
a form acceptable to the Company. Each Security shall be dated the date of its authentication.

 

So long as the Securities, or portion thereof,
are eligible for book-entry settlement with the Depository, unless otherwise required by law, subject to Section 2.15, such Securities
may be represented by one or more Securities in global form registered in the name of the Depository or the nominee of the Depository
(“Global Securities”). The transfer and exchange of beneficial interests in any such Global Securities shall
be effected through the Depository in accordance with this Indenture and the Applicable Procedures. Except as provided in Section
2.15, beneficial owners of a Global Security shall not be entitled to have certificates registered in their names, will not receive
or be entitled to receive Physical Securities and will not be considered Holders of such Global Security.

 

    		12	 

     

    

 

Any Global Securities shall represent such
of the outstanding principal amount of Securities as shall be specified therein and shall provide that it shall represent the aggregate
principal amount of outstanding Securities from time to time endorsed thereon and that the aggregate principal amount of outstanding
Securities represented thereby may from time to time be increased or reduced to reflect issuances, repurchases, redemptions, conversions,
cancellations, transfers or exchanges permitted hereby. Any endorsement of a Global Security to reflect the amount of any increase
or decrease in the amount of outstanding Securities represented thereby shall be made by the Trustee or the custodian for the Global
Security, at the written direction of the Trustee, in such manner and upon instructions given by the Holder of such Securities
in accordance with this Indenture. Payment of principal of, and interest on, any Global Securities (including the Fundamental Change
Repurchase Price or Redemption Price, if applicable) shall be made to the Depository in immediately available funds.

 

Section 2.02.       Execution
and Authentication. One duly authorized Officer shall sign the Securities for the Company by manual or facsimile signature.

 

A Security’s validity shall not be
affected by the failure of an Officer whose signature is on such Security to hold, at the time the Security is authenticated, the
same office at the Company.

 

A Security shall not be valid until duly
authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Security has been authenticated
under this Indenture.

 

Upon a Company Order, the Trustee shall
authenticate Securities for original issue in the aggregate principal amount of $150,000,000. The aggregate principal amount of
Securities outstanding at any time may not exceed $150,000,000, subject to the immediately succeeding paragraph and except for
Securities authenticated and delivered in lieu of lost, destroyed or wrongfully taken Securities pursuant to Section 2.07.

 

The Company may not, without the consent
of Holders of 100% in aggregate principal amount of the outstanding Securities, increase the aggregate principal amount of Securities
by issuing additional Securities in the future (except for Securities authenticated and delivered upon registration of transfer
or exchange for or in lieu of other Securities pursuant to Sections 2.06, 2.07, 2.10, 2.15, 2.16, 2.17, 3.01(h) and 10.02(f)).

 

Upon a Company Order, the Trustee shall
authenticate Securities, including Securities not bearing the Security Private Placement Legend, to be issued to the transferees
when sold pursuant to an effective registration statement under the Securities Act as set forth in Section 2.16(b), when sold pursuant
to Rule 144 under the Securities Act or when not otherwise required under this Indenture to bear the Security Private Placement
Legend.

 

The Trustee shall act as the initial authenticating
agent. Thereafter, the Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating
agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such authenticating agent. An authenticating agent so appointed has the same rights as a Securities
Agent to deal with the Company and its Affiliates.

 

    		13	 

     

    

 

If a Company Order pursuant to this Section
2.02 has been, or simultaneously is, delivered, then any instructions by the Company to the Trustee with respect to endorsement,
delivery or redelivery of a Security that is a Global Security shall be in writing. The Securities shall be issuable only in registered
form without interest coupons and only in minimum denominations of $1,000 principal amount and any integral multiple thereof.

 

Section 2.03.       Registrar,
Paying Agent and Conversion Agent. The Company shall maintain, or shall cause to be maintained, in the continental United
States, (i) an office or agency where Securities may be presented for registration of transfer or for exchange (“Registrar”),
(ii) an office or agency where Securities may be presented for payment (“Paying Agent”) and (iii) an office
or agency where Securities may be presented for conversion (“Conversion Agent”). The Registrar shall keep a
register of the Securities and of their transfer and exchange. The Company may appoint or change one or more co-registrars, one
or more additional paying agents and one or more additional conversion agents, subject to providing written notification to the
Trustee of any such new registrar, paying agent or conversion agent, and may act in any such capacity on its own behalf. The term
 “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Conversion Agent” includes any additional conversion agent.

 

The Company shall use reasonable best efforts
to enter into an appropriate agency agreement with any Securities Agent not a party to this Indenture, if any. Such agency agreement,
if any, shall implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee
in writing of the name and address of any Securities Agent not a party to this Indenture. If the Company fails to maintain an entity
other than the Trustee as Registrar, Paying Agent or Conversion Agent, the Trustee shall act as such.

 

The Company initially appoints the Trustee
as Paying Agent, Registrar and Conversion Agent.

 

Section 2.04.       Paying
Agent to Hold Money in Trust. Each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all moneys
held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company
in making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by
it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for
any funds so paid by it. Upon payment over to the Trustee, the Paying Agent shall have no further liability for such money. If
the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent; provided
that the Company may not act as Paying Agent upon the occurrence and continuance of an Event of Default.

 

    		14	 

     

    

 

Section 2.05.       Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of Holders and shall otherwise comply with Section 312(a) of the TIA. If the Trustee is not the Registrar,
the Company shall furnish, or shall cause to be furnished, to the Trustee at least five Business Days before each April 1 and
October 1 and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee
may reasonably require, of the names and addresses of Holders appearing in the security register of the Registrar and the Company
shall otherwise comply with Section 312(a) of the TIA.

 

Section 2.06.       Transfer
and Exchange. Subject to Section 2.15 and Section 2.16, where Securities are presented to the Registrar with a request to
register their transfer or to exchange them for an equal principal amount of Securities of other authorized denominations, the
Registrar shall register the transfer or make the exchange if its requirements under this Indenture for such transaction are met.
To permit registrations of transfer and exchanges, the Trustee shall authenticate Securities at the Registrar’s request
or upon the Trustee’s receipt of a Company Order therefor. The Company, the Registrar or the Trustee, as the case may be,
shall not be required to register the transfer of or exchange any Security for which a Repurchase Notice or notice of redemption
pursuant to Article 11 has been delivered, and not withdrawn, in accordance with this Indenture, except if the Company has defaulted
in the payment of the Fundamental Change Repurchase Price or the Redemption Price with respect to such Security or to the extent
that a portion of such Security is not subject to such Repurchase Notice or notice of redemption.

 

No service charge shall be made for any
transfer, exchange or conversion of Securities, but the Company and the Trustee may require payment of a sum sufficient to cover
any documentary, stamp, issue or transfer tax or similar governmental charge that may be imposed in connection with any transfer,
exchange or conversion of Securities, other than exchanges pursuant to Section 2.07, Section 2.10, Section 3.01, Section 9.04 or
Section 10.02, in each case, not involving any transfer.

 

Section 2.07.       Replacement
Securities. If the Holder of a Security claims that the Security has been mutilated, lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate, at the Holder’s expense, a replacement Security upon surrender
to the Trustee of the mutilated Security, or upon delivery to the Trustee of evidence of the loss, destruction or theft of the
Security satisfactory to the Trustee and the Company. In the case of a lost, destroyed or wrongfully taken Security, if required
by the Trustee or the Company, indemnity (including in the form of a bond) must be provided by the Holder that is reasonably satisfactory
to the Trustee and the Company to indemnify and hold harmless the Company, the Trustee or any Securities Agent from any loss that
any of them may suffer if such Security is replaced.

 

In case any such mutilated, lost, destroyed
or wrongfully taken Security has become due and payable, the Company in its discretion may, instead of issuing a new Security,
pay the amounts due in respect of such Security as provided hereunder.

 

Every replacement Security is an additional
obligation of the Company only as provided in Section 2.08.

 

    		15	 

     

    

 

Section 2.08.       Outstanding
Securities. Securities outstanding at any time are all the Securities authenticated by the Trustee except for those converted,
those cancelled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Except
to the extent provided in Section 2.09, a Security does not cease to be outstanding because the Company or one of its Subsidiaries
or Affiliates holds the Security.

 

If a Security is replaced pursuant to Section
2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it, or a court holds, that the replaced Security
is held by a protected purchaser.

 

If the Paying Agent (in the case of a Paying
Agent other than the Company) holds, as of 10:00 a.m. New York City time on a Fundamental Change Repurchase Date or a Redemption
Date or the Maturity Date, money sufficient to pay the aggregate Fundamental Change Repurchase Price, Redemption Price or principal
amount (plus accrued and unpaid interest, if any), as the case may be, with respect to all Securities to be repurchased or paid
on such Fundamental Change Repurchase Date or Redemption Date or the Maturity Date, as the case may be, in each case, payable as
herein provided on such Fundamental Change Repurchase Date or Redemption Date or the Maturity Date, then (unless there shall be
a Default in the payment of such aggregate Fundamental Change Repurchase Price, Redemption Price or principal amount, or of such
accrued and unpaid interest), except as otherwise provided herein, then on and after such date such Securities shall be deemed
to be no longer outstanding, interest on such Securities shall cease to accrue, and such Securities shall be deemed to be paid
whether or not such Securities are delivered to the Paying Agent. Thereafter, all rights of the Holders of such Securities shall
terminate with respect to such Securities, other than the right to receive the Fundamental Change Repurchase Price, Redemption
Price or principal amount, as the case may be, plus, if applicable, such accrued and unpaid interest in accordance with this Indenture.

 

If a Security is converted in accordance
with Article 10 then, from and after the time of such conversion on the Conversion Date, such Security shall cease to be outstanding,
and interest, if any, shall cease to accrue on such Security unless there shall be a Default in the payment or delivery of the
consideration payable and/or deliverable hereunder upon such conversion (except that any such Security will remain outstanding
solely for the purpose of receiving any interest or other amounts due following such conversion as set forth in this Indenture).

 

Section 2.09.       Securities
Held by the Company or an Affiliate. In determining whether the Holders of the required aggregate principal amount of Securities
have concurred in any direction, waiver or consent with respect to this Indenture or the Securities, Securities owned by the Company
or any of its Subsidiaries or Affiliates (other than Orogen Echo LLC or any of its Affiliates) shall be considered as though not
outstanding, except that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be considered to be outstanding for purposes of this Section 2.09
if the pledgee establishes, to the satisfaction of the Trustee, the pledgee’s right to so concur with respect to such Securities
and that the pledgee is not, and is not acting at the direction or on behalf of, the Company, any other obligor on the Securities,
an Affiliate of the Company (other than Orogen Echo LLC or any of its Affiliates) or an Affiliate of any such other obligor (other
than Orogen Echo LLC or any of its Affiliates). In case of a dispute as to whether the pledgee has established the foregoing,
any decision by the Trustee taken upon the advice of counsel shall provide full protection to the Trustee. The Company shall furnish
to the Trustee an Officers’ Certificate listing and identifying all Securities, if any, known by the Company to be owned
or held by or for the account of any of the above described Persons; and 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 Securities not listed therein are outstanding
for the purpose of any such determination. For the avoidance of doubt and notwithstanding Section 316(a)(1) of the TIA or anything
herein to the contrary, no Orogen Securities shall be deemed to be owned by the Company or any of its Subsidiaries or Affiliates
for purposes of this Indenture, the Securities and any direction, waiver or consent with respect thereto.

 

    		16	 

     

    

 

Section 2.10.       Temporary
Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of a
Company Order therefor, shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive
Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay,
the Company shall prepare and the Trustee, upon receipt of a Company Order therefor, shall authenticate definitive Securities
in exchange for temporary Securities. Until so exchanged, each temporary Security shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities, and such temporary Security shall be exchangeable for definitive Securities
in accordance with the terms of this Indenture.

 

Section 2.11.       Cancellation.
The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar, Paying Agent and Conversion Agent
shall forward to the Trustee any Securities surrendered to them for transfer, exchange, payment or conversion. The Trustee shall
promptly cancel all Securities surrendered for transfer, exchange, payment, conversion or cancellation in accordance with its
customary procedures. The Company may not issue new Securities to replace Securities that it has paid or delivered to the Trustee
for cancellation or that any Holder has converted pursuant to Article 10. All cancelled Securities held by the Trustee shall be
disposed of in accordance with its customary procedure for the disposal of cancelled securities.

 

Section 2.12.       Defaulted
Interest. If, and to the extent, the Company defaults in a payment of interest on the Securities, the Company shall pay in
cash the defaulted interest in any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest
on such defaulted interest at the rate provided in the Securities. The Company may pay the defaulted interest (plus interest on
such defaulted interest) to the Persons who are Holders on a subsequent special record date. The Company shall fix such special
record date and payment date. At least fifteen (15) calendar days before the special record date, the Company shall send to Holders
and the Trustee a notice that states the special record date, payment date and amount of interest to be paid. Upon the due payment
in full of such defaulted interest plus any interest thereon, interest shall no longer accrue on such defaulted interest pursuant
to this Section 2.12.

 

    		17	 

     

    

 

Section 2.13.       Cusip
Numbers. The Company in issuing the Securities may use one or more “CUSIP” numbers, and, if so,
the Trustee shall use the CUSIP numbers in notices as a convenience to Holders; provided, however, that no representation
is hereby deemed to be made by the Trustee as to the correctness or accuracy of the CUSIP numbers printed on the notice or on
the Securities; and provided further that reliance may be placed only on the other identification numbers printed on the
Securities, and the effectiveness of any such notice shall not be affected by any defect in, or omission of, such CUSIP numbers.
The Company shall promptly notify the Trustee in writing of any change in the CUSIP numbers.

 

On the Issue Date, the Securities shall
initially bear the CUSIP and ISIN numbers set forth in the following sentence. The CUSIP and ISIN numbers for the Orogen Global
Securities that are Restricted Global Securities shall be 302081AC8 and US302081AC81, respectively; the CUSIP and ISIN numbers
for the Orogen Global Securities that are Unrestricted Global Securities shall be 302081AD6 and US302081AD64, respectively; the
CUSIP and ISIN numbers for Restricted Global Securities other than Orogen Global Securities shall be 302081AA2 and US302081AA26,
respectively; and the CUSIP and ISIN numbers for Unrestricted Global Securities other than Orogen Global Securities shall be 302081AB0
and US302081AB09, respectively.

 

Section 2.14.       Deposit
of Moneys. Prior to 10:00 a.m., New York City time, on each Interest Payment Date, the Maturity Date or any Fundamental Change
Repurchase Date or Redemption Date, the Company shall deposit with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust in accordance with Section 2.04) money, in funds immediately available on such date, sufficient
to make cash payments, if any, due on such Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date
or Redemption Date, as the case may be, in a timely manner which permits the Paying Agent to remit payment to the Holders on such
Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date or Redemption Date, as the case may be.

 

If any Interest Payment Date, the Maturity
Date or any Fundamental Change Repurchase Date or Redemption Date falls on a date that is not a Business Day, the payment due on
such Interest Payment Date, the Maturity Date or such Fundamental Change Repurchase Date or Redemption Date, as the case may be,
shall be postponed until the next succeeding Business Day, and no interest or other amount shall accrue as a result of such postponement.

 

Section 2.15.       Book-Entry
Provisions for Global Securities. (a) Global Securities initially shall (i) be registered in the name of the Depository, its
successors or their respective nominees, (ii) be delivered to the Trustee as custodian for the Depository, its successors or their
respective nominees, as the case may be, and (iii) bear the legends that such Global Securities are required to bear under Section
2.17.

 

    		18	 

     

    

 

Members of, or participants in, the Depository
(“Participants”) shall have no rights under this Indenture with respect to any Global Security held on their
behalf by the Depository, or the Trustee as its custodian, or under the Global Security, and the Depository (or its nominee) may
be treated by the Company, the Trustee, a Securities Agent and any agent of the Company or the Trustee as the absolute owner of
the Global Security for all purposes whatsoever; provided, however, that each Orogen Global Security shall be subject
to the rights under Section 9.02 and Section 13.01 of the beneficial owners of such Orogen Global Security. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee, any Securities Agent or any of their respective agents from giving
effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository
and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Security.

 

(b)       Except
as otherwise set forth in this Section 2.15 or Section 2.16, transfers of Global Securities shall be limited to transfers in whole,
but not in part, to the Depository, its successors or their respective nominees. In addition, one or more Physical Securities shall
be transferred to each owner of a beneficial interest in a Global Security, as identified by the Depository, in exchange for its
beneficial interest in the Global Securities if (i) the Depository notifies the Company that the Depository is unwilling or unable
to continue as depository for any Global Security, or the Depository ceases to be a “clearing agency” registered under
Section 17A of the Exchange Act, and, in either case, a successor Depository is not appointed by the Company within ninety (90)
days of such notice or cessation or (ii) an Event of Default has occurred and is continuing and the Registrar has received a written
request from the beneficial owner (via the Depository) of the relevant Securities to issue Physical Securities. For the avoidance
of doubt, if any event described in clause (i) of the immediately preceding sentence occurs, any owner of a beneficial interest
in any Global Security will be entitled to receive one or more Physical Securities in exchange for its beneficial interest or interests
in the Global Securities, and if any event described in clause (ii) of the immediately preceding sentence occurs, only the beneficial
owner that has made a written request to the Registrar (via the Depository) will be entitled to receive one or more Physical Securities
in exchange for its beneficial interest or interests in the Global Securities. The Company may also exchange beneficial interests
in a Global Security for one or more Physical Securities registered in the name of the owner of beneficial interests if the Company
and the owner of such beneficial interests agree to so exchange.

 

(c)       The
transfer and exchange of beneficial interests in the Global Securities shall be effected through the Depository, in accordance
with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Securities
also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as, to the extent applicable,
the other provisions of this Section 2.15(c) that follow:

 

(i)       Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security (or a Restricted
Global Security with the same CUSIP number) in accordance with the transfer restrictions set forth in the Security Private Placement
Legend. Beneficial interests in any Unrestricted Global Security may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Unrestricted Global Security (or an Unrestricted Global Security with the same CUSIP
number). No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described
in this clause (i).

 

    		19	 

     

    

 

(ii)       All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges
of a beneficial interest in a Global Security that are not addressed by Section 2.15(c)(i), there must be delivered (A) such instruction
or order from a Participant or an Indirect Participant to the Depository, as may be required by the Applicable Procedures, directing
the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial
interest to be transferred or exchanged and (B) instructions given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase. Upon satisfaction of all of the requirements for transfer
or exchange of beneficial interests in a Global Security contained in this Indenture, the Trustee shall adjust the principal amount
of the Global Securities pursuant to Section 2.15(d).

 

(iii)       Transfer
and Exchange of Beneficial Interests in a Restricted Global Security for Beneficial Interests in an Unrestricted Global Security.
A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security if the exchange or transfer complies with the requirements of this Section 2.15(c) and the Registrar receives the
following:

 

(A)       if
the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Security, a certificate from such Holder substantially in the form of Exhibit E; or

 

(B)       if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such
holder in the form of Exhibit D;

 

and, in each such case set forth in this clause (iii)
(other than an exchange or transfer pursuant to an effective registration statement of the Company or Rule 144 under the Securities
Act), if the Registrar or Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Company and Registrar to the effect that no registration under the Securities Act is required in connection with
such exchange or transfer of beneficial interests to the relevant Person or in connection with any re-sales of the beneficial interests
in the Unrestricted Global Security that are beneficially owned by such Person on the date of such opinion.

  

    		20	 

     

    

 

Beneficial interests in an Unrestricted
Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest
in a Restricted Global Security.

 

(iv)       Transfer
and Exchange of Beneficial Interests in one Restricted Global Security for Beneficial Interests in another Restricted Global Security.
A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in a Restricted
Global Security with a different CUSIP number or different legends or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in a Restricted Global Security with a different CUSIP number or different legends if the exchange
or transfer complies with the requirements of this Section 2.15(c) and the Registrar receives the following:

 

(A)       if
the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a beneficial
interest in a Restricted Global Security with a different CUSIP number or different legends, a certificate from such Holder substantially
in the form of Exhibit E; or

 

(B)       if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person
who shall take delivery thereof in the form of a beneficial interest in a Restricted Global Security with a different CUSIP number
or different legends, a certificate from such holder in the form of Exhibit D.

 

Notwithstanding the foregoing or anything to the contrary
provided herein, a holder of a beneficial interest in a Security that is not an Orogen Security may not exchange or transfer such
beneficial interest for a beneficial interest in an Orogen Security.

 

(d)       At
such time as all beneficial interests in a particular Global Security have been exchanged for Physical Securities or a particular
Global Security has been repurchased or canceled in whole and not in part, each such Global Security shall be returned to or retained
and canceled by the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest
in a Global Security is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Security or for Physical Securities, the principal amount of Securities represented by such Global Security shall
be reduced accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction
of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another Global Security, such other Global Security shall be
increased accordingly and an endorsement shall be made on such Global Security by the Trustee or by the Depository at the direction
of the Trustee to reflect such increase.

 

(e)       In
connection with the transfer of a Global Security in its entirety to beneficial owners pursuant to Section 2.15(b), such Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall
upon written instructions from the Company authenticate and deliver, to each beneficial owner identified by the Depository in exchange
for its beneficial interest in such Global Security, an equal aggregate principal amount of Physical Securities of authorized denominations.

