Document:

EX-10.1

 Exhibit 10.1 

January [__], 2021 
 From: [Dealer] 

[_________] 
 [_________] 

[_________] 
 To: BridgeBio Pharma, Inc. 

421 Kipling Street 
 Palo Alto, CA 94301 

Attention: Chief Financial Officer 
 Telephone: 650-391-9740 
  

	Re:	 [Base]1[Additional]2 Call Option Transaction 

 The purpose of this letter agreement (this
“Confirmation”) is to confirm the terms and conditions of the call option transaction entered into between [_________] (“Dealer”) and BridgeBio Pharma, Inc. (“Counterparty”) as of the Trade
Date specified below (the “Transaction”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the
Agreement evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications
with respect thereto. 
 The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “Equity
Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”) are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this
Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Preliminary Offering Memorandum dated January 25, 2021 (the “Offering Memorandum”) relating to the 2.25%
Convertible Senior Notes due 2029 (the “Convertible Notes” and each USD 1,000 principal amount of Convertible Notes, a “Convertible Note”) as originally issued by Counterparty pursuant to the Purchase Agreement (as
defined herein) and pursuant to an Indenture [to be]3 dated January 28, 2021 (the “Indenture”). In the event of any inconsistency between the terms defined in the Offering
Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture which are
also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections
of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers
used herein are based on the [draft of the Indenture last reviewed by Dealer and the Counterparty as of the date of this Confirmation, and if any such section numbers are changed in the Indenture as executed, the parties will amend this Confirmation
in good faith to preserve the intent of the parties]4[Indenture as executed]5. Subject to the foregoing, references to the Indenture herein are
references to the Indenture in effect on the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section [10.01(h)]6 of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section [14.07(a)]7 of the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of Adjustment” in Section 3), any such amendment or supplement will be disregarded for
purposes of this Confirmation (other than as provided in Section 9(h)(iv) below) unless the parties agree otherwise in writing. For purposes of the Equity Definitions, the Transaction shall be deemed to be a Share Option Transaction. 

 

	1 	 Include for the Base Call Option Confirmation 

	2 	 Include for the Additional Call Option Confirmation 

	3 	 Insert if Indenture is not completed at the time of the Confirmation 

	4 	 Include in the Base Call Option Confirmation. Include in the Additional Call Option Confirmation if it is
executed before closing. 

	5 	 Include in the Additional Call Option Confirmation, but only if the Additional Call Option Confirmation is
executed after closing. 

	6 	 Include cross reference to Indenture section permitting amendments without holder consent to conform the
Indenture to the DoN. 

	7 	 Include cross reference to Indenture section relating to Merger Events.

  
 Page 1 of 35 

 Each party is hereby advised, and each such party acknowledges, that the other party has
engaged in, or refrained from engaging in, substantial financial transactions and has taken other material actions in reliance upon the parties’ entry into the Transaction to which this Confirmation relates on the terms and conditions set forth
below. 
 1. This Confirmation evidences a complete and binding agreement between Dealer and Counterparty as to the terms of the Transaction to which this
Confirmation relates. This Confirmation shall supplement, form a part of, and be subject to an agreement in the form of the 2002 ISDA Master Agreement (the “Agreement”) as if Dealer and Counterparty had executed an agreement in such
form on the Trade Date but without any Schedule except for: 
 (a) the election of the laws of the State of New York as the governing law
(without reference to choice of law doctrine) and the election of USD as the Termination Currency; 
 (b) (i) the election that the
“Cross Default” provisions of Section 5(a)(vi) of the Agreement shall apply to Dealer with a “Threshold Amount” of three percent of shareholders’ equity of [Dealer] [[_________] (“Dealer Parent”)]8; provided that “Specified Indebtedness” shall not include obligations in respect of deposits received in the ordinary course of Dealer’s banking business, (ii) the phrase
“or becoming capable at such time of being declared” shall be deleted from clause (1) of such Section 5(a)(vi) and (iii) the following language shall be added to the end thereof “Notwithstanding the foregoing, a default
under subsection (2) hereof shall not constitute an Event of Default if (x) the default was caused solely by error or omission of an administrative or operational nature; (y) funds were available to enable the party to make the
payment when due; and (z) the payment is made within two Local Business Days of such party’s receipt of written notice of its failure to pay.”; and 

(c) following the payment of the Premium, the condition precedent in Section 2(a)(iii)(1) of the Agreement with respect to Events of
Default or Potential Events of Default (other than an Event of Default or Potential Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) shall not apply to a payment or delivery owing by Dealer to Counterparty. 

In the event of any inconsistency between provisions of the Agreement and this Confirmation, this Confirmation will prevail for the purpose of
the Transaction to which this Confirmation relates. The parties hereby agree that no transaction other than the Transaction to which this Confirmation relates shall be governed by the Agreement. If there exists any ISDA Master Agreement between
Dealer and Counterparty or any confirmation or other agreement between Dealer and Counterparty pursuant to which an ISDA Master Agreement is deemed to exist between Dealer and Counterparty, then notwithstanding anything to the contrary in such ISDA
Master Agreement, such confirmation or agreement or any other agreement to which Dealer and Counterparty are parties, the Transaction shall not be considered a Transaction under, or otherwise governed by, such existing or deemed ISDA Master
Agreement. 
 2. The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 General Terms.
	  	
		
	 Trade Date:
	  	January [__], 2021
		
	 Effective Date:
	  	The Trade Date, subject to Section 9(v) below
		
	 Option Style:
	  	“Modified American”, as described under “Procedures for Exercise” below
		
	 Option Type:
	  	Call
		
	 Buyer:
	  	Counterparty

  

	8 	 Include name of Dealer’s ultimate listed parent, if applicable. 

  
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	 Seller:
	  	Dealer
		
	 Shares:
	  	The common stock of Counterparty, par value USD 0.001 per share (Exchange symbol “BBIO”).
		
	 Number of Options:
	  	[_______]9. For the avoidance of doubt, the Number of Options shall be reduced by any Options exercised by Counterparty. In no event will the Number of Options be less than
zero.
		
	 Applicable Percentage:
	  	[__]%
		
	 Option Entitlement:
	  	A number equal to the product of the Applicable Percentage and [______]10.
		
	 Strike Price:
	  	USD [______]
		
	 Cap Price:
	  	USD [______]
		
	 Premium:
	  	USD [______]
		
	 Premium Payment Date:
	  	January [__], 2021
		
	 Exchange:
	  	The NASDAQ Global Select Market
		
	 Related Exchange(s):
	  	All Exchanges
		
	 Excluded Provisions:
	  	Section [14.04(h)]11 and Section [14.03]12 of the Indenture.
		
	 Procedures for Exercise.
	  	
		
	 Conversion Date:
	  	With respect to any conversion of a Convertible Note (other than any conversion of Convertible Notes with a Conversion Date occurring prior to the Free Convertibility Date (any such conversion, an “Early
Conversion”), to which the provisions of Section 9(h)(i) of this Confirmation shall apply), the date on which the Holder (as such term is defined in the Indenture) of such Convertible Note satisfies all of the requirements for
conversion thereof as set forth in Section [14.01(b)]13 of the Indenture.
		
	 Free Convertibility Date:
	  	November 1, 2028
		
	 Expiration Time:
	  	The Valuation Time
		
	 Expiration Date:
	  	February 1, 2029, subject to earlier exercise.
		
	 Multiple Exercise:
	  	Applicable, as described under “Automatic Exercise” below.

 

	9 	 For the Base Call Option Confirm, this is equal to the number of Convertible Notes in principal amount of
$1,000 initially issued on the closing date for the Convertible Notes. For the Additional Call Option Confirmation, this is equal to the number of additional Convertible Notes in principal amount of $1,000. 

	10 	 Insert the initial Conversion Rate for the Convertible Notes. 

	11 	 Insert cross reference to Indenture section permitting discretionary adjustments to the Conversion Rate by
Counterparty. 

	12	 Insert cross reference to Indenture section addressing “make whole fundamental change” adjustments to
Conversion Rate 

	13 	 Insert cross reference to Indenture section addressing requirements for conversion by Holders

  
 Page 3 of 35 

			
	 Automatic Exercise:
	  	Applicable; provided that, notwithstanding Section 3.4 of the Equity Definitions, on each Conversion Date occurring on or after the Free Convertibility Date, in respect of which a Notice of Conversion that is effective
as to Counterparty has been delivered by the relevant converting Holder, a number of Options equal to [(i)] the number of Convertible Notes in denominations of USD 1,000 as to which such Conversion Date has occurred [minus (ii) the
number of Options that are or are deemed to be automatically exercised on such Conversion Date under the Base Call Option Transaction Confirmation letter agreement dated January [__], 2021 between Dealer and Counterparty (the “Base Call
Option Confirmation”),]14 shall be deemed to be automatically exercised; provided however that, except as provided under “Automatic Exercise After Free Convertibility
Date” below, such Options shall be exercised or deemed exercised only if Counterparty has provided a Notice of Exercise to Dealer in accordance with “Notice of Exercise” below.
		
		  	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
		
	 Automatic Exercise After Free
	  	
	 Convertibility Date:
	  	Notwithstanding Section 3.4 of the Equity Definitions, unless Counterparty notifies Dealer in writing prior to 5:00 p.m. (New York City time) on the Expiration Date that it does not wish Automatic Exercise to occur, all Options
then outstanding as of 5:00 p.m. (New York City time) on the Expiration Date will be deemed to be automatically exercised as if (i) a number of Convertible Notes (in denominations of USD 1,000 principal amount) equal to such number of
then-outstanding Options were converted with a “Conversion Date” (as defined in the Indenture) occurring on or after the Free Convertibility Date and (ii) the Relevant Settlement Method applied to such Convertible Notes;
provided that, no such automatic exercise pursuant to this paragraph will occur if the Relevant Price for each Valid Day during the Settlement Averaging Period is less than or equal to the Strike Price.
		
		  	Notwithstanding the foregoing, in no event shall the number of Options that are exercised or deemed exercised hereunder exceed the Number of Options.
		
	 Notice of Exercise:
	  	Notwithstanding anything to the contrary in the Equity Definitions or under “Automatic Exercise” above, but subject to “Automatic Exercise After Free Convertibility Date” above, in order to exercise any Options
relating to Convertible Notes with a Conversion Date occurring on or after the Free Convertibility Date, Counterparty must notify Dealer in writing (which, for the avoidance of doubt, may be by email) before 5:00 p.m. (New York City
time)

  

	14 	 Include for Additional Call Option Confirmation only.

  
 Page 4 of 35 

			
		  	on the Scheduled Valid Day immediately preceding the Expiration Date specifying the number of such Options; provided that, notwithstanding the foregoing, such notice (and the related exercise of Options hereunder) shall be
effective if given after the applicable notice deadline specified above but prior to 5:00 P.M., New York City time, on the fifth Exchange Business Day following such notice deadline, in which event the Calculation Agent shall have the right to
adjust Dealer’s delivery obligation hereunder in a commercially reasonable manner, with respect to the exercise of such Options, as appropriate to reflect the additional commercially reasonable costs (limited to losses as a result of hedging
mismatches and market losses) and expenses incurred by Dealer or any of its affiliates in connection with its hedging activities with such adjustments made assuming that Dealer maintains commercially reasonable hedge positions (including the
unwinding of any hedge position) as a result of its not having received such notice prior to such notice deadline (it being understood that the adjusted delivery obligation described in the preceding proviso can never be less than zero and can never
require any payment by Counterparty); provided further, that if the Relevant Settlement Method for such Options is (x) Net Share Settlement and the Specified Cash Amount (as defined below) is not USD 1,000, (y) Cash Settlement or
(z) Combination Settlement, Counterparty shall provide Dealer a separate notice (the “Notice of Final Settlement Method”) (which, for the avoidance of doubt, may be by email) in respect of all such Convertible Notes before 5:00
p.m. (New York City time) on the earlier of (i) the Free Convertibility Date and (ii) the Scheduled Trading Day immediately preceding the first day of the applicable Settlement Averaging Period specifying (1) the Relevant Settlement
Method for such Options, and (2) if the settlement method for the related Convertible Notes is not Settlement in Shares or Settlement in Cash (each as defined below), the fixed amount of cash per Convertible Note that Counterparty has elected
to deliver to Holders (as such term is defined in the Indenture) of the related Convertible Notes (the “Specified Cash Amount”) and if Counterparty fails to timely provide such Notice of Final Settlement Method, it shall be deemed
to have provided a Notice of Final Settlement Method indicating that the Relevant Settlement Method is Net Share Settlement and that the settlement method for the related Convertible Notes is a combination of cash and shares with a Specified Cash
Amount of USD 1,000. Counterparty acknowledges its responsibilities under applicable securities laws, and in particular Section 9 and Section 10(b) of the Exchange Act (as defined below) and the rules and regulations thereunder, in respect
of any election of a settlement method with respect to the Convertible Notes that is not Net Share Settlement with a Specified Cash Amount of USD 1,000.

  
 Page 5 of 35 

			
	 Valuation Time:
	  	At the close of trading of the regular trading session on the Exchange; provided that if the principal trading session is extended, the Calculation Agent shall determine the Valuation Time in its commercially reasonable
discretion.
		
	 Market Disruption Event:
	  	Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:
		
		  	“‘Market Disruption Event’ means, in respect of a Share, (i) a failure by the primary United States national or regional securities exchange or market on which the Shares are listed or admitted for trading to
open for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00 p.m. (New York City time) on any Scheduled Valid Day for the Shares for more than one half-hour period in the aggregate during regular trading
hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Shares or in any options contracts or futures contracts relating to the
Shares.”
		
	 Settlement Terms.
	  	
		
	 Settlement Method:
	  	For any Option, Net Share Settlement; provided that if the Relevant Settlement Method set forth below for such Option is not Net Share Settlement, then the Settlement Method for such Option shall be such Relevant Settlement
Method, but only if Counterparty shall have notified Dealer of the Relevant Settlement Method in the Notice of Final Settlement Method for such Option.
		
	 Relevant Settlement Method:
	  	In respect of any Option:
		
		  	(i) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note (A) entirely in Shares pursuant to Section [14.02(a)(iv)(A)]15
of the Indenture (together with cash in lieu of fractional Shares) (such settlement method, “Settlement in Shares”), (B) in a combination of cash and Shares pursuant to Section [14.02(a)(iv)(C)]16 of the Indenture with a Specified Cash Amount less than USD 1,000 (such settlement method, “Low Cash Combination Settlement”) or (C) in a combination of cash and Shares
pursuant to Section [14.02(a)(iv)(C)]17 of the Indenture with a Specified Cash Amount equal to USD 1,000, then, in each case, the Relevant Settlement Method for such Option shall be Net Share
Settlement;

  

	15 	 Insert cross reference to Indenture section relating to Physical Settlement 

	16 	 Insert cross reference to Indenture section relating to Combination Settlement 

	17 	 Insert cross reference to Indenture section relating to Combination Settlement

  
 Page 6 of 35 

			
		  	(ii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note in a combination of cash and Shares pursuant to Section
[14.02(a)(iv)(C)]18 of the Indenture with a Specified Cash Amount greater than USD 1,000, then the Relevant Settlement Method for such Option shall be Combination Settlement; and
		
		  	(iii) if Counterparty has elected to settle its conversion obligations in respect of the related Convertible Note entirely in cash pursuant to Section [14.02(a)(iv)(B)]19 of the
Indenture (such settlement method, “Settlement in Cash”), then the Relevant Settlement Method for such Option shall be Cash Settlement.
		