 

    		21	 

     

    

 

(f)       Any
Physical Security delivered in exchange for an interest in a Global Security pursuant to Section 2.15(b), shall bear the same legend(s),
if any, from Exhibit B-1A that are borne by the relevant Global Security, except to the extent the requirements of Section
2.15(c)(iii) or Section 2.15(c)(iv) are satisfied with respect to the removal or addition of any legend, mutatis mutandis
for the fact that a Physical Security is being issued rather than a beneficial interest in a Global Security.

 

(g)       The
Holder of any Global Security may grant proxies and otherwise authorize any Person, including Participants and Persons that may
hold interests through Participants, to take any action which a Holder is entitled to take under this Indenture or the Securities.

 

(h)       The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on the transfer
of any interest in any Securities imposed under this Indenture or under applicable law (including any transfers between or among
Participants or beneficial owners of interests in any Global Security) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this
Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

(i)       Neither
the Trustee nor any Securities Agent shall have any responsibility for any actions taken or not taken by the Depository.

 

(j)       No
service charge shall be made to or by a holder of a beneficial interest in a Global Security or to or by a Holder of a Physical
Security for any registration of transfer or exchange.

 

(k)       All
Global Securities and Physical Securities issued upon any registration of transfer or exchange of Global Securities or Physical
Securities shall evidence the same debt of the Company and shall be entitled to the same benefits under this Indenture as the Global
Securities or Physical Securities surrendered upon such registration of transfer or exchange.

 

(l)       Prior
to due presentment for the registration of a transfer of any Security, the Trustee and the Company may deem and treat the Person
in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal
of and interest on such Securities and, subject to Section 2.09, for all other purposes, and neither of the Trustee or the Company
shall be affected by notice to the contrary.

 

(m)       Upon
surrender for registration of transfer of any Security at the office or agency of the Company designated pursuant to Section 4.02,
the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more replacement Securities of any authorized denomination or denominations of a like aggregate principal amount.

 

    		22	 

     

    

 

(n)       At
the option of the Holder, Securities may be exchanged for other Securities of any authorized denomination or denominations of a
like aggregate principal amount upon surrender of the Securities to be exchanged at such office or agency. Whenever any Global
Securities or Physical Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate
and send, the replacement Global Securities and Physical Securities which the Holder making the exchange is entitled to in accordance
with the provisions of Section 2.02.

 

(o)       
Neither the Trustee nor any Securities Agent shall have any responsibility or obligation to any beneficial owner of an interest
in the Global Securities, an agent member of, or a participant in, the Depository or other person with respect to the accuracy
of the records of the Depository or its nominees or of any Participant or member thereof, with respect to any ownership interest
in the Global Securities or with respect to the delivery to any Participant, agent member, beneficial owner or other Person (other
than the Depository) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Securities
(or other security or property) under or with respect to such Securities. The rights of beneficial owners in any Global Securities
shall be exercised only through the Depository, subject to its applicable rules and procedures. The Trustee and each agent may
rely and shall be fully protected in relying upon information furnished by the Depository with respect to its agent members and
Participants and any beneficial owners of Global Securities.

 

Section 2.16.       Special
Transfer Provisions. (a) Notwithstanding any other provisions of this Indenture, but except as provided in Section 2.15(b),
a Global Security may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of
the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor
Depository or a nominee of such successor Depository.

 

(b)       Upon
the transfer, exchange or replacement of Securities not bearing the Security Private Placement Legend, unless the Company notifies
the Trustee in writing otherwise, the Trustee shall deliver Securities that do not bear the Security Private Placement Legend.
Upon the transfer, exchange or replacement of Securities bearing the Security Private Placement Legend, the Trustee shall deliver
only Securities that bear the Security Private Placement Legend unless (i) the requested transfer, exchange or replacement is after
the Resale Restriction Termination Date, (ii) there is delivered to the Trustee and the Company an Opinion of Counsel reasonably
satisfactory to the Company and the Trustee and addressed to the Company to the effect that no registration under the Securities
Act is required in connection with such transfer, exchange or replacement of such Securities in connection with any re-sales of
such Securities on the date of such opinion, (iii) such Security has been sold pursuant to an effective registration statement
under the Securities Act and the Holder selling such Securities has delivered to the Registrar a notice in the form of Exhibit
C hereto or (iv) such Security has been sold pursuant to Rule 144 under the Securities Act and the Holder selling such Securities
has delivered to the Registrar a notice in the form of Exhibit D hereto.

  

    		23	 

     

    

 

(c)       By
its acceptance of any Security or any Common Stock bearing the Security Private Placement Legend or the Common Stock Private Placement
Legend, each holder thereof acknowledges the restrictions on transfer of such security set forth in this Indenture and in the Security
Private Placement Legend or Common Stock Private Placement Legend, as applicable, and agrees that it will transfer such security
only as provided in this Indenture and as permitted by applicable law.

 

The Registrar shall retain copies of all
letters, notices and other written communications received pursuant to Section 2.15 or this Section 2.16 in accordance with its
customary document retention policies. The Company shall have the right to inspect and make copies of all such letters, notices
or other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar.

 

(d)       The
Company may, to the extent permitted by law, purchase the Securities in the open market or by tender offer at any price or by private
agreement without giving prior notice to Holders. The Company may, at its option, surrender to the Trustee for cancellation any
Securities the Company purchases in this manner. Securities surrendered to the Trustee for cancellation may not be reissued or
resold and shall be promptly cancelled pursuant to Section 2.11.

 

Section 2.17.       Restrictive
Legends.

 

(a)       Each
Global Security and Physical Security that constitutes a Restricted Security shall bear the legend (the “Security Private
Placement Legend”) as set forth in Exhibit B-1A on the face thereof until the date such Securities no longer constitute
Restricted Securities as reasonably determined by the Company in good faith (but, in any event, no later than the first anniversary
of the Issue Date) and evidenced by an Officers’ Certificate (such date, the “Resale Restriction Termination Date”).

 

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

 

Any Security (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 Rule 144 under the
Securities Act or any similar provision then in force, may, upon surrender of such Security for exchange to the Trustee in accordance
with the provisions of this Article 2, be exchanged for a new Security or Securities, of like tenor and aggregate principal amount,
which shall not bear the Security Private Placement Legend required by this Section 2.17(a) and shall not be assigned a restricted
CUSIP number. In addition, on or after the Resale Restriction Termination Date, upon the request of any Holder and upon surrender
of its Physical Security for exchange, the Company shall exchange a Physical Security with the Security Private Placement Legend
for a Physical Security without the Security Private Placement Legend so long as the Holder covenants to the Company that it will
offer, sell, pledge or otherwise transfer such Security in compliance with the Securities Act. The Company shall be entitled to
instruct the Trustee in writing to cancel any Global Security as to which such restrictions on transfer shall have expired in accordance
with their terms for exchange, and, upon such instruction, the Trustee shall surrender such Global Security for exchange in accordance
with the applicable procedures of the Depositary; and any new Global Security exchanged therefor shall not bear the Security Private
Placement Legend specified in this Section 2.17(a) and shall not be assigned a restricted CUSIP number. The Company shall promptly
notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date and promptly after a registration
statement, if any, with respect to the Securities or any Common Stock issued upon conversion of the Securities has been declared
effective under the Securities Act. Upon notice of the Resale Restriction Termination Date, the Security Private Placement Legend
shall be deemed removed from the Global Securities, with no further action required by the Company, the Trustee, or, if applicable,
the Depositary; provided, however, that, if the mandatory exchange process of the Depositary is available therefor,
the Company will use reasonable efforts to effect an exchange of every beneficial interest in each Restricted Security for beneficial
interests in Global Securities that are not subject to the restrictions set forth in the Security Private Placement Legend.

  

    		24	 

     

    

 

(b)       Until
the Resale Restriction Termination Date, any stock certificate representing Common Stock issued upon conversion of a Security,
if any, shall, if such shares constitute Restricted Securities at their time of issuance, bear the legend (the “Common
Stock Private Placement Legend”) as set forth in Exhibit B-1B unless (i) 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, (ii) such Common Stock has been sold pursuant to Rule 144 under the Securities Act or
any similar provision then in force, (iii) such Common Stock has been issued upon conversion of a Security 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 pursuant to Rule 144 under the Securities Act or any similar provision then in force
or (iv) otherwise agreed by the Company in writing.

 

(c)       Each
Global Security shall also bear the legend as set forth in Exhibit B-2.

 

Article
3

Repurchase

 

Section 3.01.       Repurchase
at Option of Holder Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time prior to the Maturity Date,
each Holder of Securities shall have the right (the “Fundamental Change Repurchase Right”), at such Holder’s
option, to require the Company to repurchase (a “Repurchase Upon Fundamental Change”) all of such Holder’s
Securities (or any portion thereof that is equal to $1,000 in principal amount or an integral multiples of $1,000 in excess thereof),
on a date selected by the Company (the “Fundamental Change Repurchase Date”), which shall be no later than
thirty five (35) Business Days, and no earlier than twenty (20) Business Days (or as such period may be extended pursuant to Section
3.01(j)), after the date the Fundamental Change Notice is sent in accordance with Section 3.01(b), at a price, payable in cash,
equal to one hundred percent (100%) of the principal amount of the Securities (or portion thereof) to be so repurchased, plus
accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change
Repurchase Price”), subject to satisfaction of the following conditions:

  

    		25	 

     

    

 

(i)       delivery
to the Company (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Company for such purpose in the
Fundamental Change Notice, no later than the Close of Business on the Business Day immediately preceding the Fundamental Change
Repurchase Date, of a Repurchase Notice, in the form set forth in the Securities or any other form of written notice substantially
similar thereto, in each case, duly completed and signed, with appropriate signature guarantee, stating:

 

(A)       the
certificate number(s) of the Securities that the Holder will deliver to be repurchased, if such Securities are Physical Securities;

 

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

 

(C)       that
such principal amount of Securities are to be repurchased pursuant to the terms and conditions specified in this Section 3.01;
and

 

(ii)       delivery
to the Company (if it is acting as its own Paying Agent), or to a Paying Agent designated by the Company for such purpose in the
Fundamental Change Notice, at any time after the delivery of such Repurchase Notice, of such Securities (together with all necessary
endorsements) with respect to which the Fundamental Change Repurchase Right is being exercised, if such Securities are Physical
Securities, or book-entry transfer of the Securities, if the Securities are Global Securities, in compliance with the Applicable
Procedures;

 

provided, however, that if such Fundamental Change
Repurchase Date is after a Record Date for the payment of an installment of interest and on or before the related Interest Payment
Date, then the full amount of accrued and unpaid interest, if any, to, but excluding, such Interest Payment Date shall be paid
on such Interest Payment Date to the Holder of record of such Securities at the Close of Business on such Record Date (without
any surrender of such Securities by such Holder), and the Fundamental Change Repurchase Price shall not include any accrued but
unpaid interest.

 

If such Securities are held in book-entry
form through the Depository, the delivery of any Securities, Repurchase Notice, Fundamental Change Notice or notice of withdrawal
pursuant to the immediately succeeding paragraph shall comply with the Applicable Procedures.

 

Notwithstanding anything herein to the contrary,
any Holder that has delivered the Repurchase Notice contemplated by this Section 3.01(a) to the Company (if it is acting as its
own Paying Agent) or to a Paying Agent designated by the Company for such purpose in the Fundamental Change Notice shall have the
right to withdraw such Repurchase Notice by delivery, at any time prior to the Close of Business on the Business Day immediately
preceding the Fundamental Change Repurchase Date (or, if there shall be a Default in the payment of the Fundamental Change Repurchase
Price, at any time during which such Default is continuing), of a written notice of withdrawal to the Company (if acting as its
own Paying Agent) or the Paying Agent, which notice shall be delivered in accordance with, and contain the information specified
in, Section 3.01(b)(x).

 

    		26	 

     

    

 

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

 

(b)       On
or before the 20th Business Day after the consummation of a Fundamental Change, the Company shall send, or cause to be sent, to
all Holders of the Securities in accordance with Section 14.01 a notice (the “Fundamental Change Notice”) of
the occurrence of such Fundamental Change and the Fundamental Change Repurchase Right arising as a result thereof. The Company
shall deliver a copy of the Fundamental Change Notice to the Trustee at the time such notice is delivered to the Holders. Each
Fundamental Change Notice shall state:

 

(i)       the
events causing the Fundamental Change;

 

(ii)       the
date of the Fundamental Change;

 

(iii)       the
Fundamental Change Repurchase Date;

 

(iv)       the
last date on which the Fundamental Change Repurchase Right may be exercised, which shall be the Business Day immediately preceding
the Fundamental Change Repurchase Date;

 

(v)       the
Fundamental Change Repurchase Price;

 

(vi)       the
names and addresses of the Paying Agent and the Conversion Agent;

 

(vii)       the
procedures that a Holder must follow to exercise the Fundamental Change Repurchase Right;

 

(viii)       that
the Fundamental Change Repurchase Price for any Security as to which a Repurchase Notice has been given and not withdrawn will
be paid no later than the later of such Fundamental Change Repurchase Date and the time of book-entry transfer or delivery of the
Security (together with all necessary endorsements);

 

(ix)       that,
except as otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after a Record Date for the payment
of an installment of interest and on or before the related Interest Payment Date, on and after such Fundamental Change Repurchase
Date (unless there shall be a Default in the payment of the Fundamental Change Repurchase Price), interest on Securities subject
to Repurchase Upon Fundamental Change will cease to accrue, and all rights of the Holders of such Securities shall terminate, other
than the right to receive, in accordance herewith, the Fundamental Change Repurchase Price;

 

    		27	 

     

    

 

(x)       that
a Holder will be entitled to withdraw its election in the Repurchase Notice prior to the Close of Business on the Business Day
immediately preceding the Fundamental Change Repurchase Date, or such longer period as may be required by law, delivered in the
same manner as the related Repurchase Notice was delivered and setting forth the name of such Holder, a statement that such Holder
is withdrawing its election to have Securities purchased by the Company on such Fundamental Change Repurchase Date pursuant to
a Repurchase Upon Fundamental Change, the certificate number(s) of such Securities to be so withdrawn (if such Securities are Physical
Securities) the principal amount of the Securities of such Holder to be so withdrawn, which amount must be $1,000 or an integral
multiple thereof and the principal amount, if any, of the Securities of such Holder that remain subject to the Repurchase Notice
delivered by such Holder in accordance with this Section 3.01, which amount must be $1,000 or an integral multiple thereof; provided,
however, that if there shall be a Default in the payment of the Fundamental Change Repurchase Price, a Holder shall be entitled
to withdraw its election in the Repurchase Notice at any time during which such Default is continuing;

 

(xi)       the
Conversion Rate and any adjustments to the Conversion Rate that will result from such Fundamental Change;

 

(xii)       that
Securities with respect to which a Repurchase Notice is given by a Holder may be converted pursuant to Article 10 only if such
Repurchase Notice has been withdrawn in accordance with this Section 3.01 or the Company defaults in the payment of the Fundamental
Change Repurchase Price; and

 

(xiii)       the
CUSIP number or numbers, as the case may be, of the Securities.

 

At the Company’s request, upon prior
notice reasonably acceptable to the Trustee, the Trustee shall send such Fundamental Change Notice to the Holders in the Company’s
name and at the Company’s expense; provided, however, that the form and content of such Fundamental Change
Notice shall be prepared by the Company.

 

No failure of the Company to give a Fundamental
Change Notice shall limit any Holder’s right pursuant hereto to exercise a Fundamental Change Repurchase Right.

 

(c)       Subject
to the provisions of this Section 3.01, the Company shall pay, or cause to be paid, the Fundamental Change Repurchase Price with
respect to each Security as to which the Fundamental Change Repurchase Right shall have been exercised to the Holder thereof no
later than the later of the Fundamental Change Repurchase Date and the time of book-entry transfer or when such Security is surrendered
to the Paying Agent together with any necessary endorsements.

 

(d)       The
Company shall, in accordance with Section 2.14, deposit with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust in accordance with Section 2.04) money, in funds immediately available on the Fundamental Change Repurchase
Date, sufficient to pay the Fundamental Change Repurchase Price upon a Repurchase Upon Fundamental Change for all of the Securities
that are to be repurchased by the Company on such Fundamental Change Repurchase Date pursuant to a Repurchase Upon Fundamental
Change. The Paying Agent shall, promptly after delivering the Fundamental Change Repurchase Price to Holders entitled thereto and
upon written demand by the Company, return to the Company as soon as practicable, any money in excess of the Fundamental Change
Repurchase Price.

 

    		28	 

     

    

 

(e)       Once
the Fundamental Change Notice and the Repurchase Notice have been duly given in accordance with this Section 3.01, the Securities
to be repurchased pursuant to a Repurchase Upon Fundamental Change shall, on the Fundamental Change Repurchase Date, become due
and payable in accordance herewith, and, on and after such date (unless there shall be a Default in the payment of the Fundamental
Change Repurchase Price), except as otherwise provided herein with respect to a Fundamental Change Repurchase Date that is after
a Record Date for the payment of an installment of interest and on or before the related Interest Payment Date, such Securities
shall cease to bear interest (whether or not book-entry transfer of the Securities has been made or the Securities have been delivered
to the Paying Agent), and all rights of the relevant Holders of such Securities shall terminate, other than the right to receive,
in accordance herewith, such payments and any other applicable rights under those sections set forth in the proviso in Section
8.01.

 

(f)       Securities
with respect to which a Repurchase Notice has been duly delivered in accordance with this Section 3.01 may be converted pursuant
to Article 10 only if such Repurchase Notice has been withdrawn in accordance with this Section 3.01 or the Company defaults in
the payment of the Fundamental Change Repurchase Price.

 

(g)       If
any Security shall not be paid on the Fundamental Change Repurchase Date upon book-entry transfer or surrender thereof for Repurchase
Upon Fundamental Change, the principal of, and accrued and unpaid interest on, such Security shall, until paid, bear interest,
payable in cash, at the rate borne by such Security on the principal amount of such Security, and such Security shall be convertible
pursuant to Article 10 if any Repurchase Notice with respect to such Security is withdrawn pursuant to this Section 3.01.

 

(h)       Any
Security that is to be submitted for Repurchase Upon Fundamental Change only in part shall be delivered pursuant to this Section
3.01 (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or its attorney duly authorized in writing, with a notarization
or medallion guarantee), and the Company shall promptly execute, and the Trustee shall promptly authenticate and make available
for delivery to the Holder of such Security without service charge, a new Security or Securities, of any authorized denomination
as requested by such Holder, of the same tenor and in aggregate principal amount equal to the portion of such Security not duly
submitted for Repurchase Upon Fundamental Change.

 

    		29	 

     

    

 

(i)       Notwithstanding
anything herein to the contrary, except in the case of an acceleration resulting from a Default relating to the payment of the
Fundamental Change Repurchase Price, there shall be no purchase of any Securities pursuant to this Section 3.01 on any date if,
on such date, the principal amount of the Securities shall have been accelerated in accordance with this Indenture and such acceleration
shall not have been rescinded on or prior to such date in accordance with this Indenture. The Paying Agent will promptly return
to the respective Holders thereof any Securities held by it during the continuance of such an acceleration.

 

(j)       In
connection with any Repurchase Upon Fundamental Change, the Company shall, to the extent required: (i) comply with the provisions
of Rule 13e-4, Rule 14e-1 and Regulation 14E under the Exchange Act, and with all other applicable laws; (ii) file a Schedule TO
or any other schedules required under the Exchange Act or any other applicable laws; and (iii) otherwise comply with all applicable
United States federal and state securities laws in connection with any offer by the Company to repurchase the Securities; provided
that any time period specified in this Article 3 shall be extended to the extent necessary for such compliance.

 

Article
4

Covenants

 

Section 4.01.       Payment
of Securities. The Company shall pay all amounts and make deliveries of securities due with respect to the Securities on the
dates and in the manner provided in the Securities and this Indenture. All such amounts shall be considered paid on the date due
if the Paying Agent holds (or, if the Company is acting as Paying Agent, the Company has segregated and holds in trust in accordance
with Section 2.04) on that date money sufficient to pay the amount then due with respect to the Securities. The Company will pay,
in money of the United States that at the time of payment is legal tender for payment of public and private debts, all amounts
due in cash with respect to the Securities, which amounts shall be paid: (a) in the case of a Global Security, by wire transfer
of immediately available funds to the account designated by the Depository or its nominee; and (b) in the case of a Physical Security,
by wire transfer of immediately available funds to the account within the United States as specified in writing to the Paying
Agent by such Holder or, if such Holder does not specify an account, by mailing a check to the address of such Holder set forth
in the register of the Registrar. With respect to principal payments, presentation and surrender of Securities is required prior
to final payment.

 

The Company shall pay, in cash, interest
on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities.

 

    		30	 

     

    

 

Section 4.02.       Maintenance
of Office or Agency. The Company will maintain, or cause to be maintained, an office or agency (which may be an office of
the Trustee or an Affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or exchange,
payment or conversion. 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, or fail to cause to be maintained, any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made
or served at the Corporate Trust Office of the Trustee.

 

The Company will maintain, or cause to be
maintained, an office or agency where notices and demands to or upon the Company in respect of the Securities and this Indenture
(other than the type contemplated by Section 14.09(c)) may be served, provided that such office or agency may instead be at the
principal office of the Company located in the United States (and, notwithstanding the final sentence of this Section 4.02, shall
initially be at such office until the Company notifies the Trustee otherwise).

 

The Company may also from time to time designate
one or more other offices or agencies where the Securities may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations. 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 Company hereby initially designates
the Corporate Trust Office of the Trustee as an agency of the Company in accordance with Section 2.03.

 

Section 4.03.       Annual
Reports. (a) The Company shall provide to the Trustee a copy of each report the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act no later than the date 15 Business Days after such report is required to be filed with
the SEC pursuant to the Exchange Act (after giving effect to any grace period provided by Rule 12b-25 under the Exchange Act);
provided, however, that each such report will be deemed to be so provided to the Trustee if the Company files such
report with the SEC through the SEC’s EDGAR database no later than the time such report is required to be filed with the
SEC pursuant to the Exchange Act (taking into account any applicable grace periods provided thereunder). To the extent the TIA
then applies to this Indenture, the Company shall comply with TIA §314(a). In addition, 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 Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities
and prospective investors, upon request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.

 

(b)       Delivery
of such reports, information and documents to the Trustee pursuant to this Section 4.03 is for informational purposes only, and
the Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as
to which the Trustee is entitled to rely exclusively on an Officers’ Certificate).

 

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(c)       The
Trustee shall have no obligation or duty to determine or monitor whether the Company has delivered reports in accordance with this
Section 4.03.

 

(d)       If,
at any time during the six-month period beginning on, and including, the date that is six months after the Issue Date, the Company
fails to file any document or report that it is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act,
as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form 8-K), or the Securities
are not otherwise freely tradable 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 Securities), the Company shall pay Additional Interest on the Securities. Such Additional
Interest shall accrue on the Securities at the rate of 0.50% per annum of the principal amount of the Securities outstanding for
each day during the period for which the Company’s failure to file has occurred and is continuing or the Securities are not
otherwise freely tradable by Holders other than the Company’s Affiliates (or Holders that have been 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 Securities. As used in this Section 4.03(d), documents or reports that the Company is required to “file”
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act do not include documents or reports that the Company furnishes
to the SEC pursuant to Section 13 or 15(d) of the Exchange Act.

 

(e)       If,
and for so long as, the Security Private Placement Legend has not been removed within ten (10) Business Days of the applicable
Holder’s request, the Securities are assigned a restricted CUSIP number or the Securities are not otherwise freely tradable
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
Securities) as of the 365th day after the Issue Date, then commencing five (5) Business Days after a Holder’s written notice
of the same, the Company shall pay Additional Interest on the Securities at a rate equal to 0.50% per annum of the principal amount
of Securities outstanding until the Security Private Placement Legend has been removed, the Securities are assigned an unrestricted
CUSIP number and the Securities are freely tradable 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 Securities.

 

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

 

(g)       The
Additional Interest that is payable in accordance with Section 4.03(d) or Section 4.03(e) shall, subject to the immediately succeeding
sentence, 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 6.02(b). However, in no event shall any Additional Interest that may accrue as a result of the Company’s
failure to timely file any document or report that the Company is required to file with the SEC pursuant to Section 13 or 15(d)
of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports on Form
8-K), as described in Section 4.03(d), together with any interest that may accrue in the event the Company elects to pay Additional
Interest in respect of an Event of Default relating to the Company’s failure to comply with its obligations as set forth
in Section 4.03(a) pursuant to Section 6.02(b), accrue at a rate in excess of 0.50% per annum pursuant to this Indenture, regardless
of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

  

    		32	 

     

    

 

(h)       If
the Company is required to pay Additional Interest to Holders, the Company shall provide a direction or order in the form of a
written notice to the Trustee (and if the Trustee is not the Paying Agent, to the Paying Agent) of the Company’s obligation
to pay such Additional Interest no later than three Business Days prior to the date on which any such Additional Interest is scheduled
to be paid. Such notice shall set forth the amount of Additional Interest to be paid by the Company on such payment date and direct
the Trustee (or, if the Trustee is not the Paying Agent, to the Paying Agent) to make payment to the extent it receives funds from
the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether
the Additional Interest is payable, or with respect to the nature, extent or calculation of the amount of the Additional Interest
owed, or with respect to the method employed in such calculation of the Additional Interest.

 

Section 4.04.       Compliance
Certificate. The Company shall deliver to the Trustee, within one hundred and twenty (120) calendar days after the end of
each fiscal year of the Company, commencing with the fiscal year ending December 31, 2018, a certificate from the principal executive,
financial or accounting officer of the Company stating that such officer has conducted or supervised a review of the activities
of the Company and its performance of obligations under this Indenture and the Securities and that, based upon such review, no
Default or Event of Default exists hereunder or thereunder or, if a Default or Event of Default then exists, specifying such event,
status and the remedial action proposed to be taken by the Company with respect to such Default or Event of Default.

 

Section 4.05.       Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the Securities;
and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and
covenants that it 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 has been enacted.

 

Section 4.06.       Notice
of Default. Within 30 days of the Company’s becoming aware of the occurrence of any Default or Event of Default, the
Company shall give written notice to the Trustee of such Default or Event of Default, and any remedial action proposed to be taken.

 

    		33	 

     

    

 

Article
5

Successors

 

Section
5.01.       When Company May Merge, Etc. Subject to Section 5.02, the Company shall not consolidate with, or merge
with or into, or sell, transfer, lease, convey or otherwise dispose of all or substantially all of the consolidated property
or assets of the Company and its Subsidiaries, taken as a whole, to another Person (other than one or more Wholly Owned
Subsidiaries of the Company (it being understood that this Article 5 shall not apply to a sale, transfer, lease, conveyance
or other disposition of property or assets between or among the Company and its Wholly Owned Subsidiaries)), whether in a
single transaction or series of related transactions, unless (i)(x) the Company is the continuing Person or (y) such other
Person is a corporation organized and existing under the laws of the United States of America, any state of the United States
of America or the District of Columbia, such other Person assumes by supplemental indenture all of the obligations of the
Company under the Securities and this Indenture and following such transaction or series of related transactions the
Reference Property does not include interests in an entity that is a partnership for U.S. federal income tax purposes and
(ii) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default shall
have occurred and be continuing under this Indenture.

 

For purposes of this Section 5.01, the sale,
transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of one or more Subsidiaries
of the Company to another Person other than the Company or one or more other Wholly Owned Subsidiaries of the Company, which properties
or assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the consolidated properties
or assets of the Company and its Subsidiaries, taken as a whole, shall be deemed to be the sale, transfer, lease, conveyance or
other disposition of all or substantially all of the consolidated properties or assets of the Company and its Subsidiaries, taken
as a whole, to another Person.

 

The Company shall deliver to the Trustee
substantially concurrently with or prior to the consummation of the proposed transaction an Officers’ Certificate and an
Opinion of Counsel (which may rely upon such Officers’ Certificate as to the absence of Defaults and Events of Default and
other statements of fact) stating that the proposed transaction and, if required, such supplemental indenture (if any) will, upon
consummation of the proposed transaction, comply with the applicable provisions of this Indenture.

 

Section 5.02.       Successor
Substituted. In case of any such consolidation, merger or any sale, transfer, lease, conveyance or other disposition of all
or substantially all of the consolidated property or assets of the Company and its Subsidiaries, taken as a whole, and upon the
assumption by the successor Person, 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 Securities,
the due and punctual payment of the Fundamental Change Repurchase Price with respect to all Securities repurchased on each Fundamental
Change Repurchase Date, the due and punctual payment of the Redemption Price due on a Redemption Date, the due and punctual delivery
or payment, as the case may be, of any consideration due upon conversion of the Securities and the due and punctual performance
of all of the covenants and conditions of this Indenture and the Securities to be performed by the Company, such successor Person
shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first
part. Such successor Person 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 Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor Person 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
Securities that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication,
and any Securities that such successor Person thereafter shall cause to be signed and delivered to the Trustee for that purpose.
All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued
at the date of the execution hereof. In the event of any such consolidation, merger or any sale, transfer, conveyance or other
disposition (but not in the case of a lease), upon compliance with this Article 5, 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 5, except in the case of a lease, shall be released from its liabilities as obligor and maker of the Securities and its
obligations under this Indenture shall terminate.

 

    		34	 

     

    

 

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

 

Article
6

Defaults and Remedies

 

Section 6.01.       Events
of Default. An “Event
of Default” occurs if:

 

(a)       the
Company fails to pay the principal of any Security when due, whether on the Maturity Date, on a Fundamental Change Repurchase Date
with respect to a Fundamental Change, on a Redemption Date, upon acceleration or otherwise;

 

(b)       the
Company fails to pay an installment of interest on any Security when due, if the failure continues for thirty (30) days after the
date when due;

 

(c)       the
Company fails to satisfy its conversion obligations upon exercise of a Holder’s conversion rights pursuant hereto and such
failure continues for a period of three (3) Business Days;

 

(d)       the
Company fails to (i) comply with its obligations under Article 5 or (ii) issue a Fundamental Change Notice in accordance with Section
3.01(b) when due;

 

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(e)       the
Company fails to comply with any other term, covenant or agreement set forth in the Securities or this Indenture and such failure
continues for the period, and after the notice, specified in the last paragraph of this Section 6.01;

 

(f)       (i)
the Company fails to make any payment at maturity, including any applicable grace period, on any indebtedness of the Company (other
than indebtedness of the Company owing to any of its Subsidiaries) outstanding in an amount in excess of $15,000,000 (or its foreign
currency equivalent) and continuance of this failure to pay or (ii) there is a default on any indebtedness of the Company (other
than indebtedness owing to any of its Subsidiaries), which default results in the acceleration of such indebtedness in an amount
in excess of $15,000,000 (or its foreign currency equivalent) without such indebtedness having been discharged or the acceleration
having been cured, waived, rescinded or annulled, in the case of clause (i) or (ii) above, for a period of 30 days after written
notice thereof to the Company by the Trustee or to the Company and the Trustee by Holders of not less than 25% in principal amount
of outstanding Securities (provided, however, that if any failure, default or acceleration referred to in clause
(i) or (ii) above ceases or is cured, waived, rescinded or annulled, then the Event of Default will be deemed cured);

 

(g)       a
final judgment or judgments for the payment of $15,000,000 (or its foreign currency equivalent) or more (excluding any amounts
covered by insurance) in the aggregate is rendered against the Company or any Subsidiary of the Company, which judgment is not
discharged, paid, bonded, waived or stayed within 30 days after (i) the date on which the right to appeal thereof has expired if
no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;

 

(h)       the
Company or any Significant Subsidiary, pursuant to, or within the meaning of, any Bankruptcy Law, insolvency law, or other similar
law now or hereafter in effect or otherwise, either:

 

(i)       commences
a voluntary case,

 

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

 

(iii)       consents
to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, or

 

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

 

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

 

(i)       is
for relief against the Company or any Significant Subsidiary in an involuntary case or proceeding with respect to the Company or
such Significant Subsidiary, or adjudicates the Company or any Significant Subsidiary insolvent or bankrupt,

 

    		36	 

     

    

 

(ii)       appoints
a Bankruptcy Custodian of the Company or any Significant Subsidiary for all or substantially all of the consolidated property of
the Company or any Significant Subsidiary, as the case may be, or

 

(iii)       orders
the winding up or liquidation of the Company or any Significant Subsidiary,

 

and, in the case of each of the foregoing clauses
(i), (ii) and (iii) of this Section 6.01(i), the order or decree remains unstayed and in effect for at least sixty (60) consecutive
days.

 

A Default under clause (e) above shall not
be an Event of Default until (A) the Trustee notifies the Company in writing, or the Holders of at least twenty five percent (25%)
in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee in writing, of the Default
and (B) the Default is not cured within sixty (60) days after receipt of such notice. Such notice must specify the Default, demand
that it be remedied and state that the notice is a “Notice of Default.” If the Holders of at least twenty five percent
(25%) in aggregate principal amount of the outstanding Securities request the Trustee to give such notice on their behalf, the
Trustee shall do so. When a Default is cured, it ceases to exist for all purposes under this Indenture.

 

Section 6.02.       Acceleration.
(a) Subject to Section 6.02(b), if applicable, if an Event of Default (excluding an Event of Default specified in Section 6.01(h)
or Section 6.01(i)) has occurred and is continuing, either the Trustee, by written notice to the Company, or the Holders of at
least twenty five percent (25%) in aggregate principal amount of the Securities then outstanding, by written notice to the Company
and the Trustee, may declare 100% of the principal of, and accrued and unpaid interest on, all the Securities to be immediately
due and payable in full. Upon such declaration, the principal of, and any accrued and unpaid interest on, all Securities shall
be due and payable immediately. If an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, 100% of the principal
of, and accrued and unpaid interest on, all the Securities shall automatically become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holder. The Holders of a majority in aggregate principal amount
of the Securities then outstanding by written notice to the Trustee may rescind or annul an acceleration and its consequences
if (i) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (ii) all existing Events
of Default, except the nonpayment of principal or interest that has become due solely because of the acceleration, have been cured
or waived (or are waived concurrently with such rescission or annulment) and (iii) all amounts due to the Trustee under Section
7.06 have been paid. Upon any such rescission or annulment, the Events of Default that were the subject of such acceleration shall
cease to exist and deemed to have been cured for every purpose. Notwithstanding anything to the contrary herein, no such rescission
and/or annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest
on, any Securities, (ii) a failure to repurchase any Securities when required or (iii) a failure to pay or deliver, as the case
may be, the consideration due upon conversion of the Securities.

 

    		37	 

     

    

 

(b)       Notwithstanding
the foregoing, for the first 180 days immediately following an Event of Default relating to failure to comply with Section 4.03(a)
or for any failure to comply with the requirements of Section 314(a)(1) of the TIA (at any time such section is applicable to the
Indenture) (which will be the 61st day after written notice is provided to the Company of the Default pursuant to the last paragraph
of Section 6.01, unless such failure is cured or waived prior to such 61st day), the sole remedy for any such Event of Default
shall, at the Company’s election, be the accrual of Additional Interest on the Securities at a rate per year equal to (i)
0.25% of the outstanding principal amount of Securities for the first 90 days following the occurrence of such Event of Default
and (ii) 0.50% of the outstanding principal amount of Securities for the next 90 days after the first 90 days following the occurrence
of such Event of Default, in each case, payable in the same manner and at the same time as the stated interest payable on the Securities.
Such Additional Interest shall accrue on all outstanding Securities from, and including, the date on which such Event of Default
first occurs to, and including, the 180th day thereafter (or such earlier date on which such Event of Default shall have been cured
or waived). On and after the 181st day immediately following an Event of Default relating to a failure to comply with Section 4.03(a),
if the Company elected to pay Additional Interest pursuant to this Section 6.02(b) such Additional Interest will cease to accrue
and, if such Event of Default has not been cured or waived prior to such 181st day, the payment of the principal of the Securities
may be accelerated by the Holders or the Trustee as provided above.

 

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 relating to the failure to comply with
the obligations under Section 4.03(a) or for any failure to comply with the requirements of Section 314(a)(1) of the TIA (at any
time such section is applicable to this Indenture, if any), the Company shall notify all Holders and the Trustee and the Paying
Agent of such election in writing prior to the Close of Business on the date that is one Business Day following the date on which
such Event of Default occurs (which will be the 61st day after written notice is provided to the Company of the Default pursuant
to the last paragraph of Section 6.01, unless such failure is cured or waived prior to such 61st day). If the Company fails to
give timely notice of such election, the Securities will be immediately subject to acceleration as provided in Section 6.02(a).

 

In the event the Company does not elect
to pay Additional Interest upon such Event of Default in accordance with this Section 6.02(b), the Securities will be subject to
acceleration as provided in Section 6.02(a). This Section 6.02(b) does not affect the rights of Holders if any other Event of Default
occurs under this Indenture.

 

Additional Interest shall be payable at
the same time, in the same manner and to the same Persons as ordinary interest. Any Additional Interest that is payable in accordance
with this Section 6.02(b) shall, subject to the immediately succeeding sentence, be in addition to, and not in lieu of, any Additional
Interest that is payable pursuant to Section 4.03(d) and Section 4.03(e). However, in no event will the rate of any such Additional
Interest payable pursuant to this Section 6.02(b), when taken together with any Additional Interest that may accrue as a result
of the Company’s failure to timely file any document or report that it is required to file with the SEC pursuant to Section
13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder and other than reports
on Form 8-K), as described under Section 4.03(d), accrue at a rate in excess of 0.50% per annum, regardless of the number of events
or circumstances giving rise to the requirement to pay such Additional Interest.

 

    		38	 

     

    

 

(c)       If
the Company is required to pay Additional Interest to Holders, the Company shall provide a direction or order in the form of a
written notice to the Trustee (and if the Trustee is not the Paying Agent, to the Paying Agent) of the Company’s obligation
to pay such Additional Interest no later than three Business Days prior to the date on which any such Additional Interest is scheduled
to be paid. Such notice shall set forth the amount of Additional Interest to be paid by the Company on such payment date and direct
the Trustee (or, if the Trustee is not the Paying Agent, to the Paying Agent) to make payment to the extent it receives funds from
the Company to do so. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine whether
the Additional Interest is payable, or with respect to the nature, extent or calculation of the amount of the Additional Interest
owed, or with respect to the method employed in such calculation of the Additional Interest.

 

Section 6.03.       Other
Remedies. Notwithstanding any other provision of this Indenture, if an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy by proceeding at law or in equity to collect the payment of amounts due with respect to the Securities
or to enforce the performance of any provision of the Securities or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee
or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. All remedies are cumulative.

 

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 Securities, and it shall not be necessary to make any Holders of
the Securities 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 hereto or any rescission and annulment pursuant hereto 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 6.04.       Waiver
of Past Defaults. Subject to Section 6.07 and Section 9.02, the Holders of a majority in aggregate principal amount of the
Securities then outstanding may on behalf of all Holders of Securities, by written notice to the Trustee, waive any past Default
or Event of Default and its consequences, other than a Default or Event of Default (a) in the payment of the principal of, or
interest on, any Security, or in the payment of the Fundamental Change Repurchase Price or the Redemption Price, as the case may
be, (b) arising from a failure by the Company to convert any Securities in accordance with this Indenture or (c) in respect of
any provision of this Indenture or the Securities which, under Section 9.02, cannot be modified or amended without the consent
of the Holder of each outstanding Security affected, if:

 

    		39	 

     

    

 

(i)       all
existing Defaults or Events of Default, other than the nonpayment of the principal of and interest on the Securities that have
become due solely by the declaration of acceleration, have been cured or waived; and

 

(ii)       the
waiver would not conflict with any judgment or decree of a court of competent jurisdiction.

 

When a Default or an Event of Default is
waived, it is cured and ceases to exist for all purposes under this Indenture, but no such waiver will extend to any subsequent
or other Default or Event of Default or impair any rights of Holders or the Trustee related thereto.

 

Section 6.05.       Control
by Majority. The Holders of a majority in aggregate principal amount of the Securities then outstanding shall have the right
to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on it with respect to the Securities. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture, is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability
unless the Trustee is offered indemnity satisfactory to it; provided that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction.

 

Section 6.06.       Limitation
on Suits. Except with respect to any proceeding instituted in accordance with Section 6.07, a Holder shall not have any right
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 or a trustee, or for any other remedy under this Indenture unless:

 

(a)       such
Holder previously shall have given the Trustee written notice of a continuing Event of Default;

 

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

 

(c)       such
Holder or Holders shall have offered and if requested, provided to the Trustee indemnity satisfactory to the Trustee against any
loss, liability or expense to or of the Trustee in connection with pursuing such remedy; and

 

(d)       the
Trustee shall have failed to comply with the request for sixty (60) days after receipt of such notice, request and offer of indemnity,
and during such sixty (60) day period, the Holders of a majority in aggregate principal amount of the Securities then outstanding
have not given the Trustee a direction that is inconsistent with the request.

 

    		40	 

     

    

 

A Holder may not use this Indenture to prejudice
the rights of another Holder or to obtain a preference or priority over another Holder (it being understood that the Trustee does
not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders).
A Holder shall have the right to not enforce any right under this Indenture except in the manner herein.

 

Section 6.07.       Rights
of Holders to Receive Payment and to Convert Securities. Notwithstanding any other provision of this Indenture, the right
of any Holder to receive payment of all amounts (including any principal, interest or the Fundamental Change Repurchase Price
or the Redemption Price) due with respect to the Securities, on or after the respective due dates as provided herein, or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the
consent of the Holder.

 

In addition, notwithstanding any other provision
of this Indenture, the right of any Holder to convert a Security in accordance with this Indenture, or to bring suit for the enforcement
of such right, shall not be impaired or affected without the consent of the Holder.

 

Section 6.08.       Collection
Suit by Trustee. If an Event of Default specified in Section 6.01(a) or Section 6.01(b) has occurred and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount due with
respect to the Securities, including any unpaid and accrued interest.

 

Section 6.09.       Trustee
May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee, any predecessor Trustee and the Holders allowed in any judicial proceedings relative
to the Company or its creditors or properties.

 

The Trustee may collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same, and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or similar official in any judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.06.

 

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 the Securities 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.

 

Section 6.10.       Priorities.
If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order:

 

		First:	to the Trustee for amounts due under Section 7.06;

  

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		Second:	to Holders for all amounts due and unpaid on the Securities, without preference or priority of any kind, according to the amounts
due and payable on the Securities; and

 

		Third:	the balance, if any, to the Company.

 

The Trustee, upon prior written notice to
the Company, may fix a record date and payment date for any payment by it to Holders pursuant to this Section 6.10. At least fifteen
(15) days before each such record date, the Trustee shall send to each Holder and the Company a written notice that states such
record date and payment date and the amount of such payment.