	 Net Share Settlement:
	  	If Net Share Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will deliver to Counterparty, on the relevant Settlement Date for each such Option, a number of Shares (the “Net Share
Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for each such Option, of (i) (a) the Daily Option Value for such Valid Day, divided by (b) the Relevant Price on such Valid
Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.
		
		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Net Share Settlement Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging Period.
		
	 Combination Settlement:
	  	If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:
		
		  	 (i) cash (the “Combination Settlement Cash Amount”) equal to the sum, for
each Valid Day during the Settlement Averaging Period for such Option, of (A) an amount (the “Daily Combination Settlement Cash Amount”) equal to the lesser of (1) the product of (x) the Applicable Percentage and
(y) the Specified Cash Amount minus USD 1,000 and (2) the Daily Option Value, divided by (B) the number of Valid Days in the Settlement Averaging Period; provided that if the calculation in clause (A) above
results in zero or a negative number for any Valid Day, the Daily Combination Settlement Cash Amount for such Valid Day shall be deemed to be zero; and

 

	18 	 Insert cross reference to Indenture section relating to Combination Settlement 

	19 	 Insert cross reference to Indenture section relating to Cash Settlement

  
 Page 7 of 35 

			
		  	 (ii)  Shares (the “Combination Settlement Share Amount”) equal to the
sum, for each Valid Day during the Settlement Averaging Period for such Option, of a number of Shares for such Valid Day (the “Daily Combination Settlement Share Amount”) equal to (A) (1) the Daily Option Value on such Valid
Day minus the Daily Combination Settlement Cash Amount for such Valid Day, divided by (2) the Relevant Price on such Valid Day, divided by (B) the number of Valid Days in the Settlement Averaging Period;
provided that if the calculation in sub-clause (A)(1) above results in zero or a negative number for any Valid Day, the Daily Combination Settlement Share Amount for such Valid Day shall be deemed to be
zero.

		
		  	Dealer will pay cash in lieu of delivering any fractional Shares to be delivered with respect to any Combination Settlement Share Amount valued at the Relevant Price for the last Valid Day of the Settlement Averaging
Period.
		
	 Cash Settlement:
	  	If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an
amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number
of Valid Days in the Settlement Averaging Period.
		
	 Daily Option Value:
	  	For any Valid Day, an amount equal to (i) the Option Entitlement on such Valid Day, multiplied by (ii) (A) the lesser of the Relevant Price on such Valid Day and the Cap Price, less (B) the Strike Price
on such Valid Day; provided that if the calculation contained in clause (ii) above results in a negative number, the Daily Option Value for such Valid Day shall be deemed to be zero. In no event will the Daily Option Value be less than
zero.
		
	 Valid Day:
	  	A day on which (i) there is no Market Disruption Event and (ii) trading in the Shares generally occurs on the Exchange or, if the Shares are not then listed on the Exchange, on the principal other United States national or
regional securities exchange on which the Shares are then listed or, if the Shares are not then listed on a United States national or regional securities exchange, on the principal other market on which the Shares are then listed or admitted for
trading. If the Shares are not so listed or admitted for trading, “Valid Day” means a Business Day.
		
	 Scheduled Valid Day:
	  	A day that is scheduled to be a Valid Day on the principal United States national or regional securities exchange or market on which the Shares are listed or admitted for trading. If the Shares are not so listed or admitted for
trading, “Scheduled Valid Day” means a Business Day.
		
	 Business Day:
	  	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.

  
 Page 8 of 35 

			
	 Relevant Price:
	  	On any Valid Day, the per Share volume-weighted average price as displayed under the heading “Bloomberg VWAP” on Bloomberg page BBIO <equity> AQR (or its equivalent successor if such page is not available) in respect
of the period from the scheduled opening time of the Exchange to the Scheduled Closing Time of the Exchange on such Valid Day (or if such volume-weighted average price is unavailable at such time, the market value of one Share on such Valid Day, as
determined by the Calculation Agent in a commercially reasonable manner using, if practicable, a volume-weighted average method). The Relevant Price will be determined without regard to after-hours trading or any other trading outside of the regular
trading session trading hours.
		
	 Settlement Averaging Period:
	  	For any Option, the 40 consecutive Valid Days commencing on, and including, the 41st Scheduled Valid Day immediately prior to the Expiration Date; provided that if the
Notice of Final Settlement Method for such Option specifies that Settlement in Shares or Low Cash Combination Settlement applies to the related Convertible Note, the Settlement Averaging Period shall be the 80 consecutive Valid Days commencing on,
and including, the 81st Scheduled Valid Day immediately prior to the Expiration Date.
		
	 Settlement Date:
	  	For any Option, the second Business Day immediately following the final Valid Day of the Settlement Averaging Period for such Option.
		
	 Settlement Currency:
	  	USD
		
	 Other Applicable Provisions:
	  	The provisions of Sections 9.1(c), 9.8, 9.9 and 9.11 of the Equity Definitions will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share
Settled”. “Share Settled” in relation to any Option means that Net Share Settlement or Combination Settlement is applicable to that Option.
		
	 Representation and Agreement:
	  	Notwithstanding anything to the contrary in the Equity Definitions (including, but not limited to, Section 9.11 thereof), the parties acknowledge that (i) any Shares delivered to Counterparty shall be, upon delivery,
subject to restrictions and limitations arising from Counterparty’s status as issuer of the Shares under applicable securities laws, (ii) Dealer may deliver any Shares required to be delivered hereunder in certificated form in lieu of
delivery through the Clearance System and (iii) any Shares delivered to Counterparty may be “restricted securities” (as defined in Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”)).

  
 Page 9 of 35 

			
	3. Additional Terms applicable to the Transaction.
	
	 Adjustments applicable to the Transaction:

		
	 Potential Adjustment Events:
	  	Notwithstanding Section 11.2(e) of the Equity Definitions (which Section shall not apply for purposes of the Transaction, except as provided in Section 9(x) below), a “Potential Adjustment Event” means an
occurrence of any event or condition, as set forth in any Dilution Adjustment Provision, that would result in an adjustment under the Indenture to the “Conversion Rate” or the composition of a “unit of Reference Property” or to
any “Last Reported Sale Price,” “Daily VWAP,” “Daily Conversion Value” or “Daily Settlement Amount” (each as defined in the Indenture). For the avoidance of doubt, Dealer shall not have any delivery or payment
obligation hereunder, and no adjustment shall be made to the terms of the Transaction, on account of (x) any distribution of cash, property or securities by Counterparty to holders of the Convertible Notes (upon conversion or otherwise) or
(y) any other transaction in which holders of the Convertible Notes are entitled to participate, in each case, in lieu of an adjustment under the Indenture of the type referred to in the immediately preceding sentence (including, without
limitation, pursuant to the fourth sentence of Section [14.04(c)]20 of the Indenture or the fourth sentence of Section [14.04(d)]21 of the
Indenture).
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment, which means that, notwithstanding Section 11.2(c) of the Equity Definitions (which Section shall not apply for purposes of the Transaction except as provided in Section 9(x) below), upon any
Potential Adjustment Event, the Calculation Agent shall make a commercially reasonable adjustment to the Strike Price and the Option Entitlement corresponding to the adjustment required to be made pursuant to the Indenture to the “Conversion
Rate” (as such term is defined in the Indenture).
		
		  	Notwithstanding the foregoing and “Consequences of Merger Events / Tender Offers” below:
		
		  	 (i) if the Calculation Agent in good faith disagrees with any adjustment to the Convertible
Notes that involves an exercise of discretion by Counterparty or its board of directors (including, without limitation, pursuant to Section [14.05]22 of the Indenture, Section [14.07]23 of the Indenture or any supplemental indenture entered into thereunder or in connection with any proportional adjustment or the determination of the fair value of any securities, property, rights or
other assets), then in each such case, the Calculation Agent will determine in good faith and in a commercially reasonable manner the adjustment to be made to any one or more of the Strike Price,
Option

  

	20 	 Insert cross reference to Indenture section relating to Distributed Property in lieu of an increase to the
Conversion Rate 

	21 	 Insert cross reference to Indenture section relating to cash in lieu of an increase to the Conversion Rate

	22 	 Insert cross reference to Indenture section relating the adjustment of prices during an Observation Period

	23 	 Insert cross reference to Indenture section relating to Merger Events

  
 Page 10 of 35 

			
		  	 Entitlement and any other variable relevant to the exercise, settlement or payment for the Transaction in a
commercially reasonable manner, taking into account the relevant provisions of the Indenture; provided that, notwithstanding the foregoing, if any Potential Adjustment Event occurs during the Settlement Averaging Period but no adjustment was
made to any Convertible Note under the Indenture because the relevant Holder (as such term is defined in the Indenture) was deemed to be a record owner of the underlying Shares on the related Conversion Date, then the Calculation Agent shall make a
commercially reasonable adjustment to the terms hereof in order to account for such Potential Adjustment Event;

		
		  	 (ii)  in connection with any Potential Adjustment Event as a result of an event or
condition set forth in Section [14.04(b)]24 of the Indenture or Section [14.04(c)]25 of the Indenture where, in either case, the period for
determining “Y” (as such term is used in [Section 14.04(b)]26 of the Indenture) or “SP0” (as such term is used in
Section [14.04(c)]27 of the Indenture), as the case may be, begins before Counterparty has publicly announced the event or condition giving rise to such Potential Adjustment Event, then the
Calculation Agent shall have the right to adjust in a good faith and in a commercially reasonable manner, taking into account the relevant terms of the Indenture, any variable relevant to the exercise, settlement or payment for the Transaction as
appropriate to reflect the costs (to account solely for hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made assuming that Dealer maintains commercially
reasonable hedge positions, as a result of such event or condition not having been publicly announced prior to the beginning of such period; and

		
		  	 (iii)  if any Potential Adjustment Event is declared and (a) the event or
condition giving rise to such Potential Adjustment Event is subsequently amended, modified, cancelled or abandoned, (b) the “Conversion Rate” (as defined in the Indenture) is otherwise not adjusted at the time
or

  

	24 	 Insert cross reference to Indenture section providing for an adjustment to the Conversion Rate in connection
with a below market rights, options or warrants offering. 

	25 	 Include cross reference to Indenture section providing for an adjustment to the Conversion Rate in connection
with the distributions of Distributed Property. 

	26 	 Insert cross reference to Indenture section providing for an adjustment to the Conversion Rate in connection
with a below market rights, options or warrants offering. 

	27 	 Include cross reference to Indenture section providing for an adjustment to the Conversion Rate in connection
with the distributions of Distributed Property 

  
 Page 11 of 35 

			
		  	 in the manner contemplated by the relevant Dilution Adjustment Provision based on such declaration or (c) the
“Conversion Rate” (as defined in the Indenture) is adjusted as a result of such Potential Adjustment Event and subsequently re-adjusted (each of clauses (a), (b) and (c), a “Potential
Adjustment Event Change”) then, in each case, the Calculation Agent shall have the right to adjust in a good faith and commercially reasonable manner, taking into account the terms of the Indenture, any variable relevant to the exercise,
settlement or payment for the Transaction as appropriate to reflect the costs (to account solely for hedging mismatches and market losses) and expenses incurred by Dealer in connection with its hedging activities, with such adjustments made assuming
that Dealer maintains commercially reasonable hedge positions, as a result of such Potential Adjustment Event Change.

		
	 Dilution Adjustment Provisions:
	  	Sections 14.04(a), (b), (c), (d) and (e) and Section [14.05]28 of the Indenture.
	
	 Extraordinary Events applicable to the Transaction:

		
	 Merger Events:
	  	Applicable; provided that notwithstanding Section 12.1(b) of the Equity Definitions, a “Merger Event” means the occurrence of any “Merger Event” as defined in Section [14.07(a)]29 of the Indenture.
		
	 Tender Offers:
	  	Applicable; provided that notwithstanding Section 12.1(d) of the Equity Definitions, a “Tender Offer” means the occurrence of any event or condition set forth in Section [14.04(e)]30 of the Indenture.
		
	 Consequences of Merger Events/
	  	
	 Tender Offers:
	  	Notwithstanding Section 12.2 and Section 12.3 of the Equity Definitions (which Section shall not apply for purposes of the Transaction except as provided in Section 9(x) below), upon the occurrence of a Merger Event
or a Tender Offer, the Calculation Agent shall make a corresponding adjustment to any one or more of the nature of the Shares (in the case of a Merger Event), Strike Price, Option Entitlement and any other variable relevant to the exercise,
settlement or payment for the Transaction to the extent that an analogous adjustment is required to be made pursuant to the Indenture in respect of such Merger Event or Tender Offer, subject to the second paragraph under “Method of
Adjustment”; provided, however, that such adjustment shall be made without regard to any adjustment to the Conversion Rate pursuant to any Excluded

 

	28 	 Insert cross reference to Indenture section relating the adjustment of prices during an Observation Period

	29 	 Include cross reference to Indenture section relating to Merger Events. 

	30 	 Include cross reference to Indenture section relating to tender or exchange offers.

  
 Page 12 of 35 

			
		  	Provision; provided further that if, with respect to a Merger Event or a Tender Offer, (i) the consideration for the Shares includes (or, at the option of a holder of Shares, may include) shares of an entity or person
that is not a corporation or is not organized under the laws of the United States, any State thereof or the District of Columbia or (ii) the Counterparty to the Transaction following such Merger Event or Tender Offer will not be a corporation
organized under the laws of the United States, any State thereof or the District of Columbia, then, in either case, Cancellation and Payment (Calculation Agent Determination) may apply at Dealer’s sole election; provided further that,
for the avoidance of doubt, adjustments shall be made pursuant to the provisions set forth above regardless of whether any Merger Event or Tender Offer gives rise to an Early Conversion.
		