 

Section 6.11.       Remedies
Cumulative and Continuing. 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 Securities, 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
Securities 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 6.12.       Undertaking
for Costs. 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, a court in its discretion may require the filing by any party litigant in the
suit other than the Trustee of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a
suit by a Holder pursuant to Section 6.07, a suit by a Holder or group of Holders of more than ten percent (10%) in aggregate
principal amount of the outstanding Securities, 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 Security (including, but not limited to, the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Security or any suit for the
enforcement of the right to convert any Security, or receive the consideration due upon conversion, in accordance with the provisions
of Article 10.

 

Article
7

Trustee

 

Section 7.01.       Duties
of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise
or use under the circumstances in the conduct of his or her own affairs.

 

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(b)       Except
during the continuance of an Event of Default:

 

(i)       the
Trustee need perform only those duties that 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 on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon 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 which by any provision hereof are specifically required to
be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts
stated therein).

 

(c)       The
Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its
own willful misconduct, except that:

 

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

 

(ii)       the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.05.

 

(d)       Every
provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section 7.01 and Section
7.02.

 

(e)       The
Trustee shall not be liable for interest on or the investment of any money received by it except as the Trustee may agree in writing
with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)       No
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

Section 7.02.       Rights
of Trustee. (a) The Trustee may conclusively rely on any document believed by it in good faith to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document; if, however,
the Trustee shall determine to make such further inquiry or investigation, it shall be entitled during normal business hours to
examine the relevant books, records and premises of the Company, personally or by agent or attorney upon reasonable prior notice,
at the sole cost of the Company, and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation.

  

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(b)       Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate and/or an Opinion of Counsel. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion
of Counsel.

 

(c)       Any
request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Order, and any resolution of
the Board of Directors shall be sufficiently evidenced by a Board Resolution.

 

(d)       The
Trustee may consult with counsel of its own selection, and the advice of such counsel or any opinion of counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon.

 

(e)       The
Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care.

 

(f)       The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its discretion, rights or powers conferred upon it by this Indenture; provided that the Trustee’s action does not
constitute willful misconduct or gross negligence.

 

(g)       Except
with respect to Section 4.01, where it acts as Paying Agent, the Trustee shall have no duty to inquire as to the performance of
the Company with respect to the covenants contained in Article 4. In addition, the Trustee shall not be deemed to have knowledge
of an Event of Default except (i) any Default or Event of Default occurring pursuant to Section 6.01(a) or (b) for which it acts
as Paying Agent or (ii) any Default or Event of Default of which a Responsible Officer shall have received written notification
or obtained actual knowledge. Delivery of reports, information and documents to the Trustee under Article 4 (other than Section
4.04 and 4.06) is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute actual
or 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 rely on Officers’ Certificates).

 

(h)       The
Trustee shall be under no obligation to exercise any of the rights or powers vested by this Indenture at the request or demand
of any of the Holders pursuant to this Indenture unless such Holders shall have offered to the Trustee security or indemnity satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or demand.

 

(i)       The
rights, privileges, protections, immunities and benefits given to the Trustee, including without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Securities Agent, agent,
custodian and other Person employed to act hereunder.

 

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(j)       The
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of Officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any Person authorized to
sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered
and not superseded.

 

(k)       Anything
in this Indenture to the contrary notwithstanding, in no event shall the Trustee or any Securities Agent be liable under or in
connection with this Indenture and the Securities for indirect, special, incidental, punitive or consequential losses or damages
of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee or such Securities
Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought.

 

 (l)        No bond or surety shall
be required of the Trustee with respect to performance of the Trustee’s duties and powers hereunder.

 

(m)      Under
no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by this Indenture or the
Securities.

 

(n)       Any
discretion, permissive right, or privilege of the Trustee hereunder shall not be deemed to be or otherwise construed as a duty
or obligation of the Trustee hereunder.

 

(o)       Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or
consent of any person who, at the time of making such request or giving such authority or consent, is the Holder of any Security
shall be conclusive and binding upon future Holders of the Securities and upon Securities executed and delivered in exchange therefor
or in place thereof.

 

(p)       Neither the Trustee nor any of its directors,
officers, employees, agents or affiliates shall be responsible or have any duty to monitor the performance or action of the Company,
or any of its directors, members, officers, agents, affiliates or employees, nor shall it have any liability in connection with
the malfeasance or nonfeasance by such party. The Trustee shall not be responsible for any inaccuracy in the information obtained
from the Company or for any inaccuracy or omission in the records which may result from such information or any failure by the
Trustee to perform its duties as set forth herein as a result of any inaccuracy or any incompleteness.

 

(q)       If any party fails to deliver 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 and without liability rely on its failure to receive such notice as reason to act as if no such event occurred.

 

Section 7.03.       Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or any of its Affiliates with the same rights the Trustee would have if it were not Trustee. Any
Securities Agent may do the same with like rights. The Trustee, however, must comply with Section 7.09.

 

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Section 7.04.       Trustee’s
Disclaimer. The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities or the
recitals or representations contained herein or therein; the Trustee shall not be accountable for the Company’s use of the
proceeds from the Securities; and the Trustee shall not be responsible for any statement in the Securities other than its certificate
of authentication.

 

Section 7.05.       Notice
of Defaults. If a Default or Event of Default occurs and is continuing as to which a Responsible Officer of the Trustee is
deemed to have actual knowledge in accordance with Section 7.02(g), then the Trustee shall send to each Holder a notice of the
Default or Event of Default within thirty (30) days after receipt of such notice or after acquiring such knowledge, as applicable,
unless such Default or Event of Default has been cured or waived; provided, however, that, except in the case of
a Default or Event of Default in payment or delivery of any amounts due (including principal, interest, the Fundamental Change
Repurchase Price, the Redemption Price or the consideration due upon conversion) with respect to any Security, the Trustee may
withhold such notice if, and so long as it in good faith determines that, withholding such notice is in the best interests of
Holders.

 

Section 7.06.       Compensation
and Indemnity. The Company shall pay to the Trustee from time to time such compensation for its services hereunder as shall
be mutually agreed upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by
it pursuant to, and in accordance with, any provision hereof, except for any such expenses as shall have been caused by the Trustee’s
own gross negligence or willful misconduct. Such expenses shall include the reasonable compensation and out-of-pocket expenses
of the Trustee’s agents and counsel. The Trustee shall provide the Company with reasonable notice of any expense not in
the ordinary course of business.

 

The Company shall indemnify each of the
Trustee, each predecessor Trustee and their respective agents for, and hold each of them harmless against, any and all loss, liability,
damage, claim, cost or expense (including the reasonable fees and expenses of counsel and taxes other than those based upon the
income of the Trustee) incurred by it in connection with the acceptance or administration of this trust, the performance of its
duties and/or the exercise of its rights hereunder, or in connection with enforcing the provisions of this Section 7.06, including
the reasonable costs and expenses of defending itself against any claim (whether asserted by the Company, any Holder or any other
Person) or liability in connection with the exercise or performance of any of its powers and duties hereunder. The Company need
not pay for any settlement made without its consent, which shall not be unreasonably withheld. The Trustee shall notify the Company
promptly of any claim for which it may seek indemnification; provided that failure to give such notice shall not relieve
the Company of its obligations under this Section 7.06. The Company need not reimburse any expense or indemnify against any loss
or liability incurred by the Trustee through the Trustee’s own gross negligence or willful misconduct.

 

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To secure the Company’s payment obligations
in this Section 7.06, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee,
except that held in trust to pay amounts due on particular Securities.

 

The indemnity obligations of the Company
with respect to the Trustee provided for in this Section 7.06 shall survive any resignation or removal of the Trustee and any termination
of this Indenture.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for
the services are intended to constitute expenses of administration under any Bankruptcy Law.

 

Section 7.07.       Replacement
of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon
the successor Trustee’s acceptance of appointment as provided in this Section 7.07.

 

The Trustee may resign by so notifying the
Company in writing thirty (30) days prior to such resignation. The Holders of a majority in aggregate principal amount of the Securities
then outstanding may remove the Trustee by so notifying the Trustee and the Company in writing and may appoint a successor Trustee
with the Company’s consent. The Company may remove the Trustee if:

 

(a)       the
Trustee fails to comply with Section 7.09;

 

(b)       the
Trustee is adjudged a bankrupt or an insolvent;

 

(c)       a
receiver or other public officer takes charge of the Trustee or its property; or

 

(d)       the
Trustee becomes incapable of acting.

 

If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee.

 

If a successor Trustee does not take office
within thirty (30) days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense),
the Company or the Holders of at least ten percent (10%) in aggregate principal amount of the outstanding Securities may petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

If the Trustee fails to comply with Section
7.09, the Company or any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall send a notice of its succession to Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06.

 

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Section
7.08.       Successor Trustee by Merger, Etc. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation,
the successor corporation without any further act shall be the successor Trustee, if such successor corporation is otherwise
eligible hereunder.

 

Section 7.09.       Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that (i) is an entity organized and doing business under
the laws of the United States of America or of any state thereof or the District of Columbia, (ii) is subject to supervision or
examination by federal or state authorities and (iii) has a combined capital and surplus of at least $50 million as set forth
in its most recent published annual report of condition.

 

Section 7.10.       Preferential
Collection of Claims Against Company. To the extent the TIA then applies to the Indenture, the Trustee is subject to TIA §311(a),
excluding any creditor relationship listed in TIA §311(b). To the extent the TIA then applies to the Indenture, a Trustee
who has resigned or been removed shall be subject to §311(a) to the extent indicated.

 

Section 7.11.       Reports
by Trustee to Holders. Within 60 days after each December 31, beginning with December 31, 2018, the Trustee shall send to
all Holders of the Securities, as their names and addresses appear on the register kept by the Registrar, a brief report dated
as of such date, in accordance with, and to the extent required under, TIA § 313(a) (but if no event described in TIA §313(a)
has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply
with TIA § 313(b)(2). The Trustee will also send all reports as required by TIA § 313(c). A copy of each report at the
time of its delivery to the Holders of Securities shall be delivered to the Company and each stock exchange on which the Securities
are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee in writing when the Securities
are listed on any stock exchange or any delisting thereof.

 

Article
8

Discharge of Indenture

 

Section 8.01.       Termination
of the Obligations of the Company. This Indenture shall cease to be of further effect, and the Trustee shall execute instruments
acknowledging satisfaction and discharge of this Indenture, if: (a) either (i) all outstanding Securities (other than Securities
replaced pursuant to Section 2.07) have been delivered to the Trustee for cancellation or (ii) all outstanding Securities have
become due and payable at their scheduled maturity or upon conversion, Repurchase Upon Fundamental Change or redemption, and in
either case the Company irrevocably deposits, prior to the applicable due date, with the Trustee or the Paying Agent (if the Paying
Agent is not the Company or any of its Affiliates) cash (or, in the case of conversion, delivers to the Holders in accordance
with Article 10 cash, Common Stock (and cash in lieu of any fractional shares) or a combination thereof, as applicable, solely
to satisfy the Company’s Conversion Obligation) sufficient to satisfy all obligations due and owing on all outstanding Securities
(other than Securities replaced pursuant to Section 2.07) on the Maturity Date, the relevant settlement date of any conversion,
the Fundamental Change Repurchase Date or the Redemption Date, as the case may be; (b) the Company pays to the Trustee all other
sums payable hereunder by the Company; and (c) the Company has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for herein relating to the satisfaction and discharge
of this Indenture have been complied with; provided, however, that Section 2.03, Section 2.04, Section 2.05, Section
2.08, Section 7.06, Section 7.07, Section 7.08, Section 7.09, Section 14.09, Section 14.14 and this Article 8 shall survive any
discharge of this Indenture until such time as all payments in respect of the Securities have been paid in full and there are
no Securities outstanding; provided further, however, that Section 7.06 shall also survive after the Securities
are paid in full and there are no Securities outstanding.

 

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Section 8.02.       Application
of Trust Money. The Trustee shall hold in trust all money deposited with it pursuant to Section 8.01 and shall apply such
deposited money through the Paying Agent and in accordance with this Indenture to the payment of amounts due on the Securities.

 

Section 8.03.       Repayment
to Company.

 

Subject to applicable escheatment
laws, the Trustee and the Paying Agent shall promptly notify the Company of, and pay to the Company upon the written request of
the Company, any excess money held by them at any time. The Trustee or the Paying Agent, as the case may be, shall provide written
notice to the Company of any money that has been held by it and has, for a period of two (2) years, remained unclaimed for the
payment of the principal of, or any accrued and unpaid interest on, the Securities. Subject to the requirements of applicable
law, the Trustee and the Paying Agent shall pay to the Company upon the written request of the Company any money held by them
for the payment of the principal of, or any accrued and unpaid interest on, the Securities that remains unclaimed for two (2)
years. After payment to the Company, Holders entitled to the money must look to the Company for payment as general creditors,
subject to applicable law, and all liability of the Trustee and the Paying Agent with respect to such money and payment shall,
subject to applicable law, cease.

 

Section 8.04.       Reinstatement.
If any money, Common Stock or other consideration cannot be applied in accordance with Section 8.01 and Section 8.02 by reason
of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the obligations of the Company under this Indenture and the Securities shall be revived
and reinstated as though no deposit or delivery had occurred pursuant to Section 8.01 and Section 8.02 until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.01 and Section 8.02; provided,
however, that if the Company has made any payment of amounts due with respect to any Securities because of the reinstatement
of its obligations, then the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment
from the money, Common Stock or other consideration held by the Trustee or Paying Agent.

 

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Article
9

Amendments

 

Section 9.01.       Without
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to
or the consent of any Holder:

 

(a)       to
comply with Section 5.01 or Section 10.11;

 

(b)       to
secure the obligations of the Company in respect of the Securities or add guarantees with respect to the Securities;

 

(c)       to
evidence and provide for the appointment of a successor Trustee in accordance with Section 7.07;

 

(d)       to
comply with the provisions of any securities depository, including DTC, clearing agency, clearing corporation or clearing system,
or the requirements of the Trustee or the Registrar, relating to transfers and exchanges of any applicable Securities pursuant
to this Indenture;

 

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

 

(f)       to
make provision with respect to adjustments to the Conversion Rate as required by this Indenture or to increase the Conversion Rate
in accordance with this Indenture;

 

(g)       to
irrevocably elect or eliminate one or more Settlement Methods and/or irrevocably elect a minimum Specified Dollar Amount;

 

(h)       to
make any change that does not materially adversely affect the rights of any Holder;

 

(i)       to
permit the conversion of the Securities into Reference Property in accordance with Section 10.11; or

 

(j)       to
comply with the requirement of the SEC in order to effect or maintain the qualification of this Indenture and any supplemental
indenture under the TIA.

 

In addition, the Company and the Trustee
may enter into a supplemental indenture without the consent of Holders of the Securities to cure any ambiguity, defect, omission
or inconsistency in this Indenture in a manner that does not materially adversely affect the rights of any Holder.

 

Any supplemental indenture authorized by
the provisions of this Section 9.01 may be executed by the Company and the Trustee without the consent of the Holders of any of
the Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02.

 

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Section 9.02.       With
Consent of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities with the written
consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities (including, without
limitation, consents obtained from Holders in connection with a purchase of, or tender or exchange offer for, Securities). Subject
to Section 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the outstanding Securities may, by written
notice to the Trustee, waive by consent (including, without limitation, consents obtained from Holders in connection with a purchase
of, or tender or exchange offer for, Securities) compliance by the Company with any provision of this Indenture or the Securities
without notice to any other Holder. Notwithstanding the foregoing or anything herein to the contrary, without the consent of the
Holder of each outstanding Security affected, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04,
may not:

 

(a)       change
the stated maturity of the principal of, or the payment date of any installment of interest on, any Security;

 

(b)       reduce
the principal amount of any Security, or any interest on, any Security or alter or waive the provisions with respect to the redemption
of such Security;

 

(c)       change
the place or currency of payment of principal of, or any interest on, any Security;

 

(d)       impair
the right of any Holder to receive any payment on, or with respect to, or any delivery or payment due upon the conversion of, any
Security or impair the right to institute suit for the enforcement of any delivery or payment on, or with respect to, or due upon
the conversion of, any Security;

 

(e)       modify,
in a manner adverse to Holders, the obligation of the Company pursuant to Section 3.01 to repurchase Securities upon the occurrence
of a Fundamental Change;

 

(f)       adversely
affect the right of Holders to convert Securities in accordance with Article 10;

 

(g)       reduce
the percentage in aggregate principal amount of outstanding Securities whose Holders must consent to a modification to or amendment
of any provision of this Indenture or the Securities; or

 

(h)       modify
the provisions of Article 9 that require each Holder’s consent or the waiver provisions of Section 6.04 with respect to modification
and waiver (including waiver of a Default or an Event of Default), except to increase the percentage required for modification
or waiver or to provide for the consent of each affected Holder.

 

Notwithstanding the foregoing or anything
to the contrary, so long as any Orogen Securities are outstanding, without the consent of the Holders of 100% of the aggregate
principal amount of the Orogen Securities, an amendment, supplement or waiver, including a waiver pursuant to Section 6.04, may
not modify any provision contained in this Indenture specifically and uniquely applicable to the Orogen Securities in a manner
adverse to the Holders of, or the holders of a beneficial interest in, the Orogen Securities.

 

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Promptly after an amendment, supplement
or waiver under Section 9.01 or this Section 9.02 becomes effective, the Company shall send, or cause to be sent, to Holders a
notice briefly describing such amendment, supplement or waiver. Any failure of the Company to send such notice shall not in any
way impair or affect the validity of such amendment, supplement or waiver.

 

It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall
be sufficient if such consent approves the substance thereof.

 

Section 9.03.       Revocation
and Effect of Consents. Until an amendment, supplement or waiver becomes effective (or until such earlier date as specified
by the Company in connection with the solicitation of such consent), a consent to it by a Holder is a continuing consent by the
Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may revoke
the consent as to its Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment,
supplement or waiver becomes effective (or such earlier date specified by the Company in connection with the solicitation of such
consent).

 

After an amendment, supplement or waiver
becomes effective with respect to the Securities, it shall bind every Holder unless such amendment, supplement or waiver makes
a change that requires, pursuant to Section 9.02, the consent of each Holder affected. In that case, the amendment, supplement
or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of
a Security that evidences the same debt as the consenting Holder’s Security. Any amendment to this Indenture or the Securities
shall be set forth in a supplemental indenture to this Indenture that complies with the TIA as then in effect, if the TIA is applicable
to this Indenture.

 

Nothing in this Section 9.03 shall impair
the Company’s rights pursuant to Section 9.01 to amend this Indenture or the Securities without the consent of any Holder
in the manner set forth in, and permitted by, such Section 9.01.

 

Section 9.04.       Notation
on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require
the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security as directed
and prepared by the Company about the changed terms and return it to the Holder. Alternatively, if the Company so determines,
the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed
terms.

 

Section 9.05.       Trustee
Protected. The Trustee shall sign any amendment, supplemental indenture or waiver authorized pursuant to this Article 9; provided,
however, that the Trustee need not sign any amendment, supplement or waiver authorized pursuant to this Article 9 that
adversely affects the Trustee’s rights, duties, liabilities or immunities. The Trustee shall be entitled to receive and
conclusively rely upon, in addition to the documents set forth in Section 14.03, an Opinion of Counsel as to legal matters and
an Officers’ Certificate as to factual matters each stating that any supplemental indenture, amendment or waiver is permitted
or authorized pursuant to this Indenture and constitutes the legal, valid and binding obligation of the Company enforceable in
accordance with its terms (subject to customary exceptions).

 

    		52	 

     

    

 

Section 9.06.       Effect
of Supplemental Indentures. Upon the due execution and delivery of any supplemental indenture in accordance with this Article
9, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes, and, except as set forth in Section 9.02 and Section 9.03, every Holder of Securities shall be bound thereby.

 

Article
10

Conversion

 

Section 10.01.       Conversion
Privilege. (a) Subject to the limitations of Section 10.02, Section 10.11 and the settlement provisions of Section 10.14(c),
and upon compliance with the provisions of this Article 10, each Holder of a Security 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 a multiple thereof) of such
Security at any time prior to the Close of Business on the second Scheduled Trading Day immediately preceding the Maturity Date,
in each case, at the then applicable Conversion Rate per $1,000 principal amount of Securities (subject to the settlement provisions
of Section 10.02, the “Conversion Obligation”).

 

(b)       To
convert its Security, a Holder of a Physical Security must (i) complete and manually sign the Conversion Notice, with appropriate
notarization or signature guarantee, and deliver the completed Conversion Notice thereof to the Conversion Agent, (ii) surrender
the Security to the Conversion Agent, (iii) furnish appropriate endorsements and transfer documents if required by the Registrar
or Conversion Agent, (iv) pay all transfer or similar taxes if required pursuant to Section 10.04 and (v) pay funds equal to interest
payable on the next Interest Payment Date if so required by Section 10.02(d). If a Holder holds a beneficial interest in a Global
Security, to convert such Security, the Holder must comply with clauses (iv) and (v) above and the Depository’s procedures
for converting a beneficial interest in a Global Security. The Conversion Agent shall notify the Company of any conversion pursuant
to this Section 10.01(b) on the Conversion Date for such conversion.

 

(c)       A
Holder may convert a portion of the principal amount of a Security if such portion is $1,000 principal amount or an integral multiple
of $1,000 principal amount in excess thereof. Provisions of this Indenture that apply to conversion of all of a Security also apply
to conversion of a portion of such Security.

 

Section 10.02.       Conversion
Procedure and Payment Upon Conversion.

 

(a)       Subject
to this Section 10.02 and Section 10.11 and the settlement provisions of Section 10.14(c), upon conversion of any Security, the
Company shall pay or deliver, as the case may be, to the converting Holder, in respect of each $1,000 principal amount of Securities
being converted, cash (“Cash Settlement”), Common Stock, together with cash, if applicable, in lieu of delivering
any fractional shares of Common Stock in accordance with Section 10.03 (“Physical Settlement”) or a combination
of cash and Common Stock, together with cash, if applicable, in lieu of delivering any fractional shares of Common Stock in accordance
with Section 10.03 (“Combination Settlement”), at its election, as set forth in this Section 10.02.

 

    		53	 

     

    

 

(i)       All
conversions for which the relevant Conversion Date occurs on or after the 61st Scheduled Trading Day immediately preceding the
Maturity Date, and all conversions for which the relevant Conversion Date occurs after the Company’s issuance of a notice
of redemption with respect to the Securities and prior to the related Redemption Date, shall be settled using the same Settlement
Method.

 

(ii)       The
Company shall use the same Settlement Method for all conversions of Securities occurring on the same Conversion Date (except for
any conversions described in the immediately preceding clause (i)), but the Company shall not have any obligation to use the same
Settlement Method with respect to conversions that occur on different Conversion Dates.

 

(iii)       If,
in respect of any Conversion Date (or for all conversions in any period), 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 shall deliver such Settlement Notice to converting Holders (with a copy to the Trustee and Conversion Agent) no later than
the Close of Business on the Trading Day immediately following the relevant Conversion Date to which such Settlement Notice applies
(or, in the case of any conversions for which the relevant Conversion Date occurs (x) after the date of issuance of a notice of
redemption and prior to the related Redemption Date, in such notice of redemption or (y) on or after the 61st Scheduled Trading
Day immediately preceding the Maturity Date, no later than the 61st Scheduled Trading Day immediately preceding the Maturity Date).
If the Company does not elect a Settlement Method prior to the deadline set forth in the immediately preceding sentence for a Conversion
Date, the Company shall no longer have the right to elect Cash Settlement or Physical Settlement with respect to conversions on
such Conversion Date and the Company shall be deemed to have elected Combination Settlement in respect of its Conversion Obligation
on such Conversion Date, and the Specified Dollar Amount per $1,000 principal amount of Securities 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 Securities. 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 Securities in such Settlement Notice, the Specified Dollar Amount per $1,000 principal amount
of Securities shall be deemed to be $1,000.

 

    		54	 

     

    

 

(iv)       The
cash, Common Stock or combination of cash and Common Stock in respect of any conversion of Securities (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 Securities being converted a number of shares of
Common Stock equal to the Conversion Rate in effect on the Conversion Date (provided that the Company shall deliver cash
in lieu of any fractional shares as described in Section 10.03);

 

(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 Securities being converted cash in an amount equal to the
sum of the Daily Conversion Values for each Trading Day during the related Observation Period; and

 

(C)       if
the Company elects (or is deemed to have elected pursuant to Section 10.02(a)(iii)) to satisfy its Conversion Obligation in respect
of such conversion by Combination Settlement, the Company shall pay or deliver to the converting Holder, as the case may be, in
respect of each $1,000 principal amount of Securities being converted, a Settlement Amount equal to the sum of the Daily Settlement
Amounts for each Trading Day 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 shares of Common Stock,
and in any event within one (1) Business Day following the last day of the Observation Period, 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.

 

(b)       Each
conversion shall be deemed to have been effected as to any Securities surrendered for conversion at the Close of Business on the
applicable Conversion Date; provided, however, that the Person in whose name any shares of the Common Stock shall
be issuable upon such conversion shall become the holder of record of such shares as of the Close of Business on such Conversion
Date (in the case of Physical Settlement) or the last Trading Day of the relevant Observation Period (in the case of Combination
Settlement). Prior to such time, a Holder receiving Common Stock upon conversion shall not be entitled to any rights relating to
such Common Stock, including, among other things, the right to vote and receive dividends and notices of shareholder meetings.
The Company will determine the Conversion Date and the last Trading Day of the relevant Observation Period, as applicable, in accordance
with the requirements set forth herein and notify the Trustee and Conversion Agent of the same.

 

    		55	 

     

    

 

(c)       In
the case of any conversion of Securities, the Company shall pay or deliver, as the case may be, the consideration due in respect
of the Conversion Obligation on the later of (i) the second Business Day immediately following the relevant Conversion Date (in
the case of Physical Settlement) and (ii) the second Business Day immediately following the last Trading Day of the relevant Observation
Period (in the case of Combination Settlement or Cash Settlement). If any shares of Common Stock are due to converting Holders,
the Company shall issue or cause to be issued, and deliver or cause to be delivered to such Holder, or such Holder’s nominee(s)
or transferee(s), certificates or a book-entry transfer through the Depository for the full number of Common Stock to which such
Holder shall be entitled in satisfaction of the Company’s Conversion Obligation.

 

(d)       Except
to the extent otherwise provided in this Section 10.02(d), no payment or adjustment will be made for accrued interest on a converted
Security, and accrued interest, if any, will be deemed to be paid by the consideration paid to the Holder upon conversion. Such
accrued interest, if any, shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. 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
Security and accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date. Upon a conversion of Securities
into a combination of cash and Common Stock, accrued and unpaid interest will be deemed to be paid first out of the cash paid upon
such conversion. If any Holder surrenders a Security for conversion after the Close of Business on the Record Date for the payment
of an installment of interest but prior to the Open of Business on the next Interest Payment Date, then, notwithstanding such conversion,
the full amount of interest payable with respect to such Security on such Interest Payment Date shall be paid on such Interest
Payment Date to the Holder of record of such Security at the Close of Business on such Record Date; provided, however,
that such Security, when surrendered for conversion, must be accompanied by payment in cash to the Conversion Agent on behalf of
the Company of an amount equal to the full amount of interest payable on such Interest Payment Date on the Security so converted;
provided further, however, that such payment to the Conversion Agent described in the immediately preceding proviso
in respect of a Security surrendered for conversion shall not be required with respect to a Security that (i) is surrendered for
conversion after the Close of Business on the Record Date immediately preceding the Maturity Date, (ii) is surrendered for conversion
after the Close of Business on a Record Date for the payment of an installment of interest and on or prior to the Open of Business
on the related Interest Payment Date, where, pursuant to Section 3.01, the Company has specified, with respect to a Fundamental
Change, a Fundamental Change Repurchase Date that is after such Record Date but on or prior to such Interest Payment Date or (iii)
is surrendered for conversion after the Close of Business on a Record Date for the payment of an installment of interest and on
or prior to the Open of Business on the related Interest Payment Date, where, pursuant to Section 13.01, the Company has specified
a Redemption Date that is after such Record Date but on or prior to the Business Day immediately following such Interest Payment
Date.

 

    		56	 

     

    

 

(e)       If
a Holder converts more than one Security at the same time, the Conversion Obligation with respect to such Securities shall be based
on the total principal amount of all Securities so converted.

 

(f)       Upon
surrender of a Security that is converted in part, the Trustee shall authenticate for the Holder a new Security equal in principal
amount to the unconverted portion of the Security surrendered.

 

Section 10.03.       Cash
in Lieu of Fractional Shares. The Company shall not issue fractional shares of Common Stock upon the conversion of a Security.
Instead, the Company shall pay to converting Holders cash in lieu of fractional shares based on the Daily VWAP on the relevant
Conversion Date (in the case of Physical Settlement) or based on the Daily VWAP on the last Trading Day of the relevant Observation
Period (in the case of Combination Settlement). If more than one Security shall be surrendered for conversion at one time by the
same Holder, the number of full shares that shall be issuable upon conversion thereof shall be computed on the basis of the aggregate
Daily Settlement Amounts for the relevant Observation Period (in the case of Combination Settlement) or the aggregate principal
amount of the Securities, or specified portions thereof to the extent permitted hereby (in the case of Physical Settlement) so
surrendered, and any fractional shares remaining after such computation shall be paid in cash.

 

Section 10.04.       Taxes
on Conversion. If a Holder converts its Security, the Company shall pay any documentary, stamp or similar issue or transfer
tax or duty due on the issue, if any, of Common Stock upon the conversion. However, the Holder shall pay such tax which is due
because the Holder requests the shares of Common Stock to be issued in a name other than the Holder’s name. The Company
may refuse to deliver the certificate(s) representing the Common Stock being issued or delivered to the Holder or in a name other
than such Holder’s name until the Conversion Agent receives a sum sufficient to pay any tax or duty which will be due because
shares of Common Stock are to be issued or delivered in a name other than such Holder’s name.

 

Section 10.05.       Company
to Provide Common Stock. The Company shall at all times reserve and keep available, free from preemptive rights, out of its
authorized but unissued stock, for the purpose of effecting the conversion of the Securities, such number of its duly authorized
shares of Common Stock as shall from time to time be sufficient for the conversion of all outstanding Securities into shares of
Common Stock at any time (assuming, for such purposes, that (i) Physical Settlement will apply to all conversions of Securities,
(ii) at the time of computation of such number of shares, all such Securities would be converted by a single Holder and (iii)
the maximum Conversion Rate permitted by Section 10.14 is applicable to such conversion). The Company shall, from time to time
and in accordance with Delaware law, cause the authorized number of shares of Common Stock to be increased if the aggregate of
the number of authorized shares of Common Stock remaining unissued shall not be sufficient for the conversion of all outstanding
(and issuable as set forth above) Securities into shares of Common Stock at any time.

 

    		57	 

     

    

 

All Common Stock issued upon conversion
of the Securities shall be validly issued, fully paid and non-assessable and shall be free of preemptive or similar rights and
free of any lien or adverse claim that arises from the action or inaction of the Company.

 

The Company shall comply with all securities
laws regulating the offer and delivery of any Common Stock upon conversion of Securities and shall list such shares on each national
securities exchange or automated quotation system on which the Common Stock is listed on the applicable Conversion Date.

 

Section 10.06.       Adjustment
of Conversion Rate. The Conversion Rate shall be subject to adjustment from time to time, without duplication, upon the occurrence
of any of the following events on or after the date of this Indenture:

 

(a)       In
case the Company shall pay or make a dividend or other distribution on its Common Stock consisting exclusively of Common Stock,
the Conversion Rate shall be increased by multiplying such Conversion Rate by a fraction of which the denominator shall be the
number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex Date for such dividend or distribution,
and the numerator shall be the number of shares of Common Stock outstanding immediately after giving effect to such dividend or
distribution, based on the following formula:

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the Open of Business on the Ex Date of such dividend or distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such dividend or distribution;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex Date for such dividend or distribution; and
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after giving effect to such dividend or distribution.

 

In case the Company shall effect a share
split or share combination of the Common Stock, the Conversion Rate shall be proportionally increased, in the case of a share split,
and proportionally reduced, in the case of a share combination, as expressed in the following formula:

 

    		58	 

     

    

 

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the Open of Business on the effective date of such share split or share combination;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the Open of Business on the effective date of such share split or share combination;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the effective date of such share split or share combination; and
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after giving effect to such share split or share combination.

  

Any adjustment made under this Section 10.06(a)
shall become effective immediately after the Open of Business on the Ex 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 the case may be. If any dividend
or distribution of the type described in this Section 10.06(a) is declared but not so paid or made, then 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 distributes to all or substantially all holders of the Common Stock any rights, options or warrants entitling them,
for a period expiring not more than forty-five (45) days immediately following the date of such distribution, to purchase or subscribe
for Common Stock at a price per share less than the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive
Trading Day period ending on the Trading Day immediately preceding the date of announcement for such distribution, 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 Date for such distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the Open of Business on such Ex Date;
	 	 	 
	OS0	=	the number of shares of Common Stock outstanding immediately prior to the Open of Business on such Ex Date;

  

    		59	 

     

    

 

	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 Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement for such distribution.

 

Any increase made under this Section 10.06(b)
shall be made successively whenever any such rights, options or warrants are distributed and shall become effective immediately
after the Open of Business on the Ex Date for such distribution. To the extent that Common Stock is not delivered after expiration
of such rights, options or warrants, the Conversion Rate shall be readjusted, effective as of the date of such expiration, to the
Conversion Rate that would then be in effect had the increase with respect to the distribution of such rights, options or warrants
been made on the basis of delivery of only the number of shares of Common Stock actually delivered. If such rights, options or
warrants are not so distributed, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines
not to make such distribution, to the Conversion Rate that would then be in effect if such Ex Date for such distribution had not
occurred.

 

In determining whether any rights, options
or warrants entitle the holders to subscribe for or purchase Common Stock at less than such average of the Closing Sale Prices
for the ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the date of announcement for such
distribution, and in determining the aggregate offering price of such 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. Except in the case of a readjustment of
the Conversion Rate pursuant to the immediately preceding paragraph, the Conversion Rate shall not be decreased pursuant to this
Section 10.06(b).

 

(c)       If
the Company distributes shares of its Capital Stock, evidences of its indebtedness or other of its assets, securities or property
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of Common
Stock, but excluding (i) dividends or distributions as to which an adjustment was effected pursuant to Section 10.06(a) or
Section 10.06(b), (ii) dividends or distributions paid exclusively in cash as to which an adjustment was effected pursuant to Section
10.06(d), (iii) distributions of Reference Property in a transaction described in Section 10.11, (iv) rights issued pursuant to
a rights plan of the Company (i.e., a poison pill), except to the extent provided by Section 10.13, and (v) Spin-Offs to which
the provisions set forth in the latter portion of this Section 10.06(c) shall apply (any of such shares of Capital Stock, indebtedness
or other assets, securities or property or rights, options or warrants to acquire its Capital Stock or other securities, the “Distributed
Property”), then, in each such case the Conversion Rate shall be increased based on the following formula:

 

    		60	 

     

    

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the Open of Business on the Ex Date for such distribution;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such distribution;
	 	 	 
	SP0	=	the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the Ex Date for such distribution; and
	 	 	 
	FMV	=	the fair market value (as determined by the Board of Directors) of the Distributed Property distributable with respect to each outstanding share of Common Stock as of the Open of Business on the Ex Date for such distribution.

 

If the Board of Directors determines “FMV”
for purposes of this Section 10.06(c) by reference to the actual or when issued trading market for any securities, it must in doing
so consider the prices in such market over the same period used in computing the Closing Sale Prices of the Common Stock over the
ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the Ex Date for such distribution.

 

Notwithstanding the foregoing, if “FMV”
(as defined above) is equal to or greater than the “SP0” (as defined above), in lieu of the foregoing increase,
provision shall be made for each Holder of a Security to receive, for each $1,000 principal amount of Securities it holds, at the
same time and upon the same terms as the holders of the Common Stock, the amount and kind of Distributed Property that such Holder
would have received if such Holder had owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex
Date for such distribution.

 

Any increase made under the portion of this
Section 10.06(c) above shall become effective immediately after the Open of Business on the Ex 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 make such distribution, to the Conversion Rate that would then be in effect if such dividend or distribution had not been
declared.

 

With respect to an adjustment pursuant to
this Section 10.06(c) where there has been a payment of a dividend or other distribution on the Common Stock of Capital Stock of
any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit of the Company, where such
Capital Stock or similar equity interest is listed or quoted (or will be listed or quoted upon consummation of the transaction)
on a U.S. national securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following
formula:

 

    		61	 

     

    

 

 

where,

 

	CR0	=	the Conversion Rate in effect immediately prior to the Open of Business on the Ex Date for the Spin-Off;
	 	 	 
	CR'	=	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for the Spin-Off;
	 	 	 
	FMV0	=	the average of the Closing Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of Common Stock (determined by reference to the definition of Closing 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 ten (10) consecutive Trading Days immediately following, and including, the Ex Date for a Spin-Off (the “Valuation Period”); and
	 	 	 
	MP0	=	the average of the Closing Sale Prices of the Common Stock over the Valuation Period.
	 	 	 

The increase to the Conversion Rate under
the preceding paragraph shall be determined on the last Trading Day of the Valuation Period, but will be given effect immediately
after the Open of Business on the Ex Date for such Spin-Off. Notwithstanding the foregoing, (x) in respect of any conversion during
the Valuation Period for which Physical Settlement is applicable, references in the portion of this Section 10.06(c) related to
Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading Days as have elapsed
between the Ex Date of such Spin-Off and the Conversion Date in determining the Conversion Rate and (y) in respect of any conversion
during the Valuation Period 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 in the portion of this Section
10.06(c) related to Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced with such lesser number of Trading
Days as have elapsed between the Ex Date of such Spin-Off and such Trading Day in determining the Conversion Rate as of such Trading
Day. If the period from and including the Ex Date for the Spin-Off to and including the last Trading Day of the Observation Period
in respect of any conversion of Securities is less than 10 Trading Days, references in the portion of this Section 10.06(c) related
to Spin-Offs with respect to 10 Trading Days shall be deemed to be replaced, solely in respect of that conversion of Securities,
with such lesser number of Trading Days as have elapsed from, and including, the Ex Date for the Spin-Off to, and including, the
last Trading Day of such Observation Period.

 

    		62	 

     

    

 

Subject in all respects to Section 10.13,
rights, options or warrants distributed by the Company to all holders of its Common Stock entitling the holders thereof 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 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 10.06(c) (and no adjustment to the
Conversion Rate under this Section 10.06(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 10.06(c), as the case may be. 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 Date with respect to new rights, options or warrants with such rights (and a termination or expiration of the existing rights,
options or warrants 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 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 10.06(c), as the case may be, was made, (1) in the case of any such rights, options or warrants that shall all have
been redeemed or repurchased without exercise by any holders thereof, the Conversion Rate shall be readjusted upon such final redemption
or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution,
equal to the per share redemption or repurchase 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 repurchase, 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 or
warrants had not been issued.

 

For purposes of Section 10.06(a), Section
10.06(b) and this Section 10.06(c), if any dividend or distribution to which this Section 10.06(c) is applicable also includes
one or both of:

 

(A)       a
dividend or distribution of Common Stock to which Section 10.06(a) is applicable (the “Clause A Distribution”);
or

 

(B)       a
dividend or distribution of rights, options or warrants to which Section 10.06(b) is applicable (the “Clause B Distribution”),

 

then (1) such dividend or distribution, other than the Clause
A Distribution and Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 10.06(c) is applicable
(the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section 10.06(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 10.06(a) and Section 10.06(b)
with respect thereto shall then be made, except that, if determined by the Board of Directors, the Ex Date of the Clause A Distribution
and the Clause B Distribution shall be deemed to be the Ex Date of the Clause C Distribution and any 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 the Ex Date for such dividend or distribution” or “outstanding immediately after the Open of Business on the effective
date of such share split or share combination,” as the case may be within the meaning of Section 10.06(a) or “outstanding
immediately prior to the Open of Business on the Ex Date for such distribution” within the meaning of Section 10.06(b).

 

    		63	 

     

    

 

Except in the case of a readjustment of
the Conversion Rate pursuant to the last sentence of either the fourth or seventh paragraph of this Section 10.06(c), the Conversion
Rate shall not be decreased pursuant to this Section 10.06(c).

 

(d)       If
any cash dividend or distribution is made to all or substantially all holders of the Common Stock, 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 Date for such dividend or distribution;
	 	 	 
	CR1	=	the Conversion Rate in effect immediately after the Open of Business on the Ex Date for such dividend or distribution;
	 	 	 
	SP0	=	 the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period immediately preceding the Ex Date for such dividend or distribution (or, if the Company declares such dividend or distribution less than eleven (11) Trading Days prior to the Ex Date for such dividend or distribution the reference to ten (10) consecutive Trading Days shall be replaced with a smaller number of consecutive Trading Days that shall have occurred after, and not including, such declaration date and prior to, but not including, the Ex Date for such dividend or distribution); and
	 	 	 
	C	=	the amount in cash per share of Common Stock the Company distributes to holders of its Common Stock.

 

Any adjustment made under this Section 10.06(d)
shall become effective immediately after the Open of Business on the Ex Date for such dividend or distribution.

 

Notwithstanding the foregoing, if “C”
(as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase,
provision shall be made for each Holder of a Security to receive, for each $1,000 principal amount of Securities it holds, at the
same time and upon the same terms as holders of the Common Stock, the amount of cash such Holder would have received as if such
Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex Date for such cash 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 pay such dividend or distribution, to the Conversion Rate that would then be in effect if such dividend
or distribution had not been declared.

  

    		64	 

     

    

 

Except in the case of a readjustment of
the Conversion Rate pursuant to the last sentence of the immediately preceding paragraph, the Conversion Rate shall not be decreased
pursuant to this Section 10.06(d).