	 Consequences of Announcement Events:
	  	Modified Calculation Agent Adjustment as set forth in Section 12.3(d) of the Equity Definitions; provided that, in respect of an Announcement Event, (x) references to “Tender Offer” shall be replaced by
references to “Announcement Event” and references to “Tender Offer Date” shall be replaced by references to “date of such Announcement Event”, (y) the phrase “exercise, settlement, payment or any other terms of the
Transaction (including, without limitation, the spread)” shall be replaced with the phrase “Cap Price (provided that in no event shall the Cap Price be less than the Strike Price)” and the words “whether within a commercially
reasonable (as determined by the Calculation Agent) period of time prior to or after the Announcement Event” shall be inserted prior to the word “which” in the seventh line, and (z) for the avoidance of doubt, the Calculation
Agent shall determine whether the relevant Announcement Event has had a material economic effect on the Transaction (and, if so, may adjust the Cap Price accordingly) on one or more occasions on or after the date of the Announcement Event up to, and
including, the Expiration Date, any Early Termination Date and/or any other date of cancellation, it being understood that any adjustment in respect of an Announcement Event shall take into account any earlier adjustment relating to the same
Announcement Event and shall not be duplicative with any other adjustment or cancellation valuation made pursuant to this Confirmation, the Equity Definitions or the Agreement; provided that in no event shall the Cap Price be adjusted to be
less than the Strike Price. An Announcement Event shall be an “Extraordinary Event” for purposes of the Equity Definitions, to which Article 12 of the Equity Definitions is applicable.
		
	 Announcement Event:
	  	(i) The public announcement by (x) any entity of any transaction or event that the Calculation Agent determines is reasonably likely to be completed and that, if completed, would constitute a Merger Event or Tender Offer (it
being understood and agreed that in determining whether such

  
 Page 13 of 35 

			
		  	transaction or event is reasonably likely to be completed, the Calculation Agent may take into consideration the effect of the relevant announcement on the Shares and/or options relating to the Shares), (y) Issuer or any subsidiary
thereof of any potential acquisition or disposition by Issuer and/or its subsidiaries where the aggregate consideration exceeds 35% of the market capitalization of Issuer as of the date of such announcement (an “Acquisition
Transaction”) or (z) Issuer, any subsidiary of Issuer or any Valid Third-Party Entity of the intention to enter into a Merger Event or Tender Offer or an Acquisition Transaction (in the case of a Valid Third-Party Entity, that the
Calculation Agent determines is reasonably likely to be completed, it being understood and agreed that in making such determination, the Calculation Agent may take into consideration the effect of the relevant announcement on the Shares and/or
options relating to the Shares), (ii) the public announcement by Issuer of an intention to solicit or enter into, or to explore strategic alternatives or other similar undertaking that may include, a Merger Event or Tender Offer or an Acquisition
Transaction or (iii) any subsequent public announcement by any entity of a change to a transaction or intention that is the subject of an announcement of the type described in clause (i) or (ii) of this sentence (including, without
limitation, a new announcement, whether or not by the same party, relating to such a transaction or intention or the announcement of a withdrawal from, or the abandonment or discontinuation of, such a transaction or intention), as determined by the
Calculation Agent. For the avoidance of doubt, the occurrence of an Announcement Event with respect to any transaction or intention shall not preclude the occurrence of a later Announcement Event with respect to such transaction or intention. For
purposes of this definition of “Announcement Event,” (A) “Merger Event” shall mean such term as defined under Section 12.1(b) of the Equity Definitions (but, for the avoidance of doubt, the remainder of the definition of
“Merger Event” in Section 12.1(b) of the Equity Definitions following the definition of “Reverse Merger” therein shall be disregarded) and (B) “Tender Offer” shall mean such term as defined under
Section 12.1(d) of the Equity Definitions; provided that Section 12.1(d) of the Equity Definitions is hereby amended by replacing “10%” with “20%” in the third line thereof.
		
	 Valid Third-Party Entity:
	  	In respect of any transaction, any third party (i) whose announcement is reasonably determined by the Calculation Agent to have had a material economic effect on the Shares and/or options on the Shares and (ii) that is the
entity, or an affiliate of the entity, that is, or would be, a party to the relevant transaction or event.

  
 Page 14 of 35 

			
	 Nationalization, Insolvency or Delisting:
	  	Cancellation and Payment (Calculation Agent Determination); provided that, in addition to the provisions of Section 12.6(a)(iii) of the Equity Definitions, it will also constitute a Delisting if the Exchange is located
in the United States and the Shares are not immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange,
The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors); if the Shares are immediately re-listed, re-traded or re-quoted on any of the New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or their respective successors), such exchange or quotation system shall thereafter be deemed to be the
Exchange.
		
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line thereof with the phrase “, or public
announcement of, the formal or informal interpretation”, (ii) replacing the word “Shares” where it appears in clause (X) thereof with the words “Hedge Position”, (iii) replacing the parenthetical beginning after the
word “regulation” in the second line thereof the words “(including, for the avoidance of doubt and without limitation, (x) any tax law or (y) adoption, effectiveness or promulgation of new regulations authorized or mandated
by existing statute)” and (iv) adding the words “provided that, in the case of clause (Y) hereof where such determination is based on Dealer’s policies and procedures, such policies and procedures have been adopted by
Dealer in good faith and are generally applicable in similar situations and applied in a non-discriminatory manner” after the semicolon in the last line thereof.
		
	 Failure to Deliver:
	  	Applicable
		
	 Hedging Disruption:
	  	Applicable; provided that Section 12.9(b)(iii) of the Equity Definitions is hereby amended by inserting in the third line thereof, after the words “to terminate the Transaction”, the words “or a portion of
the Transaction affected by such Hedging Disruption”.
		
	 Increased Cost of Hedging:
	  	Not Applicable
		
	 Hedging Party:
	  	For all applicable Additional Disruption Events, Dealer.
		
	 Determining Party:
	  	For all applicable Extraordinary Events, Dealer; provided that when making any determination or calculation as “Determining Party,” Dealer shall be bound by the same obligations relating to required acts of the
Calculation Agent as set forth in Section 1.40 of the Equity Definitions and this Confirmation as if Determining Party were the Calculation Agent.
		
		  	Following any determination or calculation by Determining Party hereunder, upon a written request by Counterparty (which may be by email), Determining Party will promptly (but in any event within five Scheduled Trading Days) provide
to Counterparty by email to the

  
 Page 15 of 35 

			
		  	email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the basis for such determination or
calculation (including any assumptions used in making such determination or calculation), it being understood that in no event will Determining Party be obligated to share with Counterparty any proprietary or confidential data or information or any
proprietary or confidential models used by it in making such determination or calculation or any information that is subject to an obligation not to disclose such information.
		
	 Non-Reliance:
	  	Applicable
		
	 Agreements and Acknowledgments
	  	
	 Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	4. Calculation Agent.	  	Dealer; provided that, following the occurrence and during the continuance of an Event of Default of the type described in Section 5(a)(vii) of the Agreement with respect to which Dealer is the sole Defaulting Party,
Counterparty shall have the right to designate a nationally recognized independent equity derivatives dealer to replace Dealer as the Calculation Agent, and the parties shall work in good faith to execute any appropriate documentation required by
such replacement Calculation Agent.
		
		  	Following any adjustment, determination or calculation by the Calculation Agent hereunder, upon a written request by Counterparty (which may be by email), the Calculation Agent will promptly (but in any event within five Scheduled
Trading Days) provide to Counterparty by email to the email address provided by Counterparty in such written request a report (in a commonly used file format for the storage and manipulation of financial data) displaying in reasonable detail the
basis for such adjustment, determination or calculation (including any assumptions used in making such adjustment, determination or calculation), it being understood that in no event will the Calculation Agent be obligated to share with Counterparty
any proprietary or confidential data or information or any proprietary or confidential models used by it in making such adjustment, determination or calculation or any information that is subject to an obligation not to disclose such
information.
		
		  	All calculations and determinations by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.

  
 Page 16 of 35 

 5. Account Details. 
  

	 	(a)	 Account for payments to Counterparty: 

To be provided. 
 Account for
delivery of Shares to Counterparty: 
 To be provided. 
  

	 	(b)	 Account for payments to Dealer: 

To be provided. 
 Account for
delivery of Shares from Dealer: 
 To be provided. 

6. Offices. 
  

	 	(a)	 The Office of Counterparty for the Transaction is: Inapplicable, Counterparty is not a Multibranch Party.

  

	 	(b)	 The Office of Dealer for the Transaction is: [ 🌑 ]

 7. Notices. 
  

	 	(a)	 Address for notices or communications to Counterparty: 

BridgeBio Pharma, Inc. 
 421
Kipling Street 
 Palo Alto, CA 94301 

Attention:     Brian Stephenson, Chief Financial Officer 

Email:          
650-391-9740 
  

	 	(b)	 Address for notices or communications to Dealer: 

[_________] 
 [_________] 

[_________] 
 [_________] 

[_________] 
 With a copy to: 

[_________] 
 [_________] 

[_________] 
 [_________] 

[_________]31 

8. Representations and Warranties. 

Each of the representations and warranties of Counterparty set forth in Section 3 of the Purchase Agreement (the “Purchase
Agreement”) dated as of January [__], 2021, between Counterparty and J.P. Morgan Securities LLC and [ 🌑 ], as representatives of the Initial Purchasers party thereto (the “Initial
Purchasers”), are true and correct and are hereby deemed to be repeated to Dealer as if set forth herein. Counterparty hereby further represents and warrants to Dealer on the date hereof and on and as of the Premium Payment Date that: 

 

	31 	 Include for Dealer. 

  
 Page 17 of 35 

	 	(a)	 (i) Counterparty has all necessary corporate power and authority to execute, deliver and perform its
obligations in respect of the Transaction; (ii) such execution, delivery and performance have been duly authorized by all necessary corporate action on Counterparty’s part; and (iii) this Confirmation has been duly and validly executed and
delivered by Counterparty and constitutes its valid and binding obligation, enforceable against Counterparty in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar
laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is
sought in a proceeding at law or in equity) and except that rights to indemnification and contribution hereunder may be limited by federal or state securities laws or public policy relating thereto. 

 

	 	(b)	 In lieu of the representation set forth in Section 3(a)(iii) of the Agreement, neither the execution and
delivery of this Confirmation nor the incurrence or performance of obligations of Counterparty hereunder will conflict with or result in a breach of the certificate of incorporation or by-laws (or any
equivalent documents) of Counterparty, or any applicable law or regulation, or any order, writ, injunction or decree of any court or governmental authority or agency, or any agreement or instrument filed as an exhibit to Counterparty’s Annual
Report on Form 10-K for the year ended December 31, 2019 to which Counterparty or any of its subsidiaries is a party or by which Counterparty or any of its subsidiaries is bound or to which Counterparty
or any of its subsidiaries is subject, or constitute a default under, or result in the creation of any lien under, any such agreement or instrument. 

  

	 	(c)	 No consent, approval, authorization, or order of, or filing with, any governmental agency or body or any court
is required in connection with the execution, delivery or performance by Counterparty of this Confirmation, except such as have been obtained or made and such as may be required under the Securities Act or state securities laws.

  

	 	(d)	 Counterparty is not and, after consummation of the transactions contemplated hereby, will not be required to
register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

  

	 	(e)	 Counterparty is an “eligible contract participant” (as such term is defined in Section 1a(18) of
the Commodity Exchange Act, as amended, other than a person that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

 

	 	(f)	 Counterparty is not, on the date hereof, aware of any material
non-public information with respect to Counterparty or the Shares. 

  

	 	(g)	 To the knowledge of Counterparty, no state or local (including any
non-U.S. jurisdiction’s) law, rule, regulation or regulatory order applicable to the Shares would give rise to any reporting, consent, registration or other requirement (including without limitation a
requirement to obtain prior approval from any person or entity) as a result of Dealer or its affiliates owning or holding (however defined) Shares; provided that Counterparty makes no representation or warranty regarding any such requirement
that is applicable generally to the ownership of common equity securities of U.S. domestic issuers listed on the Exchange by Dealer or any of its affiliates solely as a result of it or any of such affiliates being a financial institution or broker
dealer. 

  

	 	(h)	 Counterparty (A) is capable of evaluating investment risks independently, both in general and with regard
to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise notified the
broker-dealer in writing; and (C) has total assets of at least USD 50 million as of the date hereof. 

  
 Page 18 of 35 

	 	(i)	 Counterparty represents and warrants that it and any of its subsidiaries has not applied, and shall not until
after the first date on which no portion of the Transaction remains outstanding following any final exercise and settlement, cancellation or early termination of the Transaction, apply, for a loan, loan guarantee, direct loan (as that term is
defined in the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)) or other investment, or to receive any financial assistance or relief under any program or facility (collectively “Financial
Assistance”) that (i) is established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and
(ii) (A) requires under applicable law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) as a condition of such Financial Assistance, that
Counterparty comply with any requirement not to, or otherwise agree, attest, certify or warrant that it has not, as of the date specified in such condition, repurchased, or will not repurchase, any equity security of Counterparty, and that it has
not, as of the date specified in the condition, made a capital distribution or will make a capital distribution, or (B) where the terms of the Transaction would cause Counterparty under any circumstances to fail to satisfy any condition for
application for or receipt or retention of the Financial Assistance (collectively “Restricted Financial Assistance”); provided, that Counterparty may apply for Restricted Financial Assistance if Counterparty either
(x) determines based on the advice of outside counsel of national standing that the terms of the Transaction would not cause Counterparty to fail to satisfy any condition for application for or receipt or retention of such Financial Assistance
based on the terms of the program or facility as of the date of such advice or (y) delivers to Dealer evidence or other guidance from a governmental authority with jurisdiction for such program or facility that the Transaction is permitted
under such program or facility (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). Counterparty further represents and warrants that the Premium
is not being paid, in whole or in part, directly or indirectly, with funds received under or pursuant to any program or facility, including the U.S. Small Business Administration’s “Paycheck Protection Program”, that (a) is
established under applicable law (whether in existence as of the Trade Date or subsequently enacted, adopted or amended), including without limitation the CARES Act and the Federal Reserve Act, as amended, and (b) requires under such applicable
law (or any regulation, guidance, interpretation or other pronouncement of a governmental authority with jurisdiction for such program or facility) that such funds be used for specified or enumerated purposes that do not include the purchase of the
Transaction (either by specific reference to the Transaction or by general reference to transactions with the attributes of the Transaction in all relevant respects). 

 

	 	(j)	 On and immediately after the Trade Date and the Premium Payment Date, (A) the value of the total assets of
Counterparty is greater than the sum of the total liabilities (including contingent liabilities) and the capital (as such terms are defined in Section 154 and Section 244 of the General Corporation Law of the State of Delaware) of
Counterparty, (B) the capital of Counterparty is adequate to conduct the business of Counterparty, and Counterparty’s entry into the Transaction will not impair its capital, (C) Counterparty has the ability to pay its debts and
obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature, (D) Counterparty is not “insolvent” (as such term is defined under
Section 101(32) of the U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy Code”)) and (E) Counterparty would be able to purchase the number of Shares with respect to the Transaction in compliance
with the laws of the jurisdiction of Counterparty’s incorporation (including the adequate surplus and capital requirements of Sections 154 and 160 of the General Corporation Law of the State of Delaware). 