 

(e)       If
the Company or any of its Subsidiaries makes a payment in respect of a tender offer or exchange offer for the Common Stock, if
the cash and value of any other consideration included in the payment per share of Common Stock exceeds the average of the Closing
Sale Prices of the Common Stock over the ten (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 last Trading Day of the ten (10) consecutive Trading Day period commencing on, 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 last Trading Day of the ten (10) consecutive Trading Day period commencing on, 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 time such tender or exchange offer expires (prior to giving effect to such tender offer or exchange offer);
	 	 	 
	OS'	=	the number of shares of Common Stock outstanding immediately after the time such tender or exchange offer expires (after giving effect to such tender offer or exchange offer); and
	 	 	 
	SP'	=	the average of the Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

  

    		65	 

     

    

 

The increase to the Conversion Rate under
this Section 10.06(e) shall occur at the Close of Business on the tenth (10th) Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires; provided that, for purposes of determining
the Conversion Rate, (x) in respect of any conversion for which Physical Settlement is applicable during the ten (10) Trading Days
immediately following, but excluding, the date that any such tender or exchange offer expires, references in this Section 10.06(e)
to ten (10) consecutive Trading Days shall be deemed to be replaced with such lesser number of consecutive Trading Days as have
elapsed between the date such tender or exchange offer expires and the relevant Conversion Date and (y) in respect of any conversion
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 ten (10) Trading Days immediately following, but excluding, the date that any such tender
or exchange offer expires, references in this Section 10.06(e) to ten (10) consecutive Trading Days shall be deemed to be replaced
with such lesser number of consecutive Trading Days as have elapsed between the date of such tender or exchange offer and such
Trading Day in determining the Conversion Rate as of such Trading Day. If the Company or one of its Subsidiaries is obligated to
purchase the Common Stock pursuant to any such tender or exchange offer but the Company or such Subsidiary is permanently prevented
by applicable law from effecting any such purchase or all such purchases are rescinded, the Conversion Rate shall be immediately
decreased to the Conversion Rate that would be in effect if such tender or exchange offer had not been made.

 

Except in the case of a readjustment of
the Conversion Rate pursuant to the last sentence of the immediately preceding paragraph, the Conversion Rate shall not be decreased
pursuant to this Section 10.06(e).

 

(f)       In
addition to the foregoing adjustments in subsections (a), (b), (c), (d) and (e) above, and to the extent permitted by applicable
law and the rules of the Relevant Stock Exchange, the Company may, from time to time and to the extent permitted by law, increase
the Conversion Rate by any amount for a period of at least twenty (20) Trading Days or any longer period as may be permitted or
required by law, if the Board of Directors has made a determination, which determination shall be conclusive, that such increase
would be in the best interests of the Company. Such Conversion Rate increase shall be irrevocable during such period. The Company
shall give notice to the Trustee and cause notice of such increase, which notice will include the amount of the increase and the
period during which the increase shall be in effect, to be sent to each Holder of Securities in accordance with Section 14.01,
at least fifteen (15) days prior to the date on which such increase commences.

 

(g)       All
calculations under this Article 10 shall be made to the nearest cent or to the nearest 1/10,000th of a share, as the case may be.
Adjustments to the Conversion Rate will be calculated to the nearest 1/10,000th of a share.

 

    		66	 

     

    

 

(h)       Notwithstanding
this Section 10.06 or any other provision of this Indenture or the Securities, if a Conversion Rate adjustment becomes effective
on any Ex Date, and a Holder that has converted its Securities on or after such Ex Date and on or prior to the related record date
would be treated as the record holder of the Common Stock as of the related Conversion Date as described under Section 10.02(b)
based on an adjusted Conversion Rate for such Ex Date, then, notwithstanding the Conversion Rate adjustment provisions in this
Section 10.06, the Conversion Rate adjustment relating to such Ex 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 Common Stock on an unadjusted basis and participate in the
related dividend, distribution or other event giving rise to such adjustment.

 

(i)       Notwithstanding
this Section 10.06 or any other provision of this Indenture or the Securities, if a Holder converts a Security, Combination Settlement
is applicable to such Security and the Daily Settlement Amount for any Trading Day during the Observation Period applicable to
such Security (x) is calculated based on a Conversion Rate adjusted on account of any event described in clauses (a), (b), (c),
(d) and (e) of this Section 10.06 and (y) includes any shares of Common Stock that entitle their holder to participate in such
event, then, notwithstanding the Conversion Rate adjustment provisions in this Section 10.06, the Conversion Rate adjustment relating
to such event will not be made for such converting Holder for such Trading Day. Instead, such Holder will be treated as if such
Holder were the record owner of the Common Stock on an unadjusted basis and participate in the related dividend, distribution or
other event giving rise to such adjustment.

 

(j)       For
purposes of this Section 10.06, “effective date” means the first date on which the Common Stock trade on the
Relevant Stock Exchange, regular way, reflecting the relevant share split or share combination, as applicable.

 

(k)       For
purposes of this Section 10.06, the number of shares of Common Stock at any time outstanding shall not include shares held in the
treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares
of Common Stock. The Company shall not pay any dividend or make any distribution on shares of Common Stock held in the treasury
of the Company.

 

Section 10.07.       No
Adjustment. The Conversion Rate shall not be adjusted for any transaction or event other than for any transaction or event
described in this Article 10. Without limiting the foregoing, the Conversion Rate shall not be adjusted:

 

(i)       upon
the issuance of any 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 (or the
issuance of any shares of Common Stock pursuant to any such options or other rights);

 

    		67	 

     

    

 

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

 

(iv)       for
accrued and unpaid interest, if any;

 

(v)       repurchases
of Common Stock that are not tender offers or exchange offers pursuant to Section 10.06(e), including structured or derivative
transactions such as accelerated share repurchase transactions or similar forward derivatives;

 

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

 

(vii)       for
the issuance of Common Stock or any securities convertible into or exchangeable for Common Stock or the right to purchase Common
Stock or such convertible or exchangeable securities, except as described in Section 10.06.

 

No adjustment in the Conversion Rate of
less than one percent (1%) of the Conversion Rate as last adjusted (or, if never adjusted, the initial Conversion Rate) shall be
made pursuant to Section 10.06(a) through Section 10.06(e); provided, however, that (i) the Company shall carry forward
any adjustments that are not made as a result of the foregoing and make such carried forward adjustments with respect to the Conversion
Rate when the cumulative effect of all adjustments not yet made will result in a change of one percent (1%) or more of the Conversion
Rate as last adjusted (or, if never adjusted, the initial Conversion Rate) and (ii) notwithstanding the foregoing, all such deferred
adjustments that have not yet been made shall be made (including any adjustments that are less than one percent (1%) of the Conversion
Rate as last adjusted (or, if never adjusted, the initial Conversion Rate)) (1) on the effective date of any Fundamental Change
or Make-Whole Fundamental Change and (2) on (A) each Conversion Date (in the case of Physical Settlement) and (B) on each Trading
Day of any Observation Period (in the case of Cash Settlement or Combination Settlement).

 

No adjustment to the Conversion Rate need
be made pursuant to Section 10.06 for a transaction (other than for share splits or share combinations pursuant to Section 10.06(a)
or tender offers or exchange offers pursuant to Section 10.06(e)) if the Company makes provision for each Holder to participate
in the transaction, at the same time and upon the same terms as holders of Common Stock participate in such transaction, without
conversion, as if such Holder held a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex Date or
effective date, as applicable, of the transaction (without giving effect to any adjustment pursuant to Section 10.06 on account
of such transaction), multiplied by the principal amount (expressed in thousands) of Securities held by such Holder.

 

Section 10.08.       Other
Adjustments. Whenever any provision of this Indenture requires the computation of an average of the Closing Sale Prices, the
Daily VWAPs, the Daily Conversion Values or the Daily Settlement Amounts over a period of multiple Trading Days (including an
Observation Period and the period for determining the Applicable Price for purposes of a Make-Whole Fundamental Change), the Board
of Directors, in its good faith determination, shall appropriately adjust such average to account for any event requiring, pursuant
hereto, an adjustment to the Conversion Rate where the effective date, Ex Date or expiration date of such event occurs at any
time on or after the first Trading Day of such period and on or prior to the last Trading Day of such period.

  

    		68	 

     

    

 

Section 10.09.       Adjustments
for Tax Purposes. Except as prohibited by law, the Company may (but is not obligated to) make such increases in the Conversion
Rate, in addition to those required by Section 10.06 hereof, as it considers to be advisable to avoid or diminish any income tax
to any holders of Common Stock (or rights to purchase Common Stock) resulting from any dividend or distribution of stock (or rights
to acquire stock) or from any event treated as such for income tax purposes or for any other reason.

 

Section 10.10.       Notice
of Adjustment and Certain Events. (a) Whenever the Conversion Rate is adjusted, the Company shall promptly file with the Trustee
(and the Conversion Agent if other than the Trustee) an Officers’ Certificate describing in reasonable detail the adjustment
and the method of calculation used and the Company shall promptly send to the Holders in accordance with Section 14.01 a notice
of the adjustment setting forth the adjusted Conversion Rate and the calculation thereof. The certificate and notice shall be
conclusive evidence of the correctness of such adjustment. In the absence of an Officers’ Certificate being filed with the
Trustee (and the Conversion Agent if not the Trustee), the Trustee may assume without inquiry that the Conversion Rate has not
been adjusted and that the last Conversion Rate of which it has knowledge remains in effect.

 

(b)       In
case of any:

 

(i)       action
by the Company or one of its Subsidiaries that would require an adjustment to the Conversion Rate in accordance with Section 10.06
or Section 10.13;

 

(ii)       Merger
Event; or

 

(iii)       voluntary
or involuntary dissolution, liquidation or winding-up of the Company;

 

then the Company shall at least ten days prior to the anticipated
effective date of such transaction or event cause written notice thereof to be sent to the Trustee and the Holders in accordance
with Section 14.01 Such notice shall also specify, as applicable, the date or expected date on which the holders of Common Stock
shall be entitled to a distribution and the date or expected date on which the holders of Common Stock shall be entitled to exchange
their Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
sale, transfer, dissolution, liquidation or winding-up, as the case may be. 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, Merger Event, dissolution,
liquidation or winding-up.

 

    		69	 

     

    

 

Section 10.11.       Effect
of Reclassifications, Consolidations, Mergers, Binding Share Exchanges or Sales on Conversion Privilege. If on or after the
date of this Indenture the Company:

 

(a)       reclassifies
the Common Stock (other than a change as a result of a subdivision or combination of Common Stock to which Section 10.06(a) applies);

 

(b)       is
party to a consolidation, merger or binding share exchange; or

 

(c)       sells,
transfers, leases, conveys or otherwise disposes of all or substantially all of the consolidated property or assets of the Company
and its Subsidiaries, taken as a whole,

 

in each case, pursuant to which the Common Stock would be converted
into or exchanged for, or would constitute solely the right to receive, cash, securities or other property or assets (any such
event, a “Merger Event”), each $1,000 principal amount of converted Securities will, from and after the effective
time of such Merger Event, be convertible into the same kind, type and proportions of consideration that a holder of a number of
shares of Common Stock equal to the Conversion Rate in effect immediately prior to such Merger Event would have received in such
Merger Event (“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) and, prior to or at the effective
time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee
a supplemental indenture permitted under Section 9.01(a) providing for such change in the right to convert the Securities; provided,
however, that at and after the effective time of the Merger 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 Securities in accordance with Section
10.02 and (B) (I) any amount payable in cash upon conversion of the Securities in accordance with Section 10.02 shall continue
to be payable in cash, (II) any Common Stock that the Company would have been required to deliver upon conversion of the Securities
in accordance with Section 10.02 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 received in such Merger Event and (III) the Daily VWAP shall be calculated based on
the value of a unit of Reference Property.

 

If the Merger 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 whole
or in part upon any form of stockholder election, then (i) the Reference Property into which the Securities will be convertible
shall be deemed to be the weighted average of the types and amounts of consideration received by the holders of Common Stock that
affirmatively make such an election (or, if no holders of Common Stock affirmatively make such an election, 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. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted
average as soon as reasonably practicable after such determination is made. If the holders of Common Stock receive only cash in
such Merger Event, then for all conversions that occur after the effective date of such Merger Event (A) the consideration due
upon conversion of each $1,000 principal amount of Securities shall be solely cash in an amount equal to the Conversion Rate in
effect on the Conversion Date (as may be increased pursuant to Section 10.14), multiplied by the price paid per share of Common
Stock in such Merger Event and (B) the Company shall satisfy its Conversion Obligation by paying cash to converting Holders on
the second Business Day immediately following the relevant Conversion Date.

 

    		70	 

     

    

 

The supplemental indenture referred to in
the first sentence of this Section 10.11 shall provide for adjustments to the Conversion Rate that shall be as nearly equivalent
as may be practicable to the adjustments of the Conversion Rate provided for in this Article 10 and for the delivery of cash by
the Company in lieu of fractional securities or property that would otherwise be deliverable to holders upon Conversion as part
of the Reference Property, with such amount of cash determined by the Board of Directors in a manner as nearly equivalent as may
be practicable to that used by the Company to determine the Closing Sale Price of the Common Stock. The provisions of this Section
10.11 shall similarly apply to successive consolidations, mergers, binding share exchanges, sales, transfers, leases, conveyances
or dispositions.

 

The Company shall not consummate any Merger
Event unless its terms are consistent with this Section 10.11.

 

None of the foregoing provisions shall affect
the right of a Holder to convert its Securities into Common Stock (and cash in lieu of any fractional share) as set forth in Section
10.01 and Section 10.02 prior to the effective date of such Merger Event.

 

In the event the Company shall execute a
supplemental indenture in accordance with this Section 10.11, the Company shall promptly file with the Trustee an Officers’
Certificate briefly stating the reasons therefor, the kind or amount of Reference Property receivable by Holders of the Securities
upon the conversion of their Securities after any such Merger Event and any adjustment to be made with respect thereto.

 

Section 10.12.       Trustee’s
Disclaimer. The Trustee and the Conversion Agent shall have no duty to determine the Conversion Rate (or any adjustment thereto)
or whether any facts exist that may require that any adjustment under this Article 10 should be made, how it should be made or
what such adjustment should be, but may accept as conclusive evidence of the correctness of any such adjustment, and shall be
protected in relying upon, the Officers’ Certificate with respect thereto which the Company is obligated to file with the
Trustee pursuant to Section 10.10 hereof. Neither the Trustee nor the Conversion Agent makes any representation as to the validity
or value of any securities or assets issued upon conversion of Securities, and neither the Trustee nor the Conversion Agent shall
be responsible for the failure by the Company to comply with any provisions of this Article 10 or to monitor any Person’s
compliance with this Article 10.

 

The Trustee shall not be under any responsibility
to determine the correctness of any provisions contained in any supplemental indenture executed pursuant to Section 10.11, but
may accept as conclusive evidence of the correctness thereof, and shall be protected in relying upon, the Officers’ Certificate
with respect thereto which the Company is obligated to file with the Trustee pursuant to Section 10.11 hereof.

 

    		71	 

     

    

 

Section 10.13.       Rights
Distributions Pursuant to Shareholders’ Rights Plans. To the extent that on or after the date of this Indenture the
Company adopts a rights plan (i.e., a poison pill) and such plan is in effect upon conversion of any Security or a portion thereof,
the Company shall make provision such that each Holder thereof shall receive, in addition to, and concurrently with the delivery
of, the Common Stock due upon conversion (if any), the rights described in such plan, unless the rights have separated from the
Common Stock before the time of conversion, in which case the Conversion Rate shall be adjusted at the time of separation as if
the Company distributed to all holders of Common Stock, Distributed Property as described in Section 10.06(c), subject to readjustment
in the event of the expiration, termination or redemption of such rights.

 

Section 10.14.       Increased
Conversion Rate Applicable to Certain Securities Surrendered in Connection with Make-Whole Fundamental Changes. (a) Notwithstanding
anything herein to the contrary, the Conversion Rate applicable to each Security that is surrendered for conversion, in accordance
with this Article 10, at any time during the period (the “Make-Whole Conversion Period”) from, and including,
the effective date (the “Effective Date”) of a Make-Whole Fundamental Change (which Effective Date the Company
shall disclose in the written notice referred to in Section 10.14(e)) (A) if such Make-Whole Fundamental Change does not also
constitute a Fundamental Change, to, and including, the Close of Business on the date that is thirty (30) Business Days after
the later of (i) such Effective Date and (ii) the date the Company sends to Holders the relevant notice of the Effective Date
or (B) if such Make-Whole Fundamental Change also constitutes a Fundamental Change, to, and including, the Close of Business on
the Fundamental Change Repurchase Date corresponding to such Fundamental Change, shall be increased to an amount equal to the
Conversion Rate that would, but for this Section 10.14, otherwise apply to such Security pursuant to this Article 10, plus an
amount equal to the Make-Whole Applicable Increase.

 

(b)       As
used herein, “Make-Whole Applicable Increase” shall mean, with respect to a Make-Whole Fundamental Change, the
amount, set forth in the following table, which corresponds to the Effective Date and the Applicable Price of such Make-Whole Fundamental
Change:

 

	 	 	 
Applicable Price
	 
	Effective Date	 	$65.73	 	 	$70.00	 	 	$75.00	 	 	$80.00	 	 	$100.00	 	 	$112.50	 	 	$150.00	 	 	$200.00	 	 	$300.00	 	 	$400.00	 
	October 4, 2018       	 	 	1.8804	 	 	 	1.6390	 	 	 	1.4115	 	 	 	1.2295	 	 	 	0.7814	 	 	 	0.6281	 	 	 	0.3869	 	 	 	0.2361	 	 	 	0.0905	 	 	 	0.0179	 
	October 1, 2019       	 	 	1.8804	 	 	 	1.5260	 	 	 	1.2816	 	 	 	1.0871	 	 	 	0.6205	 	 	 	0.4742	 	 	 	0.2782	 	 	 	0.1716	 	 	 	0.0697	 	 	 	0.0179	 
	October 1, 2020       	 	 	1.8804	 	 	 	1.4473	 	 	 	1.1829	 	 	 	0.9720	 	 	 	0.4533	 	 	 	0.2981	 	 	 	0.1503	 	 	 	0.0942	 	 	 	0.0404	 	 	 	0.0136	 
	October 1, 2021       	 	 	1.8804	 	 	 	1.3721	 	 	 	1.0951	 	 	 	0.8804	 	 	 	0.3231	 	 	 	0.0892	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2022       	 	 	1.8804	 	 	 	1.2607	 	 	 	0.9604	 	 	 	0.7480	 	 	 	0.2728	 	 	 	0.0772	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2023       	 	 	1.8804	 	 	 	1.0949	 	 	 	0.7248	 	 	 	0.5053	 	 	 	0.1780	 	 	 	0.0541	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2024       	 	 	1.8804	 	 	 	0.9524	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

provided, however, that:

 

    		72	 

     

    

 

(i)       if
the actual Applicable Price of such Make-Whole Fundamental Change is between two (2) Applicable Prices listed in the table above
under the row titled “Applicable Price,” or if the actual Effective Date of such Make-Whole Fundamental Change is between
two Effective Dates listed in the table above in the column immediately below the title “Effective Date,” then the
Make-Whole Applicable Increase for such Make-Whole Fundamental Change shall be determined by linear interpolation between the Make-Whole
Applicable Increases set forth for such higher and lower Applicable Prices, or for such earlier and later Effective Dates based
on a three hundred and sixty-five (365) or three hundred and sixty-six (366) day year, as applicable;

 

(ii)       if
the actual Applicable Price of such Make-Whole Fundamental Change is greater than $400.00 per share (subject to adjustment in the
same manner as the Applicable Prices pursuant to Section 10.14(b)(iii)), or if the actual Applicable Price of such Make-Whole Fundamental
Change is less than $65.73 per share (subject to adjustment in the same manner as the Applicable Prices pursuant to Section 10.14(b)(iii)),
then the Make-Whole Applicable Increase shall be equal to zero (0);

 

(iii)       if
an event occurs that requires, pursuant to this Article 10 (other than solely pursuant to this Section 10.14), an adjustment to
the Conversion Rate, then, on the date and at the time such adjustment is so required to be made, each Applicable Price set forth
in the table above under the column titled “Applicable Price” shall be deemed to be adjusted so that such Applicable
Price, at and after such time, shall be equal to the product of (A) such Applicable Price as in effect immediately before such
adjustment to such Applicable Price and (B) a fraction the numerator of which is the Conversion Rate in effect immediately before
such adjustment to the Conversion Rate and the denominator of which is the Conversion Rate to be in effect, in accordance with
this Article 10, immediately after such adjustment to the Conversion Rate; and

 

(iv)       each
Make-Whole Applicable Increase amount set forth in the table above shall be adjusted in the same manner, for the same events and
at the same time as the Conversion Rate is required to be adjusted pursuant to Section 10.06 through Section 10.13.

 

(c)       Subject
to Section 10.11, upon surrender of Securities for conversion in connection with a Make-Whole Fundamental Change, the Company shall,
at its option, satisfy the related Conversion Obligation by Physical Settlement, Cash Settlement or Combination Settlement in accordance
with Section 10.02; 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 consideration for the Common Stock is composed entirely of cash, for
any conversion of Securities following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall
be calculated based solely on the Applicable Price for the transaction and shall be deemed to be an amount equal to, per $1,000
principal amount of converted Securities, the Conversion Rate (including any Make-Whole Applicable Increase), multiplied by such
Applicable Price. In such event, the Conversion Obligation will be determined and shall be paid to Holders in cash on the second
Business Day following the Conversion Date.