 

	 	(k)	 The assets of Counterparty do not constitute “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 under the Employee Retirement Income Security Act of 1974, as amended. 

Dealer hereby represents and warrants to Counterparty on the date hereof and on and as of the Premium Payment Date, that Dealer is an
“eligible contract participant” (as such term is defined in Section 1a(18) of the Commodity Exchange Act, other than a person that is an eligible contract participant under Section 1a(18)(C) of the Commodity Exchange Act). 

  
 Page 19 of 35 

 9. Other Provisions. 
  

	 	(a)	 Opinions. Counterparty shall deliver to Dealer an opinion of counsel, dated as of the Premium
Payment Date, with respect to the matters set forth in Sections 8(a)(i) and (ii), 8(b) and 8(c) (as to agreements governing indebtedness) of this Confirmation (it being understood that such opinions of counsel shall be limited to the federal laws of
the United States, the laws of the State of New York and the General Corporate Law of the State of Delaware and may contain customary limitations, exceptions and qualifications). Delivery of such opinion to Dealer shall be a condition precedent for
the purpose of Section 2(a)(iii) of the Agreement with respect to each obligation of Dealer under Section 2(a)(i) of the Agreement. 

  

	 	(b)	 Repurchase Notices. Counterparty shall, on any day on which Counterparty effects any repurchase
of Shares, promptly give Dealer a written notice of such repurchase (a “Repurchase Notice”) on such day if following such repurchase, the number of outstanding Shares as determined on such day is (i) less than [__]32 million (in the case of the first such notice) or (ii) thereafter more than [__]33 million less than the number of Shares included in the
immediately preceding Repurchase Notice; provided that Counterparty may provide Dealer advance notice on or prior to any such day to the extent it expects that repurchases effected on such day may result in an obligation to deliver a
Repurchase Notice (and in such case, any such advance notice shall be deemed a Repurchase Notice to the maximum extent of repurchases set forth in such advance notice as if Counterparty had executed such repurchases). Counterparty agrees to
indemnify and hold harmless Dealer and its affiliates and their respective officers, directors, employees, affiliates, advisors, agents and controlling persons (each, an “Indemnified Person”) from and against any and all losses
(including losses relating to Dealer’s hedging activities as a consequence of becoming, or of the risk of becoming, a Section 16 “insider”, including without limitation, any forbearance from hedging activities or cessation of
hedging activities and any losses in connection therewith with respect to the Transaction), claims, damages, judgments, liabilities and reasonable and documented
out-of-pocket expenses (including reasonable attorney’s fees of one outside counsel in each relevant jurisdiction), joint or several, which an Indemnified Person
may become subject to, as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice on the day and in the manner specified in this paragraph, and to reimburse, within 30 days, upon written request, each of such Indemnified
Persons for any reasonable legal or other out-of-pocket expenses incurred (and supported by invoices or other documentation setting forth in reasonable detail such
expenses) in connection with investigating, preparing for, providing testimony or other evidence in connection with or defending any of the foregoing. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or
demand shall be brought or asserted against the Indemnified Person as a result of Counterparty’s failure to provide Dealer with a Repurchase Notice in accordance with this paragraph, such Indemnified Person shall promptly notify Counterparty in
writing, and Counterparty, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others Counterparty may designate in such proceeding and shall pay
the reasonable fees and expenses of such counsel related to such proceeding. Counterparty shall not be liable to the extent that the Indemnified Person fails to notify Counterparty within a commercially reasonable period of time after any action is
commenced against it in respect of which indemnity may be sought hereunder (it being understood that any such notice delivered within 30 calendar days of the commencement of any such action shall be deemed to have been delivered within a
commercially reasonable period of time for such purpose). In addition, Counterparty shall not have liability for any settlement of any proceeding contemplated by this paragraph that is effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, Counterparty agrees to indemnify 

  

	32 	 Insert the number of Shares outstanding that would cause Dealer’s current position in the Shares
underlying the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full and the number of Shares underlying the existing capped call, as applicable) to increase by 0.5%. To be based on
Dealer with the highest Applicable Percentage. 

	33 	 Insert the number of Shares that, if repurchased, would cause Dealer’s current position in the Shares
underlying the Transaction (including the number of Shares underlying any additional transaction if the greenshoe is exercised in full and the number of Shares underlying the existing capped call, as applicable) to increase by a further 0.5% from
the threshold for the first Repurchase Notice. To be based on Dealer with the highest Applicable Percentage. 

  
 Page 20 of 35 

	 	
any Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Counterparty shall not, without the prior written consent of the Indemnified Person, effect
any settlement of any such proceeding contemplated by this paragraph that is pending or threatened in respect of which any Indemnified Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person,
unless such settlement includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such proceeding on terms reasonably satisfactory to such Indemnified Person. Counterparty shall not be
liable for any losses, claims, damages or liabilities (or expenses relating thereto) of any Indemnified Person that result from the bad faith, gross negligence, willful misconduct or fraud of such Indemnified Person. If the indemnification provided
for in this paragraph is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then Counterparty hereunder, in lieu of indemnifying such Indemnified Person thereunder,
shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities. The remedies provided for in this paragraph (b) are not exclusive and shall not limit any rights or remedies
which may otherwise be available to any Indemnified Person at law or in equity. The indemnity and contribution agreements contained in this paragraph shall remain operative and in full force and effect regardless of the termination of the
Transaction. 

  

	 	(c)	 Regulation M. Counterparty is not on the Trade Date engaged in a distribution, as such term is
used in Regulation M under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of any securities of Counterparty, other than a distribution meeting the requirements of the exception set forth in Rules 101(b)(10)
and 102(b)(7) of Regulation M. Counterparty shall not, until the second Scheduled Trading Day immediately following the Effective Date, engage in any such distribution. 

 

	 	(d)	 No Manipulation. Counterparty is not entering into the Transaction to create actual or apparent
trading activity in the Shares (or any security convertible into or exchangeable for the Shares) or to raise or depress or otherwise manipulate the price of the Shares (or any security convertible into or exchangeable for the Shares) or otherwise in
violation of the Exchange Act. 

  

	 	(e)	 Transfer or Assignment. 

 

	 	(i)	 Counterparty shall have the right to transfer or assign all or any of its rights and obligations hereunder with
respect to all or any of the Options hereunder (such Options, the “Transfer Options”); provided that such transfer or assignment shall be subject to the following conditions: 

 

	 	(A)	 With respect to any Transfer Options, Counterparty shall not be released from its notice and indemnification
obligations pursuant to Section 9(b) or any obligations under Section 9(n) of this Confirmation; 

  

	 	(B)	 Such transfer or assignment shall be effected on terms, including any reasonable undertakings by such third
party (including, but not limited to, an undertaking with respect to compliance with applicable securities laws in a manner that, in the reasonable judgment of Dealer, will not expose Dealer to material risks under applicable securities laws) and
execution of any documentation and delivery of legal opinions with respect to securities laws and other matters by such third party and Counterparty, as are reasonably requested and reasonably satisfactory to Dealer; 

 

	 	(C)	 Dealer will not, as a result of such transfer or assignment, be required to pay the transferee or assignee on
any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Dealer would have been required to pay to Counterparty in the absence of such transfer or assignment; 

  
 Page 21 of 35 

	 	(D)	 Dealer will not, as a result of such transfer or assignment, receive from the transferee or assignee an amount
(taking into account any additional amounts paid under Section 2(d)(i)(4) of the Agreement) that is less than the amount that Dealer would have received from Counterparty in the absence of such transfer or assignment; 

 

	 	(E)	 An Event of Default, Potential Event of Default or Termination Event will not occur as a result of such
transfer or assignment; 

  

	 	(F)	 Counterparty shall cause the transferee or assignee to make such Payee Tax Representations and to provide such
tax documentation as may be reasonably requested by Dealer to permit Dealer to determine that results described in clauses (C), (D) and (E) will not occur upon or after such transfer or assignment, including but not limited to providing tax
documentation specified in Section 9(aa) of this Confirmation and making the tax representations specified in Section 9(dd) of this Confirmation on or prior to such transfer and at the other times specified in such Sections; and

  

	 	(G)	 Counterparty shall be responsible for all reasonable out-of-pocket costs and expenses, including reasonable counsel fees, incurred by Dealer in connection with such transfer or assignment. 

 

	 	(ii)	 Dealer may transfer or assign all or any part of its rights or obligations under the Transaction
(A) without Counterparty’s consent, to any affiliate of Dealer or branch of Dealer or Dealer’s ultimate parent, if any, (1) that has a long-term issuer rating that is equal to or better than Dealer’s credit rating at the
time of such transfer or assignment, or (2) whose obligations hereunder will be guaranteed, pursuant to the terms of a customary guarantee in a form used by Dealer generally for similar transactions, by [Dealer] or [Dealer Parent]34, or (B) with Counterparty’s consent (such consent not to be unreasonably withheld or delayed), to any third party financial institution that is a recognized dealer in the market for U.S.
corporate equity derivatives and that has a long-term issuer rating equal to or better than the greater of (1) the credit rating of Dealer at the time of the transfer and (2) A- by Standard and
Poor’s Rating Group, Inc. or its successor (“S&P”), or A3 by Moody’s Investor Service, Inc. or its successor (“Moody’s”) or, if either S&P or Moody’s ceases to rate such
debt, at least an equivalent rating or better by a substitute rating agency mutually agreed by Counterparty and Dealer; provided that, in the case of any transfer or assignment described in clause (A) or (B) above, (I) an Event of
Default, Potential Event of Default or Termination Event will not occur as a result of such transfer and assignment and (II)(a) Counterparty will not receive from the transferee or assignee on any payment date or delivery date an amount or a number
of Shares, as applicable, lower than the amount or the number of Shares, as applicable, that Dealer would have been required to pay or deliver to Counterparty in the absence of such transfer or assignment, (b) Counterparty will not, as a result
of such transfer or assignment, be required to pay the transferee or assignee on any payment date an amount under Section 2(d)(i)(4) of the Agreement greater than an amount that Counterparty would have been required to pay to Dealer in the
absence of such transfer or assignment, and (c) Dealer shall cause the transferee or assignee to make such Payee Tax Representations and to provide such tax documentation as may be reasonably requested by Counterparty to permit Counterparty to
determine that events described in clauses (II)(a) and (b) of this proviso will not occur upon or after such transfer or assignment. If at any time at which (A) the Section 16 Percentage exceeds 9.0%, (B) the Option Equity Percentage
exceeds 14.5%, or (C) the Share Amount exceeds the Applicable Share Limit (if any applies) (any such condition described in clauses (A), (B) or (C), an “Excess Ownership Position”), Dealer is unable after using its commercially
reasonable efforts to effect a transfer or assignment of Options to a third party on pricing terms 

  

	34 	 Include, as applicable 

  
 Page 22 of 35 

	 	
reasonably acceptable to Dealer and within a time period reasonably acceptable to Dealer such that no Excess Ownership Position exists, then Dealer may designate any Exchange Business Day as an
Early Termination Date with respect to a portion of the Transaction (the “Terminated Portion”), such that following such partial termination no Excess Ownership Position exists. In the event that Dealer so designates an Early
Termination Date with respect to a portion of the Transaction, a payment shall be made pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms identical to the
Transaction and a Number of Options equal to the number of Options underlying the Terminated Portion, (2) Counterparty were the sole Affected Party with respect to such partial termination and (3) the Terminated Portion were the sole
Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall apply to any amount that is payable by Dealer to Counterparty pursuant to this sentence as if Counterparty was not the Affected Party). Dealer shall
notify Counterparty of an Excess Ownership Position with respect to which it intends to seek a transfer or assignment as soon as reasonably practicable after becoming aware of such an Excess Ownership Position. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of Shares that Dealer and any other person subject to aggregation with Dealer for
purposes of the “beneficial ownership” test under Section 13 of the Exchange Act, or any “group” (within the meaning of Section 13 of the Exchange Act) of which Dealer is or may be deemed to be a part beneficially owns
(within the meaning of Section 13 of the Exchange Act), without duplication, on such day (or, to the extent that for any reason the equivalent calculation under Section 16 of the Exchange Act and the rules and regulations thereunder
results in a higher number, such higher number) and (B) the denominator of which is the number of Shares outstanding on such day. The “Option Equity Percentage” as of any day is the fraction, expressed as a percentage,
(A) the numerator of which is the sum of (1) the product of the Number of Options and the Option Entitlement and (2) the aggregate number of Shares underlying any other call option transaction sold by Dealer to Counterparty, and
(B) the denominator of which is the number of Shares outstanding. The “Share Amount” as of any day is the number of Shares that Dealer and any person whose ownership position would be aggregated with that of Dealer (Dealer or
any such person, a “Dealer Person”) under any law, rule, regulation, regulatory order or organizational documents or contracts of Counterparty that are, in each case, applicable to ownership of Shares (“Applicable
Restrictions”), owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Dealer in its reasonable discretion.
The “Applicable Share Limit” means a number of Shares equal to (A) the minimum number of Shares that could give rise to reporting or registration obligations or other requirements (including obtaining prior approval from any
person or entity) of a Dealer Person (except for filings of Form 13F, Schedule 13D or Schedule 13G under the Exchange Act), or could result in an adverse effect on a Dealer Person, under any Applicable Restriction, as determined by Dealer in its
reasonable discretion, minus (B) 1% of the number of Shares outstanding. 

  

	 	(iii)	 Notwithstanding any other provision in this Confirmation to the contrary requiring or allowing Dealer to
purchase, sell, receive or deliver any Shares or other securities, or make or receive any payment in cash, to or from Counterparty, Dealer may designate any of its affiliates to purchase, sell, receive or deliver such Shares or other securities, or
to make or receive such payment in cash, and otherwise to perform Dealer’s obligations in respect of the Transaction and any such designee may assume such obligations. Dealer shall be discharged of its obligations to Counterparty to (and only
to) the extent of any such performance. 

  

	 	(f)	 Staggered Settlement. If upon advice of counsel with respect to applicable legal and regulatory
requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or
all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or
more dates (each, a “Staggered Settlement Date”) as follows: 

  
 Page 23 of 35 

	 	(i)	 in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which shall
occur on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date; 

  

	 	(ii)	 the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered
Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and 

  

	 	(iii)	 if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on the
Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be
allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above. 

  

	 	(g)	 [Role of Agent.]35[Insert relevant Dealer
language regarding agency or communications with employees .] 

  

	 	(h)	 Additional Termination Events. 

 

	 	(i)	 Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which a
“Notice of Conversion” (as defined in the Indenture) that is effective as to Counterparty has been delivered by the relevant converting Holder: 

  

	 	(A)	 Counterparty may, within five Scheduled Trading Days of the “Conversion Date” (as defined in the
Indenture) for such Early Conversion, provide written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes, the
“Affected Convertible Notes”) and the anticipated settlement date, and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this clause (i); provided that any such Early
Conversion Notice shall contain a representation and warranty that Counterparty is not, on the date thereof, aware of any material nonpublic information with respect to Counterparty or the Shares, in respect of the delivery of such Early Conversion
Notice; provided further that the provisions of this Section 9(h)(i) shall not apply to any Affected Convertible Note (i) with respect to which Counterparty has elected the “Exchange in Lieu of Conversion” option pursuant
to Section [14.12]36 of the Indenture and (ii) that has been accepted by the designated financial institution pursuant to Section
[14.12]37 of the Indenture, except to the extent that Counterparty notifies Dealer, within ten Scheduled Trading Days of the then applicable conversion settlement date determined pursuant to
Section [14.02(c)]38 of the Indenture, that (x) such financial institution has failed to pay or deliver, as the case may be, the consideration due upon conversion of such Affected Convertible
Note, or (y) such Affected Convertible Note is subsequently resubmitted to Counterparty for conversion in accordance with the terms of the Indenture; 

 

	35 	 Include for Dealer. 

	36 	 Insert cross reference to Indenture section relating to Exchange in Lieu of Conversion 

	37 	 Insert cross reference to Indenture section relating to Exchange in Lieu of Conversion 

	38 	 Insert reference to Indenture section relating to the Conversion Date 

  
 Page 24 of 35 

	 	(B)	 upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an Early
Termination Date (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related conversion settlement date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of
Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes [minus the “Affected Number of Options” (as defined in the Base Call Option Confirmation), if any,
that relate to such Affected Convertible Notes]39 and (y) the Number of Options as of the Conversion Date for such Early Conversion; 

 

	 	(C)	 any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the
Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole
Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction (and, for the avoidance of doubt, the provisions of Section 9(l) shall apply to any
amount that is payable by Dealer to Counterparty pursuant to this Section 9(h)(i) as if Counterparty were not the Affected Party); 

  

	 	(D)	 for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant
to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had
not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain outstanding; and 

 

	 	(E)	 the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such Early
Conversion, the Number of Options shall be reduced by the Affected Number of Options. 

  

	 	(ii)	 Within five Scheduled Trading Days following any Repurchase Event (as defined below), Counterparty may notify
Dealer of such Repurchase Event and the aggregate principal amount of Convertible Notes subject to such Repurchase Event (any such notice, a “Convertible Notes Repurchase Notice”); provided that any such Convertible Notes
Repurchase Notice shall contain a representation and warranty that Counterparty is not, on the date thereof, aware of any material nonpublic information with respect to Counterparty or the Shares, in respect of the delivery of such Convertible Notes
Repurchase Notice. The receipt by Dealer from Counterparty of any Convertible Notes Repurchase Notice shall constitute an Additional Termination Event as provided in this Section 9(h)(ii). Upon receipt of any such Convertible Notes Repurchase
Notice, Dealer shall designate an Exchange Business Day following receipt of such Convertible Notes Repurchase Notice (which Exchange Business Day shall be on or as promptly as reasonably practicable after the related repurchase settlement date for
the relevant Repurchase Event) as an Early Termination Date with respect to the portion of the Transaction corresponding to a number of Options (the “Repurchase Options”) equal to the lesser of (A) the aggregate principal
amount of such Convertible Notes specified in such Convertible Notes Repurchase Notice, divided by USD 1,000 [minus (y) the number of Repurchase Options (as defined in the Base Call Option Confirmation), if any, that relate to
such Convertible Notes]40, and (B) the Number of Options as of the date Dealer designates such Early Termination Date and, as of such date, the Number of Options shall be reduced by the
number of Repurchase Options. Any payment hereunder with respect to such termination (the “Repurchase  

 

	39 	 Include in Additional Call Option Confirmation only. 

	40 	 Include in Additional Call Option Confirmation only.

  
 Page 25 of 35 

	 	
Unwind Payment”) shall be calculated pursuant to Section 6 of the Agreement as if (1) an Early Termination Date had been designated in respect of a Transaction having terms
identical to the Transaction and a Number of Options equal to the number of Repurchase Options, (2) Counterparty were the sole Affected Party with respect to such Additional Termination Event, (3) no adjustments to the Conversion Rate have
occurred pursuant to an Excluded Provision, (4) the corresponding Convertible Notes remaining outstanding, (5) the relevant Repurchase and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of
Counterparty leading thereto had not occurred and (6) the terminated portion of the Transaction were the sole Affected Transaction. “Repurchase Event” means that (i) any Convertible Notes are repurchased or redeemed
(whether pursuant to [Section 15.02]41 of the Indenture or otherwise) by Counterparty or any of its subsidiaries, (ii) any Convertible Notes are delivered to Counterparty in exchange for
delivery of any property or assets of Counterparty or any of its subsidiaries (howsoever described), (iii) any principal of any of the Convertible Notes is repaid prior to the final maturity date of the Convertible Notes (other than upon
acceleration of the Convertible Notes described in Section 9(h)(iii)), or (iv) any Convertible Notes are exchanged by or for the benefit of the Holders (as defined in the Indenture) thereof for any other securities of Counterparty or any
of its Affiliates (or any other property, or any combination thereof) pursuant to any exchange offer or similar transaction; provided that any conversion of Convertible Notes pursuant to the terms of the Indenture shall not constitute a
Repurchase Event. 

  

	 	(iii)	 Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to
Counterparty occurs under the terms of the Convertible Notes as set forth in Section [6.01]42 of the Indenture and such event of default results in the Convertible Notes being accelerated and
declared due and payable, then such event of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected
Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement (which Early Termination Date shall be on or
as promptly as reasonably practicable after Dealer becomes aware of the occurrence of such acceleration). 

  

	 	(iv)	 Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall
constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected
Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment Event” means that Counterparty amends, modifies, supplements, waives or
obtains a waiver in respect of any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, any term relating to conversion of the Convertible Notes (including changes to
the conversion rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than 100% of the principal amount of the Convertible Notes to amend
(other than, in each case, any amendment or supplement (x) pursuant to Section [10.01(h)]43 of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the
description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section [14.07]44 of the Indenture), in each case, without the consent of Dealer. 

 

	41 	 Include cross reference to Indenture section relating to repurchase by Holders upon a fundamental change.

	42 	 Include cross reference to Indenture section relating to events of default 

	43 	 Include cross reference to Indenture section permitting amendments without holder consent to conform the
Indenture to the DoN 

	44 	 Include cross reference to Indenture section relating to Merger Events 

  
 Page 26 of 35 

	 	(i)	 Amendments to Equity Definitions. 

 

	 	(i)	 Solely in respect of adjustments to the Cap Price pursuant to Section 9(x), Section 11.2(e)(vii) of
the Equity Definitions is hereby amended by deleting the words “that may have a diluting or concentrative effect on the theoretical value of the relevant Shares” and replacing them with the words “that is the result of a corporate
event involving the Issuer or its securities that has a material economic effect on the Shares or options on the Shares; provided that such event is not based on (a) an observable market, other than the market for the Company’s own
stock or (b) an observable index, other than an index calculated and measured solely by reference to Company’s own operations.” 

  

	 	(ii)	 Section 12.6(a)(ii) of the Equity Definitions is hereby amended by (1) inserting “(1)”
immediately following the word “means” in the first line thereof and (2) inserting immediately prior to the semi-colon at the end of subsection (B) thereof the following words: “or (2) the occurrence of any of the
events specified in Section 5(a)(vii)(1) through (9) of the ISDA Master Agreement with respect to that Issuer; provided that the period for dismissal, discharge, stay or restraint therein shall be increased from within 15 days to
within 60 days”. 

  

	 	(iii)	 Section 12.9(b)(i) of the Equity Definitions is hereby amended by (1) replacing “either party
may elect” with “Dealer may elect” and (2) replacing “notice to the other party” with “notice to Counterparty” in the first sentence of such section. 

 

	 	(j)	 No Setoff. Neither party shall have the right to set off any obligation that it may have to the
other party under the Transaction against any obligation such other party may have to it, whether arising under the Agreement, this Confirmation or any other agreement between the parties hereto, by operation of law or otherwise and each party
hereby waives any such right to setoff. 

  

	 	(k)	 Adjustments. For the avoidance of doubt, whenever the Calculation Agent is called upon to
make an adjustment pursuant to the terms of this Confirmation or the Equity Definitions to take into account the effect of an event (other than on adjustments made by reference to the Indenture), the Calculation Agent shall make such adjustment in a
commercially reasonable manner by reference to the effect of such event on Dealer, assuming that Dealer maintains a commercially reasonable hedge position. 

  

	 	(l)	 Alternative Calculations and Payment on Early Termination and on Certain Extraordinary Events. If
(a) an Early Termination Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to the Transaction or (b) the Transaction is cancelled or terminated upon the occurrence of an
Extraordinary Event (except as a result of (i) a Nationalization, Insolvency or Merger Event in which the consideration to be paid to holders of Shares consists solely of cash, (ii) an Announcement Event, Merger Event or Tender Offer that
is within Counterparty’s control, or (iii) an Event of Default in which Counterparty is the Defaulting Party or a Termination Event in which Counterparty is the Affected Party other than an Event of Default of the type described in
Section 5(a)(iii), (v), (vi), (vii) or (viii) of the Agreement or a Termination Event of the type described in Section 5(b) of the Agreement, in each case that resulted from an event or events outside Counterparty’s control), and
if Dealer would owe any amount to Counterparty pursuant to Section 6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article 12 of the Equity Definitions (any such amount, a “Payment Obligation”), then Dealer
shall satisfy the Payment Obligation by the Share Termination Alternative (as defined below), unless (a) Counterparty gives irrevocable telephonic notice to Dealer, confirmed in writing within one Scheduled Trading Day, no later than 12:00 p.m.
(New York City time) on the date of the Announcement Event, Merger Date, Tender Offer Date, Announcement Date (in the case of a Nationalization, Insolvency or Delisting), Early Termination Date or date of cancellation, as applicable, of its election
that the Share Termination Alternative shall not apply, (b) Counterparty remakes the representation set forth in Section 8(f) as of the date of such election and (c) Dealer agrees, in its good faith discretion, to such election, in
which case the provisions of Section 12.7 or Section 12.9 of the Equity Definitions, or the provisions of Section 6(d)(ii) and Section 6(e) of the Agreement, as the case may be, shall apply. 

 

  
 Page 27 of 35 

			
		
	Share Termination Alternative:	  	If applicable, Dealer shall deliver to Counterparty the Share Termination Delivery Property on, or within a commercially reasonable period of time after, the date when the relevant Payment Obligation would otherwise be due pursuant
to Section 12.7 or 12.9 of the Equity Definitions or Section 6(d)(ii) and 6(e) of the Agreement, as applicable, in satisfaction of such Payment Obligation in the manner reasonably requested by Counterparty free of payment.
		
	Share Termination Delivery Property:	  	A number of Share Termination Delivery Units, as calculated by the Calculation Agent, equal to the Payment Obligation divided by the Share Termination Unit Price. The Calculation Agent shall adjust the Share Termination Delivery
Property by replacing any fractional portion of a security therein with an amount of cash equal to the value of such fractional security based on the values used to calculate the Share Termination Unit Price.
		
	Share Termination Unit Price:	  	The value of property contained in one Share Termination Delivery Unit, as determined by the Calculation Agent in its discretion by commercially reasonable means and notified by the Calculation Agent to Dealer at the time of
notification of the Payment Obligation.
		
	Share Termination Delivery Unit:	  	One Share or, if the Shares have changed into cash or any other property or the right to receive cash or any other property as the result of a Nationalization, Insolvency or Merger Event (any such cash or other property, the
“Exchange Property”), a unit consisting of the type and amount of such Exchange Property received by a holder of one Share (without consideration of any requirement to pay cash or other consideration in lieu of fractional amounts of
any securities) in such Nationalization, Insolvency or Merger Event, as determined by the Calculation Agent. If such Naturalization, Insolvency, or Merger Event involves a choice of Exchange Property to be received by holders, such holder shall be
deemed to have elected to receive the maximum possible amount of cash.
		
	Failure to Deliver:	  	Applicable
		
	Other applicable provisions:	  	If Share Termination Alternative is applicable, the provisions of Sections 9.8, 9.9 and 9.11 (as modified above) of the Equity Definitions and the provisions set forth opposite the caption “Representation and Agreement” in
Section 2 will be applicable, except that all references in such provisions to “Physically-settled” shall be read as references to “Share Termination Settled” and all references to “Shares” shall be read as
references to “Share Termination Delivery Units”. “Share Termination Settled” in relation to the Transaction means that Share Termination Alternative is applicable to the Transaction.

  
 Page 28 of 35 

	 	(m)	 Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action or proceeding relating to the Transaction. Each party (i) certifies that no representative, agent or attorney of either party has represented, expressly or otherwise, that such
other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into the Transaction, as applicable, by, among other
things, the mutual waivers and certifications provided herein. 

  

	 	(n)	 Registration. Counterparty hereby agrees that if, in the good faith reasonable judgment of
Dealer, based on the advice of counsel, the Shares (“Hedge Shares”) acquired by Dealer for the purpose of effecting a commercially reasonable hedge of its obligations pursuant to the Transaction cannot be sold in the public market
by Dealer without registration under the Securities Act, Counterparty shall, at its election, either (i) in order to allow Dealer to sell the Hedge Shares in a registered offering, make available to Dealer an effective registration statement
under the Securities Act and enter into an agreement, in form and substance reasonably satisfactory to Dealer, substantially in the form of an underwriting agreement customary for a registered secondary offering of a similar size in respect of a
similar issuer; provided, however, that if Dealer, in its good faith discretion, is not satisfied with access to due diligence materials, the results of its due diligence investigation, or the procedures and documentation for the registered
offering referred to above, then clause (ii) or clause (iii) of this paragraph shall apply at the election of Counterparty, (ii) in order to allow Dealer to sell the Hedge Shares in a private placement, use commercially reasonable
efforts to enter into a private placement agreement substantially similar to private placement purchase agreements customary for private placements of equity securities of a similar size in respect of a similar issuer, in form and substance
commercially reasonably satisfactory to Dealer (in which case, the Calculation Agent shall make any adjustments to the terms of the Transaction that are necessary, in its commercially reasonable judgment, to compensate Dealer for any commercially
reasonable discount from the public market price of the Shares incurred on the sale of Hedge Shares in a private placement, or (iii) purchase the Hedge Shares then held by Dealer from Dealer at the then current market price on such Exchange
Business Days, and in the amounts and at such time(s), reasonably requested by Dealer. 