 

    		73	 

     

    

 

(d)       As
used herein, “Applicable Price” shall have the following meaning with respect to a Make-Whole Fundamental Change:
(i) if such Make-Whole Fundamental Change is a transaction or series of transactions described in clause (b) of the definition
of Fundamental Change and the consideration (excluding cash payments for fractional shares or pursuant to statutory appraisal rights)
for Common Stock in such Make-Whole Fundamental Change consists solely of cash, then the “Applicable Price” with respect
to such Make-Whole Fundamental Change shall be equal to the cash amount paid per share of Common Stock in such Make-Whole Fundamental
Change and (ii) in all other circumstances, the “Applicable Price” with respect to such Make-Whole Fundamental Change
shall be equal to the average of the Closing Sale Prices per share of Common Stock for the five (5) consecutive Trading Days immediately
preceding, but excluding, the Effective Date of such Make-Whole Fundamental Change, which average shall be appropriately adjusted
by the Board of Directors, in its good faith determination, to account for any adjustment, pursuant hereto, to the Conversion Rate
that shall become effective, or any event requiring, pursuant hereto, an adjustment to the Conversion Rate where the effective
date, Ex Date or expiration date of such event occurs, at any time during such five (5) consecutive Trading Days.

 

(e)       The
Company shall send to each Holder, in accordance with Section 14.01, written notice of the Effective Date of the Make-Whole Fundamental
Change within ten (10) days after such Effective Date. Each such notice shall also state that, in connection with such Make-Whole
Fundamental Change, the Company shall increase, in accordance herewith, the Conversion Rate applicable to Securities entitled as
provided herein to such increase (along with a description of how such increase shall be calculated and the time periods during
which Securities must be surrendered in order to be entitled to such increase, including, without limitation, the last day of the
Make-Whole Conversion Period).

 

(f)       For
avoidance of doubt, the provisions of this Section 10.14 shall not affect or diminish the Company’s obligations, if any,
pursuant to Article 3 with respect to a Make-Whole Fundamental Change that also constitutes a Fundamental Change.

 

(g)       Nothing
in this Section 10.14 shall prevent an adjustment to the Conversion Rate pursuant to Section 10.06 in respect of a Make-Whole Fundamental
Change.

 

Article
11

Concerning the Holders

 

Section 11.01.       Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount
of the Securities may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage
have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Holders in
person or by agent or proxy appointed in writing, (ii) 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 12 or (iii) by a combination of such instrument or instruments
and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the
Holders of the Securities, the Company or the Trustee may fix, but shall not be required to, 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 (15) days prior to the date of commencement of solicitation of such action.

  

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Section 11.02.       Proof
of Execution by Holders. Subject to the provisions of Section 12.05, 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 Securities shall be proved by the security
register of the Registrar or by a certificate of the Registrar. The record of any Holders’ meeting shall be proved in the
manner provided in Section 12.06.

 

Section 11.03.       Persons
Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any
Registrar may deem the Person in whose name a Security shall be registered upon the security register of the Registrar to be,
and may treat it as, the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any
notation of ownership or other writing thereon made by any Person other than the Company or any Registrar) for the purpose of
receiving payment of or on account of the principal of and (subject to Section 2.12 and Section 4.01) accrued and unpaid interest
on such Security, or the Fundamental Change Repurchase Price or Redemption Price, if applicable, for conversion of such Security
and for all other purposes; and neither the Company nor the Trustee nor any authenticating agent nor any Paying Agent nor any
Conversion Agent nor any Registrar shall be affected by any notice to the contrary. All such payments so made to any Holder for
the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge
the liability for monies payable upon any such Security. Notwithstanding anything to the contrary in this Indenture or the Securities
following an Event of Default, any holder of a beneficial interest in a Global Security may directly enforce against the Company,
without the consent, solicitation, proxy, authorization or any other action of the Depository or any other Person, such holder’s
right to exchange such beneficial interest for a Physical Security in accordance with the provisions of this Indenture.

 

Article
12

Holders’ Meetings

 

Section 12.01.       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
12 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 and its consequences, or to take any other action authorized
to be taken by Holders pursuant to any of the provisions of Article 6;

 

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(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 9.02; or

 

(d)       to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Securities under any other provision of this Indenture or under applicable law.

 

Section 12.02.       Call
of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 12.01,
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 11.01, shall be sent to Holders of such Securities at their addresses as they shall appear
on the security register of the Registrar. Such notice shall also be sent to the Company. Such notices shall be sent not less
than twenty (20) nor more than ninety (90) days prior to the date fixed for the meeting.

 

Any meeting of Holders shall be valid without
notice if the Holders of all Securities then outstanding are present in person or by proxy or if notice is waived before or after
the meeting by the Holders of all Securities 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 12.03.       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% in aggregate principal amount of the Securities 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 sent the notice of such meeting within twenty (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 12.01, by
sending notice thereof as provided in Section 12.02.

 

Section 12.04.       Qualifications
for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Securities 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 Securities 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 12.05.       Regulations.
Notwithstanding any other provision 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 Securities and of the appointment of proxies, and in regard to
the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence
of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.

 

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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 12.03, 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 outstanding Securities represented at the meeting and entitled to vote at the meeting.

 

Subject to the provisions of Section 2.09,
at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of Securities
held or represented by such Holder or proxyholder, as the case may be; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Security challenged as not outstanding and ruled by the chairman of the meeting to
be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Securities 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 12.02 or Section 12.03 may be adjourned from time to time by the Holders of a majority of
the aggregate principal amount of outstanding Securities represented at the meeting, whether or not constituting a quorum, and
the meeting may be held as so adjourned without further notice.

 

Section 12.06.       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 principal amount of the Securities 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 sent as provided in Section 12.02. The record shall show the principal
amount of the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits
of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other
to the Trustee 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 12.07.       No
Delay of Rights by Meeting. Nothing contained in this Article 12 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 Securities. Nothing contained in this Article 12 shall be deemed or construed to limit any Holder’s
actions pursuant to the Applicable Procedures so long as the Securities are Global Securities.

 

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Article
13

REDEMPTION

 

Section 13.01.       Optional
Redemption; Election to Redeem; Notice to Trustee. Prior to October 1, 2021, the Company may not redeem the Securities. On
and after October 1, 2021, the Company may, at its option, redeem the Securities for cash, in whole but not in part, upon notice
pursuant to Section 13.03, at a price (the “Redemption Price”) equal to 100% of the principal amount thereof,
plus accrued and unpaid interest, if any, to the Redemption Date (unless the Redemption Date falls after a Record Date but on
or prior to the immediately succeeding Interest Payment Date, in which case interest accrued to the Interest Payment Date will
be paid to Holders of record of such Securities on such Record Date, and the Redemption Price will be equal to 100% of the principal
amount of such Securities), provided that the Closing Sale Price of the Common Stock for 20 or more Trading Days (whether
or not consecutive and including the Trading Day immediately prior to the date the redemption notice is delivered to Holders)
during the period of 30 consecutive Trading Days ending on, and including, the Trading Day immediately prior to the date the redemption
notice is delivered to Holders is equal to or exceeds 150% of the applicable Conversion Price on each applicable Trading Day;
provided further that, in the case of a redemption of any Orogen Securities in whole or in part, the Company shall have
on file with the SEC an effective shelf registration statement of the Company on Form S-3 (or any successor form) for an offering
to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted
by the SEC) covering the Common Stock. In addition, to the extent such Orogen Securities constitute “Registrable Securities”
under the Investment Agreement, if there is a “Blackout Period” (as defined in the Investment Agreement) covering
any time during the period from and including the tenth (10th) Trading Day prior to the Redemption Date to and including the Trading
Day immediately prior to the Redemption Date (the “Open Period”) then the Company shall, as promptly as practicable,
notify the Trustee and the Holders of the Orogen Securities (and, in accordance with the Investment Agreement, the beneficial
owners parties thereto of the Orogen Securities) that there is such a Blackout Period, and notwithstanding anything herein to
the contrary, the notice of redemption shall automatically be deemed withdrawn with respect to the Orogen Securities (and the
Company shall cause a notice of such withdrawal to be sent to the Holders of the Orogen Securities), and the Holders of the Orogen
Securities shall have the right, upon notice to the Trustee and the Company delivered within three Business Days after the Withdrawal
Time to rescind any Conversion Notice that is pending as of the Withdrawal Time and/or to rescind any conversion of Orogen Securities
pursuant to Article 10 with respect to which the Settlement Amount has, as of the Withdrawal Time, not yet been delivered to such
Holder or its designee.

 

Any redemption pursuant to this Section
13.01 shall be made pursuant to the provisions of this Article 13. The election of the Company to redeem the Securities pursuant
to this Article 13 shall be evidenced by a Board Resolution. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. As used herein, the “Redemption
Date” means the date specified for redemption of the Securities in accordance with the terms of this Article 13.

 

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No Securities may be redeemed by the Company
pursuant to this Article 13 if the payment of the principal amount of the Securities has been accelerated, and such acceleration
has not been rescinded by the Holders, on or prior to the Redemption Date.

 

Section 13.02.       [Reserved].

 

Section 13.03.       Notice
of Redemption. Notice of redemption shall be given by first-class mail, postage prepaid (or in accordance with the Applicable
Procedures in the case of Global Securities), delivered not less than, as the case may be, 90 Scheduled Trading Days (with respect
to any redemption of Orogen Securities) or less than 70 Scheduled Trading Days (with respect to any redemption of Securities other
than Orogen Securities), and not more than 100 Scheduled Trading Days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to each Holder of Securities to be redeemed (with a copy to the Trustee), at its address
appearing in the security register; provided, however, that the Company shall not deliver any notice of redemption
to any Holder at any time when there exists any Default or Event of Default.

 

All notices of redemption shall identify
the Securities (including CUSIP number(s)) to be redeemed and shall state:

 

(i)       the
Redemption Date;

 

(ii)       the
Redemption Price;

 

(iii)       that
Holders have a right to convert the Securities called for redemption upon satisfaction of the requirements set forth in Section
10.02;

 

(iv)       the
time at which the Holders’ right to convert the Securities called for redemption will expire, which will be the close of
business on the Business Day immediately preceding the Redemption Date;

 

(v)       the
Conversion Rate, any adjustments thereto, and the Settlement Method that shall apply during the redemption period;

 

(vi)       the
procedures a Holder must follow to convert its Securities;

 

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

 

(viii)       the
place or places where each such Security is to be surrendered for payment of the Redemption Price.

 

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Notice of redemption of Securities to be
redeemed at the election of the Company shall be given by the Company or, at the Company’s written request with 10 Business
Days’ advance notice (unless a shorter period is agreed to by the Trustee), by the Trustee in the name and at the expense
of the Company. Until and including the date that is 30 days prior to the Redemption Date, the Company may revoke, in whole, but
not in part, any notice of redemption of Orogen Securities delivered under this Article 13.

 

Section 13.04.       Deposit
of Redemption Price. Prior to 10:00 a.m., New York City time, on any Redemption Date, the Company shall deposit with the Trustee
or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section
2.04) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment
Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall be paid to the Company on at the Company’s request, or if then held by the Company, shall be discharged
from such trust.

 

Section 13.05.       Securities
Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price) such Securities shall cease to bear interest. Upon surrender of
any such Security for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption
Price.

 

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

 

Article
14

Miscellaneous

 

Section 14.01.       Notices.
Any notice or communication by the Company or the Trustee to the other shall be deemed to be duly given if made in writing and
delivered:

 

(a)       by
hand (in which case such notice shall be effective upon delivery);

 

(b)       by
facsimile or other electronic transmission (in which case such notice shall be effective upon receipt of confirmation of good transmission
thereof); or

 

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(c)       by
overnight delivery by a nationally recognized courier service (in which case such notice shall be effective on the Business Day
immediately after being deposited with such courier service),

 

in each case to the recipient party’s address set forth
in this Section 14.01; provided, however, that notices to the Trustee shall only be effective upon the Trustee’s
actual receipt thereof. The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent
notices or communications.

 

Any notice or communication sent to a Holder
shall be sent to the Holder at its address shown on the register kept by the Registrar. Any notice or communication to be delivered
to a Holder of a Global Security shall be transmitted to the Depository in accordance with its Applicable Procedures. Failure to
send or transmit 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 to a Holder
is sent in the manner provided above, it is duly given, whether or not the addressee receives it.

 

If the Company sends or transmits a notice
or communication to Holders, it shall send a copy to the Trustee and each Securities Agent at the same time. If the Trustee or
the Securities Agent is required, pursuant to the express terms of this Indenture or the Securities, to send a notice or communication
to Holders, the Trustee or the Securities Agent, as the case may be, shall also send a copy of such notice or communication to
the Company.

 

All notices or communications shall be in
writing.

 

The Company’s address is:

 

ExlService Holdings, Inc.

280 Park Avenue, 38th Floor

New York, New York 10017

Attention: Vishal Chhibbar, Chief Financial
Officer

Email: vishal.chhibbar@exlservice.com

 

With a copy to:

 

McGuireWoods LLP

1251 Avenue of the Americas, 20th Floor

New York, New York 10020

Attention: Stephen E. Older and Rakesh Gopalan

Phone: (212) 548-2122

Email: solder@mcguirewoods.com and rgopalan@mcguirewoods.com

 

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The Trustee’s address is:

 

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Attention: Agency & Trust - ExlService Holdings,
Inc.

Email: danny1.lee@citi.com

The Trustee shall have the right to accept
and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture
and delivered using the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing
applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified
by the Trustee as available for use in connection with its services hereunder (collectively, “Electronic Means”);
provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with
the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures of such
Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from
the listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects
to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Company
understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee
shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate
provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized
Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible to safeguard
the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the
Company. The Trustee shall not be liable for any losses, costs or expenses (except to the extent attributable to the Trustee’s
gross negligence, willful misconduct or bad faith) arising directly or indirectly from the Trustee’s reliance upon and compliance
with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The
Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions 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; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions
to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company;
(iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a
commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee
immediately upon learning of any compromise or unauthorized use of the security procedures.

 

Section 14.02.       Communication
by Holders with Other Holders. To the extent the TIA is then applicable: (A) The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA §312(c) and (B) Holders may communicate pursuant to TIA §312(b) with other Holders
with respect to their rights under this Indenture or the Securities.

 

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Section 14.03.       Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Company to the Trustee to take any action under
this Indenture, the Company shall furnish to the Trustee:

 

(a)       an
Officers’ Certificate stating that, in the opinion of the signatories to such Officers’ Certificate, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 

(b)       an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 

Each signatory to an Officers’ Certificate
or an Opinion of Counsel may (if so stated) rely, effectively, upon an Opinion of Counsel as to legal matters and an Officers’
Certificate or certificates of public officials or other representations or documents as to factual matters.

 

Section 14.04.       Statements
Required in Certificate or Opinion. Each Officers’ Certificate or Opinion of Counsel with respect to compliance with
a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) which
shall comply with the provisions of TIA § 314(e) and shall include:

 

(a)       a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(b)       a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)       a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

(d)       a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 14.05.       Rules
by Trustee and Agents. The Registrar, Paying Agent or Conversion Agent may make reasonable rules and set reasonable requirements
for their respective functions.

 

Section 14.06.       Legal
Holidays. If a payment date is not a Business Day, payment may be made on the next succeeding day that is a Business Day,
and no interest shall accrue on that payment for the intervening period.

 

Section 14.07.       Duplicate
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of
a manually executed counterpart thereof.

  

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Section 14.08.       Facsimile
and PDF Delivery of Signature Pages. The exchange of copies of this Indenture and of signature pages by facsimile or portable
document format (“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 14.09.       Governing
Law. THIS INDENTURE AND THE SECURITIES, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE OR
THE SECURITIES, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Each of the parties hereto hereby irrevocably
and unconditionally:

 

(a)       submits
for itself and its property in any legal action or proceeding relating solely to this Indenture or the transactions contemplated
hereby, to the general jurisdiction of the Supreme Court of the State of New York, County of New York or the United States Federal
District Court sitting for the Southern District of New York (and appellate courts thereof);

 

(b)       consents
that any such action or proceeding may be brought in such courts, and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same to the extent permitted by applicable law;

 

(c)       agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the party, as the case may be, at its address set forth in Section
14.01 or at such other address of which the other party shall have been notified pursuant thereto;

 

(d)       agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction for recognition and enforcement of any judgment or if jurisdiction in the courts referenced
in the foregoing clause (a) are not available despite the intentions of the parties hereto;

 

(e)       agrees
that final judgment in any such suit, action or proceeding brought in such a court may be enforced in the courts of any jurisdiction
to which such party is subject by a suit upon such judgment, provided that service of process is effected upon such party in the
manner specified herein or as otherwise permitted by law;

 

(f)       agrees
that to the extent that such party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process
with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under
this Indenture, to the extent permitted by law; and

 

(g)       irrevocably
and unconditionally waives trial by jury in any legal action or proceeding in relation to this Indenture or the Securities.

 

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Section 14.10.       No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan or debt agreement
of the Company or any of its Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 14.11.       Successors.
All agreements of the Company in this Indenture and the Securities shall bind its successors and assigns. All agreements of the
Trustee in this Indenture shall bind its successors.

 

Section 14.12.       Separability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no
claim therefor against any party hereto.

 

Section
14.13.       Table of Contents, Headings, Etc. The Table of Contents, Cross-Reference Table 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 14.14.       Calculations
in Respect of the Securities. The Company and its agents shall make all calculations under this Indenture and the Securities.
These calculations include, but are not limited to, determinations of the Closing Sale Price of the Common Stock, the number of
shares deliverable upon conversion, adjustments to the Conversion Price and the Conversion Rate, the Applicable Price, the Make-Whole
Applicable Increase, the Daily VWAPs, the Daily Settlement Amounts, the Daily Conversion Values, the Conversion Rate of the Securities,
the amount of conversion consideration deliverables in respect of any conversion and amounts of interest payable on the Securities.
The Company and its agents shall make all of these calculations in good faith, and, absent manifest error, such calculations shall
be final and binding on all Holders. The Company shall provide a copy of such calculations to the Trustee (and the Conversion
Agent if not the Trustee) as required hereunder, and, the Trustee shall be entitled to conclusively rely on the accuracy of any
such calculation without independent verification. The Trustee will forward the Company’s calculations to any Holder upon
the request of that Holder at the sole cost and expense of the Company.

 

Section 14.15.       No
Personal Liability of Directors, Officers, Employees or Shareholders. None of the Company’s past, present or future
directors, officers, employees or stockholders, as such, shall have any liability for any of the Company’s obligations under
this Indenture or the Securities or for any claim based on, or in respect or by reason of, such obligations or their creation.
By accepting a Security, each holder waives and releases all such liability. This waiver and release is part of the consideration
for the issue of the Securities.

 

Section 14.16.       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 which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

  

    		85	 

     

    

 

Section 14.17.       Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies, or conflicts with another provision which is
required or deemed to be included in this Indenture by the TIA after the Indenture is qualified under the TIA, such required or
deemed provision shall control. If any provision of this Indenture modifies or excludes any provision of the TIA which may be
so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as
the case may be.

 

Section 14.18.       No
Security Interest Created. Nothing in this Indenture or in the Securities, 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
14.19.       Benefits of Indenture. Nothing in this Indenture or in the Securities, expressed or implied, shall
give to any Person, other than the Holders, the parties hereto, any Securities Agent and their successors hereunder, any
benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
14.20.       Tax Treatment. Unless otherwise required pursuant to a Final Determination, the Company shall not
treat the Securities as issued with “original issue discount” or as “contingent payment debt
instruments” described under Treasury Regulation Section 1.1275-4.

 

Section 14.21.       Withholding.
Notwithstanding anything herein to the contrary, the Company, the Trustee, the Registrar, the Paying Agent and the Conversion
Agent, as applicable, shall have the right to deduct and withhold from any payment or distribution made with respect to this Indenture
and any Security (or the issuance of shares of Common Stock upon conversion of the Security) such amounts as are required to be
deducted or withheld with respect to the making of such payment or distribution (or issuance) under any applicable tax law (inclusive
of rules, regulations and interpretations promulgated by competent authorities) without liability therefor. In the case of deemed
dividends, any such withholding tax may be withheld from subsequent payments on the Securities (or the issuance of shares of Common
Stock upon conversion of the Securities). To the extent that any amounts are so deducted or withheld, such deducted or withheld
amounts shall be treated for all purposes under this Security as having been paid to the Holder.

 

Section 14.22.       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 reasonably request
in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

[The Remainder of This Page Intentionally
Left Blank; Signature Pages Follow]

 

    		86	 

     

    

 

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

 

	EXLSERVICE HOLDINGS, INC. 
	 
	By:	/s/ ROHIT KAPOOR
	 	Name:            Rohit Kapoor
	 	Title:              Vice Chairman and CEO

 

[Signature Page
to Indenture]

 

    			 

     

    

 

	
        CITIBANK, N.A., as Trustee

         

	By:	/s/ DANNY LEE
	 	Name:           Danny Lee
	 	Title:             Senior Trust Officer

 

[Signature Page
to Indenture]

 

    			 

     

    

 

EXHIBIT A

 

[FORM
OF FACE OF SECURITY]

 

[INSERT security
PRIVATE PLACEMENT LEGEND AND GLOBAL SECURITY LEGEND, AS REQUIRED]

 

[THIS
SECURITY IS AN OROGEN SECURITY WITHIN THE MEANING OF THE INDENTURE]1

 

[This
security is subject to restrictions on transfer set forth in an Investment Agreement, dated October 1, 2018 (as it may be amended
from time to time), by and among the Company and certain other parties thereto, copies of which are publicly filed or on file with
the secretary of the issuer.]

 

EXLSERVICE
HOLDINGS, INC.