  

	 	(o)	 Tax Disclosure. Effective from the date of commencement of discussions concerning the
Transaction, Counterparty and each of its employees, representatives, or other agents may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Transaction and all materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty relating to such tax treatment and tax structure. 

  

	 	(p)	 Right to Extend. Dealer may postpone or add, in whole or in part, any Valid Day or Valid Days
during the Settlement Averaging Period or any other date of valuation, payment or delivery by Dealer, with respect to some or all of the Options hereunder, if Dealer reasonably determines, in the case of clause (i), in its commercially reasonable
judgment or, in the case of clause (ii), based on advice of counsel, that such action is reasonably necessary or appropriate (i) to preserve Dealer’s commercially reasonable hedging or hedge unwind activity hereunder in light of existing
liquidity conditions in the stock loan market or other relevant market or (ii) to enable Dealer to effect transactions with respect to Shares in connection with its commercially reasonable hedging, hedge unwind or settlement activity hereunder
in a manner that would, if Dealer were the Issuer or an affiliated purchaser of the Issuer, be in compliance with applicable legal or regulatory, requirements of self-regulatory organizations with jurisdiction over Dealer or its affiliates, or with
related policies and procedures adopted by Dealer in good faith so long as such policies and procedures would generally be applicable to counterparties similar to Counterparty and transactions similar to the Transaction); provided that no
such Valid Day or other date of valuation, payment or delivery may be postponed or added more than 100 Valid Days after the original Valid Day or other date of valuation, payment or delivery, as the case may be. 

  
 Page 29 of 35 

	 	(q)	 Status of Claims in Bankruptcy. Dealer acknowledges and agrees that this Confirmation is
not intended to convey to Dealer rights against Counterparty with respect to the Transaction that are senior to the claims of common stockholders of Counterparty in any United States bankruptcy proceedings of Counterparty; provided that
nothing herein shall limit or shall be deemed to limit Dealer’s right to pursue remedies in the event of a breach by Counterparty of its obligations and agreements with respect to the Transaction; provided, further that nothing
herein shall limit or shall be deemed to limit Dealer’s rights in respect of any transactions other than the Transaction. 

  

	 	(r)	 Securities Contract; Swap Agreement. The parties hereto intend for (i) the Transaction to be
a “securities contract” and a “swap agreement” as defined in the Bankruptcy Code, and the parties hereto to be entitled to the protections afforded by, among other Sections, Sections 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and
560 of the Bankruptcy Code, (ii) a party’s right to liquidate the Transaction and to exercise any other remedies upon the occurrence of any Event of Default under the Agreement with respect to the other party to constitute a
“contractual right” as described in the Bankruptcy Code, and (iii) each payment and delivery of cash, securities or other property hereunder to constitute a “margin payment” or “settlement payment” and a
“transfer” as defined in the Bankruptcy Code. 

  

	 	(s)	 Notice of Certain Other Events. Counterparty covenants and agrees that: 

 

	 	(i)	 promptly following the public announcement of the results of any election by the holders of Shares with respect
to the consideration due upon consummation of any Merger Event, Counterparty shall give Dealer written notice of (x) the weighted average of the types and amounts of consideration that holders of Shares have elected to receive upon consummation
of such Merger Event or (y) if no holders of Shares affirmatively make such election, the types and amounts of consideration actually received by holders of Shares (the date of such notification, the “Consideration Notification
Date”); provided that in no event shall the Consideration Notification Date be later than the date on which such Merger Event is consummated; and 

 

	 	(ii)	 (A) Counterparty shall give Dealer commercially reasonable advance (but in no event less than one Exchange
Business Day) written notice of the section or sections of the Indenture and, if applicable, the formula therein, pursuant to which any adjustment will be made to the Convertible Notes in connection with any Potential Adjustment Event, Merger Event
or Tender Offer and (B) promptly following any such adjustment, Counterparty shall give Dealer written notice of the details of such adjustment. 

  

	 	(t)	 Wall Street Transparency and Accountability Act. In connection with Section 739 of the Wall
Street Transparency and Accountability Act of 2010 (“WSTAA”), the parties hereby agree that neither the enactment of WSTAA or any regulation under the WSTAA, nor any requirement under WSTAA or an amendment made by WSTAA, shall limit
or otherwise impair either party’s otherwise applicable rights to terminate, renegotiate, modify, amend or supplement this Confirmation or the Agreement, as applicable, arising from a termination event, force majeure, illegality, increased
costs, regulatory change or similar event under this Confirmation, the Equity Definitions incorporated herein, or the Agreement (including, but not limited to, rights arising from Change in Law, Hedging Disruption, an Excess Ownership Position, or
Illegality (as defined in the Agreement)). 

  
 Page 30 of 35 

	 	(u)	 Agreements and Acknowledgements Regarding Hedging. Counterparty understands, acknowledges and
agrees that: (A) at any time on and prior to the Expiration Date, Dealer and its affiliates may buy or sell Shares or other securities or buy or sell options or futures contracts or enter into swaps or other derivative securities in order to
adjust its hedge position with respect to the Transaction; (B) Dealer and its affiliates also may be active in the market for Shares other than in connection with hedging activities in relation to the Transaction; (C) Dealer shall make its own
determination as to whether, when or in what manner any hedging or market activities in securities of Issuer shall be conducted and shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to the Relevant
Prices; and (D) any market activities of Dealer and its affiliates with respect to Shares may affect the market price and volatility of Shares, as well as the Relevant Prices, each in a manner that may be adverse to Counterparty.

  

	 	(v)	 Early Unwind. In the event the sale of the [“Underwritten Securities”]45[“Option Securities”]46 (as defined in the Purchase Agreement) is not consummated with the Initial Purchasers for any reason, or
Counterparty fails to deliver to Dealer opinions of counsel as required pursuant to Section 9(a), in each case by 5:00 p.m. (New York City time) on the Premium Payment Date, or such later date as agreed upon by the parties (the Premium Payment
Date or such later date the “Early Unwind Date”), the Transaction shall automatically terminate (the “Early Unwind”), on the Early Unwind Date and (i) the Transaction and all of the respective
rights and obligations of Dealer and Counterparty under the Transaction shall be cancelled and terminated and (ii) each party shall be released and discharged by the other party from and agrees not to make any claim against the other party with
respect to any obligations or liabilities of the other party arising out of and to be performed in connection with the Transaction either prior to or after the Early Unwind Date. Each of Dealer and Counterparty represents and acknowledges to the
other that upon an Early Unwind, all obligations with respect to the Transaction shall be deemed fully and finally discharged. 

  

	 	(w)	 Payment by Counterparty. In the event that, following payment of the Premium, (i) an Early
Termination Date occurs or is designated with respect to the Transaction as a result of a Termination Event or an Event of Default (other than an Event of Default arising under Section 5(a)(ii) or 5(a)(iv) of the Agreement) and, as a result,
Counterparty owes to Dealer an amount calculated under Section 6(e) of the Agreement, or (ii) Counterparty owes to Dealer, pursuant to Section 12.7 or Section 12.9 of the Equity Definitions, an amount calculated under
Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero. 

  

	 	(x)	 Other Adjustments Pursuant to the Equity Definitions. Notwithstanding anything to the contrary in
this Confirmation, solely for the purpose of adjusting the Cap Price, the terms “Potential Adjustment Event,” “Merger Event,” and “Tender Offer” shall each have the meanings assigned to such term in the Equity
Definitions (as amended by Section 9(i)(i)) and the provisions modifying the term “Tender Offer” opposite the caption “Announcement Event” in Section 3 above), and upon the occurrence of a Merger Date, the occurrence of
a Tender Offer Date, or declaration by Counterparty of the terms of any Potential Adjustment Event, respectively, as such terms are defined in the Equity Definitions, the Calculation Agent shall determine in a commercially reasonable manner whether
such occurrence or declaration, as applicable, has had a material economic effect on the Transactions and, if so, may, in its commercially reasonable discretion, adjust the Cap Price to preserve the fair value of the Options to Dealer; provided
that in no event shall the Cap Price be less than the Strike Price; provided further that (i) any adjustment to the Cap Price made pursuant to this Section 9(x) shall be made without duplication of any other adjustment hereunder
(including, for the avoidance of doubt, adjustment made pursuant to the provisions opposite the captions “Method of Adjustment,” “Consequences of Merger Events / Tender Offers” and “Consequence of Announcement Events”
in Section 3 above). 

  

	 	(y)	 Conduct Rules. Each party acknowledges and agrees to be bound by the Conduct Rules of the
Financial Industry Regulatory Authority, Inc. applicable to transactions in options, and further agrees not to violate the position and exercise limits set forth therein. 

 

	45 	 Insert term defined in Purchase Agreement for Base Call Option Confirmation. 

	46 	 Insert term defined in Purchase Agreement for Additional Call Option Confirmation.

  
 Page 31 of 35 

	 	(z)	 Risk Disclosure Statement. Counterparty represents and warrants that it has received, read and
understands the OTC Options Risk Disclosure Statement provided by Dealer and a copy of the most recent disclosure pamphlet prepared by The Options Clearing Corporation entitled “Characteristics and Risks of Standardized Options”.

  

	 	(aa)	 Delivery of Tax Certificates. For purposes of Section 4(a)(i) of the Agreement, on or prior
to the Trade Date, promptly upon learning that the information on any form previously delivered under this Section 9(aa) is inaccurate or incorrect and at any other time reasonably requested by Dealer, Counterparty shall have delivered to
Dealer a properly completed Internal Revenue Service Form W-9. On or prior to the Trade Date, promptly upon learning that the information on any form previously delivered under this Section 9(aa) is
inaccurate or incorrect and at any other time reasonably requested by Counterparty, Dealer shall have delivered to Counterparty a properly completed Internal Revenue Service Form [W-9]47. 

  

	 	(bb)	 Withholding Tax Imposed on Payments to Non-U.S. Counterparties
under the United States Foreign Account Tax Compliance Act. “Tax” and “Indemnifiable Tax”, each as defined in Section 14 of the Agreement, shall not include any U.S. federal withholding tax imposed or collected
pursuant to FATCA (a “FATCA Withholding Tax”). “FATCA” is defined as Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or
official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection
with the implementation of such Sections of the Code. For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of the Agreement.

  

	 	(cc)	 2015 Section 871(m) Protocol. The parties agree that the
definitions and provisions contained in the 2015 Section 871(m) Protocol, as published by ISDA, are incorporated into and shall apply to this Confirmation and the Agreement as if set forth in full herein. 

 

	 	(dd)	 Payee Tax Representations. For purposes of Section 3(f) of the Agreement, Counterparty
represents that it is a “U.S. person” (as that term is used in section 1.1441-4(a)(3)(ii) of the U.S. Treasury Regulations) for U.S. federal income tax purposes and “exempt” within the
meaning of sections 1.6041-3(p) and 1.6049-4(c) of the U.S. Treasury Regulations from information reporting on U.S. Internal Revenue Service Form 1099 and backup
withholding. 

  

	 	(ee)	 [U.S. QFC Stay Rules. The parties agree that (i) to the extent that prior to the date hereof
both parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the “Protocol”), the terms of the Protocol are incorporated into and form a part of this Agreement, and for such purposes this Agreement shall be deemed a
Protocol Covered Agreement and each party shall be deemed to have the same status as Regulated Entity and/or Adhering Party as applicable to it under the Protocol; (ii) to the extent that prior to the date hereof the parties have executed a
separate agreement the effect of which is to amend the qualified financial contracts between them to conform with the requirements of the QFC Stay Rules (the “Bilateral Agreement”), the terms of the Bilateral Agreement are
incorporated into and form a part of this Agreement and each party shall be deemed to have the status of “Covered Entity” or “Counterparty Entity” (or other similar term) as applicable to it under the Bilateral Agreement; or
(iii) if clause (i) and clause (ii) do not apply, the terms of Section 1 and Section 2 and the related defined terms (together, the “Bilateral Terms”) of the form of bilateral template entitled
“Full-Length Omnibus (for use between U.S. G-SIBs and Corporate Groups)” published by ISDA on November 2, 2018 (currently available on the 2018 ISDA U.S. Resolution Stay Protocol page at
www.isda.org and, a copy of which is available upon request), the effect of which is to amend the qualified financial contracts between the parties thereto to conform with the requirements of the QFC Stay Rules, are hereby incorporated into and form
a part of this Agreement, and for such purposes this Agreement shall be deemed a “Covered Agreement,” Dealer shall be deemed a “Covered Entity” and Dealer shall be deemed a “Counterparty Entity.” In the event that,
after the date of this Agreement, both parties hereto become adhering parties to the 

  

 

	47 	 Include appropriate tax form for Dealer 

  
 Page 32 of 35 

	 	
Protocol, the terms of the Protocol will replace the terms of this Section 9(ee) of the Confirmation. In the event of any inconsistencies between this Agreement and the terms of the
Protocol, the Bilateral Agreement or the Bilateral Terms (each, the “QFC Stay Terms”), as applicable, the QFC Stay Terms will govern. Terms used in this paragraph without definition shall have the meanings assigned to them under the
QFC Stay Rules. For purposes of this paragraph, references to “this Agreement” include any related credit enhancements entered into between the parties or provided by one to the other. In addition, the parties agree that the terms of this
paragraph shall be incorporated into any related covered affiliate credit enhancements, with all references to Dealer Parent replaced by references to the covered affiliate support provider. 

“QFC Stay Rules” means the regulations codified at 12 C.F.R. 252.2, 252.81–8, 12 C.F.R.
382.1-7 and 12 C.F.R. 47.1-8, which, subject to limited exceptions, require an express recognition of the
stay-and-transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform
and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.]48 
  

	 	(ff)	 [Dealer Boilerplate]. Insert additional Dealer boilerplate, if any. 

 
  

	48 	 Include or delete as appropriate for Dealer 

  
 Page 33 of 35 

 Please confirm that the foregoing correctly sets forth the terms of our agreement by
executing this Confirmation and returning it to Dealer. 
 Very truly yours, 

 

			
	[DEALER]
		
	By:	 	          

	Authorized Signatory
	Name:

 Accepted and confirmed 

as of the Trade Date: 
  

			
	BRIDGEBIO PHARMA, INC.
		
	By:	 	          

	Authorized Signatory
	Name:

 [Signature Page to [Base][Additional] Capped Call Confirmation]EX-4.1

 Exhibit 4.1 

                    ,
202     
 SLR HC BDC LLC 

FORM OF SUBSCRIPTION AGREEMENT 
 SLR HC
BDC LLC 
 500 Park Avenue 
 3rd Floor 
 New York, NY 10022 

Ladies and Gentlemen: 

1.    Subscription. The undersigned (the “Subscriber”) hereby irrevocably subscribes for and
agrees to purchase common limited liability company units (the “Units”) in SLR HC BDC LLC (the “Fund”), on the terms and conditions described herein and in the Amended and Restated Limited Liability Company
Agreement of the Fund, dated as of                (as amended, restated and/or modified from time to time, the “LLC Agreement”), delivered to the
Subscriber with this subscription agreement (this “Agreement”). The Subscriber agrees to make a capital commitment of $        to the Fund, which amount shall be payable on the terms and
conditions as set forth in the LLC Agreement. Payment of any portion of any capital commitment shall be made in immediately available funds in U.S. dollars. Capitalized terms used but not defined herein shall have the meanings ascribed to them in
the LLC Agreement. 
 2.    Subscriber Status. The Subscriber represents that it is an investment fund organized
to invest in the Fund and is subscribing for Units on behalf of its investors (each, an “Access Fund Subscriber”), who have each acquired an interest (an “Access Fund Interest”) in the Subscriber. The Fund
acknowledges and agrees that the Access Fund Subscribers invested in the Subscriber shall not be required to complete this Agreement or any other subscription materials of the Fund and the Subscriber shall not have any obligation to disclose to the
Fund any information in respect of the Access Fund Subscribers or prospective Access Fund Subscribers, including the identities and commitments of any such investors or prospective investors or any information that could be used to discover the
identity of any actual or prospective Access Fund Subscriber. 
 3.    Representations and Warranties; Covenants;
Agreements. In connection with the Fund’s acceptance of this subscription, the Subscriber represents, warrants and covenants as of the date hereof and on the date of each capital contribution to the Fund as follows: 

(a)    (i) the Subscriber understands, and represents and warrants that the Units are offered to and purchased by the
Subscriber in a transaction not involving any public offering in the United States in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated under the
Securities Act, and that the Units will not be registered under the Securities Act. The Subscriber acknowledges that no representation is made by the Fund or Solar Capital Partners, LLC (the “Investment Manager”) or any of their
respective Affiliates as to the availability of any exemption under the Securities Act or any other securities laws for resale of the Units; 

 (ii)    it is acquiring the Units as principal for
investment only and not with a view to the resale, distribution or other disposition thereof in violation of the Securities Act, and is not a partnership, limited liability company, common trust fund, special trust, profit sharing, pension fund or
other retirement plan in which partners, members, beneficiaries or participants, as applicable, may designate the particular investments to be made; and 

(iii)    based on representations by each Access Fund Subscriber, each Access Fund Subscriber is both an
“accredited investor” as defined in Rule 501(a) under the Securities Act and a “qualified purchaser” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company
Act”). The Subscriber agrees to use commercially reasonable efforts to provide, if reasonably requested by the Fund or the Investment Manager in order for the Fund to comply with applicable law or regulation, additional information and
representations that may reasonably be required to substantiate an Access Fund Subscriber’s status as an “accredited investor” or “qualified purchaser” or to otherwise determine the eligibility of the Subscriber to purchase
Units and reconfirm the Subscriber’s tax status, provided that under no circumstances will the Subscriber be required to provide any personal identifying information or information that may be used to identify any Access Fund Subscriber or
prospective Access Fund Subscriber. 
 (b)    The Subscriber represents that to its knowledge (based upon
representations it receives from Access Fund Subscribers) that no “beneficial owner”1 of 19.99% or more of the Units is subject to any of the “Bad Actor” disqualifications
(each, a “Disqualification Event”) described in Rule 506(d)(1) under the Securities Act, except for a Disqualification Event contemplated by Rule 506(d)(2) of the Securities Act. In the event that the Subscriber becomes aware at any
time that the foregoing is no longer accurate, the Subscriber agrees that it will (i) notify the Fund and (ii) provide such information to the Fund as the Fund reasonably requests in order to determine whether such circumstances would be
expected to adversely affect the Fund and whether there is any remedial action that must be taken in connection therewith. 

(c)    The Subscriber and its Affiliates have provided each Access Fund Subscriber with access to financial and other
information relating to the Fund, the Investment Manager or the offering of the Units, including, but not limited to, the LLC Agreement, the Fund’s Private Placement Memorandum (as amended, restated and/or supplemented from time to time, the
“Memorandum”), and the Investment Management Agreement by and between the Fund and the Investment Manager (the “Investment Management Agreement”), a form of which is attached hereto as Exhibit A (collectively, the
“Operative Documents”), and such other information or documents as such Access Fund Subscriber has deemed necessary or appropriate in order to make an informed investment decision with respect to its purchase of an Access Fund
Interest. The Subscriber has presented the Access Fund Subscribers with an opportunity to ask questions related to an investment in the Fund and has, in turn, had the opportunity to ask questions of and receive answers from persons acting on behalf
of the Fund and the Investment Manager. The Subscriber and its Affiliates have been furnished any information the Subscriber has requested for itself and on behalf of the Access Fund Subscribers, and all such questions have been answered to the full
satisfaction of the Subscriber and the Access Fund Subscribers, and neither the Subscriber nor any Access Fund Subscriber has received nor is relying upon any recommendation from the Fund or the Investment Manager regarding the advisability of
acquiring, holding, disposing of or exchanging securities or other investment property, 
  

	1 	 For purposes of this paragraph, the “beneficial owner” of a security includes any person who,
directly or indirectly has or shares, or is deemed to have or share: (i) voting power, which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power, which includes the power to dispose, or to
direct the disposition of, such security. 

  
 -2- 

 
including the Units. Based on representations made by each Access Fund Subscriber, each Access Fund Subscriber has such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of the Subscriber’s investment in the Units, and each Access Fund Subscriber is able to bear the economic risk of the investment. Based on representations by each Access Fund Subscriber, each Access Fund
Subscriber has carefully read, reviewed and considered the Operative Documents (including the matters set forth under the caption “Investment Considerations and Risk Factors” in the Memorandum and “Appendix A – Tax and ERISA
Considerations” and “Appendix B – Certain Regulatory Matters” attached to the Memorandum) and any other information or documents provided to it, and has considered and discussed with its legal, tax, accounting and financial
advisors the suitability of an investment in the Units (including the financial, tax, legal, accounting, regulatory and related consequences related to such investment), through the Subscriber, for its particular tax and financial situation and has
determined that an investment in the Units, through the Subscriber, is a suitable investment for it. 
 (d)    The
Subscriber understands that the Fund intends to file elections to be: (i) regulated as a business development company (“BDC”) under the Investment Company Act and (ii) treated as a regulated investment company within the
meaning of Section 851 of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes. The Subscriber also understands that the Fund intends to file a registration statement on Form 10 (the
“Form 10”) related to the Units with the U.S. Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Subscriber understands that the Form 10 is not the
offering document pursuant to which the Fund is conducting the offering of the Units and may not include all information regarding the Fund contained in the Memorandum; accordingly, the Subscriber and Access Fund Subscribers should rely exclusively
on information contained in the Operative Documents in making their respective investment decisions. 
 (e)    The
Subscriber understands, represents and warrants that the Subscriber’s investment in the Units involves certain risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. The Subscriber further
understands, and represents and warrants that the Units will be highly illiquid and are not suitable for trading. The Units may represent an indirect, leveraged exposure to loans, which may expose the Units to disproportionately large changes in
value. The Units will rank behind obligations of the Fund to all creditors (secured and unsecured and whether known or unknown) of the Fund, including, without limitation, the Investment Manager. 

(f)    Prior to any listing of the Fund’s Units (or securities into which the Units are converted) on a national
securities exchange (an “Exchange Listing”), and except as provided in the LLC Agreement, the Subscriber may not withdraw its capital contribution or sell, assign or transfer its Units without the prior written consent of the
Investment Manager, which the Investment Manager may grant or withhold in its sole and absolute discretion. Following an Exchange Listing, during the Lock-Up Period (as defined below), the Subscriber will be
restricted from: (1) offering, pledging, selling, contracting to sell, sell any option or contract to purchase, purchasing any option or contract to sell, granting any option, right or warrant to purchase or otherwise transferring or disposing
of, directly or indirectly, any Units, securities into which the Units are converted, or securities convertible into or exchangeable or exercisable for any Units, or publicly disclosing the intention to make any offer, sale, pledge or disposition,
(2) entering into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of Units or any such other securities (regardless of whether any of these transactions are to be settled
by the delivery of Units or such other securities, in cash or otherwise), or (3) if applicable, making any demand for or exercise any right with respect to the registration of any Units or any security convertible into or exercisable or
exchangeable for Units. The “Lock-Up Period” is (i) 180 days after the date of an Exchange Listing for all Units held by the Subscriber, (ii) 270 days after the date of an Exchange Listing for
two-thirds of the Units held by the Subscriber, and (iii) 365 days after the date of an Exchange Listing for one-third of the Units held by the Subscriber. The lock-up will apply to all Units acquired prior to an Exchange Listing, but will not apply to any securities of the Fund acquired after the date of an Exchange Listing. 

  
 -3- 

 (g)    None of the Subscriber or, to the Subscriber’s knowledge,
any Access Fund Subscriber will, at any time, offer to buy or offer to sell the Units by any form of general solicitation or advertising, including, but not limited to, any advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or seminar or meeting whose attendees have been invited by general solicitations or advertising. 

(h)    The Subscriber represents and warrants that as a result of the Subscriber’s acquisition and holding of Units:
(i) the assets of the Fund will not constitute the assets of any employee benefit plan subject to any federal, state, local or non-U.S. law, rule or regulations (“Similar Law”) that is
similar to (A) the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or (B) Section 4975 of the Code; (ii) any Service Provider will not be considered to be a fiduciary of the Subscriber
under any Similar Law; and (iii) no activity of the Fund contemplated in the LLC Agreement will violate any Similar Law. 

(i)    The Subscriber is not a “benefit plan investor” within the meaning of the regulations issued by the U.S.
Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the U.S. Code of Federal Regulations, as amended (by ERISA or otherwise) from time to time (the “Plan Asset
Regulation”); provided, however, that in the event that the Subscriber becomes a “benefit plan investor” within the meaning of the Plan Asset Regulation at any time following the date of this Agreement, the Subscriber shall
immediately provide written notification to the Fund of such change in status and provide any additional information reasonably requested by the Fund. 

(j)    The Subscriber is duly organized, validly existing and in good standing under the laws of its jurisdiction of
formation and has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement has been duly authorized, executed and delivered by it and constitutes a valid and legally binding agreement of
it, enforceable against it in accordance with its terms. Based on representations by each Access Fund Subscriber, each Access Fund Subscriber has full power and authority to execute and deliver any agreement to acquire an Access Fund Interest and
such agreement has been duly authorized, executed and delivered by such Access Fund Subscriber and constitutes a valid and legally binding agreement for such Access Fund Subscriber, enforceable against such Access Fund Subscriber in accordance with
its terms. 
 (k)    The execution and delivery of this Agreement, the consummation of the transactions contemplated
hereby and the performance of the Subscriber’s obligations hereunder do not and will not conflict with, constitute a default under or result in any breach or violation of, any of the terms or provisions of any governing instrument applicable to
the Subscriber, or any agreement or other instrument to which the Subscriber is a party or by which the Subscriber, or any of its assets is bound, or any permit, franchise, judgment, decree, statute, rule or regulation applicable to the Subscriber
or its business or assets. 
 (l)    There is no judgment, decree, statute, rule or regulation, or any event, condition
or contractual restriction that would restrict the Subscriber’s ability to purchase the Units and make capital contributions to the Fund or, to the Subscriber’s knowledge, any Access Fund Subscriber’s ability to purchase an Access
Fund Interest and make capital contributions to the Subscriber. 
 (m)    The Subscriber acknowledges and agrees that a
number of obligations may be imposed on the Fund (or any of its Affiliates) under (i) legislation known as the U.S. Foreign Account Tax Compliance Act (FATCA), Sections 1471 through 1474 of the Code and the U.S. Treasury regulations thereunder
(whether proposed, temporary or final), (ii) the Common Reporting Standard issued by the Organisation for Economic Cooperation and Development, (iii) any similar automatic exchange of financial, account or

  
 -4- 

 
tax information agreements or arrangements, and (iv) in each case, including any successor provisions, subsequent amendments, and administrative guidance promulgated thereunder (or which may
be promulgated in the future), any applicable intergovernmental agreement and related statutes, regulations or rules, and other guidance thereunder, any governmental authority pursuant to the foregoing authorities, and any agreement entered into by
or with respect to the Fund or any of its Affiliates (collectively, “AEOI”). In this regard: 

i.    The Subscriber acknowledges that in order to comply with AEOI and/or to avoid the imposition of U.S.
federal withholding tax, the Fund and/or its agents, Affiliates, directors or officers, may, from time to time, (i) require further information and/or documentation from the Subscriber, which information and/or documentation may
(A) include, but will not be limited to, information and/or documentation relating to or concerning the Subscriber and/or its controlling persons, any such person’s identity, residence (or jurisdiction of formation or tax residence) and
income tax status, and (B) need to be certified by the Subscriber and, where applicable, under penalties of perjury, and (ii) provide or disclose any such information and documentation to the Internal Revenue Service (the
“IRS”), or other governmental authorities or agencies, or to any applicable jurisdiction under AEOI, and to certain withholding agents. 

ii.    The Subscriber agrees that it shall provide and/or update such information and/or documentation
concerning itself and/or its controlling persons, as and when requested by the Fund or any of the Fund’s agents or Affiliates, as any such person, in its sole discretion, determines is necessary or advisable for the Fund (or any of its
Affiliates) to comply with its obligations under AEOI. 
 iii.    The Subscriber agrees to waive any
provision of law of any jurisdiction that would, absent a waiver, prevent compliance with AEOI by the Fund or any Affiliate thereof, including, but not limited to, the Subscriber’s provision of any requested information and/or documentation.

 iv.    The Subscriber acknowledges that if the Subscriber provides information or documentation that
is in any way misleading, or does not timely provide or update the requested information and/or documentation or waiver (each, an “AEOI Compliance Failure”), as applicable, the Fund may, at its sole discretion and in addition to all
other remedies available at law or in equity, immediately or at such other time or times redeem or withdraw all or a portion of the Subscriber’s Units or investment, prohibit in whole or part the Subscriber from participating in additional
investments of the Fund and/or deduct from the Subscriber’s account and retain amounts sufficient to indemnify and hold harmless the Fund and any of the Fund’s agents, or any other subscriber/investor, or any partner, member, shareholder,
director, manager, officer, employee, delegate, agent, Affiliate, executor, heir, assign, successor or other legal representative of any of the foregoing persons, from any and all withholding taxes, interest, penalties, costs, expenses and other
losses or liabilities suffered by any such person or persons on account of an AEOI Compliance Failure; provided that the foregoing indemnity shall be in addition to and supplement any other indemnity provided under this Agreement. 