 

Certificate No. _______

 

3.50%
Convertible Senior Notes Due 2024 (the “Securities”)

 

CUSIP No. [___]*

ISIN No. [___]*

 

ExlService Holdings, Inc., a Delaware corporation
(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 [_______]2 [Cede & Co.]3, or
its registered assigns, the principal sum [of [___________] dollars ($[___________])]4 [as set forth in the “Schedule
of Increases and Decreases in the Global Security” attached hereto, which amount, taken together with the principal amounts
of all other outstanding Securities, shall not, unless permitted by the Indenture, exceed one hundred and fifty million dollars
($150,000,000) in aggregate at any time, in accordance with the rules and procedures of the Depository]5, on October
1, 2024 (the “Maturity Date”), and to pay interest thereon, as provided on the reverse hereof, until the principal
and any unpaid and accrued interest are paid or duly provided for.

  

 

 

 1 This is included for Orogen Securities.

		*	Restricted Orogen Global Security CUSIP No. 302081AC8
and ISIN No. US302081AC81.

 Unrestricted Orogen Global Security CUSIP No. 302081AD6 and ISIN No. US302081AD64.

 Restricted Non-Orogen Global Security CUSIP No. 302081AA2 and ISIN No. US302081AA26.

 Unrestricted Non-Orogen Global Security CUSIP No. 302081AB0 and ISIN No. US302081AB09.

 2 This is included for Physical Securities.

 3 This is included for Global Securities.

 4 This is included for Physical Securities.

 5 This is included for Global Securities.

 

    		A-1	 

     

    

 

Interest Payment Dates: April 1 and October
1 of each year, beginning April 1, 2019.

 

Record Dates: March 15 and September 15
of each year.

 

The provisions on the back of this certificate
are incorporated as if set forth on the face hereof.

 

    		A-2	 

     

    

  

IN WITNESS WHEREOF, ExlService Holdings,
Inc. has caused this instrument to be duly signed.

 

	
        EXLSERVICE HOLDINGS, INC.

	 
	By:	 
	 	Name:       
	 	Title:       

 

Dated: ________________

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities referred to

in the within-mentioned Indenture.

 

CITIBANK, N.A.,

 

as Trustee  

 

	By:	 
	Authorized Signatory

 

Dated: ________________

 

[Authentication Page for ExlService Holdings,
Inc.’s 3.50% Convertible Senior Notes due 2024]

 

    		A-3	 

     

    

 

[FORM OF REVERSE OF SECURITY]

 

EXLSERVICE
HOLDINGS, INC.

 

3.50% Convertible Senior Notes Due 2024

 

1.       Interest.
ExlService Holdings, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal
amount of this Security at the rate per annum shown above. The Company will pay interest, payable semi-annually in arrears, on
April 1 and October 1 of each year, with the first payment to be made on April 1, 2019. Interest on the Securities will accrue
on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest
has been paid, from, and including, October 4, 2018, in each case to, but excluding, the next Interest Payment Date. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay, in cash, interest on any overdue amount
(including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. In certain circumstances,
Additional Interest will be payable in accordance with Section 4.03(d), Section 4.03(e) and Section 6.02(b) of the Indenture (as
defined below) and any reference to “interest” shall be deemed to include any such Additional Interest.

 

2.       Maturity.
The Securities will mature on the Maturity Date.

 

3.       Method
of Payment. Except as provided in the Indenture, the Company will pay interest on the Securities to the Persons who are Holders
of record of Securities at the Close of Business on the Record Date set forth on the face of this Security immediately preceding
the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect the principal amount plus,
if applicable, accrued and unpaid interest, if any, or the Fundamental Change Repurchase Price or Redemption Price, payable as
herein provided on the Maturity Date, or on any Fundamental Change Repurchase Date or Redemption Date, as applicable.

 

4.       Paying
Agent, Registrar, Conversion Agent. Initially, Citibank, N.A. (the “Trustee”) will act as Paying Agent,
Registrar and Conversion Agent. The Company may change any Paying Agent, Registrar or Conversion Agent without prior notice.

 

5.       Indenture.
The Company issued the Securities under an Indenture dated as of October 4, 2018 (the “Indenture”) between the
Company and the Trustee. The Securities are subject to all terms set forth in the Indenture, and Holders are referred to the Indenture
for a statement of such terms. The Securities are unsecured senior obligations of the Company limited to $150,000,000 aggregate
principal amount, except as otherwise provided in the Indenture (and except for Securities issued in substitution for destroyed,
lost or wrongfully taken Securities). Terms used herein without definition and which are defined in the Indenture have the meanings
assigned to them in the Indenture. In the event of any inconsistency between the terms of this Security and the terms of the Indenture,
the terms of the Indenture shall control.

 

6.       Redemption.
Prior to October 1, 2021, the Company may not redeem the Securities. On and after October 1, 2021, the Company may, at its option,
redeem the Securities for cash, in whole but not in part, on the terms and subject to the provisions set forth in the Indenture.
A sinking fund is not provided for the Securities.

 

    		A-4	 

     

    

 

7.       Repurchase
at Option of Holder Upon a Fundamental Change. Subject to the terms and conditions of the Indenture, in the event of a Fundamental
Change, each Holder of the Securities shall have the right, at the Holder’s option, to require the Company to repurchase
such Holder’s Securities including any portion thereof which is $1,000 in principal amount or any integral multiple thereof
on the Fundamental Change Repurchase Date at a price payable in cash equal to the Fundamental Change Repurchase Price.

 

8.       Conversion.
The Securities shall be convertible into cash, Common Stock or a combination of cash and Common Stock, at the Company’s election,
as specified in the Indenture. To convert a Security, a Holder must satisfy the requirements of Section 10.02(a) of the Indenture.
A Holder may convert a portion of a Security if the portion is $1,000 principal amount or an integral multiple of $1,000 principal
amount.

 

Upon conversion of a Security, the Holder
thereof shall be entitled to receive the cash and/or Common Stock payable upon conversion in accordance with Article 10 of the
Indenture.

 

9.       Denominations,
Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of $1,000 principal amount and
integral multiples of $1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as
provided in the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with certain transfers
or exchanges as set forth in the Indenture. The Company or the Trustee, as the case may be, shall not be required to register the
transfer of or exchange any Security for which a Repurchase Notice has been delivered, and not withdrawn, in accordance with the
Indenture, except the unrepurchased portion of Securities being repurchased in part.

 

10.       Persons
Deemed Owners. The registered Holder of a Security will be treated as its owner for all purposes. Only registered Holders of
Securities shall have the rights under the Indenture.

 

11.       Amendments,
Supplements and Waivers. The Indenture contains provisions permitting the Company and the Trustee in certain circumstances,
without the consent of the Holders of the Securities, and in certain other circumstances, with the consent of the Holders of at
least a majority in aggregate principal amount of the outstanding Securities and in other circumstances with consent of the Holders
of 100% of the aggregate principal amount of the outstanding Securities, to amend or supplement the Indenture or the Securities.

 

12.       Defaults
and Remedies. Subject to certain exceptions, if an Event of Default occurs and is continuing, the Trustee by notice to the
Company or the Holders of at least twenty five percent (25%) in aggregate principal amount of the Securities then outstanding by
notice to the Company and the Trustee may declare the principal of, and any accrued and unpaid interest on, all Securities to be
due and payable immediately. If any of certain bankruptcy or insolvency-related Events of Default occurs and is continuing, the
principal of, and accrued and unpaid interest on, all the Securities shall automatically become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. Subject to certain exceptions, the Holders of a
majority in aggregate principal amount of the Securities then outstanding by written notice to the Trustee may rescind or annul
an acceleration and its consequences if certain conditions specified in the Indenture are satisfied.

 

    		A-5	 

     

    

 

13.       Trustee
Dealings with the Company. The Trustee under the Indenture, or any banking institution serving as successor Trustee thereunder,
in its individual or any other capacity, may make loans to, accept deposits from, and perform services for, the Company or its
Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee.

 

14.       Authentication.
This Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent in accordance
with the Indenture.

 

15.       Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (Uniform Gifts to Minors Act).

 

16.       Ranking.
The Securities shall be senior unsecured obligations of the Company and will rank equal in right of payment to all senior unsecured
indebtedness of the Company, and will rank senior in right of payment to any indebtedness that is contractually subordinated to
the Securities.

 

THE COMPANY WILL FURNISH TO ANY HOLDER UPON
WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE INDENTURE. REQUESTS MAY BE MADE TO:

 

ExlService Holdings, Inc. 

280 Park Avenue, 38th Floor 

New York, New York 10017 

Attention: Vishal Chhibbar, Chief Financial
Officer 

Email: vishal.chhibbar@exlservice.com

 

    		A-6	 

     

    

 

ATTACHMENT 1

 

FORM OF ASSIGNMENT

 

	I or we assign to
	
        PLEASE INSERT SOCIAL SECURITY OR

        OTHER IDENTIFYING NUMBER

    
	 	 

 

	 
	(please print or type name and address)
	 
	 
	 
	 
	the within Security and all rights thereunder, and hereby irrevocably constitute and appoint
	 
	 
	Attorney to transfer the Security on the books of the Company with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Registrar, or be notarized.

 

	Signature Guarantee:   	 

 

    		A-7	 

     

    

 

In connection with any transfer of this Security occurring prior
to the Resale Restriction Termination Date, the undersigned confirms that it is making, and it has not utilized any general solicitation
or general advertising in connection with, the transfer:

 

[Check One]

 

	(1)	____	to ExlService Holdings, Inc. or any Subsidiary thereof; or
	 	 	 
	(2)	____	pursuant to a registration statement which has become effective under the Securities Act of 1933, as amended (the “Securities Act”); 
	 	 	 
	(3)	____	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the account of a qualified institutional buyer and to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or
	 	 	 
	(4)	____	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.

 

Unless one of the items (1) through (4) is checked, the Registrar
will refuse to register any of the Securities evidenced by this certificate in the name of any person other than the registered
Holder thereof; provided, however, that if item (4) is checked, the Company, the transfer agent or the Registrar
may require, prior to registering any such transfer of the Securities, in their sole discretion, such written certifications and
such other evidence or legal opinions required by the Indenture to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended.

 

If none of the foregoing items are checked, the Trustee or Registrar
shall not be obligated to register this Security in the name of any person other than the Holder hereof unless and until the conditions
to any such transfer of registration set forth herein and in the Indenture shall have been satisfied.

 

	Dated:	 	Signed:	 
		 	 	(Sign exactly as name appears on the other side of this Security)

 

	Signature Guarantee or Notarization:	 

 

 

    		A-8	 

     

    

 

ATTACHMENT 2

 

FORM OF CONVERSION NOTICE

 

	 To convert this Security in accordance with the
Indenture, check the box:  ̈
	 
	 
	
        To convert only part of this Security, state the principal amount
        to be converted (must be in multiples of $1,000):

         

        $__________________

         

        If you want the stock certificate representing the
Common Stock issuable upon conversion made out in another person’s name, fill in the form below:

         

        

 

(Insert other person’s soc. sec. or tax I.D. no.)

 

 

 

 

 

 

 

(Print or type other person’s name, address and zip code)

 

	 ̈ CHECK IF APPLICABLE:	The person in whose name the Common Stock will be issued is not (and has not been for the three months preceding the applicable Conversion Date) an “affiliate” (as defined in Rule 144 under the Securities Act of 1933, as amended) of the Company, and the Common Stock will upon issuance be freely tradable by such person.

  

	Date:		Signature(s):	 
	 	 	 	 
	 	 	(Sign exactly as your name(s) appear(s) on the other side of this Security)

 

	Signature(s) guaranteed / notarized

 

	by:	 
	 	(All signatures must be
                                guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other
                                guarantee program acceptable to the Trustee, or be notarized.)

 

    		A-9	 

     

    

 

ATTACHMENT 3

 

FORM OF REPURCHASE NOTICE

 

Certificate No. of Security: ___________

Principal Amount of this Security: $ ___________

 

If you want to elect to have this Security
purchased by the Company pursuant to Section 3.01 of the Indenture, check the box:  ̈

 

If you want to elect to have only part of
this Security purchased by the Company pursuant to Section 3.01 of the Indenture, state the principal amount to be so purchased
by the Company:

 

$ __________________________________

 

(in an integral multiple of $1,000)

 

	Date:	 	 	Signature(s): 	 
	 	 
	 	 
	 	(Sign exactly as your name(s) appear(s) on the other side of this Security)
	Signature(s) guaranteed / notarized by:	 
	 	(All signatures must be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee, or be notarized.)

 

    		A-10	 

     

    

 

SCHEDULE
A6

 

SCHEDULE OF INCREASES AND DECREASES IN THE
GLOBAL SECURITY

 

ExlService Holdings, Inc.

3.50% Convertible Senior Notes Due 2024

 

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

 

	
         

        Date of

        Increases and

        Decreases
	 	
        Amount
        of

        decrease in

        Principal

        Amount of this

        Global

        Security
	 	
        Amount
        of

        increase in

        Principal

        Amount of this

        Global

        Security
	 	
        Principal

        Amount of this

        Global

        Security

        following such

        decrease or

        increase
	 	
        Signature
        of

        authorized

        signatory of

        Trustee or

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

 6 This is included in Global Securities.

 

    		A-11	 

     

    

 

EXHIBIT B-1A

 

FORM OF SECURITIES PRIVATE PLACEMENT legend

 

Each Global Security and Physical Security
that constitutes a Restricted Security shall bear the following “Security Private Placement Legend”:

 

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

 

AGREES FOR THE BENEFIT OF EXLSERVICE
HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY
BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE INDENTURE PURSUANT TO WHICH THIS
SECURITY WAS ISSUED), 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
TO A SECURITY THAT DOES NOT BEAR A SECURITY PRIVATE PLACEMENT LEGEND IN ACCORDANCE WITH (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
BY THE COMPANY 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.

 

    		B-1A-1	 

     

    

 

EXHIBIT B-1B

 

FORM OF COMMON STOCK PRIVATE PLACEMENT LEGEND

 

Each share of Common Stock that constitutes
a Restricted Security shall bear the following “Common Stock Private Placement Legend”:

 

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:

 

AGREES FOR THE BENEFIT OF EXLSERVICE
HOLDINGS, INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY
BENEFICIAL INTEREST HEREIN PRIOR TO THE RESALE RESTRICTION TERMINATION DATE (AS DEFINED IN THE INDENTURE PURSUANT TO WHICH THIS
SECURITY WAS ISSUED), 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
TO A SECURITY THAT DOES NOT BEAR A COMMON STOCK PRIVATE PLACEMENT LEGEND IN ACCORDANCE WITH (D) ABOVE, THE COMPANY RESERVES 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.

 

    		B-1B-1	 

     

    

 

EXHIBIT B-2

 

FORM OF LEGEND FOR GLOBAL SECURITY

 

Any Global Security authenticated and delivered
hereunder shall bear a legend (which would be in addition to any other legends required in the case of a Restricted Security) in
substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY
OR A SUCCESSOR DEPOSITORY. THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY
OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER
OF THIS SECURITY AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY
OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN SECTIONS 2.15 AND 2.16 OF THE INDENTURE.

 

    		B-2-1	 

     

    

 

EXHIBIT C

 

Form of Notice of Transfer Pursuant to
Registration Statement

 

ExlService Holdings, Inc.

280 Park Avenue, 38th Floor

New York, New York 10017

Attention: Vishal Chhibbar, Chief Financial Officer

Email: vishal.chhibbar@exlservice.com

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Agency & Trust: ExlService Holdings, Inc.

Email: danny1.lee@citi.com

 

Re:       ExlService Holdings, Inc. (the “Company”)
3.50% Convertible Senior Notes Due 2024 (the “Securities”)

 

Ladies and Gentlemen:

 

Please be advised that _____________ has
transferred $___________ aggregate principal amount of the Securities (CUSIP: _______) and ________ shares of the Company’s
common stock, par value $0.001 per share, issuable on conversion of the Securities (“Common Stock”) pursuant
to an effective Registration Statement on Form S-3 (File No. 333-________).

 

	Very truly yours,
	 
	 	 
	 
	(Name)

 

    		C-1	 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE OF TRANSFER

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Agency & Trust: ExlService Holdings, Inc.

Email: danny1.lee@citi.com

 

Re: 3.50%
Convertible Senior Notes due 2024

 

Reference is hereby made to the Indenture,
dated as of October 4, 2018 (the “Indenture”), among ExlService Holdings, Inc. (the “Company”) and Citibank,
N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

_______________ (the “Transferor”)
owns and proposes to transfer [an interest in the Restricted Global Security][the Physical Security held in the name of __________]
(CUSIP: ___________) in the principal amount of $___________ (the “Transfer”), to _______________ (the “Transferee”)
[who will take an interest in the _______________ (CUSIP: ___________)]. In connection with the Transfer, the Transferor hereby
certifies that:

 

[EITHER CHECK BOX 1 AND THE BOX IN THE APPLICABLE LETTERED
PARAGRAPH UNDERNEATH, BOX 2, BOX 3 OR BOX 4] 

 

1.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY (OTHER THAN AN OROGEN GLOBAL
SECURITY).

 

(a)        ̈
CHECK IF TRANSFER IS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. Such Transfer is being effected pursuant to an effective
registration statement under the Securities Act of 1933, as amended (the “Securities Act”), and, if applicable, in
compliance with the prospectus delivery requirements of the Securities Act.

 

(b)        ̈
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Security Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer
in accordance with the terms of the Indenture, the transferred beneficial interest will no longer be subject to the restrictions
on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Security and in the Indenture.

  

    		D-1	 

     

    

 

(c)        ̈
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained
in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Security Private Placement Legend are not required in order to maintain compliance with the
Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest will not be subject to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the
Restricted Global Security and in the Indenture.

 

2.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY (OTHER THAN AN OROGEN GLOBAL SECURITY).
The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly, the Transferor
hereby further certifies that the beneficial interest is being transferred to a Person that the Transferor reasonably believes
is purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States. The Restricted Global Securities will continue to be subject to the restrictions
on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Securities and in the Indenture
and the Securities Act.

 

3.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL SECURITY THAT IS AN OROGEN GLOBAL SECURITY
IN ACCORDANCE WITH THE INVESTMENT AGREEMENT. The Transfer is being effected pursuant to and in accordance with Sections 4.02 and
4.14 of the Investment Agreement to (i) a Purchaser’s Affiliate that executes and delivers to the Company a Joinder becoming
a Purchaser party to the Investment Agreement and the Confidentiality Agreement and a duly completed and executed applicable IRS
Form or (ii) the Company or any of its Subsidiaries. Capitalized terms used in clauses (i) and (ii) of this paragraph 3 but not
defined in the Indenture shall have the meanings ascribed to such terms in the Investment Agreement.

 

4.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY THAT IS AN OROGEN GLOBAL SECURITY
IN ACCORDANCE WITH THE INVESTMENT AGREEMENT. The Transfer is being effected pursuant to and in accordance with Sections 4.02 and
4.14 of the Investment Agreement to (i) a Purchaser’s Affiliate that executes and delivers to the Company a Joinder becoming
a Purchaser party to the Investment Agreement and the Confidentiality Agreement and a duly completed and executed applicable IRS
Form or (ii) the Company or any of its Subsidiaries. Capitalized terms used in clauses (i) and (ii) of this paragraph 4 but not
defined in the Indenture shall have the meanings ascribed to such terms in the Investment Agreement.

 

    		D-2	 

     

    

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Company.

 

	[Insert Name of Transferor]
	 	 
	By:	 
	 	Name:
	 	Title:
	 	 
	Dated:  	 	 

 

    		D-3	 

     

    

 

EXHIBIT E

 

FORM OF CERTIFICATE OF EXCHANGE

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Agency & Trust: ExlService Holdings, Inc.

Email: danny1.lee@citi.com

 

Re: 3.50%
Senior Convertible Notes due 2024

 

Reference is hereby made to the Indenture,
dated as of October 4, 2018 (the “Indenture”), among ExlService Holdings, Inc. (the “Company”) and Citibank,
N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

___________ (the “Owner”) owns
and proposes to exchange an interest in the Restricted Global Security (CUSIP: ___________) in the principal amount of $__________
for an interest in ___________ (CUSIP: _________) (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

 

[EITHER CHECK BOX 1, BOX 2 OR BOX 3]

 

1.        ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
SECURITY THAT IS AN OROGEN GLOBAL SECURITY.

 

In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Security for a beneficial interest in an Unrestricted Global Security that is an Orogen
Global Security in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Global Securities and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities
Act”), (iii) the restrictions on transfer contained in the Indenture and the Security Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Security is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

2.        ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL
SECURITY THAT IS NOT AN OROGEN GLOBAL SECURITY.

 

In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Security for a beneficial interest in an Unrestricted Global Security that is not an
Orogen Global Security in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Securities and pursuant to and in accordance with the United States Securities Act of 1933, as amended
(the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Security Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Security is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

    		E-1	 

     

    

 

3.        ̈
CHECK IF OWNER WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A RESTRICTED GLOBAL SECURITY THAT IS NOT AN OROGEN GLOBAL SECURITY.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Orogen Global Security for a beneficial
interest in another Restricted Global Security that is not an Orogen Global Security in an equal principal amount, the Owner hereby
certifies that such beneficial interest being acquired is for the Owner’s own account without transfer. Upon consummation
of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Global Securities will continue to be subject
to the restrictions on transfer enumerated in the Security Private Placement Legend printed on the Restricted Global Securities
and in the Indenture and the Securities Act.

 

This certificate and the statements contained
herein are made for your benefit and the benefit of the Company.

 

	[Insert Name of Owner]
	 	 
	By:	 
	 	Name:
	 	Title:
	 	 
	Dated:  	 	 

 

    		E-2

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