v.    To the extent that the Fund and any of the Fund’s agents, or any other subscriber/investor, or
any partner, member, shareholder, director, manager, officer, employee, delegate, agent, Affiliate, executor, heir, assign, successor or other legal representative of any of the foregoing persons suffers any withholding taxes, interest, penalties
and/or other expenses and costs on account of the Subscriber’s AEOI Compliance 

  
 -5- 

 
Failure, (a) the Subscriber shall promptly pay upon demand by or on behalf of the Fund to the Fund or, at the Fund’s direction, to any of the foregoing persons, an amount equal to such
withholding taxes, interest, penalties and other expenses and costs, or (b) the Fund may reduce the amount of the next distribution or distributions which would otherwise have been made to the Subscriber or, if such distributions are not
sufficient for that purpose, reduce the proceeds of liquidation otherwise payable to the Subscriber by an amount equal to such withholding taxes, interest, penalties and other expenses and costs. 

vi.    The Subscriber acknowledges that the Fund, in consultation with its agents, will determine in its
sole discretion, whether and how to comply with AEOI, and any such determinations shall include, but not be limited to, an assessment of the possible burden to subscribers/investors, the Fund, the Fund’s agents, the Administrative Coordinator
and the Administrator of timely collecting information and/or documentation. 
 vii.    The Subscriber
acknowledges and agrees that it shall have no claim against the Fund and any of the Fund’s agents, or any other subscriber/investor, or any partner, member, shareholder, director, manager, officer, employee, delegate, agent, Affiliate,
executor, heir, assign, successor or other legal representative of any of the foregoing persons, for any damages or liabilities attributable to any AEOI compliance related determinations pursuant to this subsection (l); provided that the indemnity
set forth in this subsection (l) shall be in addition to and supplement any other indemnity provided under this Agreement. 
 (n)
    (i) Neither the Subscriber, nor any of its Affiliates, nor any beneficial owner(s) of the Subscriber or the Subscriber’s Affiliates, including the Access Fund Subscribers, (A) appears on the Specially Designated
Nationals and Blocked Persons List, Foreign Sanctions Evaders List or Sectoral Sanctions Identifications List2 of the Office of Foreign Assets Control (“OFAC”) of the U.S.
Department of the Treasury, nor are they otherwise a party with which any entity is prohibited to deal under the laws of the United States or otherwise the subject of U.S. sanctions laws,3 or
(B) is a person identified as, or affiliated with, a terrorist organization on any other relevant lists maintained by governmental authorities. The Subscriber further represents and warrants that the monies used to fund the investment in the
Units are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering
concern.” The Subscriber further represents and warrants that the Subscriber: (1) has conducted thorough due diligence with respect to all of its beneficial owners, including the Access Fund Subscribers, (2) has established the
identities of all beneficial owners and the sources of each of the beneficial owner’s funds, including the Access Fund Subscribers, and (3) will retain evidence of any such information for at least five years from the date of complete
withdrawal from the Fund. Pursuant to anti-money laundering laws and regulations, including rules issued by the Financial Crimes Enforcement Network (“FinCEN”) under authority granted it by the U.S. Department of the Treasury, the
Fund may be required to respond to certain requests related to the Fund’s or the Subscriber’s ownership, and the Subscriber agrees to reasonably cooperate with such requests to the extent applicable. The Subscriber further represents and
warrants that the Subscriber does not know or have any reason to suspect that (x) the monies used to fund the Subscriber’s investment in the Units have been or will be derived from or related to any illegal activities, including, but not
limited to, money laundering activities, and (y) the proceeds from the Subscriber’s investment in the Units will be used to finance any illegal activities. 
  

 

	2 	 This information may be found online at www.treas.gov/ofac. 

	3 	 This information may be found online at www.treas.gov. 

  
 -6- 

 (ii)    The Subscriber will provide to the Fund at any
time such information as the Fund determines to be necessary or appropriate (A) to comply with the anti-money laundering laws, rules and regulations issued by FinCEN, any other federal or state governmental authority, self-regulatory
organization, or applicable jurisdiction and (B) to respond to requests for information concerning the identity of the Subscriber or any Access Fund Subscribers from any governmental authority, self-regulatory organization or financial
institution in connection with its anti-money laundering compliance procedures, or to update such information. 

(iii)    The Subscriber understands and agrees that the Fund may not accept any subscriptions from the
Subscriber if the Subscriber cannot make the representations set forth in this Section. The Subscriber is advised that, by law, the Fund may be obligated to “freeze the account” of the Subscriber, either by prohibiting additional capital
contributions or subscriptions from the Subscriber, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations, and Fund may also be required to report such action and disclose the
Subscriber’s identity to OFAC, to the extent required by applicable law. The Subscriber further acknowledges that the Fund may, by written notice to the Subscriber, suspend the redemption rights (if any) of the Subscriber as reasonably required
to comply with applicable anti-money laundering regulations applicable to the Fund and the Investment Manager or any of the Fund’s other service providers. 

(o)    Each of the Subscriber and, based on representations given by each Access Fund Subscriber, the Access Fund
Subscribers has the financial capacity and necessary authorization to complete the transactions contemplated by the LLC Agreement and the limited partnership agreement of the Subscriber (as amended, restated and/or modified from time to time). 

(p)    The Subscriber confirms that, to its knowledge, five or fewer individuals do not own 50 percent or more in
value of the Subscriber’s Interests. 
 (q)    The Subscriber agrees to provide the Fund with an accurately
completed and duly executed IRS Form W-9 (or any successor form) certifying its status as a U.S. person and its U.S. tax identification number or similar tax forms reasonably requested by the Fund. 

(r)    The Subscriber agrees to provide the Fund, the Administrative Coordinator, the Administrator and/or any other
authorized agent of the Fund any additional tax information or documentation that the Fund, the Administrative Coordinator, the Administrator and/or any other authorized agent of the Fund believes will enable it or any subsidiary or Affiliate of the
foregoing to comply with or mitigate any of their respective tax reporting, tax withholding, and/or tax compliance obligations, or which may arise as a result of a change in law or in the interpretation thereof. Notwithstanding the foregoing or
anything else to the contrary in this Agreement, the Subscriber shall not be required to disclose to the Fund any information in respect of the Access Fund Subscribers or their direct or indirect owners and, if any such information is requested or
required by the IRS or another tax authority, the Fund and the Subscriber shall cooperate to the extent reasonably possible to provide such information in a manner that does not disclose the identities of the Access Fund Subscribers or their direct
or indirect owners to the Fund, the IRS or another tax authority. 
 (s)    The Subscriber agrees that the tax
certifications, representations, warranties or covenants required to be provided and agreements required to be entered into hereunder shall survive the acceptance and closing of this subscription and the dissolution of the Fund, without limitation
as to time. Without 

  
 -7- 

 
limiting the foregoing, the Subscriber agrees (i) to give the Fund prompt written notice in the event that any tax statement, certification, representation, warranty or other information
provided to the Fund herein or in any document required to be provided under this Agreement (including, without limitation, any forms W-9 and/or W-8) ceases to be true
at any time following the date hereof, and (ii) from time to time to provide an updated tax statement, certification, representation, warranty or other information. 

(t)    The Subscriber acknowledges (i) that the Fund’s board of directors (the “Board”) and
Solar Capital Partners, LLC, as the Fund’s sole initial Unitholder, have each approved of the Fund adopting a minimum permitted asset coverage ratio of 150% in accordance with Section 61(a) of the Investment Company Act; and
(ii) that, upon a BDC election, the Fund’s minimum permitted asset coverage ratio will be 150%. 
 (u)    The
Subscriber hereby acknowledges and approves the terms of the Investment Management Agreement, a form of which is attached hereto as Exhibit A, including the compensation payable by the Fund to the Investment Manager thereunder both prior to and
following an Exchange Listing. 
 (v)     The Subscriber hereby acknowledges and agrees that, at any time prior to the
end of the Fund’s term, subject to any requirements of the Investment Company Act and applicable law, the Board may, without the approval of Unitholders, cause the Fund to effectuate an Exchange Listing pursuant to the terms of the LLC
Agreement. In connection with any such Exchange Listing, the Subscriber also acknowledges and agrees that, subject to any limitations under the Investment Company Act, the Board may cause the Fund to complete (i) an initial public offering;
(ii) a merger with another entity, including an affiliated company; (iii) the sale, exchange or disposition of all or a portion of the assets of the Fund; or (iv) a conversion of the Fund into a corporation incorporated in a state
determined by the Board, either through a conversion in accordance with applicable law, a merger with or into an existing corporation, or otherwise, in which all Units will be converted into or exchanged for shares of common stock of the resulting
corporation. 
 (w)    The Subscriber hereby agrees that any representations, warranties and covenants made hereunder
will be deemed to be reaffirmed by the Subscriber at any time it makes a capital contribution to the Fund and the act of making such capital contribution will be evidence of such reaffirmation. 

4.    Further Assurances. The Subscriber agrees to provide such information and execute and deliver such documents
as the Fund may reasonably request from time to time to comply with any law or regulation to which the Fund may be subject. In addition, the Subscriber agrees to provide any additional information and execute any additional documents as may
reasonably be required in connection with any subscription or any credit facility or other similar borrowing arrangement by the Fund or any lender named in the credit facility or similar lending arrangement. 

5.    Indemnity. The Subscriber understands that the information provided herein will be relied upon by the Fund,
the Investment Manager, the Administrative Coordinator, the Administrator and their respective counsel for the purpose of determining the eligibility of the Subscriber to purchase or hold the Units. The Subscriber agrees to provide, if requested,
any additional information that may reasonably be required to determine the eligibility of the Subscriber to purchase and hold the Units. The Subscriber agrees to indemnify and hold harmless the Fund, the Investment Manager, the Administrative
Coordinator, the Administrator and each of their respective Affiliates and directors, officers, members, partners, employees and agents thereof from and against any loss, damage or liability due to or arising out of a breach of any representation,
warranty, covenant or agreement of the Subscriber contained in this Agreement. 
 6.     Conflicts of Interest.
The Subscriber acknowledges and agrees as follows: 
 (a)    That the Investment Manager will receive compensation for
its services to the Fund pursuant to the terms set forth in the LLC Agreement and the Investment Management Agreement, and may be incented to maximize its compensation. 

  
 -8- 

 (b)    It is understood that the Investment Manager and any of its
Affiliates may engage in any other business and furnish investment management and advisory services to others, including Persons which may have investment policies similar to those followed by the Fund (“Other Accounts”) and the
Other Accounts may own obligations of the same class, or of the same type (or conflicting class or type), as those owned by the Fund. The Investment Manager will be free, in its sole discretion, to make recommendations to others, or effect
transactions on behalf of itself or for others, which may be the same as or different from those it makes on behalf of the Fund. 

(c)    The Investment Manager will not acquire (directly or indirectly) any obligation from, or dispose of or otherwise
transfer any such obligation to, the Fund, any of its Affiliates or any Other Account; provided, however, that the Investment Manager may effect any acquisition or disposition described above, if (i) such acquisition or
disposition is effected in compliance with the LLC Agreement, (ii) such acquisition or disposition (and any consent, if required) is effected in accordance with all applicable laws (including, without limitation, the U.S. Investment Advisers
Act of 1940, as amended, and the Investment Company Act) and in accordance with the LLC Agreement, and (iii) the Investment Manager does not receive any compensation in connection with such acquisition or disposition. 

(d)    To the extent that applicable law requires disclosure to and the consent and approval of the Subscriber to any
purchase or sale transaction on a principal basis with the Investment Manager or its Affiliates, such requirements may be satisfied with respect to the Subscriber by giving disclosure and obtaining consent and approval on behalf of the Subscriber
(i) from any one of Subscriber’s Authorized Representatives or (ii) in any other manner that is permitted pursuant to applicable law. The Investment Manager is not required to obtain consent and approval of the Subscriber for any
transaction unless such consent and approval is required by applicable law or as otherwise required by the LLC Agreement. 

7.    Voting. 

(a)     If the Board authorizes the liquidation or dissolution of the Fund, an Exchange Listing, or any transaction
effectuated in connection with an Exchange Listing as described in Section 3(v) above and pursuant to the LLC Agreement, the Subscriber hereby provides a standing instruction and proxy to vote its Units in favor of effectuating the withdrawal
of the Fund’s election to be regulated as a BDC (i) concurrently with the liquidation or dissolution of the Fund, or (ii) in connection with any Exchange Listing (including any transaction effectuated in connection therewith),
provided that the exchange listed successor entity has elected to be regulated as a BDC. 
 (b)     The Subscriber
acknowledges that any Unitholder vote that is not required by the Investment Company Act will require the approval of the Independent Directors and will be deemed approved by the Unitholders unless a majority-in-interest of the Unitholders affirmatively vote to reject the item, with Access Fund Subscribers voting on a pass-through basis as described in the LLC Agreement. 

8.    Benefit of Agreement. The Subscriber acknowledges that each representation, warranty or agreement of the
Subscriber contained in this Agreement is made for the benefit of the Fund and its Affiliates. 
 9.    Entire
Agreement. This Agreement and the LLC Agreement contain the entire agreement of the parties with respect to the subject matter hereof and supersede all oral statements and prior writings with respect thereto. Notwithstanding anything in this
Subscription Agreement to the contrary, in the event 

  
 -9- 

 
of a conflict between the terms of this Subscription Agreement or the LLC Agreement, on the one hand, and the terms of the placement agreement dated September 16, 2020, as amended or
restated (the “Placement Agreement”) on the other hand, the terms of the Placement Agreement shall control. 

10.    Amendments. No amendment, modification, supplement or waiver of any provision of this Agreement shall in any
event be effective unless the same shall be in writing and signed by the Fund and the Subscriber. 

11.    Miscellaneous. This Agreement is not assignable by the Subscriber without the consent of the Fund. Sections
2, 4, 5 and 6 of this Agreement shall survive the closing of the transactions contemplated hereby and any investigation made by the Fund. 

12.    Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an
original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the
parties hereby adopt as original any signatures received via electronically transmitted form. 
 13.    Governing
Law; Waiver of Jury Trial 
 (a)    THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER
TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 (b)    THE
UNITS AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY WHATSOEVER TO THE UNITS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE. 

(c)    EACH OF THE FUND AND THE SUBSCRIBER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 [Signature Pages Follow] 

  
 -10- 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement on the date set forth above.

  

			
	[                     ]
	
	By: [                     ]
		
	By:	 	  

		 	Name:
		 	Title:

 AGREED AND ACCEPTED: 

This    day of        , 202     

 

			
	SLR HC BDC LLC
		
	By: 	 	  

	Name:	 	Michael Gross
	Title:	 	Co-Chief Executive Officer and President
		
	By: 	 	  

	Name:	 	Bruce Spohler
	Title:	 	Co-Chief Executive Officer and Chief Operating Officer

 Exhibit A 

SLR HC BDC Investment Management Agreement

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